N-Q 1 onethirtyoneeighteenfinalnq.htm onethirtyoneeighteenfinalnq.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07572

Principal Funds, Inc.

(Exact name of registrant as specified in charter)

801 Grand Avenue, Des Moines, IA 503092
(Address of principal executive offices)

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

(Name and address of agent for service)

Registrant’s telephone number, including area code: 515-248-0156
Date of fiscal year end: October 31, 2018  
Date of reporting period: January 31, 2018  

 

 

ITEM 1 – SCHEDULE OF INVESTMENTS


Schedule of Investments
California Municipal Fund
January 31, 2018 (unaudited)
 
 
INVESTMENT COMPANIES - 0.01%   Shares Held   Value (000's)     Principal      
Exchange Traded Funds - 0.01%         MUNICIPAL BONDS (continued)   Amount (000's) Value(000 's)
iShares California Muni Bond ETF   1,000 $ 59 California (continued)          
          California State University          
TOTAL INVESTMENT COMPANIES     $ 59 5.00%, 11/01/2037 $ 2,000 $ 2,342  
    Principal     5.25%, 11/01/2038   2,000   2,096  
MUNICIPAL BONDS - 101.70%   Amount (000's)   Value (000's) California State University (credit support          
California - 100.87%         from AGM)          
Abag Finance Authority for Nonprofit Corps         5.00%, 11/01/2039(a)   945   954  
5.00%, 08/01/2043 $ 1,500 $ 1,665 5.00%, 11/01/2039(a)   55   55  
Alameda Community Improvement         California Statewide Communities          
Commission Successor Agency (credit         Development Authority          
support from BAM)         4.00%, 02/01/2022   830   874  
5.00%, 09/01/2031(a)   1,000   1,144 4.00%, 02/01/2025   940   998  
Alameda Corridor Transportation Authority         5.00%, 10/01/2028   1,875   2,126  
5.00%, 10/01/2034   8,805   10,017 5.00%, 02/01/2030   2,000   2,240  
5.00%, 10/01/2036   4,250   4,807 5.00%, 11/01/2032(c)   1,135   1,254  
Alameda Unified School District-Alameda         5.00%, 12/01/2036(c)   5,000   5,384  
County/CA         5.00%, 05/15/2040   3,500   3,942  
5.00%, 08/01/2032   1,795   2,064 5.00%, 11/01/2041(c)   1,000   1,087  
Alum Rock Union Elementary School         5.00%, 12/01/2041(c)   1,000   1,069  
District         5.00%, 10/01/2046   4,000   4,414  
5.25%, 08/01/2043   1,000   1,111 5.25%, 12/01/2034   3,500   3,838  
Anaheim Public Financing Authority         7.25%, 11/15/2041(c)   1,500   1,628  
5.25%, 10/01/2034   1,000   1,045 California Statewide Communities          
Bay Area Toll Authority         Development Authority (credit support from          
5.13%, 04/01/2039   3,000   3,131 CA MTG INS)          
California Educational Facilities Authority         6.25%, 08/15/2028(a)   2,250   2,309  
5.00%, 10/01/2036   1,000   1,143 California Statewide Communities          
5.00%, 10/01/2038(b)   900   922 Development Authority (credit support from          
5.00%, 01/01/2039(b)   2,036   2,105 FHA INS)          
5.00%, 10/01/2045   1,000   1,125 6.25%, 08/01/2024(a)   785   836  
5.25%, 10/01/2039(b)   6,500   6,671 California Statewide Financing Authority          
5.25%, 04/01/2040   5,000   6,666 6.00%, 05/01/2043   2,050   2,051  
5.38%, 04/01/2034   1,000   1,081 6.00%, 05/01/2043   1,550   1,550  
California Health Facilities Financing         Chino Valley Unified School District          
Authority         5.25%, 08/01/2047   2,900   3,430  
4.00%, 03/01/2039   1,700   1,763 Chula Vista Municipal Financing Authority          
5.00%, 08/15/2031   2,700   3,172 5.00%, 05/01/2030   1,900   2,220  
5.00%, 08/15/2033   1,750   2,038 5.00%, 05/01/2031   1,885   2,191  
5.00%, 08/15/2034   2,000   2,319 City of Alhambra CA (credit support from          
5.00%, 02/01/2035   2,000   2,235 NATL)          
5.00%, 11/15/2046   5,000   5,734 6.13%, 09/02/2018(a)   605   618  
5.00%, 11/15/2046(b)   4,504   5,125 City of Atwater CA Wastewater          
5.00%, 08/15/2047   1,000   1,137 Revenue (credit support from AGM)          
5.75%, 09/01/2039   2,000   2,135 5.00%, 05/01/2043(a)   1,000   1,136  
6.00%, 07/01/2039   2,000   2,127 City of Compton CA Water Revenue          
6.50%, 10/01/2038   985   1,019 6.00%, 08/01/2039   1,250   1,298  
California Health Facilities Financing         City of Irvine CA          
Authority (credit support from CA MTG INS)         5.00%, 09/01/2049   1,000   1,073  
5.00%, 07/01/2035(a)   1,000   1,146 City of Los Angeles CA Wastewater System          
California Infrastructure & Economic         Revenue          
Development Bank (credit support from         5.00%, 06/01/2034   2,000   2,313  
NATL ST INTERCEPT)         City of Los Angeles Department of Airports          
5.00%, 08/15/2018(a)   500   502 5.00%, 05/15/2033   1,000   1,132  
California Municipal Finance Authority         5.00%, 05/15/2036   1,500   1,688  
4.00%, 07/01/2047   2,150   2,218 5.00%, 05/15/2042   1,200   1,354  
5.00%, 07/01/2047   3,250   3,652 5.00%, 05/15/2047   3,500   3,981  
5.25%, 11/01/2036   6,000   6,642 5.13%, 05/15/2033   1,230   1,244  
California Pollution Control Financing         City of Riverside CA Sewer Revenue          
Authority         5.00%, 08/01/2040   4,000   4,519  
3.00%, 11/01/2025   9,425   9,809 City of San Francisco CA Public Utilities          
4.30%, 07/01/2040   3,400   3,563 Commission Water Revenue          
5.00%, 07/01/2030(c)   2,000   2,192 5.00%, 11/01/2034   1,800   2,121  
5.00%, 07/01/2037(c)   9,250   10,017 5.00%, 11/01/2036   2,010   2,239  
California Public Finance Authority         City of Vernon CA Electric System Revenue          
0.73%, 08/01/2052(d)   4,500   4,500 5.13%, 08/01/2021   350   365  
5.00%, 07/01/2047(c)   1,000   1,085 5.13%, 08/01/2021   1,070   1,123  
California School Finance Authority         Coachella Valley Unified School          
5.00%, 07/01/2035(c)   1,925   2,183 District/CA (credit support from AGM)          
5.00%, 08/01/2036(c)   1,170   1,286 0.00%, 08/01/2039(a),(e)   7,800   3,364  
5.00%, 07/01/2047(c)   700   775 Compton Public Finance Authority          
California State Public Works Board         4.50%, 09/01/2032(c)   8,000   8,243  
5.00%, 11/01/2037   1,375   1,541 County of Sacramento CA Airport System          
5.00%, 10/01/2039   4,500   5,080 Revenue          
          5.00%, 07/01/2036   1,350   1,539  

 

See accompanying notes.

1

 

Schedule of Investments
California Municipal Fund
January 31, 2018 (unaudited)
 
 
    Principal           Principal      
MUNICIPAL BONDS (continued)   Amount (000's) Value(000 's) MUNICIPAL BONDS (continued)   Amount (000's) Value(000 's)
California (continued)           California (continued)          
Dinuba Financing Authority           Norco Community Redevelopment Agency          
5.38%, 09/01/2038 $ 1,000 $ 1,002   Successor Agency (credit support from BAM)          
Dinuba Redevelopment Agency (credit           5.00%, 03/01/2032(a) $ 1,000 $ 1,127  
support from BAM)           Norco Financing Authority (credit support          
5.00%, 09/01/2033(a)   2,000   2,267   from AGM)          
East Bay Municipal Utility District Water           5.63%, 10/01/2034(a)   1,000   1,063  
System Revenue           Norman Y Mineta San Jose International          
3.00%, 06/01/2037   10   9   Airport SJC          
5.00%, 06/01/2036   1,000   1,080   5.00%, 03/01/2041   6,000   6,815  
El Monte Union High School District (credit           5.00%, 03/01/2047   1,500   1,721  
support from AGC)           Oakland Unified School District/Alameda          
5.50%, 06/01/2034(a)   2,000   2,108   County          
Escondido Union High School District           5.00%, 08/01/2040   3,400   3,849  
0.00%, 08/01/2041(e)   1,000   383   Palomar Health          
Foothill-De Anza Community College           5.00%, 11/01/2036   3,000   3,306  
District           5.00%, 11/01/2039   2,000   2,191  
5.00%, 08/01/2040   1,500   1,674   Pittsburg Successor Agency Redevelopment          
Foothill-Eastern Transportation Corridor           Agency (credit support from AGM)          
Agency           5.00%, 09/01/2028(a)   1,000   1,164  
3.95%, 01/15/2053(d)   2,500   2,512   5.00%, 09/01/2029(a)   1,000   1,158  
Golden State Tobacco Securitization Corp           Pittsburg Unified School District          
5.00%, 06/01/2027   2,000   2,330   0.00%, 08/01/2036(e)   1,365   687  
5.00%, 06/01/2028   2,000   2,316   4.00%, 08/01/2040   4,500   4,732  
5.00%, 06/01/2029   5,000   5,760   5.00%, 08/01/2043   2,900   3,293  
5.30%, 06/01/2037   1,000   1,010   Pittsburg Unified School District (credit          
5.75%, 06/01/2047   8,950   9,035   support from AGM)          
Golden State Tobacco Securitization           5.50%, 08/01/2031(a)   1,000   1,021  
Corp (credit support from GOLDEN ST TOB           Pomona Public Financing Authority (credit          
SECURITIZATION)           support from NATL)          
5.00%, 06/01/2033(a)   4,950   4,970   5.00%, 02/01/2021(a)   3,995   4,008  
Golden State Tobacco Securitization           Pomona Unified School District (credit          
Corp (credit support from ST APPROP)           support from NATL)          
5.00%, 06/01/2033(a)   2,000   2,317   6.15%, 08/01/2030(a)   1,000   1,172  
Indio Redevelopment Agency           Port Commission of the City & County of San          
5.63%, 08/15/2035   1,355   1,378   Francisco          
Inland Valley Development Agency           4.00%, 03/01/2035   1,000   1,030  
5.25%, 09/01/2037   1,000   1,128   Port of Los Angeles          
Irvine Unified School District           5.00%, 08/01/2032   1,740   1,979  
5.00%, 03/01/2057   1,000   1,110   Poway Unified School District          
La Verne Public Financing Authority           0.00%, 08/01/2036(e)   4,000   2,019  
7.25%, 09/01/2026   710   712   Regents of the University of California          
Lancaster Redevelopment Agency Successor           Medical Center Pooled Revenue          
Agency           5.00%, 05/15/2035   6,540   7,478  
6.88%, 08/01/2039   545   589   Rialto Redevelopment Agency          
Long Beach Bond Finance Authority           5.00%, 09/01/2037(f)   1,000   1,144  
5.50%, 11/15/2030   1,010   1,245   Richmond Joint Powers Financing Authority          
Los Angeles County Public Works Financing           6.25%, 07/01/2024   1,000   1,064  
Authority           Ripon Unified School District (credit support          
5.00%, 12/01/2033   2,000   2,320   from BAM)          
5.00%, 08/01/2042   1,400   1,553   0.00%, 08/01/2033(a),(e)   855   440  
5.00%, 12/01/2045(b)   5,500   6,213   0.00%, 08/01/2033(a),(e)   255   129  
Los Angeles County Sanitation Districts           Riverside Community Properties Development          
Financing Authority           Inc          
5.00%, 10/01/2035   4,500   5,229   6.00%, 10/15/2038   1,000   1,224  
Los Angeles Department of Water           Riverside County Public Financing          
5.00%, 07/01/2034(b)   5,000   5,818   Authority (credit support from BAM)          
5.38%, 07/01/2038   1,000   1,035   5.00%, 10/01/2028(a)   1,000   1,160  
Los Angeles Department of Water & Power           5.00%, 10/01/2029(a)   1,500   1,729  
Power System Revenue           5.00%, 10/01/2030(a)   1,500   1,721  
0.79%, 07/01/2035(d)   2,100   2,100   Riverside County Transportation          
5.00%, 07/01/2042   1,500   1,751   Commission          
Los Angeles Unified School District/CA           5.00%, 06/01/2032   1,500   1,620  
5.00%, 07/01/2029   2,000   2,098   Salinas Valley Solid Waste Authority (credit          
Marin Healthcare District           support from AGM)          
5.00%, 08/01/2034   1,000   1,168   5.50%, 08/01/2031(a)   1,500   1,753  
Merced Union High School District           San Diego Association of Governments South          
0.00%, 08/01/2032(e)   3,380   2,064   Bay Expressway Revenue          
Morongo Band of Mission Indians/The           5.00%, 07/01/2042   1,250   1,448  
6.50%, 03/01/2028(c)   1,000   1,004   San Diego County Regional Airport          
            Authority          
            5.00%, 07/01/2047   1,000   1,151  

 

See accompanying notes.

2

 

     Schedule of Investments California Municipal Fund January 31, 2018 (unaudited)

    Principal             Principal        
MUNICIPAL BONDS (continued)   Amount (000's) Value(000 's) MUNICIPAL BONDS (continued) Amount (000's)   Value (000's)  
California (continued)           California (continued)            
San Diego Public Facilities Financing           Western Municipal Water District Facilities            
Authority Water Revenue           Authority            
5.38%, 08/01/2034 $ 2,000 $ 2,117     5.00%, 10/01/2034 $ 1,700   $ 1,799  
San Diego Redevelopment Agency Successor           Woodland-Davis Clean Water Agency (credit            
Agency           support from AGM)            
6.40%, 09/01/2019   530   532     5.00%, 03/01/2039(a)   1,500     1,691  
San Francisco Bay Area Rapid Transit District                     $ 434,790  
Sales Tax Revenue           Guam - 0.63%            
5.00%, 07/01/2028   1,755   1,901   Guam Government Waterworks Authority            
San Francisco City & County Airport Comm-             5.00%, 01/01/2046   2,525     2,721  
San Francisco International Airport                          
5.00%, 05/01/2031   1,000   1,181   Virgin Islands - 0.20%            
5.00%, 05/01/2041   5,000   5,636   Virgin Islands Public Finance Authority            
San Francisco City & County Redevelopment             5.00%, 10/01/2030   1,700     846  
Agency                          
5.00%, 08/01/2044   1,500   1,629   TOTAL MUNICIPAL BONDS       $ 438,357  
6.50%, 08/01/2039   1,000   1,075   Total Investments       $ 438,416  
San Joaquin Hills Transportation Corridor           Liability for Floating Rate Notes Issued in Conjunction with        
Agency           Securities Held - (3.20)%            
5.00%, 01/15/2034   6,185   6,989   Notes with interest rates of 1.17% - 1.19% at $ (13,791 ) $ (13,791 )
San Luis Obispo County Financing           January 31, 2018 and contractual maturity of            
Authority (credit support from AGM)           collateral of 2018-2034.(g)            
5.00%, 08/01/2030(a)   1,000   1,092                  
            Total Net Investments       $ 424,625  
San Luis Obispo County Financing           Other Assets and Liabilities - 1.49%       $ 6,402  
Authority (credit support from BAM)           TOTAL NET ASSETS - 100.00%       $ 431,027  
5.00%, 09/01/2037(a)   1,000   1,125                  
Santa Clara County Financing Authority                          
5.25%, 05/15/2036   2,000   2,023   (a) Credit support indicates investments that benefit from credit enhancement  
Semitropic Improvement District             or liquidity support provided by a third party bank, institution, or  
5.00%, 12/01/2038   2,000   2,126     government agency.            
Simi Valley Unified School District           (b) Security or portion of underlying security related to Inverse Floaters  
5.00%, 08/01/2027   1,000   1,231     entered into by the Fund. See Notes to Financial Statements for additional  
Southern California Public Power Authority             information.            
5.00%, 11/01/2029   2,380   2,779   (c) Security exempt from registration under Rule 144A of the Securities Act of  
5.25%, 07/01/2029   695   774     1933. These securities may be resold in transactions exempt from  
5.25%, 07/01/2031   695   777     registration, normally to qualified institutional buyers. At the end of the  
State of California             period, the value of these securities totaled $37,207 or 8.63% of net assets.  
2.45%, 12/01/2031   795   799   (d) Certain variable rate securities are not based on a published reference  
4.00%, 09/01/2033   4,450   4,774     rate and spread but are determined by the issuer or agent and are based  
5.00%, 09/01/2034   5,000   5,821     on current market conditions. These securities do not indicate a reference  
5.00%, 02/01/2038   1,450   1,617     rate and spread in their description.            
5.00%, 04/01/2043   3,380   3,769   (e) Non-income producing security            
5.25%, 11/01/2040   1,500   1,644   (f) Security purchased on a when-issued basis.          
5.75%, 04/01/2031   675   708   (g) Floating rate securities. The interest rate(s) shown reflect the rates in  
6.00%, 03/01/2033   2,000   2,182     effect at January 31, 2018.            
6.00%, 04/01/2038   3,000   3,145                  
State of California Department of Water                          
Resources                          
5.00%, 12/01/2028   1,615   1,635     Portfolio Summary (unaudited)        
5.00%, 12/01/2028   65   66   Sector         Percent  
Stockton East Water District (credit support           Revenue Bonds         65.16 %
from NATL)           General Obligation Unlimited         12.20 %
5.25%, 04/01/2022(a)   1,780   1,786   Insured         11.58 %
Stockton Unified School District (credit           Prerefunded         11.02 %
support from AGM)           Special Tax         0.89 %
5.00%, 08/01/2038(a)   1,500   1,676   Tax Allocation         0.85 %
Tobacco Securitization Authority of Southern           Investment Companies         0.01 %
California           Liability For Floating Rate Notes Issued         (3.20 )%
5.13%, 06/01/2046   1,500   1,503   Other Assets and Liabilities         1.49 %
Travis Unified School District (credit support           TOTAL NET ASSETS         100.00 %
from AGM)                          
5.00%, 09/01/2029(a)   1,000   1,172                  
Tulare County Transportation Authority                          
5.00%, 02/01/2029   1,000   1,154                  
Tustin Public Financing Authority                          
5.00%, 04/01/2041   1,000   1,104                  
University of California                          
5.00%, 05/15/2044   1,000   1,128                  
Walnut Energy Center Authority                          
5.00%, 01/01/2035   1,225   1,299                  
West Hollywood Public Financing Authority                          
5.00%, 04/01/2036   1,500   1,717                  

 

See accompanying notes.

3

 

     Schedule of Investments Core Plus Bond Fund January 31, 2018 (unaudited)

COMMON STOCKS - 0.11%   Shares Held Value (000's)   Principal    
Oil & Gas - 0.11%           BONDS (continued) Amount (000's)   Value (000's) 
Chaparral Energy Inc - A Shares (a),(b)   60,154 $   1,489 Agriculture (continued)        
Chaparral Energy Inc - A Shares (a),(b),(c)   460     12 BAT Capital Corp        
Chaparral Energy Inc - B Shares (a),(b),(c)   12,649     313 2.00%, 08/14/2020(g) $ 110 $ 111
Patterson-UTI Energy Inc   80,959     1,912 3 Month LIBOR + 0.59%        
      $   3,726 3.22%, 08/15/2024(g)   7,825   7,705
Telecommunications - 0.00%           3.56%, 08/15/2027(g)   1,245   1,217
Goodman Networks Inc (a),(b),(c),(d)   14,127     — 4.39%, 08/15/2037(g)   820   843
            4.54%, 08/15/2047(g)   4,710   4,855
TOTAL COMMON STOCKS     $   3,726 BAT International Finance PLC        
INVESTMENT COMPANIES - 3.25%   Shares Held Value (000's) 0.88%, 10/13/2023 EUR 250   310
Money Market Funds - 3.25%           2.25%, 01/16/2030   600   762
            2.75%, 06/15/2020(g) $ 485   484
Principal Government Money Market Fund (e)   111,736,044     111,736          
            6.00%, 11/24/2034 GBP 200   394
TOTAL INVESTMENT COMPANIES     $   111,736 Imperial Brands Finance PLC        
            3.38%, 02/26/2026 EUR 150   212
PREFERRED STOCKS - 0.30%   Shares Held Value (000's) 3.75%, 07/21/2022(g) $ 3,065   3,133
Agriculture - 0.03%           4.25%, 07/21/2025(g)   6,760   6,967
Pinnacle Operating Corp 0.00% (a),(b),(c),(d)   925,862 $   926          
            4.88%, 06/07/2032 GBP 150   256
            5.50%, 09/28/2026   100   173
Banks - 0.20%                  
Bank of America Corp 6.50% (f)   35,000     915  MHP SE        
            7.75%, 05/10/2024(g) $ 1,075   1,179
CoBank ACB 6.20% (f)   35,000     3,745          
 3 Month LIBOR + 3.74%                  
           Philip Morris International Inc        
  Morgan Stanley 6.38% (f)   50,000     1,353 1.88%, 02/25/2021   3,550   3,462
 3 Month LIBOR + 3.71%           2.38%, 08/17/2022   1,745   1,700
                     
State Street Corp 5.90%  (f)   35,000     936 3.13%, 03/02/2028   2,310   2,235
 3 Month LIBOR + 3.11%           4.38%, 11/15/2041   280   293
          Pinnacle Operating Corp        
      $   6,949 9.00%, 05/15/2023(g)   1,329   1,250
Electric - 0.03%           Reynolds American Inc        
SCE Trust III 5.75% (f)   50,000     1,268          
 3 Month LIBOR + 2.99%           3.25%, 06/12/2020   1,558   1,576
          5.70%, 08/15/2035   3,035   3,570
            5.85%, 08/15/2045   655   798
Telecommunications - 0.04%           6.88%, 05/01/2020   4,545   4,950
Goodman Networks Inc 0.00% (a),(b),(c),(d)   16,808     17          
            7.00%, 08/04/2041   1,475   1,956
Verizon Communications Inc 5.90%,   50,000     1,292 Vector Group Ltd        
02/15/2054           6.13%, 02/01/2025(g)   1,040   1,079
      $   1,309     $   70,064
TOTAL PREFERRED STOCKS     $   10,452 Airlines - 0.63%        
    Principal       American Airlines 2013-1 Class B Pass        
BONDS - 68.43% Amount (000's) Value (000's) Through Trust        
Advertising - 0.01%           5.63%, 07/15/2022(g)   281   291
Lamar Media Corp           American Airlines 2013-2 Class A Pass        
5.00%, 05/01/2023 $ 155   $ 159 Through Trust        
Outfront Media Capital LLC / Outfront Media           4.95%, 07/15/2024   1,389   1,460
Capital Corp           American Airlines 2014-1 Class A Pass        
5.25%, 02/15/2022   115     117 Through Trust        
      $   276 3.70%, 04/01/2028   1,300   1,311
Aerospace & Defense - 0.19%           American Airlines 2015-1 Class A Pass        
Air 2 US           Through Trust        
8.03%, 10/01/2020(g)   63     65 3.38%, 11/01/2028   4,437   4,432
8.63%, 10/01/2020(g)   76     79 American Airlines 2015-1 Class B Pass        
Arconic Inc           Through Trust        
5.40%, 04/15/2021   250     265 3.70%, 11/01/2024   206   204
Lockheed Martin Corp           American Airlines 2016-3 Class A Pass        
2.50%, 11/23/2020   110     110 Through Trust        
Rockwell Collins Inc           3.25%, 04/15/2030   1,143   1,114
3.50%, 03/15/2027   80     79 American Airlines 2017-1 Class AA Pass        
TransDigm Inc           Through Trust        
6.50%, 07/15/2024   110     113 3.65%, 08/15/2030   2,360   2,384
Triumph Group Inc           Continental Airlines 2007-1 Class A Pass        
7.75%, 08/15/2025   1,990     2,109 Through Trust        
United Technologies Corp           5.98%, 10/19/2023   1,492   1,617
2.80%, 05/04/2024   3,130     3,060 United Airlines 2014-2 Class A Pass Through        
4.15%, 05/15/2045   25     26 Trust        
5.40%, 05/01/2035   585     694 3.75%, 03/03/2028   2,151   2,190
      $   6,600 United Airlines 2016-1 Class AA Pass        
Agriculture - 2.04%           Through Trust        
Altria Group Inc           3.10%, 01/07/2030   915   896
2.85%, 08/09/2022   5,475     5,446 United Airlines 2018-1 Class A Pass Through        
4.00%, 01/31/2024   2,895     3,030 Trust        
4.50%, 05/02/2043   1,215     1,288 3.70%, 09/01/2031(h)   2,275   2,275
5.38%, 01/31/2044   7,380     8,830 United Airlines 2018-1 Class AA Pass        
            Through Trust        
            3.50%, 09/01/2031(h)   2,280   2,280

 

See accompanying notes.

4

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
BONDS (continued)   Amount (000's) Value (000's) BONDS (continued)   Amount (000's)   Value (000's)
Airlines (continued)         Automobile Asset Backed Securities (continued)      
US Airways 2001-1G Pass Through Trust         Drive Auto Receivables Trust 2017-1          
7.08%, 09/20/2022 $ 102 $ 108 1.90%, 05/15/2019   $ 2,360 $ 2,361
US Airways 2013-1 Class A Pass Through         1 Month LIBOR + 0.34%          
Trust         Drive Auto Receivables Trust 2017-2          
3.95%, 05/15/2027   1,117   1,151 1.84%, 08/15/2019     2,639   2,639
    $   21,713 1 Month LIBOR + 0.28%          
Apparel - 0.00%         2.25%, 06/15/2021     5,150   5,145
Hanesbrands Inc         Drive Auto Receivables Trust 2017-A          
4.88%, 05/15/2026(g)   35   35 2.51%, 01/15/2021(g)     5,350   5,360
Under Armour Inc         Enterprise Fleet Financing LLC          
3.25%, 06/15/2026   15   13 1.59%, 02/22/2021(g)     2,053   2,052
    $   48 2.13%, 05/22/2023(g)     1,820   1,811
Automobile Asset Backed Securities - 4.92%         Ford Credit Auto Owner Trust 2016-A          
AmeriCredit Automobile Receivables 2015-4         1.39%, 07/15/2020     1,306   1,301
2.11%, 01/08/2021   1,575   1,573 GM Financial Automobile Leasing Trust          
2.88%, 07/08/2021   1,750   1,759 2016-2          
AmeriCredit Automobile Receivables 2016-1         2.06%, 10/22/2018     250   250
2.89%, 01/10/2022   5,700   5,736 1 Month LIBOR + 0.50%          
AmeriCredit Automobile Receivables Trust         GM Financial Automobile Leasing Trust          
2014-2         2016-3          
2.18%, 06/08/2020   1,871   1,872 1.35%, 02/20/2019     714   713
AmeriCredit Automobile Receivables Trust         1.92%, 02/20/2019     3,779   3,781
2015-2         1 Month LIBOR + 0.36%          
2.40%, 01/08/2021   7,850   7,858 1.97%, 05/20/2020     2,100   2,082
AmeriCredit Automobile Receivables Trust         2.38%, 05/20/2020     1,250   1,238
2016-2         GM Financial Automobile Leasing Trust          
2.26%, 10/08/2019   316   316 2017-1          
1 Month LIBOR + 0.70%         2.48%, 08/20/2020     3,500   3,486
2.87%, 11/08/2021   4,325   4,349 2.74%, 08/20/2020     3,600   3,567
AmeriCredit Automobile Receivables Trust         GM Financial Automobile Leasing Trust          
2016-3         2017-3          
2.12%, 11/08/2019   554   554 1.80%, 01/21/2020     12,125   12,132
1 Month LIBOR + 0.56%         1 Month LIBOR + 0.24%          
Americredit Automobile Receivables Trust         Hertz Fleet Lease Funding LP          
2016-4         2.20%, 04/10/2031(g)     9,750   9,770
1.34%, 04/08/2020   1,711   1,708 1 Month LIBOR + 0.65%          
2.41%, 07/08/2022   7,000   6,917 Hyundai Auto Lease Securitization Trust          
AmeriCredit Automobile Receivables Trust         2017 -A        
2017-1         1.56%, 07/15/2019(g)     368   367
1.51%, 05/18/2020   730   728 Hyundai Auto Lease Securitization Trust          
2.71%, 08/18/2022   3,000   2,978 2017 -C        
AmeriCredit Automobile Receivables Trust         1.73%, 03/16/2020(g)     7,250   7,252
2017-4         1 Month LIBOR + 0.17%          
1.74%, 05/18/2021   10,000   10,001 Nissan Auto Lease Trust 2016-B          
1 Month LIBOR + 0.18%         1.84%, 12/17/2018     3,804   3,805
ARI Fleet Lease Trust 2016-A         1 Month LIBOR + 0.28%          
1.82%, 07/15/2024(g)   561   561 Nissan Auto Lease Trust 2017-A          
Capital Auto Receivables Asset Trust 2015-2         1.76%, 09/16/2019     5,196   5,199
1.73%, 09/20/2019   222   222 1 Month LIBOR + 0.20%          
Capital Auto Receivables Asset Trust 2015-3         OneMain Direct Auto Receivables Trust 2016-          
1.94%, 01/21/2020   961   961 1          
Capital Auto Receivables Asset Trust 2016-3         2.04%, 01/15/2021(g)     632   632
1.98%, 04/22/2019   30   30 Santander Drive Auto Receivables Trust 2014-          
1 Month LIBOR + 0.42%         1          
CarMax Auto Owner Trust 2014-4         2.36%, 04/15/2020     47   47
2.44%, 11/16/2020   2,000   2,000 Santander Drive Auto Receivables Trust 2014-          
CarMax Auto Owner Trust 2017-1         5          
1.98%, 11/15/2021   200   199 2.46%, 06/15/2020     2,367   2,370
CarMax Auto Owner Trust 2017-3         Santander Drive Auto Receivables Trust 2016-          
1.35%, 08/15/2018   606   606 2          
Chesapeake Funding II LLC         2.66%, 11/15/2021     3,500   3,503
2.71%, 03/15/2028(g)   4,814   4,833 Santander Drive Auto Receivables Trust 2016-          
1 Month LIBOR + 1.15%         3          
Drive Auto Receivables Trust         1.34%, 11/15/2019     65   65
2.30%, 05/17/2021   2,275   2,269 Santander Drive Auto Receivables Trust 2017-          
Drive Auto Receivables Trust 2016-C         1          
2.37%, 11/16/2020(g)   8,000   8,006 2.58%, 05/16/2022     5,000   4,981
          Santander Retail Auto Lease Trust 2017-A          
          1.83%, 03/20/2020(g)     8,000   8,000
          1 Month LIBOR + 0.27%          
          2.68%, 01/20/2022(g)     2,625   2,605
          World Omni Auto Receivables Trust 2014-B          
          1.14%, 01/15/2020     1,791   1,788

 

See accompanying notes.

5

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
  Principal       Principal    
BONDS (continued) Amount (000's) Value (000's) BONDS (continued) Amount (000's) Value (000's)
Automobile Asset Backed Securities (continued)       Banks (continued)        
World Omni Automobile Lease Securitization         Bank of America Corp        
Trust 2016-A         1.78%, 05/04/2027(j) EUR 350 $ 448
1.97%, 02/15/2019 $ 4,551 $ 4,554 Euribor 3 Month + 1.20%        
1 Month LIBOR + 0.41%         2.56%, 02/05/2026(c),(h) $ 2,485   2,485
    $   168,892 3 Month LIBOR + 0.77%        
Automobile Manufacturers - 1.35%         4.20%, 08/26/2024   11,885   12,328
BCD Acquisition Inc         4.24%, 04/24/2038(j)   2,415   2,564
9.63%, 09/15/2023(g)   90   98 3 Month LIBOR + 1.81%        
Daimler Finance North America LLC         4.25%, 10/22/2026   4,461   4,617
2.25%, 03/02/2020(g)   9,440   9,357 6.10%, 12/31/2049(f),(j)   3,955   4,266
2.85%, 01/06/2022(g)   2,175   2,162 3 Month LIBOR + 3.90%        
Ford Motor Co         7.00%, 07/31/2028 GBP 100   201
5.29%, 12/08/2046   1,215   1,273 Bank of New York Mellon Corp/The        
Ford Motor Credit Co LLC         4.62%, 12/31/2049(f),(j) $ 7,125   7,143
2.60%, 11/04/2019   1,275   1,271 3 Month LIBOR + 3.13%        
3.34%, 03/28/2022   1,725   1,720 4.95%, 12/31/2049(f),(j)   10,420   10,657
General Motors Co         3 Month LIBOR + 3.42%        
3.50%, 10/02/2018   4,320   4,355 Banque Centrale de Tunisie International        
5.15%, 04/01/2038   2,350   2,462 Bond        
6.25%, 10/02/2043   1,620   1,913 5.75%, 01/30/2025   1,500   1,486
6.60%, 04/01/2036   1,820   2,206 Barclays PLC        
General Motors Financial Co Inc         3.25%, 01/17/2033 GBP 150   211
2.69%, 01/05/2023   5,485   5,512 4.84%, 05/09/2028 $ 910   933
3 Month LIBOR + 0.99%         BBVA Banco Continental SA        
3.45%, 01/14/2022   1,670   1,676 5.00%, 08/26/2022(g)   975   1,043
3.85%, 01/05/2028   4,730   4,611 BNP Paribas SA        
3.95%, 04/13/2024   3,655   3,699 6.75%, 12/31/2049(f),(g)   4,330   4,666
Jaguar Land Rover Automotive PLC         USSW5 Index Spread + 4.92%        
4.50%, 10/01/2027(g)   735   724 BPCE SA        
Mclaren Finance PLC         4.50%, 03/15/2025(g)   4,450   4,582
5.75%, 08/01/2022(g)   385   395 4.88%, 04/01/2026(g)   2,125   2,241
Navistar International Corp         5.25%, 04/16/2029 GBP 200   345
6.63%, 11/01/2025(g)   1,693   1,770 5.70%, 10/22/2023(g) $ 6,075   6,655
Toyota Motor Credit Corp         CIT Group Inc        
2.12%, 01/17/2019   1,320   1,323 3.88%, 02/19/2019   320   323
3 Month LIBOR + 0.39%         5.80%, 12/31/2049(f),(j)   500   510
    $   46,527 3 Month LIBOR + 3.97%        
Automobile Parts & Equipment - 0.13%         Citigroup Inc        
Allison Transmission Inc         2.69%, 07/24/2023   4,215   4,274
4.75%, 10/01/2027(g)   140   139 3 Month LIBOR + 0.95%        
5.00%, 10/01/2024(g)   1,050   1,061 3.50%, 05/15/2023   3,330   3,346
American Axle & Manufacturing Inc         3.52%, 10/27/2028(j)   7,105   7,028
6.25%, 04/01/2025(g)   2,090   2,184 3 Month LIBOR + 1.15%        
Dana Inc         4.28%, 04/24/2048(j)   1,090   1,151
5.50%, 12/15/2024   850   886 3 Month LIBOR + 1.84%        
Goodyear Tire & Rubber Co/The         4.75%, 05/18/2046   605   656
5.13%, 11/15/2023   135   139 CoBank ACB        
IHO Verwaltungs GmbH         6.25%, 12/31/2049(f),(j)   1,270   1,385
4.75%, 09/15/2026(g),(i)   5   5 3 Month LIBOR + 4.66%        
Titan International Inc         Cooperatieve Rabobank UA        
6.50%, 11/30/2023(g)   60   62 4.38%, 08/04/2025   635   660
    $   4,476 4.63%, 05/23/2029 GBP 250   413
Banks - 9.88%         5.25%, 09/14/2027   125   213
        5.25%, 08/04/2045 $ 2,220   2,628
 Banco Bilbao Vizcaya Argentaria SA         5.50%, 12/31/2049(f) EUR 425   578
3.50%, 04/11/2024 EUR 200   258  EUR Swap Annual 5YR + 5.25%        
EUR Swap Annual 5YR + 2.55%                
6.13%, 12/31/2049(f) $ 8,800   9,156 Corp Financiera de Desarrollo SA        
          4.75%, 07/15/2025(g) $ 475   505
USSW5 Index Spread + 3.87%                  
Banco de Credito e Inversiones         Credit Suisse AG        
3.50%, 10/12/2027(g)   1,300   1,252 5.75%, 09/18/2025 EUR 450   631
Banco General SA         EUR Swap Annual 5YR + 4.00%        
4.13%, 08/07/2027(g)   1,900   1,914 Credit Suisse Group AG        
          2.77%, 12/14/2023(g) $ 2,500   2,557
Banco Inbursa SA Institucion de Banca          3 Month LIBOR + 1.20%        
Multiple                
4.38%, 04/11/2027(g)   1,275   1,272 3.00%, 12/14/2023(g),(j)   500   489
Banco Santander SA         3 Month LIBOR + 1.20%        
6.25%, 12/31/2049(f) EUR 600   776 7.13%, 12/31/2049(f)   5,310   5,781
EUR Swap Annual 5YR + 5.41%         USSW5 Index Spread + 5.11%        
          Discover Bank        
          3.10%, 06/04/2020   630   634
          First Republic Bank/CA        
          4.63%, 02/13/2047   250   261

 

See accompanying notes.

6

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
  Principal         Principal    
BONDS (continued) Amount (000's) Value(000 's) BONDS (continued) Amount (000's) Value (000's)
Banks (continued)           Banks (continued)        
Goldman Sachs Group Inc/The           Royal Bank of Scotland Group        
2.00%, 07/27/2023 $ 500 $ 656   PLC (continued)        
2.50%, 10/18/2021   200   267   7.50%, 12/31/2049(f) $ 7,941 $ 8,408
2.74%, 07/24/2023   3,870   3,926   USSW5 Index Spread + 5.80%        
3 Month LIBOR + 1.00%           Santander Issuances SAU        
2.91%, 06/05/2023(j)   1,110   1,089   2.50%, 03/18/2025 EUR 100   131
3 Month LIBOR + 1.05%           Santander UK Group Holdings PLC        
4.25%, 01/29/2026 GBP 100   159   7.38%, 12/31/2049(f) GBP 200   326
5.00%, 12/31/2049(f),(j) $ 11,795   11,566   GBP Swap 5YR + 5.54%        
3 Month LIBOR + 2.87%           Santander UK PLC        
5.38%, 12/31/2049(f),(j)   8,445   8,720   5.00%, 11/07/2023(g) $ 7,220   7,617
3 Month LIBOR + 3.92%           Skandinaviska Enskilda Banken AB        
6.75%, 10/01/2037   4,065   5,363   2.50%, 05/28/2026 EUR 250   330
HBOS PLC           EUR Swap Annual 5YR + 1.45%        
4.50%, 03/18/2030(j) EUR 500   727   5.75%, 12/31/2049(f) $ 6,090   6,273
Euribor 3 Month + 1.37%           USSW5 Index Spread + 3.85%        
HSBC Holdings PLC           Svenska Handelsbanken AB        
3.60%, 05/25/2023 $ 400   407   2.66%, 01/15/2024 EUR 500   635
4.38%, 11/23/2026   3,355   3,455   EUR Swap Annual 5YR + 1.43%        
ING Bank NV           Synchrony Bank        
5.80%, 09/25/2023(g)   995   1,100   3.00%, 06/15/2022 $ 2,255   2,229
ING Groep NV           UBS AG        
6.00%, 12/31/2049(f)   1,935   1,994   4.75%, 02/12/2026 EUR 250   345
USSW5 Index Spread + 4.45%           EUR Swap Annual 5YR + 3.40%        
Intesa Sanpaolo SpA           UBS Group AG        
3.13%, 07/14/2022(g)   4,355   4,293   5.75%, 12/31/2049(f)   675   956
3.88%, 07/14/2027(g)   3,890   3,817   EUR Swap Annual 5YR + 5.29%        
3.93%, 09/15/2026 EUR 650   895   6.88%, 12/31/2049(f) $ 5,475   6,093
4.38%, 01/12/2048(g) $ 2,050   2,050   USSW5 Index Spread + 4.59%        
5.71%, 01/15/2026(g)   20,205   21,241   UBS Group Funding Switzerland AG        
JPMorgan Chase & Co           2.37%, 08/15/2023(g)   10,395   10,501
2.56%, 01/10/2025   2,010   2,040   3 Month LIBOR + 0.95%        
3 Month LIBOR + 0.85%           UniCredit SpA        
3.63%, 12/01/2027   2,239   2,218   5.86%, 06/19/2032(g)   3,245   3,458
3.88%, 07/24/2038(j)   1,770   1,786   USD ICE SWAP Rate NY 5 + 3.70%        
3 Month LIBOR + 1.36%           Wells Fargo & Co        
3.96%, 11/15/2048(j)   880   889   3.00%, 10/31/2023   4,670   4,814
3 Month LIBOR + 1.38%           3 Month LIBOR + 1.23%        
4.13%, 12/15/2026   3,020   3,126   4.40%, 06/14/2046   2,455   2,570
4.62%, 12/31/2049(f),(j)   8,985   8,733   4.75%, 12/07/2046   1,015   1,127
3 Month LIBOR + 2.58%           Westpac Banking Corp        
4.95%, 06/01/2045   1,625   1,838   2.13%, 05/02/2025 GBP 100   142
5.00%, 12/31/2049(f),(j)   600   609   Westpac Banking Corp/New Zealand        
3 Month LIBOR + 3.32%           5.00%, 12/31/2049(f) $ 7,790   7,711
5.63%, 08/16/2043   3,600   4,395   USD ICE SWAP Rate NY 5 + 2.89%        
Lloyds Banking Group PLC               $   339,417
4.58%, 12/10/2025   3,365   3,469   Beverages - 0.74%        
4.65%, 03/24/2026   9,455   9,785   Anheuser-Busch InBev Finance Inc        
7.00%, 12/31/2049(f) GBP 200   300   2.65%, 02/01/2021   4,900   4,884
GBP Swap 5YR + 5.06%           3.65%, 02/01/2026   5,015   5,075
Morgan Stanley           4.70%, 02/01/2036   3,055   3,372
1.88%, 04/27/2027 EUR 500   635   4.90%, 02/01/2046   4,830   5,458
2.62%, 05/08/2024 $ 5,665   5,838   Anheuser-Busch InBev SA/NV        
3 Month LIBOR + 1.22%           4.00%, 09/24/2025 GBP 150   241
2.63%, 03/09/2027 GBP 230   329   Central American Bottling Corp        
3.70%, 10/23/2024 $ 2,485   2,524   5.75%, 01/31/2027(g) $ 525   550
3.77%, 01/24/2029(j)   4,765   4,797   5.75%, 01/31/2027   1,075   1,127
3 Month LIBOR + 1.14%           Coca-Cola Icecek AS        
3.88%, 01/27/2026   3,440   3,515   4.22%, 09/19/2024(g)   525   534
3.97%, 07/22/2038(j)   80   82   4.75%, 10/01/2018(g)   1,050   1,061
3 Month LIBOR + 1.46%           Constellation Brands Inc        
5.00%, 11/24/2025   6,635   7,179   3.88%, 11/15/2019   320   327
5.55%, 12/31/2049(f),(j)   2,700   2,791   Corp Lindley SA        
3 Month LIBOR + 3.81%           6.75%, 11/23/2021(g)   307   337
5.75%, 01/25/2021   1,985   2,146   6.75%, 11/23/2021   379   416
Royal Bank of Scotland Group PLC           Molson Coors Brewing Co        
2.89%, 05/15/2023   7,555   7,748   1.25%, 07/15/2024 EUR 175   217
3 Month LIBOR + 1.47%           PepsiCo Inc        
3.63%, 03/25/2024 EUR 450   578   3.00%, 10/15/2027 $ 215   210
EUR Swap Annual 5YR + 2.65%           4.45%, 04/14/2046   555   619
5.13%, 05/28/2024 $ 10,504   10,975            
6.13%, 12/15/2022   165   179            

 

See accompanying notes.

7

 

     Schedule of Investments Core Plus Bond Fund January 31, 2018 (unaudited)

    Principal       Principal    
BONDS (continued)   Amount (000's) Value (000's) BONDS (continued) Amount (000's)    Value (000's)
Beverages (continued)         Chemicals (continued)        
Pernod Ricard SA         Hexion Inc        
5.75%, 04/07/2021(g) $ 1,045 $ 1,135 6.63%, 04/15/2020 $ 75 $ 68
    $   25,563 Mexichem SAB de CV        
Biotechnology - 0.49%         4.88%, 09/19/2022(g)   1,100   1,160
Amgen Inc         Monsanto Co        
4.66%, 06/15/2051   960   1,045 3.95%, 04/15/2045   2,780   2,742
Celgene Corp         4.40%, 07/15/2044   802   843
2.88%, 08/15/2020   1,905   1,913 NOVA Chemicals Corp        
3.45%, 11/15/2027   1,290   1,261 5.25%, 08/01/2023(g)   385   396
4.35%, 11/15/2047   8,175   8,251 5.25%, 06/01/2027(g)   870   868
5.00%, 08/15/2045   2,525   2,788 Olin Corp        
5.25%, 08/15/2043   115   129 5.00%, 02/01/2030   180   180
Genzyme Corp         5.13%, 09/15/2027   40   42
5.00%, 06/15/2020   30   32 Platform Specialty Products Corp        
Gilead Sciences Inc         5.88%, 12/01/2025(g)   545   554
1.85%, 09/20/2019   1,230   1,221 6.50%, 02/01/2022(g)   65   67
2.50%, 09/01/2023   30   29 Sherwin-Williams Co/The        
4.15%, 03/01/2047   25   26 3.13%, 06/01/2024   85   84
    $   16,695 4.50%, 06/01/2047   595   628
Building Materials - 0.27%             $   19,917
American Woodmark Corp         Coal - 0.03%        
4.88%, 03/15/2026(c),(g),(h)   185   185 Alliance Resource Operating Partners LP /        
BMC East LLC         Alliance Resource Finance Corp        
5.50%, 10/01/2024(g)   725   750 7.50%, 05/01/2025(g)   910   985
Cemex SAB de CV                  
5.70%, 01/11/2025   1,950   2,054 Commercial Mortgage Backed Securities - 5.34%      
6.13%, 05/05/2025(g)   965   1,029 Banc of America Commercial Mortgage Trust        
Jeld-Wen Inc         2008-1        
4.63%, 12/15/2025(g)   345   345 6.12%, 02/10/2051(i)   933   932
4.88%, 12/15/2027(g)   210   210 Banc of America Commercial Mortgage Trust        
Johnson Controls International plc         2016-UBS10        
5.13%, 09/14/2045   90   105 4.91%, 07/15/2049(i)   3,000   3,118
Masco Corp         BANK 2017-BNK5        
3.50%, 04/01/2021   50   50 3.39%, 06/15/2060   2,350   2,355
Norbord Inc         BANK 2017-BNK9        
5.38%, 12/01/2020(g)   650   681 4.03%, 11/15/2054   2,000   2,017
Owens Corning         CFCRE Commercial Mortgage Trust 2011-        
7.00%, 12/01/2036   1,170   1,526 C2        
St Marys Cement Inc Canada         5.75%, 12/15/2047(g),(i)   975   1,049
5.75%, 01/28/2027(g)   1,275   1,343 Citigroup Commercial Mortgage Trust 2015-        
Standard Industries Inc/NJ         GC29        
4.75%, 01/15/2028(g)   735   730 3.19%, 04/10/2048   3,000   2,986
6.00%, 10/15/2025(g)   150   159 4.15%, 04/10/2048(i)   2,000   1,971
    $   9,167 Citigroup Commercial Mortgage Trust 2015-        
Chemicals - 0.58%         GC35        
Aruba Investments Inc         3.82%, 11/10/2048   1,000   1,033
8.75%, 02/15/2023(g)   1,310   1,375 Citigroup Commercial Mortgage Trust 2016-        
Ashland LLC         GC37        
4.75%, 08/15/2022   60   62 3.58%, 04/10/2049   1,750   1,708
Blue Cube Spinco Inc         Citigroup Commercial Mortgage Trust 2017-        
9.75%, 10/15/2023   565   667 C4        
Braskem Finance Ltd         1.13%, 10/12/2050(i),(k)   12,984   1,014
5.38%, 05/02/2022   1,225   1,299 COMM 2012-CCRE3 Mortgage Trust        
6.45%, 02/03/2024   1,075   1,213 4.76%, 10/15/2045(g),(i)   2,715   2,608
Braskem Netherlands Finance BV         COMM 2012-CCRE5 Mortgage Trust        
4.50%, 01/10/2028(g)   1,525   1,540 3.22%, 12/10/2045(g)   2,000   1,990
CF Industries Inc         COMM 2013-CCRE11 Mortgage Trust        
5.15%, 03/15/2034   1,380   1,392 1.12%, 08/10/2050(i),(k)   58,174   2,506
7.13%, 05/01/2020   243   264 4.72%, 08/10/2050(i)   5,000   5,339
Chemours Co/The         COMM 2013-CCRE6 Mortgage Trust        
6.63%, 05/15/2023   130   137 4.07%, 03/10/2046(g),(i)   500   457
Consolidated Energy Finance SA         COMM 2013-CCRE8 Mortgage Trust        
5.34%, 06/15/2022(g)   250   249 3.96%, 06/10/2046(g),(i)   3,000   3,016
3 Month LIBOR + 3.75%         COMM 2013-LC6 Mortgage Trust        
6.75%, 10/15/2019(g)   1,058   1,077 4.31%, 01/10/2046(g),(i)   1,470   1,369
6.88%, 06/15/2025(g)   1,540   1,629 COMM 2014-CCRE16 Mortgage Trust        
Equate Petrochemical BV         4.05%, 04/10/2047   600   628
3.00%, 03/03/2022(g)   925   908 COMM 2014-CCRE17 Mortgage Trust        
3.00%, 03/03/2022   375   368 4.73%, 05/10/2047(i)   2,400   2,341
GCP Applied Technologies Inc         COMM 2014-LC17 Mortgage Trust        
9.50%, 02/01/2023(g)   95   105 4.49%, 10/10/2047(i)   5,000   5,163
          COMM 2014-UBS5 Mortgage Trust        
          1.03%, 09/10/2047(i),(k)   69,134   2,775

 

See accompanying notes.

8

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
  Principal         Principal    
BONDS (continued) Amount (000's)             Value (000's) BONDS (continued)   Amount (000's)   Value (000's)
Commercial Mortgage Backed Securities (continued)     Commercial Mortgage Backed Securities (continued)    
COMM 2015-CCRE22 Mortgage Trust         JPMBB Commercial Mortgage Securities          
4.12%, 03/10/2048(i) $ 1,611 $ 1,579 Trust 2015-C28          
COMM 2015-LC23 Mortgage Trust         3.99%, 10/15/2048   $ 7,000 $ 6,961
3.77%, 10/10/2048   2,000   2,060 JPMBB Commercial Mortgage Securities          
COMM 2015-PC1 Mortgage Trust         Trust 2015-C31          
4.29%, 07/10/2050(i)   2,000   2,071 0.98%, 08/15/2048(i),(k)     42,163   2,173
Credit Suisse Commercial Mortgage Trust         JPMCC Commercial Mortgage Securities          
Series 2006-C5         Trust 2017-JP7          
0.68%, 12/15/2039(i),(k)   1,593   — 3.81%, 09/15/2050(i)     2,500   2,410
DBJPM 16-C3 Mortgage Trust         LB-UBS Commercial Mortgage Trust 2005-          
2.89%, 09/10/2049   2,000   1,934 C3          
DBUBS 2011-LC2 Mortgage Trust         0.81%, 07/15/2040(g),(i),(k)     2,435   29
5.54%, 07/10/2044(g),(i)   5,000   5,193 LB-UBS Commercial Mortgage Trust 2007-          
GE Commercial Mortgage Corp Series 2007-         C1          
C1 Trust         0.32%, 02/15/2040(i),(k)     563   —
5.61%, 12/10/2049(i)   6,000   6,023 LB-UBS Commercial Mortgage Trust 2007-          
GS Mortgage Securities Trust 2011-GC5         C6          
1.35%, 08/10/2044(g),(i),(k)   93,079   3,512 6.11%, 07/15/2040(i)     2,034   2,033
GS Mortgage Securities Trust 2012-GCJ7         Morgan Stanley Bank of America Merrill          
2.22%, 05/10/2045(i),(k)   13,545   809 Lynch Trust 2013-C11          
GS Mortgage Securities Trust 2013-GC16         0.49%, 08/15/2046(i),(k)     24,653   294
1.40%, 11/10/2046(i),(k)   28,778   1,147 Morgan Stanley Bank of America Merrill          
5.33%, 11/10/2046(i)   800   812 Lynch Trust 2013-C9          
GS Mortgage Securities Trust 2013-GCJ12         3.46%, 05/15/2046     1,781   1,774
3.78%, 06/10/2046(i)   555   554 Morgan Stanley Bank of America Merrill          
GS Mortgage Securities Trust 2014-GC26         Lynch Trust 2014-C15          
1.06%, 11/10/2047(i),(k)   49,186   2,542 1.08%, 04/15/2047(i),(k)     52,944   2,368
GS Mortgage Securities Trust 2015-GC34         4.05%, 04/15/2047     3,000   3,138
3.51%, 10/10/2048   1,482   1,500 Morgan Stanley Bank of America Merrill          
GS Mortgage Securities Trust 2015-GS1         Lynch Trust 2014-C16          
3.73%, 11/10/2048   3,250   3,341 1.16%, 06/15/2047(i),(k)     24,876   1,143
JP Morgan Chase Commercial Mortgage         4.75%, 06/15/2047(i)     4,250   4,289
Securities Trust 2005-CIBC12         Morgan Stanley Bank of America Merrill          
5.44%, 09/12/2037(i)   244   5 Lynch Trust 2014-C18          
JP Morgan Chase Commercial Mortgage         4.44%, 10/15/2047(i)     3,864   3,956
Securities Trust 2010-C1         Morgan Stanley Bank of America Merrill          
5.95%, 06/15/2043(g)   2,585   2,565 Lynch Trust 2015-C20          
JP Morgan Chase Commercial Mortgage         3.61%, 02/15/2048     2,000   1,978
Securities Trust 2011-C5         4.16%, 02/15/2048     1,975   1,960
5.41%, 08/15/2046(g),(i)   800   839 Morgan Stanley Bank of America Merrill          
JP Morgan Chase Commercial Mortgage         Lynch Trust 2015-C26          
Securities Trust 2012-LC9         3.89%, 10/15/2048(i)     3,000   3,040
1.56%, 12/15/2047(i),(k)   16,201   902 Morgan Stanley Bank of America Merrill          
3.35%, 12/15/2047(g)   2,000   1,998 Lynch Trust 2016-C30          
JP Morgan Chase Commercial Mortgage         3.18%, 09/15/2049     1,571   1,495
Securities Trust 2013-C16         Morgan Stanley Bank of America Merrill          
1.11%, 12/15/2046(i),(k)   11,350   421 Lynch Trust 2016-C31          
JP Morgan Chase Commercial Mortgage         3.10%, 11/15/2049     2,579   2,529
Securities Trust 2016-JP3         Morgan Stanley Bank of America Merrill          
3.14%, 08/15/2049   3,000   2,902 Lynch Trust 2016-C32          
JP Morgan Chase Commercial Mortgage         3.72%, 12/15/2049     3,375   3,466
Securities Trust 2016-JP4         Morgan Stanley Capital I 2017-HR2          
3.46%, 12/15/2049(i)   1,682   1,593 3.59%, 12/15/2050     1,000   1,016
3.65%, 12/15/2049(i)   1,600   1,634 Morgan Stanley Capital I Trust 2016-UBS9          
JPMBB Commercial Mortgage Securities         3.59%, 03/15/2049     1,500   1,532
Trust 2013-C15         MSBAM Commercial Mortgage Securities          
1.25%, 11/15/2045(i),(k)   33,488   1,341 Trust 2012-CKSV          
JPMBB Commercial Mortgage Securities         1.10%, 10/15/2030(g),(i),(k)     22,519   946
Trust 2014-C18         UBS Commercial Mortgage Trust 2012-C1          
4.81%, 02/15/2047(i)   1,000   1,052 3.40%, 05/10/2045     486   495
4.81%, 02/15/2047(i)   2,700   2,775 UBS-Barclays Commercial Mortgage Trust          
JPMBB Commercial Mortgage Securities         2012 -C3        
Trust 2014-C19         3.09%, 08/10/2049     1,210   1,215
1.14%, 04/15/2047(i),(k)   44,919   1,166 5.04%, 08/10/2049(g),(i)     1,500   1,547
JPMBB Commercial Mortgage Securities         UBS-Barclays Commercial Mortgage Trust          
Trust 2014-C24         2012 -C4        
1.05%, 11/15/2047(i),(k)   9,282   385 1.68%, 12/10/2045(g),(i),(k)     20,749   1,270
3.92%, 11/15/2047(g),(i)   1,000   861 3.32%, 12/10/2045(g)     2,300   2,274
4.42%, 11/15/2047(i)   4,350   4,394 UBS-Barclays Commercial Mortgage Trust          
          2013 -C5        
          3.18%, 03/10/2046     1,580   1,590
          4.08%, 03/10/2046(g),(i)     1,090   981

 

See accompanying notes.

9

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
    Principal           Principal    
BONDS (continued)   Amount (000's)    Value (000's) BONDS (continued)   Amount (000's)         Value (000's)
Commercial Mortgage Backed Securities (continued)       Computers (continued)        
Wells Fargo Commercial Mortgage Trust           Apple Inc (continued)        
2015-NX S3         4.65%, 02/23/2046 $ 3,865 $ 4,395
4.49%, 09/15/2057(i)   $ 1,400 $ 1,453 Dell Inc          
Wells Fargo Commercial Mortgage Trust           5.65%, 04/15/2018   365   367
2016 -C36         Dell International LLC / EMC Corp        
3.07%, 11/15/2059     750   733 3.48%, 06/01/2019(g)   105   106
Wells Fargo Commercial Mortgage Trust           5.45%, 06/15/2023(g)   3,650   3,911
2017 -C38         5.88%, 06/15/2021(g)   365   379
3.45%, 07/15/2050     3,000   3,011 6.02%, 06/15/2026(g)   2,775   3,035
Wells Fargo Commercial Mortgage Trust           7.13%, 06/15/2024(g)   1,975   2,159
2017 -RC1         8.35%, 07/15/2046(g)   2,435   3,195
3.63%, 01/15/2060     5,000   5,070 EMC Corp          
WFRBS Commercial Mortgage Trust 2013-           2.65%, 06/01/2020   320   316
C12           Hewlett Packard Enterprise Co        
1.29%, 03/15/2048(g),(i),(k)     47,027   2,372 2.85%, 10/05/2018   1,390   1,396
WFRBS Commercial Mortgage Trust 2014-           West Corp          
C22           8.50%, 10/15/2025(g)   715   704
4.07%, 09/15/2057(i)     5,000   5,126 Western Digital Corp        
4.37%, 09/15/2057(i)     2,000   2,007 10.50%, 04/01/2024   145   170
WFRBS Commercial Mortgage Trust 2014-                 $   46,413
C23           Consumer Products - 0.33%        
0.66%, 10/15/2057(i),(k)     53,045   1,665 ACCO Brands Corp        
      $   183,624 5.25%, 12/15/2024(g)   20   20
Commercial Services - 0.24%           Reckitt Benckiser Treasury Services PLC        
ADT Corp/The           2.23%, 06/24/2022(g)   4,575   4,572
6.25%, 10/15/2021     120   130 3 Month LIBOR + 0.56%        
Ahern Rentals Inc           2.75%, 06/26/2024(g)   6,740   6,473
7.38%, 05/15/2023(g)     1,530   1,476 Spectrum Brands Inc        
APX Group Inc           5.75%, 07/15/2025   135   142
7.63%, 09/01/2023     60   64       $   11,207
Avis Budget Car Rental LLC / Avis Budget           Cosmetics & Personal Care - 0.03%        
Finance Inc           Avon International Operations Inc        
5.50%, 04/01/2023     45   45 7.88%, 08/15/2022(g)   80   82
DP World Ltd           Natura Cosmeticos SA        
6.85%, 07/02/2037     540   675 5.38%, 02/01/2023(g),(h)   1,000   1,005
GW Honos Security Corp                 $   1,087
8.75%, 05/15/2025(g)     995   1,080            
            Credit Card Asset Backed Securities - 0.72%        
Hertz Corp/The                  
7.63%, 06/01/2022(g)     70   73 Capital One Multi-Asset Execution Trust        
            2.01%, 02/15/2022   500   502
IHS Markit Ltd           1 Month LIBOR + 0.45%        
4.75%, 02/15/2025(g)     407   423            
            2.07%, 09/16/2024   510   515
Jaguar Holding Co II / Pharmaceutical Product           1 Month LIBOR + 0.51%        
Development LLC           2.19%, 02/15/2024   1,900   1,926
6.38%, 08/01/2023(g)     65   67            
            1 Month LIBOR + 0.63%        
Nielsen Finance LLC / Nielsen Finance Co                  
5.00%, 04/15/2022(g)     155   158  Chase Issuance Trust        
            1.36%, 04/15/2020   6,735   6,730
Prime Security Services Borrower LLC /           1.97%, 05/17/2021   4,625   4,649
Prime Finance Inc           1 Month LIBOR + 0.41%        
9.25%, 05/15/2023(g)     115   127            
            World Financial Network Credit Card Master        
RR Donnelley & Sons Co           Trust          
7.88%, 03/15/2021     40   42 1.44%, 06/15/2022   575   573
Service Corp International/US           1.61%, 12/15/2021   650   650
5.38%, 05/15/2024     205   216 2.04%, 02/15/2022   9,355   9,361
Team Health Holdings Inc           1 Month LIBOR + 0.48%        
6.38%, 02/01/2025(g)     1,090   1,016            
                  $   24,906
TMS International Corp                      
7.25%, 08/15/2025(g)     1,095   1,150 Distribution & Wholesale - 0.05%        
            American Builders & Contractors Supply Co        
United Rentals North America Inc           Inc          
4.63%, 10/15/2025     910   924 5.75%, 12/15/2023(g)   570   601
4.88%, 01/15/2028     310   310 Global Partners LP / GLP Finance Corp        
5.88%, 09/15/2026     115   123 7.00%, 06/15/2023   975   1,007
      $   8,099 H&E Equipment Services Inc        
Computers - 1.35%           5.63%, 09/01/2025(g)   35   36
Apple Inc           HD Supply Inc        
2.75%, 01/13/2025     5,600   5,451 5.75%, 04/15/2024(g)   110   118
2.85%, 05/11/2024     5,745   5,675       $   1,762
3.00%, 02/09/2024     4,950   4,933 Diversified Financial Services - 1.11%        
3.00%, 06/20/2027     1,685   1,639 AerCap Ireland Capital DAC / AerCap Global        
3.05%, 07/31/2029   GBP 125   193 Aviation Trust        
3.20%, 05/11/2027   $ 2,520   2,490 4.63%, 10/30/2020   265   277
3.35%, 02/09/2027     4,030   4,029            
4.25%, 02/09/2047     1,740   1,870            

 

See accompanying notes.

10

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (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)        
Aircastle Ltd         Calpine Corp        
5.13%, 03/15/2021 $ 220 $ 231 5.75%, 01/15/2025 $ 95 $ 90
Ally Financial Inc         Centrais Eletricas Brasileiras SA        
3.25%, 11/05/2018   20   20 5.75%, 10/27/2021   1,250   1,289
4.25%, 04/15/2021   230   235 CMS Energy Corp        
4.75%, 09/10/2018   220   222 4.70%, 03/31/2043   910   994
5.75%, 11/20/2025   4,365   4,661 4.88%, 03/01/2044   1,835   2,092
8.00%, 11/01/2031   125   159 Colbun SA        
Blackstone Holdings Finance Co LLC         3.95%, 10/11/2027(g)   1,950   1,942
2.00%, 05/19/2025 EUR 250   329 Commonwealth Edison Co        
Brookfield Finance Inc         3.70%, 03/01/2045   690   686
3.90%, 01/25/2028 $ 3,870   3,802 3.80%, 10/01/2042   905   913
4.70%, 09/20/2047   3,455   3,485 4.35%, 11/15/2045   1,660   1,824
Brookfield Finance LLC         Consolidated Edison Co of New York Inc        
4.00%, 04/01/2024   4,965   5,087 4.63%, 12/01/2054   1,940   2,178
Charles Schwab Corp/The         Dominion Energy Inc        
5.00%, 12/31/2049(f),(j)   3,200   3,162 3.90%, 10/01/2025   1,670   1,713
3 Month LIBOR + 2.58%         DPL Inc        
Credit Acceptance Corp         7.25%, 10/15/2021   190   211
6.13%, 02/15/2021   1,185   1,197 DTE Energy Co        
7.38%, 03/15/2023   1,355   1,416 6.38%, 04/15/2033   2,510   3,203
Doric Nimrod Air Finance Alpha Ltd 2012-1         Duke Energy Corp        
Class B Pass Through Trust         2.65%, 09/01/2026   1,095   1,020
6.50%, 05/30/2021(g)   520   532 3.75%, 04/15/2024   1,500   1,539
E*TRADE Financial Corp         3.75%, 09/01/2046   30   29
5.30%, 12/31/2049(f),(j)   1,520   1,514 Dynegy Inc        
3 Month LIBOR + 3.16%         7.38%, 11/01/2022   935   988
Fly Leasing Ltd         8.13%, 01/30/2026(g)   635   700
6.38%, 10/15/2021   200   209 Electricite de France SA        
GE Capital International Funding Co         2.15%, 01/22/2019(g)   70   70
Unlimited Co         2.35%, 10/13/2020(g)   155   154
2.34%, 11/15/2020   200   197 4.25%, 12/29/2049(f) EUR 400   528
4.42%, 11/15/2035   4,020   4,134 EUR Swap Annual 7YR + 3.02%        
ILFC E-Capital Trust II         4.63%, 09/11/2024   250   384
4.62%, 12/21/2065(g),(i)   355   349 5.50%, 10/17/2041 GBP 100   185
International Lease Finance Corp         5.63%, 12/31/2049(f),(g) $ 2,940   3,028
6.25%, 05/15/2019   60   63 USSW10 Index Spread + 3.04%        
National Rural Utilities Cooperative Finance         6.00%, 12/29/2049(f) GBP 100   153
Corp         GBP Swap 13YR + 3.96%        
2.40%, 04/25/2022   145   142 6.25%, 05/30/2028   50   93
4.75%, 04/30/2043(j)   855   888 Elwood Energy LLC        
3 Month LIBOR + 2.91%         8.16%, 07/05/2026 $ 551   615
Navient Corp         Emera US Finance LP        
5.50%, 01/15/2019   215   219 2.70%, 06/15/2021   100   99
5.88%, 03/25/2021   10   10 Enel Finance International NV        
6.13%, 03/25/2024   1,390   1,418 2.88%, 05/25/2022(g)   2,395   2,362
6.63%, 07/26/2021   190   202 Exelon Corp        
8.00%, 03/25/2020   210   227 2.85%, 06/15/2020   2,560   2,565
Quicken Loans Inc         3.50%, 06/01/2022   1,740   1,752
5.75%, 05/01/2025(g)   120   122 4.45%, 04/15/2046   490   516
Springleaf Finance Corp         5.10%, 06/15/2045   60   69
5.25%, 12/15/2019   445   458 Fortis Inc/Canada        
8.25%, 12/15/2020   145   160 2.10%, 10/04/2021   2,470   2,392
SUAM Finance BV         3.06%, 10/04/2026   4,055   3,835
4.88%, 04/17/2024(g)   375   399 Georgia Power Co        
Synchrony Financial         4.30%, 03/15/2042   1,355   1,432
3.00%, 08/15/2019   500   502 4.30%, 03/15/2043   1,080   1,130
3.95%, 12/01/2027   1,790   1,759 Indiantown Cogeneration LP        
Vantiv LLC / Vanity Issuer Corp         9.77%, 12/15/2020   407   431
4.38%, 11/15/2025(g)   235   233 Kentucky Utilities Co        
Visa Inc         3.30%, 10/01/2025   3,105   3,107
2.20%, 12/14/2020   90   89 Listrindo Capital BV        
    $   38,109 4.95%, 09/14/2026(g)   825   819
Electric - 3.02%         Louisville Gas & Electric Co        
Abu Dhabi National Energy Co PJSC         3.30%, 10/01/2025   1,545   1,549
4.38%, 06/22/2026(g)   675   693 MidAmerican Energy Co        
Adani Transmission Ltd         4.25%, 05/01/2046   1,030   1,125
4.00%, 08/03/2026(g)   750   729 Mirant Mid-Atlantic Series C Pass Through        
AEP Transmission Co LLC         Trust        
4.00%, 12/01/2046   930   969 10.06%, 12/30/2028   1,203   1,206
Alabama Power Co         NRG Energy Inc        
3.85%, 12/01/2042   850   861 5.75%, 01/15/2028(g)   520   520
          6.25%, 05/01/2024   575   601

 

See accompanying notes.

11

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
  Principal       Principal    
BONDS (continued) Amount (000's) Value (000's) BONDS (continued) Amount (000's) Value (000's)
Electric (continued)         Entertainment (continued)        
NRG Energy Inc (continued)         Caesars Resort Collection LLC / CRC Finco        
6.63%, 01/15/2027 $ 100 $ 106 Inc        
7.25%, 05/15/2026   620   675 5.25%, 10/15/2025(g) $ 1,680 $ 1,668
OmGrid Funding Ltd         CCM Merger Inc        
5.20%, 05/16/2027(g)   1,100   1,089 6.00%, 03/15/2022(g)   1,435   1,471
Oncor Electric Delivery Co LLC         Cedar Fair LP / Canada's Wonderland Co /        
2.15%, 06/01/2019   4,630   4,605 Magnum Management Corp / Millennium Op        
5.25%, 09/30/2040   950   1,152 5.38%, 04/15/2027(g)   40   42
Pacific Gas & Electric Co         Cinemark USA Inc        
3.30%, 12/01/2027(g)   4,305   4,128 4.88%, 06/01/2023   50   51
3.95%, 12/01/2047(g)   1,530   1,474 Eldorado Resorts Inc        
4.45%, 04/15/2042   30   31 6.00%, 04/01/2025   10   10
PacifiCorp         7.00%, 08/01/2023   1,175   1,253
2.95%, 06/01/2023   2,466   2,467 GLP Capital LP / GLP Financing II Inc        
3.85%, 06/15/2021   1,137   1,176 4.38%, 04/15/2021   340   348
PPL Electric Utilities Corp         5.38%, 04/15/2026   1,030   1,102
3.95%, 06/01/2047   1,945   2,039 International Game Technology PLC        
4.75%, 07/15/2043   1,375   1,578 6.50%, 02/15/2025(g)   645   717
PPL WEM Ltd / Western Power Distribution         Lions Gate Entertainment Corp        
Ltd         5.88%, 11/01/2024(g)   900   957
5.38%, 05/01/2021(g)   5,425   5,755 Penn National Gaming Inc        
Public Service Electric & Gas Co         5.63%, 01/15/2027(g)   595   617
3.65%, 09/01/2042   20   20 Regal Entertainment Group        
Puget Energy Inc         5.75%, 03/15/2022   40   41
6.00%, 09/01/2021   2,935   3,210 Scientific Games International Inc        
Southern Co/The         5.00%, 10/15/2025(g)   25   25
2.95%, 07/01/2023   2,035   2,010 6.63%, 05/15/2021   300   310
4.25%, 07/01/2036   1,480   1,532 7.00%, 01/01/2022(g)   430   454
4.40%, 07/01/2046   1,050   1,088 Six Flags Entertainment Corp        
5.50%, 03/15/2057(j)   5,225   5,488 4.88%, 07/31/2024(g)   90   91
3 Month LIBOR + 3.63%         WMG Acquisition Corp        
Southern Power Co         4.88%, 11/01/2024(g)   305   311
1.85%, 06/20/2026 EUR 550   713 5.00%, 08/01/2023(g)   575   589
Southwestern Public Service Co         6.75%, 04/15/2022(g)   50   52
3.70%, 08/15/2047 $ 1,290   1,277     $   10,158
State Grid Overseas Investment 2016 Ltd         Environmental Control - 0.02%        
3.50%, 05/04/2027   3,000   2,947 Clean Harbors Inc        
Talen Energy Supply LLC         5.13%, 06/01/2021   320   323
7.00%, 10/15/2027   100   76 GFL Environmental Inc        
Virginia Electric & Power Co         9.88%, 02/01/2021(g)   105   111
4.45%, 02/15/2044   1,560   1,726 Republic Services Inc        
4.65%, 08/15/2043   1,620   1,839 3.80%, 05/15/2018   50   50
Western Power Distribution West Midlands         Waste Pro USA Inc        
PLC         5.50%, 02/15/2026(g),(h)   170   173
5.75%, 04/16/2032 GBP 100   190     $   657
    $   103,774 Food - 0.87%        
Electronics - 0.04%         Arcor SAIC        
Ingram Micro Inc         6.00%, 07/06/2023(g)   2,470   2,609
5.45%, 12/15/2024 $ 45   44 BI-LO LLC / BI-LO Finance Corp        
Sanmina Corp         9.25%, 02/15/2019(g)   1,420   1,400
4.38%, 06/01/2019(g)   155   158 Cencosud SA        
Tech Data Corp         4.38%, 07/17/2027(g)   2,500   2,460
3.70%, 02/15/2022   80   80 Clearwater Seafoods Inc        
Tyco Electronics Group SA         6.88%, 05/01/2025(g)   20   20
1.10%, 03/01/2023 EUR 500   631 Gruma SAB de CV        
2.38%, 12/17/2018 $ 150   150 4.88%, 12/01/2024(g)   1,175   1,248
7.13%, 10/01/2037   105   149 Ingles Markets Inc        
    $   1,212 5.75%, 06/15/2023   775   786
Engineering & Construction - 0.15%         JBS USA LUX SA / JBS USA Finance Inc        
MasTec Inc         5.75%, 06/15/2025(g)   615   609
4.88%, 03/15/2023   860   873 7.25%, 06/01/2021(g)   380   388
Mexico City Airport Trust         Kraft Heinz Foods Co        
5.50%, 07/31/2047(g)   800   774 2.25%, 05/25/2028 EUR 550   693
SBA Tower Trust         2.80%, 07/02/2020 $ 6,475   6,478
2.90%, 10/11/2044(g)   2,375   2,381 4.38%, 06/01/2046   75   73
Tutor Perini Corp         5.00%, 07/15/2035   1,155   1,253
6.88%, 05/01/2025(g)   1,065   1,134 5.20%, 07/15/2045   1,445   1,562
    $   5,162 Lamb Weston Holdings Inc        
Entertainment - 0.30%         4.63%, 11/01/2024(g)   5   5
AMC Entertainment Holdings Inc         4.88%, 11/01/2026(g)   835   852
5.75%, 06/15/2025   50   49 McCormick & Co Inc/MD        
          3.40%, 08/15/2027   135   134

 

See accompanying notes.

12

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
  Principal       Principal    
BONDS (continued) Amount (000's) Value (000's) BONDS (continued) Amount (000's) Value (000's)
Food (continued)         Healthcare - Products (continued)        
Post Holdings Inc         Medtronic Inc (continued)        
5.00%, 08/15/2026(g) $ 1,620 $ 1,582 4.38%, 03/15/2035 $ 990 $ 1,085
5.75%, 03/01/2027(g)   190   190 Ortho-Clinical Diagnostics Inc / Ortho-        
TreeHouse Foods Inc         Clinical Diagnostics SA        
4.88%, 03/15/2022   340   345 6.63%, 05/15/2022(g)   60   60
6.00%, 02/15/2024(g)   975   1,012 Teleflex Inc        
Want Want China Finance Ltd         4.88%, 06/01/2026   515   525
2.88%, 04/27/2022   1,700   1,669 Universal Hospital Services Inc        
Wm Wrigley Jr Co         7.63%, 08/15/2020   2,340   2,352
2.40%, 10/21/2018(g)   1,650   1,652 Zimmer Biomet Holdings Inc        
3.38%, 10/21/2020(g)   2,745   2,802 2.00%, 04/01/2018   275   275
    $   29,822 2.43%, 12/13/2026 EUR 400   518
Food Service - 0.00%         3.15%, 04/01/2022 $ 290   288
Aramark Services Inc             $   25,444
5.00%, 02/01/2028(g)   75   76 Healthcare - Services - 0.85%        
          Acadia Healthcare Co Inc        
Forest Products & Paper - 0.19%         5.63%, 02/15/2023   115   116
Domtar Corp         Centene Corp        
6.25%, 09/01/2042   1,550   1,676 4.75%, 05/15/2022   1,040   1,082
International Paper Co         5.63%, 02/15/2021   880   905
3.00%, 02/15/2027   75   71 6.13%, 02/15/2024   655   696
4.35%, 08/15/2048   2,470   2,528 CHS/Community Health Systems Inc        
4.40%, 08/15/2047   1,255   1,304 6.88%, 02/01/2022   150   107
Mercer International Inc         DaVita Inc        
5.50%, 01/15/2026(g)   250   253 5.13%, 07/15/2024   165   166
Sappi Papier Holding GmbH         HCA Healthcare Inc        
7.50%, 06/15/2032(g)   630   661 6.25%, 02/15/2021   505   538
    $   6,493 HCA Inc        
Gas - 0.29%         4.50%, 02/15/2027   315   314
AmeriGas Partners LP / AmeriGas Finance         4.75%, 05/01/2023   2,555   2,655
Corp         5.00%, 03/15/2024   2,525   2,629
5.50%, 05/20/2025   95   97 5.25%, 04/15/2025   100   105
Boston Gas Co         5.25%, 06/15/2026   350   366
3.15%, 08/01/2027(g)   125   122 5.50%, 06/15/2047   2,345   2,389
Dominion Energy Gas Holdings LLC         5.88%, 03/15/2022   10   11
2.80%, 11/15/2020   3,645   3,648 6.50%, 02/15/2020   405   432
NGL Energy Partners LP / NGL Energy         Humana Inc        
Finance Corp         3.85%, 10/01/2024   2,100   2,144
6.88%, 10/15/2021   300   307 3.95%, 03/15/2027   1,820   1,841
7.50%, 11/01/2023   1,830   1,908 4.95%, 10/01/2044   830   923
Southern Co Gas Capital Corp         Kindred Healthcare Inc        
4.40%, 05/30/2047   2,245   2,339 8.00%, 01/15/2020   40   43
Talent Yield Investments Ltd         MPH Acquisition Holdings LLC        
4.50%, 04/25/2022(g)   1,500   1,556 7.13%, 06/01/2024(g)   1,790   1,922
    $   9,977 Polaris Intermediate Corp        
Healthcare - Products - 0.74%         8.50%, PIK 9.25%, 12/01/2022(g),(i),(l)   595   619
Abbott Laboratories         Tenet Healthcare Corp        
2.90%, 11/30/2021   2,875   2,866 4.63%, 07/15/2024(g)   1,125   1,105
4.90%, 11/30/2046   1,790   2,042 6.00%, 10/01/2020   455   478
Avantor Inc         7.50%, 01/01/2022(g)   425   450
9.00%, 10/01/2025(g)   40   40 8.13%, 04/01/2022   935   965
Becton Dickinson and Co         UnitedHealth Group Inc        
1.00%, 12/15/2022 EUR 500   624 4.63%, 07/15/2035   3,670   4,165
2.54%, 06/06/2022 $ 2,235   2,258 WellCare Health Plans Inc        
3 Month LIBOR + 1.03%         5.25%, 04/01/2025   1,880   1,963
3.70%, 06/06/2027   8,790   8,660     $   29,129
4.67%, 06/06/2047   890   943 Home Builders - 0.25%        
DJO Finco Inc / DJO Finance LLC / DJO         Beazer Homes USA Inc        
Finance Corp         8.75%, 03/15/2022   940   1,027
8.13%, 06/15/2021(g)   775   748 CalAtlantic Group Inc        
Hill-Rom Holdings Inc         8.38%, 01/15/2021   65   74
5.75%, 09/01/2023(g)   740   770 Century Communities Inc        
Kinetic Concepts Inc / KCI USA Inc         5.88%, 07/15/2025   2,010   2,038
7.88%, 02/15/2021(g)   860   892 KB Home        
Mallinckrodt International Finance SA /         4.75%, 05/15/2019   390   395
Mallinckrodt CB LLC         7.00%, 12/15/2021   300   330
4.88%, 04/15/2020(g)   330   321 Lennar Corp        
5.75%, 08/01/2022(g)   95   87 4.13%, 12/01/2018   495   500
Medtronic Inc         4.50%, 04/30/2024   1,440   1,456
2.50%, 03/15/2020   90   90 4.75%, 11/15/2022   435   451
          4.75%, 11/29/2027(g)   20   20
          4.88%, 12/15/2023   340   353

 

See accompanying notes.

13

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
  Principal       Principal    
BONDS (continued) Amount (000's) Value (000's) BONDS (continued) Amount (000's) Value (000's)
Home Builders (continued)         Insurance (continued)        
PulteGroup Inc         Markel Corp        
5.50%, 03/01/2026 $ 90 $ 97 3.50%, 11/01/2027 $ 1,600 $ 1,556
Taylor Morrison Communities Inc / Taylor         4.30%, 11/01/2047   1,265   1,262
Morrison Holdings II Inc         5.00%, 04/05/2046   3,655   4,014
5.63%, 03/01/2024(g)   730   767 Prudential Financial Inc        
Toll Brothers Finance Corp         5.63%, 06/15/2043(j)   4,260   4,634
4.88%, 03/15/2027   60   62 3 Month LIBOR + 3.92%        
TRI Pointe Group Inc         Voya Financial Inc        
4.88%, 07/01/2021   150   155 5.65%, 05/15/2053(j)   4,090   4,346
5.25%, 06/01/2027   8   8 3 Month LIBOR + 3.58%        
TRI Pointe Group Inc / TRI Pointe Homes         XLIT Ltd        
Inc         3.25%, 06/29/2047(j) EUR 170   212
5.88%, 06/15/2024   65   69 Euribor 3 Month + 2.90%        
Williams Scotsman International Inc         4.18%, 12/31/2049(f) $ 365   343
7.88%, 12/15/2022(g)   765   788 3 Month LIBOR + 2.46%        
    $   8,590     $   59,638
Home Equity Asset Backed Securities - 0.03%       Internet - 0.82%        
First NLC Trust 2005-1         Alibaba Group Holding Ltd        
2.06%, 05/25/2035   253   237 3.13%, 11/28/2021   200   202
1 Month LIBOR + 0.50%         3.40%, 12/06/2027   10,770   10,452
JP Morgan Mortgage Acquisition Trust 2006-         4.20%, 12/06/2047   2,640   2,638
CW2         Baidu Inc        
1.71%, 08/25/2036   505   501 2.88%, 07/06/2022   2,550   2,500
1 Month LIBOR + 0.15%         3.00%, 06/30/2020   2,025   2,024
Saxon Asset Securities Trust 2004-1         3.63%, 07/06/2027   2,000   1,942
3.26%, 03/25/2035   282   160 Match Group Inc        
1 Month LIBOR + 1.70%         5.00%, 12/15/2027(g)   60   60
Specialty Underwriting & Residential Finance         Netflix Inc        
Trust Series 2004-BC1         4.38%, 11/15/2026   1,060   1,036
2.33%, 02/25/2035   303   299 5.38%, 02/01/2021   200   210
1 Month LIBOR + 0.77%         Symantec Corp        
    $   1,197 5.00%, 04/15/2025(g)   55   56
Housewares - 0.05%         Tencent Holdings Ltd        
Newell Brands Inc         2.99%, 01/19/2023(g)   1,275   1,263
3.85%, 04/01/2023   40   41 3.60%, 01/19/2028(g)   3,060   3,015
5.00%, 11/15/2023   1,605   1,682 3.80%, 02/11/2025(g)   1,200   1,219
    $   1,723 Zayo Group LLC / Zayo Capital Inc        
Insurance - 1.74%         5.75%, 01/15/2027(g)   65   66
Aegon NV         6.00%, 04/01/2023   1,450   1,512
4.00%, 04/25/2044(j) EUR 250   348     $   28,195
Euribor 3 Month + 3.35%         Iron & Steel - 0.57%        
American Equity Investment Life Holding         AK Steel Corp        
Co         6.38%, 10/15/2025   610   602
5.00%, 06/15/2027 $ 720   742 7.00%, 03/15/2027   485   496
American International Group Inc         7.50%, 07/15/2023   475   512
3.30%, 03/01/2021   2,940   2,971 7.63%, 10/01/2021   245   254
3.75%, 07/10/2025   1,960   1,981 Allegheny Technologies Inc        
4.50%, 07/16/2044   2,840   2,935 7.88%, 08/15/2023   65   71
Arch Capital Finance LLC         ArcelorMittal        
4.01%, 12/15/2026   2,845   2,909 5.75%, 03/01/2021   1,110   1,188
5.03%, 12/15/2046   915   1,045 7.25%, 10/15/2039   955   1,232
AssuredPartners Inc         Big River Steel LLC / BRS Finance Corp        
7.00%, 08/15/2025(g)   660   676 7.25%, 09/01/2025(g)   95   102
Brighthouse Financial Inc         Cleveland-Cliffs Inc        
3.70%, 06/22/2027(g)   11,755   11,293 4.88%, 01/15/2024(g)   420   418
4.70%, 06/22/2047(g)   4,705   4,643 Commercial Metals Co        
Catlin Insurance Co Ltd         4.88%, 05/15/2023   20   20
4.71%, 07/29/2049(f),(g)   2,050   2,009 Signode Industrial Group Lux SA/Signode        
3 Month LIBOR + 2.98%         Industrial Group US Inc        
Chubb Corp/The         6.38%, 05/01/2022(g)   1,850   1,924
3.97%, 04/15/2037   9,025   8,991 United States Steel Corp        
3 Month LIBOR + 2.25%         6.88%, 08/15/2025   1,000   1,050
CNO Financial Group Inc         8.38%, 07/01/2021(g)   32   35
4.50%, 05/30/2020   230   235 Vale Overseas Ltd        
5.25%, 05/30/2025   70   72 4.38%, 01/11/2022   4,805   4,985
Genworth Holdings Inc         6.25%, 08/10/2026   1,465   1,699
7.63%, 09/24/2021   120   117 6.88%, 11/21/2036   2,340   2,940
Liberty Mutual Group Inc         Vale SA        
4.49%, 03/07/2067(g)   2,345   2,304 5.63%, 09/11/2042   1,950   2,196
3 Month LIBOR + 2.91%             $   19,724

 

See accompanying notes.

14

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
    Principal       Principal    
BONDS (continued)   Amount (000's) Value (000's) BONDS (continued) Amount (000's) Value (000's)
Leisure Products & Services - 0.09%         Media (continued)        
Constellation Merger Sub Inc         Comcast Corp (continued)        
8.50%, 09/15/2025(g) $ 1,315 $ 1,282 3.38%, 02/15/2025 $ 6,605 $ 6,644
NCL Corp Ltd         Cox Communications Inc        
4.75%, 12/15/2021(g)   265   274 3.15%, 08/15/2024(g)   100   98
Silversea Cruise Finance Ltd         CSC Holdings LLC        
7.25%, 02/01/2025(g)   1,440   1,552 5.50%, 04/15/2027(g)   400   405
    $   3,108 6.63%, 10/15/2025(g)   445   476
Lodging - 0.22%         8.63%, 02/15/2019   185   195
Boyd Gaming Corp         10.13%, 01/15/2023(g)   1,250   1,410
6.38%, 04/01/2026   60   64 Discovery Communications LLC        
6.88%, 05/15/2023   10   11 1.90%, 03/19/2027 EUR 300   370
Jack Ohio Finance LLC / Jack Ohio Finance 1         2.34%, 09/20/2019 $ 125   126
Corp         3 Month LIBOR + 0.71%        
6.75%, 11/15/2021(g)   1,560   1,642 2.38%, 03/07/2022 EUR 200   265
MGM Resorts International         3.95%, 03/20/2028 $ 5,515   5,378
6.00%, 03/15/2023   705   761 5.00%, 09/20/2037   3,140   3,207
6.63%, 12/15/2021   980   1,070 5.20%, 09/20/2047   5,045   5,165
Wyndham Worldwide Corp         DISH DBS Corp        
2.50%, 03/01/2018   2,920   2,919 5.13%, 05/01/2020   795   808
Wynn Las Vegas LLC / Wynn Las Vegas         5.88%, 11/15/2024   1,650   1,564
Capital Corp         6.75%, 06/01/2021   1,590   1,666
5.25%, 05/15/2027(g)   1,000   987 7.75%, 07/01/2026   765   786
5.50%, 03/01/2025(g)   90   91 7.88%, 09/01/2019   1,122   1,194
    $   7,545 iHeartCommunications Inc        
Machinery - Construction & Mining - 0.03%         9.00%, 03/01/2021   125   92
BlueLine Rental Finance Corp / BlueLine         Meredith Corp        
Rental LLC         6.88%, 02/01/2026(g)   1,820   1,863
9.25%, 03/15/2024(g)   1,045   1,136 Myriad International Holdings BV        
          4.85%, 07/06/2027(g)   1,700   1,772
Machinery - Diversified - 0.07%         5.50%, 07/21/2025(g)   775   845
Cloud Crane LLC         NBCUniversal Enterprise Inc        
10.13%, 08/01/2024(g)   1,640   1,853 2.41%, 04/15/2018(g)   1,430   1,432
CNH Industrial Capital LLC         3 Month LIBOR + 0.69%        
4.88%, 04/01/2021   330   346 NBCUniversal Media LLC        
RBS Global Inc / Rexnord LLC         4.45%, 01/15/2043   201   214
4.88%, 12/15/2025(g)   325   329 Nexstar Broadcasting Inc        
    $   2,528 5.63%, 08/01/2024(g)   55   57
Media - 2.63%         Quebecor Media Inc        
21st Century Fox America Inc         5.75%, 01/15/2023   50   53
4.75%, 09/15/2044   15   17 Radiate Holdco LLC / Radiate Finance Inc        
5.40%, 10/01/2043   1,555   1,896 6.63%, 02/15/2025(g)   1,190   1,163
6.15%, 02/15/2041   605   797 6.88%, 02/15/2023(g)   265   266
6.40%, 12/15/2035   2,605   3,423 SFR Group SA        
Altice Financing SA         6.00%, 05/15/2022(g)   1,145   1,117
6.63%, 02/15/2023(g)   870   881 Sinclair Television Group Inc        
Altice Finco SA         5.38%, 04/01/2021   130   132
8.13%, 01/15/2024(g)   520   536 Sirius XM Radio Inc        
Altice Luxembourg SA         6.00%, 07/15/2024(g)   280   293
7.75%, 05/15/2022(g)   1,060   1,018 TEGNA Inc        
Altice US Finance I Corp         6.38%, 10/15/2023   140   147
5.50%, 05/15/2026(g)   400   409 Time Warner Cable LLC        
AMC Networks Inc         5.25%, 07/15/2042 GBP 100   163
4.75%, 12/15/2022   120   122 5.88%, 11/15/2040 $ 1,780   1,932
4.75%, 08/01/2025   970   969 6.75%, 07/01/2018   920   937
5.00%, 04/01/2024   555   563 8.75%, 02/14/2019   1,165   1,236
Cablevision Systems Corp         Time Warner Inc        
5.88%, 09/15/2022   130   131 1.95%, 09/15/2023 EUR 250   326
CCO Holdings LLC / CCO Holdings Capital         2.10%, 06/01/2019 $ 1,080   1,074
Corp         3.60%, 07/15/2025   1,785   1,764
5.13%, 05/01/2023(g)   3,475   3,542 3.88%, 01/15/2026   2,515   2,508
5.13%, 05/01/2027(g)   935   914 4.05%, 12/15/2023   3,670   3,792
5.25%, 09/30/2022   490   502 Univision Communications Inc        
5.75%, 02/15/2026(g)   360   373 5.13%, 02/15/2025(g)   100   97
Charter Communications Operating LLC /         Viacom Inc        
Charter Communications Operating Capital         4.38%, 03/15/2043   1,365   1,250
4.20%, 03/15/2028   2,615   2,559 Virgin Media Finance PLC        
6.48%, 10/23/2045   6,405   7,478 5.75%, 01/15/2025(g)   205   207
Clear Channel Worldwide Holdings Inc         6.00%, 10/15/2024(g)   405   414
6.50%, 11/15/2022   75   77 Virgin Media Secured Finance PLC        
Comcast Corp         5.25%, 01/15/2026(g)   380   387
2.75%, 03/01/2023   4,180   4,144 Ziggo Bond Finance BV        
3.15%, 03/01/2026   2,740   2,696 6.00%, 01/15/2027(g)   1,125   1,108

 

See accompanying notes.

15

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
    Principal       Principal    
BONDS (continued)   Amount (000's) Value (000's) BONDS (continued) Amount (000's)   Value (000's)
Media (continued)         Miscellaneous Manufacturers - 0.85%        
Ziggo Secured Finance BV         Bombardier Inc        
5.50%, 01/15/2027(g) $ 950 $ 943 6.13%, 01/15/2023(g) $ 415 $ 419
    $   90,388 7.50%, 12/01/2024(g)   825   867
Metal Fabrication & Hardware - 0.02%         7.50%, 03/15/2025(g)   1,320   1,371
Grinding Media Inc / Moly-Cop AltaSteel         8.75%, 12/01/2021(g)   1,195   1,328
Ltd         General Electric Co        
7.38%, 12/15/2023(g)   105   112 2.70%, 10/09/2022   180   177
Novelis Corp         4.50%, 03/11/2044   6,610   6,933
5.88%, 09/30/2026(g)   90   93 5.00%, 12/31/2049(f),(j)   9,825   9,948
Park-Ohio Industries Inc         3 Month LIBOR + 3.33%        
6.63%, 04/15/2027   430   459 5.30%, 02/11/2021   644   685
    $   664 6.88%, 01/10/2039   2,955   4,028
Mining - 1.05%         Ingersoll-Rand Global Holding Co Ltd        
Aleris International Inc         2.88%, 01/15/2019   40   40
7.88%, 11/01/2020   450   450 Siemens Financieringsmaatschappij NV        
9.50%, 04/01/2021(g)   450   476 2.35%, 10/15/2026(g)   250   231
          2.70%, 03/16/2022(g)   3,150   3,132
Barrick North America Finance LLC                  
4.40%, 05/30/2021   693   729 2.75%, 09/10/2025 GBP 100   151
5.75%, 05/01/2043   380   468     $   29,310
7.50%, 09/15/2038   1,610   2,223 Mortgage Backed Securities - 4.41%        
BHP Billiton Finance USA Ltd         Fannie Mae Connecticut Avenue Securities        
5.00%, 09/30/2043   550   661 3.01%, 01/25/2029 $ 4,921   4,967
6.75%, 10/19/2075(g)   1,835   2,137 1 Month LIBOR + 1.45%        
USSW5 Index Spread + 5.09%         Fannie Mae REMIC Trust 2005-W2        
Constellium NV         1.76%, 05/25/2035   265   264
5.88%, 02/15/2026(g)   435   444 1 Month LIBOR + 0.20%        
6.63%, 03/01/2025(g)   805   849 Fannie Mae REMICS        
Corp Nacional del Cobre de Chile         2.25%, 07/25/2040   132   127
3.63%, 08/01/2027(g)   1,000   987 3.00%, 04/25/2027(k)   3,606   337
First Quantum Minerals Ltd         3.50%, 09/25/2027(k)   6,039   664
7.50%, 04/01/2025(g)   680   729 3.50%, 11/25/2027(k)   1,555   150
FMG Resources August 2006 Pty Ltd         3.50%, 05/25/2028(k)   2,237   205
5.13%, 05/15/2024(g)   105   106 3.50%, 03/25/2031(k)   3,963   318
9.75%, 03/01/2022(g)   1,560   1,720 4.00%, 04/25/2043(k)   761   119
Freeport-McMoRan Inc         4.49%, 03/25/2047(k)   6,390   1,233
2.38%, 03/15/2018   115   115 1 Month LIBOR + 6.05%        
3.88%, 03/15/2023   280   278 4.54%, 02/25/2043(k)   5,326   933
4.55%, 11/14/2024   1,005   1,021 1 Month LIBOR + 6.10%        
6.88%, 02/15/2023   15   16 4.54%, 09/25/2046(k)   6,348   1,043
Glencore Finance Canada Ltd         1 Month LIBOR + 6.10%        
5.55%, 10/25/2042(g)   3,002   3,345 4.59%, 07/25/2047(k)   4,237   902
Glencore Funding LLC         1 Month LIBOR + 6.15%        
3.00%, 10/27/2022(g)   575   565 4.59%, 09/25/2047(k)   10,996   2,211
3.88%, 10/27/2027(g)   3,190   3,122 1 Month LIBOR + 6.15%        
IAMGOLD Corp         4.94%, 12/25/2021(k)   347   18
7.00%, 04/15/2025(g)   1,420   1,480 1 Month LIBOR + 6.50%        
Kinross Gold Corp         4.94%, 03/25/2022(k)   319   19
5.95%, 03/15/2024   60   66 1 Month LIBOR + 6.50%        
Newmont Mining Corp         24.39%, 08/25/2035(k)   8   1
4.88%, 03/15/2042   1,195   1,303 1 Month LIBOR + 40.00%        
6.25%, 10/01/2039   1,005   1,261 Freddie Mac REMICS        
Nexa Resources SA         2.00%, 02/15/2036   687   665
5.38%, 05/04/2027(g)   725   769 2.01%, 06/15/2023   2   2
Northwest Acquisitions ULC / Dominion         1 Month LIBOR + 0.45%        
Finco Inc         3.00%, 09/15/2025(k)   2,507   104
7.13%, 11/01/2022(g)   315   324 3.00%, 05/15/2027(k)   5,185   362
Southern Copper Corp         3.00%, 10/15/2027(k)   964   89
6.75%, 04/16/2040   1,085   1,432 3.00%, 02/15/2029(k)   6,308   523
Taseko Mines Ltd         3.50%, 02/15/2028(k)   3,892   337
8.75%, 06/15/2022(g)   1,310   1,366 3.50%, 01/15/2040(k)   4,062   445
Teck Resources Ltd         3.50%, 03/15/2041(k)   5,782   780
3.75%, 02/01/2023   15   15 4.00%, 04/15/2025(k)   3,300   158
6.25%, 07/15/2041   1,625   1,883 4.59%, 07/15/2047(k)   14,428   2,843
8.50%, 06/01/2024(g)   215   243 1 Month LIBOR + 6.15%        
Vedanta Resources PLC         5.09%, 05/15/2026(k)   2,946   301
6.13%, 08/09/2024(g)   2,500   2,522 1 Month LIBOR + 6.65%        
6.38%, 07/30/2022(g)   900   938 5.19%, 09/15/2034(k)   514   38
Yamana Gold Inc         1 Month LIBOR + 6.75%        
4.63%, 12/15/2027(g)   2,015   2,013 Freddie Mac Structured Agency Credit Risk        
    $   36,056 Debt Notes        
          2.11%, 04/25/2030   9,019   9,030
          1 Month LIBOR + 0.55%        

 

See accompanying notes.

16

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
    Principal           Principal    
BONDS (continued)   Amount (000's)          Value (000's) BONDS (continued)     Amount (000's)    Value (000's)
Mortgage Backed Securities (continued)         Mortgage Backed Securities (continued)          
Freddie Mac Structured Agency Credit Risk         Ginnie Mae (continued)          
Debt Notes (continued)         4.64%, 08/20/2047(k)   $ 14,710 $ 3,125
2.36%, 03/25/2029 $ 5,762 $ 5,771 1 Month LIBOR + 6.20%          
1 Month LIBOR + 0.80%         4.64%, 08/20/2047(k)     3,555   855
2.36%, 03/25/2029   1,692   1,695 1 Month LIBOR + 6.20%          
1 Month LIBOR + 0.80%         4.64%, 08/20/2047(k)     6,876   1,583
2.46%, 10/25/2027   2,106   2,108 1 Month LIBOR + 6.20%          
1 Month LIBOR + 0.90%         4.64%, 09/20/2047(k)     9,928   1,944
2.66%, 12/25/2028   565   566 1 Month LIBOR + 6.20%          
1 Month LIBOR + 1.10%         4.64%, 09/20/2047(k)     9,914   2,101
2.76%, 11/25/2028   1,070   1,071 1 Month LIBOR + 6.20%          
1 Month LIBOR + 1.20%         4.64%, 09/20/2047(k)     9,896   2,082
4.41%, 04/25/2028   4,824   4,992 1 Month LIBOR + 6.20%          
1 Month LIBOR + 2.85%         4.64%, 11/20/2047(k)     6,957   1,479
Ginnie Mae         1 Month LIBOR + 6.20%          
1.75%, 10/16/2037   321   317 4.69%, 06/20/2044(k)     17,690   2,542
3.48%, 09/16/2043(k)   9,655   1,008 1 Month LIBOR + 6.25%          
1 Month LIBOR + 5.05%         4.69%, 08/16/2045(k)     6,143   1,163
3.50%, 02/20/2040(k)   3,617   488 1 Month LIBOR + 6.25%          
3.50%, 10/20/2042(k)   12,579   2,523 4.69%, 10/20/2047(k)     6,730   1,466
3.50%, 01/20/2043(k)   5,251   1,192 1 Month LIBOR + 6.25%          
4.00%, 03/16/2039(k)   3,172   440 5.09%, 12/20/2040(k)     5,803   1,138
4.00%, 09/20/2040(k)   3,089   508 1 Month LIBOR + 6.65%          
4.04%, 04/20/2045(k)   6,410   974 5.09%, 04/16/2042(k)     4,127   825
1 Month LIBOR + 5.60%         1 Month LIBOR + 6.65%          
4.09%, 08/16/2045(k)   10,824   1,419 5.19%, 11/20/2045(k)     3,420   667
1 Month LIBOR + 5.65%         1 Month LIBOR + 6.75%          
4.49%, 11/20/2040(k)   3,716   552 5.38%, 04/20/2041(k)     1,894   369
1 Month LIBOR + 6.05%         1 Month LIBOR + 7.10%          
4.49%, 08/20/2042(k)   8,493   1,540 JP Morgan Mortgage Trust 2014-1          
1 Month LIBOR + 6.05%         3.50%, 01/25/2044(g),(i)     1,918   1,910
4.49%, 04/20/2046(k)   4,621   869 JP Morgan Mortgage Trust 2016-2          
1 Month LIBOR + 6.05%         2.86%, 06/25/2046(g),(i)     7,517   7,475
4.49%, 05/20/2046(k)   6,539   1,188 JP Morgan Mortgage Trust 2016-3          
1 Month LIBOR + 6.05%         3.50%, 10/25/2046(g),(i)     6,223   6,279
4.50%, 05/16/2043(k)   2,633   549 JP Morgan Mortgage Trust 2017-3          
4.50%, 04/16/2044(k)   753   148 3.50%, 08/25/2047(g),(i)     5,216   5,265
4.54%, 10/16/2041(k)   8,473   1,631 JP Morgan Mortgage Trust 2017-4          
1 Month LIBOR + 6.10%         3.50%, 11/25/2048(g),(i)     5,617   5,666
4.54%, 11/20/2041(k)   4,092   731 JP Morgan Mortgage Trust 2017-6          
1 Month LIBOR + 6.10%         3.50%, 12/25/2048(g),(i)     5,918   5,964
4.54%, 02/20/2046(k)   8,254   1,563 JP Morgan Mortgage Trust 2018-1          
1 Month LIBOR + 6.10%         3.50%, 06/25/2048(g),(i)     6,000   6,088
4.54%, 06/20/2046(k)   11,156   2,065 Merrill Lynch Mortgage Investors Trust Series          
1 Month LIBOR + 6.10%         2005 -A8        
4.54%, 06/20/2046(k)   8,603   1,672 1.91%, 08/25/2036     115   113
1 Month LIBOR + 6.10%         1 Month LIBOR + 0.35%          
4.54%, 08/20/2046(k)   11,788   2,430 Sequoia Mortgage Trust 2016-3          
1 Month LIBOR + 6.10%         3.50%, 11/25/2046(g),(i)     3,727   3,742
4.54%, 09/20/2046(k)   9,155   1,975 Wells Fargo Mortgage Backed Securities          
1 Month LIBOR + 6.10%         2005-AR16 Trust          
4.59%, 08/20/2044(k)   3,237   629 3.50%, 03/25/2035(i)     181   179
1 Month LIBOR + 6.15%               $   151,466
4.59%, 03/20/2047(k)   7,698   1,468 Oil & Gas - 3.04%          
1 Month LIBOR + 6.15%         Anadarko Petroleum Corp          
4.59%, 04/20/2047(k)   8,160   1,699 3.45%, 07/15/2024     2,985   2,966
1 Month LIBOR + 6.15%         6.60%, 03/15/2046     1,360   1,764
4.64%, 08/20/2042(k)   3,922   633 Antero Resources Corp          
1 Month LIBOR + 6.20%         5.13%, 12/01/2022     80   82
4.64%, 04/20/2044(k)   9,058   1,677 Ascent Resources Utica Holdings LLC / ARU          
1 Month LIBOR + 6.20%         Finance Corp          
4.64%, 09/20/2044(k)   10,692   1,892 10.00%, 04/01/2022(g)     1,665   1,834
1 Month LIBOR + 6.20%         BP Capital Markets PLC          
4.64%, 11/20/2045(k)   6,514   1,166 3.02%, 01/16/2027     2,340   2,278
1 Month LIBOR + 6.20%         3.72%, 11/28/2028     2,330   2,388
4.64%, 07/20/2047(k)   8,854   1,938 Calumet Specialty Products Partners LP /          
1 Month LIBOR + 6.20%         Calumet Finance Corp          
4.64%, 07/20/2047(k)   7,298   1,503 6.50%, 04/15/2021     60   60
1 Month LIBOR + 6.20%         Canadian Natural Resources Ltd          
4.64%, 08/20/2047(k)   4,520   973 3.90%, 02/01/2025     2,005   2,038
1 Month LIBOR + 6.20%                    
4.64%, 08/20/2047(k)   12,857   2,695            
1 Month LIBOR + 6.20%                    

 

See accompanying notes.

17

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
BONDS (continued)   Amount (000's) Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Oil & Gas (continued)         Oil & Gas (continued)        
Canadian Natural Resources Ltd (continued)         Newfield Exploration Co        
4.95%, 06/01/2047 $ 1,120 $ 1,231 5.63%, 07/01/2024 $ 80 $ 86
Carrizo Oil & Gas Inc         Noble Holding International Ltd        
6.25%, 04/15/2023   50   52 7.88%, 02/01/2026(g)   50   51
7.50%, 09/15/2020   676   689 Oasis Petroleum Inc        
8.25%, 07/15/2025   350   386 6.50%, 11/01/2021   640   654
Chesapeake Energy Corp         6.88%, 03/15/2022   355   366
8.00%, 12/15/2022(g)   693   743 6.88%, 01/15/2023   985   1,015
8.00%, 01/15/2025(g)   460   465 Parsley Energy LLC / Parsley Finance Corp        
8.00%, 06/15/2027(g)   560   556 5.38%, 01/15/2025(g)   80   81
Chesapeake Oil Op/Fin Escrow Shares         Petrobras Global Finance BV        
0.00%, 11/15/2019(a),(c),(d)   1,385   — 5.30%, 01/27/2025(g)   2,950   2,968
Chevron Corp         7.38%, 01/17/2027   7,775   8,624
1.99%, 03/03/2020   515   511 Petroleos Mexicanos        
CNOOC Finance 2013 Ltd         6.50%, 03/13/2027(g)   1,265   1,384
3.00%, 05/09/2023   1,850   1,807 6.50%, 03/13/2027   150   164
CNX Resources Corp         6.50%, 03/13/2027(g)   2,520   2,757
5.88%, 04/15/2022   65   67 6.88%, 08/04/2026   1,405   1,590
Concho Resources Inc         Pioneer Natural Resources Co        
3.75%, 10/01/2027   240   239 3.45%, 01/15/2021   3,955   4,024
4.38%, 01/15/2025   4,920   5,104 4.45%, 01/15/2026   530   563
4.88%, 10/01/2047   1,715   1,868 QEP Resources Inc        
Continental Resources Inc/OK         5.25%, 05/01/2023   1,565   1,596
3.80%, 06/01/2024   3,078   3,016 5.63%, 03/01/2026   90   92
4.50%, 04/15/2023   750   759 Range Resources Corp        
4.90%, 06/01/2044   2,185   2,180 5.00%, 03/15/2023   95   95
5.00%, 09/15/2022   300   304 Rowan Cos Inc        
CrownRock LP / CrownRock Finance Inc         4.88%, 06/01/2022   130   126
5.63%, 10/15/2025(g)   1,095   1,106 Sanchez Energy Corp        
Denbury Resources Inc         6.13%, 01/15/2023   75   65
9.00%, 05/15/2021(g)   40   41 Seven Generations Energy Ltd        
Devon Energy Corp         5.38%, 09/30/2025(g)   655   662
5.00%, 06/15/2045   10   11 Shell International Finance BV        
5.60%, 07/15/2041   1,590   1,874 4.00%, 05/10/2046   1,815   1,883
Diamond Offshore Drilling Inc         Sinopec Group Overseas Development 2015        
4.88%, 11/01/2043   80   61 Ltd        
Ecopetrol SA         2.50%, 04/28/2020   200   198
7.38%, 09/18/2043   770   953 Sinopec Group Overseas Development 2017        
Encana Corp         Ltd        
5.15%, 11/15/2041   2,360   2,531 2.50%, 09/13/2022(g)   3,850   3,712
6.50%, 02/01/2038   630   798 SM Energy Co        
6.63%, 08/15/2037   335   422 6.13%, 11/15/2022   55   57
Endeavor Energy Resources LP / EER Finance         Southwestern Energy Co        
Inc         7.75%, 10/01/2027   1,455   1,520
5.50%, 01/30/2026(g)   380   385 Suncor Energy Inc        
EP Energy LLC / Everest Acquisition Finance         4.00%, 11/15/2047   3,085   3,108
Inc         Sunoco LP / Sunoco Finance Corp        
8.00%, 11/29/2024(g)   790   831 4.88%, 01/15/2023(g)   1,415   1,441
9.38%, 05/01/2024(g)   1,065   903 5.50%, 02/15/2026(g)   565   577
Extraction Oil & Gas Inc         5.88%, 03/15/2028(g)   50   51
7.38%, 05/15/2024(g)   935   1,012 Tengizchevroil Finance Co International Ltd        
Exxon Mobil Corp         4.00%, 08/15/2026(g)   1,175   1,170
2.22%, 03/01/2021   185   183 Transocean Inc        
4.11%, 03/01/2046   305   330 9.00%, 07/15/2023(g)   155   170
Gulfport Energy Corp         Ultra Resources Inc        
6.38%, 05/15/2025   890   908 6.88%, 04/15/2022(g)   820   828
Halcon Resources Corp         Unit Corp        
6.75%, 02/15/2025(g)   995   1,047 6.63%, 05/15/2021   960   968
Hess Infrastructure Partners LP / Hess         Whiting Petroleum Corp        
Infrastructure Partners Finance Corp         5.75%, 03/15/2021   810   838
5.63%, 02/15/2026(g)   735   746 6.25%, 04/01/2023   915   942
Marathon Oil Corp         6.63%, 01/15/2026(g)   75   77
6.60%, 10/01/2037   3,900   4,904 WildHorse Resource Development Corp        
Marathon Petroleum Corp         6.88%, 02/01/2025   960   994
4.75%, 09/15/2044   222   235 WPX Energy Inc        
MEG Energy Corp         5.25%, 09/15/2024   605   613
6.50%, 01/15/2025(g)   1,485   1,452 6.00%, 01/15/2022   105   110
7.00%, 03/31/2024(g)   75   65 7.50%, 08/01/2020   952   1,028
Murphy Oil Corp         YPF SA        
4.45%, 12/01/2022   105   106 6.95%, 07/21/2027(g)   2,120   2,194
Nabors Industries Inc             $   104,471
5.00%, 09/15/2020   50   50          
5.75%, 02/01/2025(g)   700   688          

 

See accompanying notes.

18

 

     Schedule of Investments Core Plus Bond Fund January 31, 2018 (unaudited)

    Principal       Principal    
BONDS (continued)   Amount (000's) Value (000's) BONDS (continued) Amount (000's) Value (000's)
Oil & Gas Services - 0.49%         Packaging & Containers (continued)        
Archrock Partners LP / Archrock Partners         Flex Acquisition Co Inc        
Finance Corp         6.88%, 01/15/2025(g) $ 1,205 $ 1,237
6.00%, 10/01/2022 $ 985 $ 1,000 OI European Group BV        
Baker Hughes a GE Co LLC / Baker Hughes         4.00%, 03/15/2023(g)   385   382
Co-Obligor Inc         Owens-Brockway Glass Container Inc        
2.77%, 12/15/2022(g)   3,970   3,909 5.88%, 08/15/2023(g)   45   48
3.34%, 12/15/2027(g)   3,450   3,364 Packaging Corp of America        
4.08%, 12/15/2047(g)   1,190   1,176 3.40%, 12/15/2027   1,405   1,385
Halliburton Co         4.50%, 11/01/2023   5,775   6,127
3.80%, 11/15/2025   1,509   1,544 Reynolds Group Issuer Inc / Reynolds Group        
4.75%, 08/01/2043   2,335   2,573 Issuer LLC / Reynolds Group Issuer        
PHI Inc         (Luxembourg) S.A.        
5.25%, 03/15/2019   755   749 5.13%, 07/15/2023(g)   1,150   1,181
Schlumberger Investment SA         5.22%, 07/15/2021(g)   985   1,002
3.30%, 09/14/2021(g)   1,155   1,176 3 Month LIBOR + 3.50%        
SESI LLC         5.75%, 10/15/2020   262   266
7.13%, 12/15/2021   40   41 7.00%, 07/15/2024(g)   130   138
Weatherford International Ltd         WestRock RKT Co        
4.50%, 04/15/2022   500   472 3.50%, 03/01/2020   4,330   4,401
8.25%, 06/15/2023   535   566     $   24,846
9.88%, 02/15/2024   360   392 Pharmaceuticals - 0.96%        
    $   16,962 AbbVie Inc        
Other Asset Backed Securities - 0.38%         1.38%, 05/17/2024 EUR 430   543
Chase Funding Trust Series 2003-5         4.45%, 05/14/2046 $ 1,115   1,186
2.16%, 07/25/2033   612   591 Allergan Funding SCS        
1 Month LIBOR + 0.60%         1.25%, 06/01/2024 EUR 340   420
Chase Funding Trust Series 2004-1         3.45%, 03/15/2022 $ 4,395   4,420
2.02%, 12/25/2033   23   22 3.85%, 06/15/2024   5,910   5,985
1 Month LIBOR + 0.46%         4.55%, 03/15/2035   2,305   2,409
Dell Equipment Finance Trust 2015-2         4.85%, 06/15/2044   2,640   2,816
1.72%, 09/22/2020(g)   207   207 Endo Finance LLC / Endo Finco Inc        
Dell Equipment Finance Trust 2017-2         5.38%, 01/15/2023(g)   80   62
1.86%, 02/24/2020(g)   6,000   6,003 Pfizer Inc        
1 Month LIBOR + 0.30%         2.20%, 12/15/2021   265   261
DLL Securitization Trust 2017-A         Shire Acquisitions Investments Ireland DAC        
1.89%, 07/15/2020(g)   3,500   3,488 2.40%, 09/23/2021   310   303
Kubota Credit Owner Trust 2015-1         2.88%, 09/23/2023   4,745   4,602
1.54%, 03/15/2019(g)   2,319   2,317 3.20%, 09/23/2026   4,960   4,752
Popular ABS Mortgage Pass-Through Trust         Valeant Pharmaceuticals International        
2005-1         6.75%, 08/15/2021(g)   455   451
1.83%, 05/25/2035   484   483 Valeant Pharmaceuticals International Inc        
1 Month LIBOR + 0.27%         5.38%, 03/15/2020(g)   2,265   2,251
    $   13,111 5.50%, 11/01/2025(g)   730   736
Packaging & Containers - 0.72%         5.63%, 12/01/2021(g)   630   607
ARD Finance SA         5.88%, 05/15/2023(g)   325   294
7.13%, PIK 7.88%, 09/15/2023(i),(l)   715   744 Wyeth LLC        
ARD Securities Finance SARL         6.00%, 02/15/2036   565   733
8.75%, PIK 8.75%, 01/31/2023(g),(i),(l)   145   150     $   32,831
Ardagh Packaging Finance PLC / Ardagh         Pipelines - 2.32%        
Holdings USA Inc         Abu Dhabi Crude Oil Pipeline LLC        
4.63%, 05/15/2023(g)   200   202 3.65%, 11/02/2029(g)   1,550   1,513
6.00%, 02/15/2025(g)   1,325   1,368 Andeavor Logistics LP        
Ball Corp         6.88%, 12/31/2049(f),(j)   3,175   3,283
5.25%, 07/01/2025   40   42 3 Month LIBOR + 4.65%        
Berry Global Inc         Andeavor Logistics LP / Tesoro Logistics        
5.13%, 07/15/2023   120   125 Finance Corp        
BWAY Holding Co         3.50%, 12/01/2022   1,280   1,280
5.50%, 04/15/2024(g)   90   93 4.25%, 12/01/2027   810   815
7.25%, 04/15/2025(g)   1,380   1,440 6.25%, 10/15/2022   2   2
Coveris Holdings SA         Antero Midstream Partners LP / Antero        
7.88%, 11/01/2019(g)   1,880   1,875 Midstream Finance Corp        
Crown Americas LLC / Crown Americas         5.38%, 09/15/2024   10   10
Capital Corp IV         Blue Racer Midstream LLC / Blue Racer        
4.50%, 01/15/2023   75   77 Finance Corp        
Crown Americas LLC / Crown Americas         6.13%, 11/15/2022(g)   55   57
Capital Corp V         Boardwalk Pipelines LP        
4.25%, 09/30/2026   443   431 5.95%, 06/01/2026   1,880   2,070
Crown Americas LLC / Crown Americas         Buckeye Partners LP        
Capital Corp VI         3.95%, 12/01/2026   1,100   1,063
4.75%, 02/01/2026(g)   270   271 Cheniere Corpus Christi Holdings LLC        
Crown Cork & Seal Co Inc         5.13%, 06/30/2027   1,485   1,533
7.38%, 12/15/2026   1,615   1,861 5.88%, 03/31/2025   90   97

 

See accompanying notes.

19

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
  Principal       Principal    
BONDS (continued) Amount (000's)    Value (000's) BONDS (continued) Amount (000's) Value (000's)
Pipelines (continued)         Real Estate - 0.05%        
Columbia Pipeline Group Inc         Crescent Communities LLC/Crescent        
3.30%, 06/01/2020 $ 5,620 $ 5,674 Ventures Inc        
Enable Midstream Partners LP         8.88%, 10/15/2021(g) $ 1,234 $ 1,308
4.40%, 03/15/2027   1,940   1,953 Greystar Real Estate Partners LLC        
Enbridge Inc         5.75%, 12/01/2025(g)   75   77
6.00%, 01/15/2077(j)   2,295   2,416 Prologis LP        
3 Month LIBOR + 3.89%         1.38%, 10/07/2020 EUR 250   320
Energy Transfer Equity LP             $   1,705
5.88%, 01/15/2024   905   980 Regional Authority - 0.08%        
Energy Transfer LP         Provincia de Buenos Aires/Argentina        
4.05%, 03/15/2025   1,685   1,678 7.88%, 06/15/2027(g) $ 2,610   2,780
4.75%, 01/15/2026   1,655   1,713          
4.90%, 03/15/2035   1,420   1,404 REITs - 1.30%        
5.30%, 04/15/2047   1,125   1,135 Alexandria Real Estate Equities Inc        
EnLink Midstream Partners LP         3.45%, 04/30/2025   7,570   7,425
4.40%, 04/01/2024   4,479   4,573 American Campus Communities Operating        
5.05%, 04/01/2045   1,210   1,212 Partnership LP        
Enterprise Products Operating LLC         3.35%, 10/01/2020   1,900   1,928
3.70%, 02/15/2026   80   82 3.63%, 11/15/2027   3,140   3,059
4.85%, 03/15/2044   2,555   2,805 American Tower Corp        
Genesis Energy LP / Genesis Energy Finance         3.60%, 01/15/2028   4,760   4,615
Corp         CC Holdings GS V LLC / Crown Castle GS        
6.75%, 08/01/2022   115   119 III Corp        
Kinder Morgan Energy Partners LP         3.85%, 04/15/2023   2,320   2,353
4.70%, 11/01/2042   2,625   2,589 Crown Castle International Corp        
Kinder Morgan Inc/DE         3.80%, 02/15/2028   3,795   3,718
2.25%, 03/16/2027 EUR 275   352 Equinix Inc        
3.05%, 12/01/2019 $ 1,575   1,583 5.38%, 04/01/2023   730   750
5.05%, 02/15/2046   645   679 5.38%, 05/15/2027   190   199
5.63%, 11/15/2023(g)   2,905   3,196 5.88%, 01/15/2026   1,080   1,147
MPLX LP         ESH Hospitality Inc        
4.50%, 07/15/2023   3,995   4,174 5.25%, 05/01/2025(g)   55   55
5.20%, 03/01/2047   1,190   1,311 Healthcare Trust of America Holdings LP        
NuStar Logistics LP         3.50%, 08/01/2026   2,195   2,123
5.63%, 04/28/2027   1,300   1,360 3.75%, 07/01/2027   2,940   2,887
ONEOK Partners LP         Iron Mountain Inc        
4.90%, 03/15/2025   350   374 4.38%, 06/01/2021(g)   770   780
Phillips 66 Partners LP         5.25%, 03/15/2028(g)   305   297
4.90%, 10/01/2046   695   734 Iron Mountain US Holdings Inc        
Plains All American Pipeline LP / PAA         5.38%, 06/01/2026(g)   825   825
Finance Corp         iStar Inc        
4.50%, 12/15/2026   2,535   2,598 4.63%, 09/15/2020   500   506
Sabine Pass Liquefaction LLC         5.00%, 07/01/2019   70   70
4.20%, 03/15/2028   785   790 5.25%, 09/15/2022   520   519
5.00%, 03/15/2027   1,310   1,391 6.50%, 07/01/2021   500   516
5.75%, 05/15/2024   6,085   6,670 MGM Growth Properties Operating        
Summit Midstream Holdings LLC / Summit         Partnership LP / MGP Finance Co-Issuer Inc        
Midstream Finance Corp         5.63%, 05/01/2024   870   929
5.75%, 04/15/2025   965   972 MPT Operating Partnership LP / MPT Finance        
TransCanada PipeLines Ltd         Corp        
4.63%, 03/01/2034   965   1,056 6.38%, 03/01/2024   170   181
5.00%, 10/16/2043   70   81 RHP Hotel Properties LP / RHP Finance        
7.13%, 01/15/2019   730   763 Corp        
Transportadora de Gas Internacional SA ESP         5.00%, 04/15/2021   90   91
5.70%, 03/20/2022   815   832 SBA Communications Corp        
Western Gas Partners LP         4.88%, 09/01/2024   125   124
4.65%, 07/01/2026   1,620   1,669 Trust F/1401        
5.45%, 04/01/2044   3,475   3,765 5.25%, 12/15/2024(g)   925   975
Williams Cos Inc/The         6.95%, 01/30/2044(g)   900   980
4.55%, 06/24/2024   85   87 Uniti Group LP / Uniti Group Finance Inc /        
Williams Partners LP         CSL Capital LLC        
3.60%, 03/15/2022   3,185   3,234 8.25%, 10/15/2023   35   33
5.10%, 09/15/2045   1,780   1,964 VEREIT Operating Partnership LP        
    $   79,691 4.13%, 06/01/2021   150   155
Private Equity - 0.06%         Welltower Inc        
Icahn Enterprises LP / Icahn Enterprises         4.00%, 06/01/2025   4,635   4,727
Finance Corp         4.25%, 04/01/2026   2,250   2,330
6.00%, 08/01/2020   1,025   1,049 4.50%, 12/01/2034 GBP 125   204
6.38%, 12/15/2025(g)   900   916     $   44,501
    $   1,965 Retail - 0.83%        
          1011778 BC ULC / New Red Finance Inc        
          5.00%, 10/15/2025(g) $ 1,485   1,487

 

See accompanying notes.

20

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
  Principal         Principal    
BONDS (continued) Amount (000's)        Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Retail (continued)         Semiconductors (continued)        
Claire's Stores Inc         Sensata Technologies BV        
9.00%, 03/15/2019(g) $ 840 $ 594 5.00%, 10/01/2025(g) $ 45 $ 47
CVS Health Corp         Sensata Technologies UK Financing Co PLC        
2.75%, 12/01/2022   170   166 6.25%, 02/15/2026(g)   1,160   1,247
2.80%, 07/20/2020   50   50 Xilinx Inc        
4.13%, 05/15/2021   130   134 2.95%, 06/01/2024   5,025   4,917
4.75%, 12/01/2022   3,125   3,307     $   19,324
4.88%, 07/20/2035   1,355   1,471 Software - 0.94%        
5.00%, 12/01/2024   4,935   5,253 BMC Software Finance Inc        
5.13%, 07/20/2045   65   73 8.13%, 07/15/2021(g)   75   75
CVS Pass-Through Trust         CDK Global Inc        
7.51%, 01/10/2032(g)   2,581   3,117 4.88%, 06/01/2027(g)   40   40
Dollar Tree Inc         First Data Corp        
5.25%, 03/01/2020   325   330 5.00%, 01/15/2024(g)   2,075   2,129
5.75%, 03/01/2023   561   586 7.00%, 12/01/2023(g)   175   184
Ferrellgas LP / Ferrellgas Finance Corp         Genesys Telecommunications Laboratories        
6.50%, 05/01/2021   50   49 Inc/Greeneden Lux 3 Sarl        
Golden Nugget Inc         10.00%, 11/30/2024(g)   45   50
6.75%, 10/15/2024(g)   1,570   1,623 Infor US Inc        
Guitar Center Inc         6.50%, 05/15/2022   75   77
6.50%, 04/15/2019(g)   30   29 j2 Cloud Services LLC / j2 Global Co-Obligor        
Home Depot Inc/The         Inc        
3.90%, 06/15/2047   1,035   1,065 6.00%, 07/15/2025(g)   235   249
5.88%, 12/16/2036   360   478 Microsoft Corp        
IRB Holding Corp         1.55%, 08/08/2021   1,503   1,452
6.75%, 02/15/2026(g),(h)   480   486 2.00%, 11/03/2020   2,515   2,487
JC Penney Corp Inc         2.00%, 08/08/2023   3,110   2,975
5.65%, 06/01/2020   675   665 2.40%, 08/08/2026   2,635   2,480
5.88%, 07/01/2023(g)   395   380 3.30%, 02/06/2027   595   600
KFC Holding Co/Pizza Hut Holdings         3.70%, 08/08/2046   4,325   4,385
LLC/Taco Bell of America LLC         3.95%, 08/08/2056   2,185   2,260
4.75%, 06/01/2027(g)   605   600 4.45%, 11/03/2045   1,060   1,201
5.00%, 06/01/2024(g)   1,090   1,104 4.50%, 02/06/2057   1,140   1,306
5.25%, 06/01/2026(g)   900   918 MSCI Inc        
L Brands Inc         5.25%, 11/15/2024(g)   785   817
5.25%, 02/01/2028   60   59 5.75%, 08/15/2025(g)   75   80
5.63%, 02/15/2022   205   216 Open Text Corp        
6.63%, 04/01/2021   140   151 5.88%, 06/01/2026(g)   30   32
6.88%, 11/01/2035   1,220   1,247 Oracle Corp        
Lowe's Cos Inc         2.50%, 10/15/2022   773   760
3.10%, 05/03/2027   625   612 2.95%, 11/15/2024   2,145   2,121
Macy's Retail Holdings Inc         4.00%, 11/15/2047   4,890   5,021
6.90%, 04/01/2029   145   154 Quintiles IMS Inc        
McDonald's Corp         4.88%, 05/15/2023(g)   150   155
2.10%, 12/07/2018   1,105   1,105 5.00%, 10/15/2026(g)   1,320   1,345
2.75%, 12/09/2020   110   110 Rackspace Hosting Inc        
New Albertson's Inc         8.63%, 11/15/2024(g)   20   21
7.45%, 08/01/2029   50   44 Solera LLC / Solera Finance Inc        
PetSmart Inc         10.50%, 03/01/2024(g)   65   73
5.88%, 06/01/2025(g)   890   685     $   32,375
7.13%, 03/15/2023(g)   90   57 Sovereign - 2.21%        
Rite Aid Corp         Argentine Republic Government International        
6.13%, 04/01/2023(g)   70   65 Bond        
    $   28,470 5.63%, 01/26/2022   7,260   7,438
Savings & Loans - 0.36%         5.88%, 01/11/2028   3,220   3,133
Nationwide Building Society         6.88%, 01/11/2048   1,475   1,427
1.25%, 03/03/2025 EUR 500   632 Colombia Government International Bond        
4.12%, 10/18/2032(g) $ 11,790   11,646 3.88%, 04/25/2027   2,225   2,244
USD ICE SWAP Rate NY 5 + 1.85%         Croatia Government International Bond        
6.88%, 12/31/2049(f) GBP 100   150 6.00%, 01/26/2024   2,225   2,507
GBP Swap 5YR + 4.88%         6.38%, 03/24/2021   725   791
    $   12,428 Dominican Republic International Bond        
Semiconductors - 0.56%         5.95%, 01/25/2027(g)   1,800   1,933
KLA-Tencor Corp         Ecuador Government International Bond        
4.13%, 11/01/2021 $ 2,600   2,692 7.88%, 01/23/2028(g)   1,400   1,422
NXP BV / NXP Funding LLC         10.50%, 03/24/2020   1,300   1,427
3.88%, 09/01/2022(g)   3,800   3,833 Egypt Government International Bond        
QUALCOMM Inc         5.75%, 04/29/2020   300   314
2.50%, 01/30/2023   2,735   2,737 Hungary Government International Bond        
3 Month LIBOR + 0.73%         5.38%, 02/21/2023   1,370   1,508
2.90%, 05/20/2024   1,705   1,636          
4.30%, 05/20/2047   2,245   2,215          

 

See accompanying notes.

21

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
  Principal       Principal    
BONDS (continued) Amount (000's)    Value (000's) BONDS (continued) Amount (000's) Value (000's)
Sovereign (continued)         Student Loan Asset Backed Securities (continued)      
Indonesia Government International Bond         Navient Student Loan Trust 2017-4        
3.50%, 01/11/2028 $ 1,475 $ 1,454 2.06%, 09/27/2066(g) $ 3,500 $ 3,524
5.38%, 10/17/2023(g)   5,600   6,167 1 Month LIBOR + 0.50%        
Iraq International Bond         Navient Student Loan Trust 2018-1        
6.75%, 03/09/2023(g)   1,800   1,870 1.75%, 03/25/2067(g),(h)   4,500   4,500
Israel Government International Bond         1 Month LIBOR + 0.19%        
4.50%, 01/30/2043   375   399 SMB Private Education Loan Trust 2016-B        
Ivory Coast Government International Bond         2.21%, 11/15/2023(g)   879   880
6.13%, 06/15/2033(g)   950   973 1 Month LIBOR + 0.65%        
Jamaica Government International Bond         SMB Private Education Loan Trust 2017-B        
7.88%, 07/28/2045   500   620 1.83%, 06/17/2024(g)   11,719   11,721
Kazakhstan Government International Bond         1 Month LIBOR + 0.27%        
5.13%, 07/21/2025   550   611 Sofi Professional Loan Program 2016-A LLC        
Kuwait International Government Bond         3.31%, 08/25/2036(g)   2,724   2,809
3.50%, 03/20/2027(g)   825   821 1 Month LIBOR + 1.75%        
Mexico Government International Bond         Sofi Professional Loan Program 2016-B LLC        
3.75%, 01/11/2028   3,050   2,992 1.68%, 03/25/2031(g)   815   814
4.75%, 03/08/2044   2,100   2,098 Sofi Professional Loan Program 2017-B LLC        
Nigeria Government International Bond         1.83%, 05/25/2040(g)   481   479
6.50%, 11/28/2027(g)   850   882 SoFi Professional Loan Program 2017-D        
7.63%, 11/28/2047(g)   1,100   1,175 LLC        
Panama Government International Bond         1.72%, 09/25/2040(g)   890   885
3.88%, 03/17/2028   1,200   1,247 SoFi Professional Loan Program 2017-E        
Peruvian Government International Bond         LLC        
5.63%, 11/18/2050   686   863 2.06%, 11/26/2040(g)   5,128   5,144
Qatar Government International Bond         1 Month LIBOR + 0.50%        
2.38%, 06/02/2021   1,800   1,748 Sofi Professional Loan Program 2018-A LLC        
3.25%, 06/02/2026   2,100   2,001 1.91%, 02/25/2042(g)   6,000   6,007
Republic of Poland Government International         1 Month LIBOR + 0.35%        
Bond             $   58,270
3.25%, 04/06/2026   80   81 Supranational Bank - 0.02%        
Republic of South Africa Government         Banque Ouest Africaine de Developpement        
International Bond         5.00%, 07/27/2027(g)   500   517
4.30%, 10/12/2028   1,700   1,639          
Russian Foreign Bond - Eurobond         Telecommunications - 2.24%        
4.75%, 05/27/2026   3,000   3,188 Anixter Inc        
Saudi Government International Bond         5.13%, 10/01/2021   220   232
2.88%, 03/04/2023(g)   2,400   2,346 AT&T Inc        
4.63%, 10/04/2047(g)   1,305   1,300 2.30%, 02/14/2023   1,225   1,238
Serbia International Bond         3 Month LIBOR + 0.89%        
4.88%, 02/25/2020   200   206 3.15%, 09/04/2036 EUR 700   902
7.25%, 09/28/2021   1,000   1,131 3.40%, 05/15/2025 $ 4,015   3,907
Sri Lanka Government International Bond         3.90%, 08/14/2027   410   408
6.20%, 05/11/2027(g)   1,250   1,314 4.10%, 02/15/2028(g)   2,750   2,719
6.83%, 07/18/2026(g)   700   766 4.30%, 02/15/2030(g)   6,186   6,107
Turkey Government International Bond         4.75%, 05/15/2046   3,425   3,318
5.75%, 03/22/2024   4,975   5,245 4.90%, 08/14/2037   7,970   8,078
6.00%, 03/25/2027   2,875   3,022 5.15%, 03/15/2042   145   148
Ukraine Government International Bond         5.15%, 02/14/2050   600   607
7.38%, 09/25/2032(g)   2,850   2,892 5.20%, 11/18/2033 GBP 100   171
7.75%, 09/01/2026   2,575   2,752 5.45%, 03/01/2047 $ 2,910   3,101
Uruguay Government International Bond         6.38%, 03/01/2041   725   865
5.10%, 06/18/2050   10   11 Bharti Airtel International Netherlands BV        
    $   75,958 5.13%, 03/11/2023(g)   1,950   2,045
Student Loan Asset Backed Securities - 1.70%       CenturyLink Inc        
Navient Private Education Loan Trust 2015-         5.80%, 03/15/2022   250   244
C         Cincinnati Bell Inc        
3.06%, 01/16/2035(g)   2,023   2,036 7.00%, 07/15/2024(g)   75   72
1 Month LIBOR + 1.50%         Cisco Systems Inc        
Navient Private Education Loan Trust 2017-         2.20%, 02/28/2021   895   885
A         5.50%, 01/15/2040   20   26
1.96%, 12/16/2058(g)   8,260   8,273 CommScope Technologies LLC        
1 Month LIBOR + 0.40%         6.00%, 06/15/2025(g)   90   95
Navient Student Loan Trust 2015-1         Digicel Group Ltd        
1.86%, 09/26/2022   217   217 8.25%, 09/30/2020(g)   2,200   2,181
1 Month LIBOR + 0.30%         Embarq Corp        
Navient Student Loan Trust 2017-3         8.00%, 06/01/2036   55   53
1.86%, 07/26/2066(g)   4,183   4,189 Empresa Nacional de Telecomunicaciones        
1 Month LIBOR + 0.30%         SA        
2.16%, 07/26/2066(g)   6,750   6,792 4.75%, 08/01/2026(g)   1,550   1,602
1 Month LIBOR + 0.60%         Frontier Communications Corp        
          7.13%, 01/15/2023   5   3
          11.00%, 09/15/2025   1,565   1,223

 

See accompanying notes.

22

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
  Principal         Principal    
BONDS (continued) Amount (000's)     Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Telecommunications (continued)         Transportation - 0.38%          
Goodman Networks Inc         Eletson Holdings Inc          
8.00%, 05/11/2022 $ 257 $ 176 9.63%, 01/15/2022(g)   $ 1,595 $ 837
GTT Communications Inc         FedEx Corp          
7.88%, 12/31/2024(g)   1,460   1,562 1.00%, 01/11/2023   EUR 275   346
Hughes Satellite Systems Corp         5.10%, 01/15/2044   $ 50   58
6.63%, 08/01/2026   95   101 Kazakhstan Temir Zholy National Co JSC          
Intelsat Jackson Holdings SA         4.85%, 11/17/2027(g)     650   678
5.50%, 08/01/2023   1,260   989 Navios Maritime Acquisition Corp / Navios          
7.25%, 10/15/2020   140   122 Acquisition Finance US Inc          
8.00%, 02/15/2024(g)   1,420   1,491 8.13%, 11/15/2021(g)     3,280   2,796
Koninklijke KPN NV         Navios Maritime Holdings Inc / Navios          
5.75%, 09/17/2029 GBP 125   223 Maritime Finance II US Inc          
Level 3 Financing Inc         7.38%, 01/15/2022(g)     1,235   1,016
5.38%, 01/15/2024 $ 1,480   1,473 11.25%, 08/15/2022(g)     1,065   1,078
5.38%, 05/01/2025   90   90 Navios South American Logistics Inc / Navios          
Level 3 Parent LLC         Logistics Finance US Inc          
5.75%, 12/01/2022   20   20 7.25%, 05/01/2022(g)     1,485   1,444
Nokia OYJ         Rumo Luxembourg Sarl          
6.63%, 05/15/2039   45   49 5.88%, 01/18/2025(g)     1,325   1,342
Ooredoo International Finance Ltd         Union Pacific Corp          
3.88%, 01/31/2028   600   594 3.75%, 03/15/2024     3,150   3,277
Orange SA         4.38%, 11/15/2065     35   37
5.75%, 12/31/2049(f) GBP 125   201 XPO Logistics Inc          
GBP Swap 5YR + 3.35%         6.50%, 06/15/2022(g)     115   120
SES SA               $   13,029
4.62%, 12/31/2049(f) EUR 300   400 Trucking & Leasing - 0.06%          
EUR Swap Annual 5YR + 4.66%         DAE Funding LLC          
Sprint Capital Corp         4.50%, 08/01/2022(g)     960   955
6.90%, 05/01/2019 $ 640   667 5.00%, 08/01/2024(g)     920   913
Sprint Communications Inc         Park Aerospace Holdings Ltd          
6.00%, 11/15/2022   1,425   1,420 5.25%, 08/15/2022(g)     145   143
7.00%, 08/15/2020   40   42       $   2,011
Sprint Corp         TOTAL BONDS     $   2,351,071
7.13%, 06/15/2024   1,200   1,217 SENIOR FLOATING RATE INTERESTS -   Principal    
7.88%, 09/15/2023   1,915   2,028 2.09 % Amount (000's) Value (000's)
Telecom Italia Capital SA         Aerospace & Defense - 0.03%          
6.38%, 11/15/2033   285   328 Sequa Mezzanine Holdings LLC          
7.72%, 06/04/2038   80   104 6.55%, 11/28/2021(m)   $ 539 $ 546
Telecom Italia Finance SA         US LIBOR + 5.50%          
7.75%, 01/24/2033 EUR 300   580 TransDigm Inc          
Telecom Italia SpA/Milano         4.36%, 06/09/2023(m)     540   545
5.30%, 05/30/2024(g) $ 680   718 US LIBOR + 2.75%          
5.88%, 05/19/2023 GBP 150   246       $   1,091
Telefonica Emisiones SAU         Automobile Manufacturers - 0.06%          
5.38%, 02/02/2026   115   195 Navistar Inc          
T-Mobile USA Inc         5.06%, 11/06/2024(m)     1,955   1,971
4.00%, 04/15/2022 $ 205   209 US LIBOR + 3.50%          
4.50%, 02/01/2026   395   397            
5.13%, 04/15/2025   1,280   1,322 Automobile Parts & Equipment - 0.02%          
5.38%, 04/15/2027   50   53 American Axle & Manufacturing Inc          
6.00%, 03/01/2023   10   10 3.82%, 04/06/2024(m)     808   815
6.00%, 04/15/2024   345   367 US LIBOR + 2.25%          
6.50%, 01/15/2024   190   202            
6.50%, 01/15/2026   1,330   1,441 Building Materials - 0.02%          
VEON Holdings BV         GYP Holdings III Corp          
3.95%, 06/16/2021(g)   4,600   4,584 4.77%, 04/01/2023(m)     537   541
4.95%, 06/16/2024(g)   875   879  US LIBOR + 3.00%          
                   
Verizon Communications Inc                    
5.01%, 08/21/2054   4,408   4,550 Chemicals - 0.13%          
5.25%, 03/16/2037   6,365   7,007 A Schulman Inc          
Wind Tre SpA         4.81%, 06/01/2022(m)     562   563
5.00%, 01/20/2026(g)   755   685  US LIBOR + 3.25%          
                   
Windstream Services LLC / Windstream         Aruba Investments Inc          
Finance Corp         4.94%, 02/02/2022(m)     251   251
7.75%, 10/01/2021   45   33 US LIBOR + 3.50%          
    $   77,005 Emerald Performance Materials LLC          
Toys, Games & Hobbies - 0.00%         9.32%, 08/01/2022(m)     2,135   2,132
Mattel Inc         US LIBOR + 6.75%          
6.75%, 12/31/2025(g)   100   102 Methanol Holdings Trinidad Ltd          
          5.07%, 06/30/2022(m)     1,366   1,366
          US LIBOR + 3.50%          
                $   4,312

 

See accompanying notes.

23

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
SENIOR FLOATING RATE INTERESTS   Principal     SENIOR FLOATING RATE INTERESTS   Principal    
(continued)   Amount (000's)    Value (000's) (continued)   Amount (000's) Value (000's)
Commercial Services - 0.12%         Healthcare - Products (continued)        
Garda World Security Corp         Kinetic Concepts Inc        
4.97%, 05/24/2024(m) $ 936 $ 944 4.94%, 02/02/2024(m) $ 687 $ 687
US LIBOR + 4.00%         US LIBOR + 3.25%        
Prime Security Services Borrower LLC             $   1,523
4.32%, 05/02/2022(m)   1,415   1,427 Healthcare - Services - 0.06%        
US LIBOR + 2.75%         Acadia Healthcare Co Inc        
Team Health Holdings Inc         4.30%, 02/16/2023(m)   560   565
4.32%, 02/06/2024(m)   896   878 US LIBOR + 2.75%        
US LIBOR + 2.75%         DaVita Inc        
TMS International Corp         4.32%, 06/24/2021(m)   591   598
4.63%, 08/14/2024(m)   1,037   1,040 US LIBOR + 2.75%        
US LIBOR + 3.00%         MPH Acquisition Holdings LLC        
    $   4,289 4.69%, 06/07/2023(m)   792   798
Computers - 0.06%         US LIBOR + 3.00%        
Dell International LLC             $   1,961
3.58%, 09/07/2023(m)   1,230   1,234 Insurance - 0.10%        
US LIBOR + 2.00%         Asurion LLC        
McAfee LLC         4.57%, 11/03/2023(m)   813   819
6.07%, 09/30/2024(m)   694   701 US LIBOR + 3.00%        
US LIBOR + 4.50%         7.57%, 08/04/2025(m)   2,510   2,588
    $   1,935 US LIBOR + 6.00%        
Consumer Products - 0.03%             $   3,407
Prestige Brands Inc         Leisure Products & Services - 0.08%        
4.32%, 01/26/2024(m)   1,042   1,052 ClubCorp Holdings Inc        
US LIBOR + 2.75%         4.94%, 09/18/2024(m)   1,033   1,040
          US LIBOR + 3.25%        
Diversified Financial Services - 0.05%         Intrawest Resorts Holdings Inc        
Russell Investments US Institutional Holdco         4.82%, 07/31/2024(m)   1,692   1,705
Inc         US LIBOR + 3.25%        
5.94%, 06/01/2023(m)   1,546   1,556     $   2,745
US LIBOR + 5.75%         Lodging - 0.06%        
          Caesars Resort Collection LLC        
Electric - 0.01%         4.32%, 12/22/2024(m)   1,090   1,103
Dynegy Inc         US LIBOR + 2.75%        
4.31%, 02/07/2024(m)   503   508          
       US LIBOR + 2.75%         Golden Nugget Inc/NV        
        4.88%, 10/04/2023(m)   199   201
          US LIBOR + 3.25%        
Entertainment - 0.12%         Hilton Worldwide Finance LLC        
CCM Merger Inc         3.56%, 10/25/2023(m)   786   791
4.32%, 08/06/2021(m)   1,073   1,081        US LIBOR + 2.00%        
                 
US LIBOR + 2.75%             $   2,095
Eldorado Resorts Inc         Media - 0.08%        
3.84%, 04/17/2024(m)   271   272          
          Altice Financing SA        
US LIBOR + 2.25%         4.47%, 07/15/2025(m)   536   529
Lions Gate Entertainment Corp         US LIBOR + 2.75%        
3.82%, 12/08/2023(m)   1,108   1,119          
          CSC Holdings LLC        
US LIBOR + 2.25%         0.00%, 01/12/2026(m),(n)   175   176
WMG Acquisition Corp         US LIBOR + 0.00%        
3.81%, 11/01/2023(m)   1,643   1,651          
          Meredith Corp        
US LIBOR + 2.25%         0.00%, 01/17/2025(m),(n)   350   354
    $   4,123 US LIBOR + 0.00%        
Food - 0.10%         Unitymedia Finance LLC        
B&G Foods Inc         3.81%, 09/30/2025(m)   545   546
3.57%, 11/02/2022(m)   793   801          US LIBOR + 2.25%        
                 
US LIBOR + 2.00%         Univision Communications Inc        
JBS USA LUX SA         4.32%, 03/15/2024(m)   1,169   1,169
4.10%, 10/30/2022(m)   1,070   1,062         US LIBOR + 2.75%        
                 
US LIBOR + 2.50%             $   2,774
Post Holdings Inc         Oil & Gas - 0.15%        
3.82%, 05/24/2024(m)   1,731   1,741          
          California Resources Corp        
US LIBOR + 2.25%         6.31%, 11/14/2022(m)   1,495   1,521
    $   3,604 US LIBOR + 4.75%        
Forest Products & Paper - 0.03%         11.94%, 12/31/2021(m)   1,700   1,925
Caraustar Industries Inc         US LIBOR + 10.37%        
7.19%, 03/14/2022(m)   1,124   1,128          
          Chesapeake Energy Corp        
US LIBOR + 5.50%         8.95%, 08/23/2021(m)   1,720   1,840
          US LIBOR + 7.50%        
Healthcare - Products - 0.04%             $   5,286
DJO Finance LLC         Packaging & Containers - 0.08%        
4.88%, 06/08/2020(m)   846   836          
          Berry Global Inc        
US LIBOR + 3.25%         3.82%, 10/01/2022(m)   461   465
          US LIBOR + 2.25%        

 

See accompanying notes.

24

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
SENIOR FLOATING RATE INTERESTS   Principal     SENIOR FLOATING RATE INTERESTS Principal    
(continued)   Amount (000's)     Value (000's) (continued) Amount (000's) Value (000's)
Packaging & Containers (continued)         Telecommunications (continued)        
Coveris Holdings SA         CenturyLink Inc        
5.94%, 06/29/2022(m) $ 927 $ 933 4.32%, 01/31/2025(m) $ 395 $ 389
US LIBOR + 4.25%         US LIBOR + 2.75%        
CROWN Americas LLC         GTT Communications Inc        
0.00%, 01/17/2025(m),(n)   200   202 4.88%, 01/09/2024(m)   1,030   1,037
US LIBOR + 0.00%         US LIBOR + 3.25%        
Flex Acquisition Co Inc         Level 3 Parent LLC        
4.69%, 12/29/2023(m)   610   614 3.65%, 02/22/2024(m)   810   813
US LIBOR + 3.00%         US LIBOR + 2.25%        
Reynolds Group Holdings Inc         Maxar Technologies Ltd        
4.32%, 02/05/2023(m)   620   625 4.31%, 10/04/2024(m)   3,295   3,322
US LIBOR + 2.75%         US LIBOR + 2.75%        
    $   2,839 Sprint Communications Inc        
REITs - 0.10%         4.12%, 02/02/2024(m)   788   790
GEO Group Inc/The         US LIBOR + 2.50%        
3.95%, 03/22/2024(m)   1,751   1,758 West Corp        
US LIBOR + 2.25%         5.57%, 10/10/2024(m)   1,052   1,063
iStar Inc         US LIBOR + 4.00%        
4.56%, 10/01/2021(m)   1,084   1,096       $ 9,800
US LIBOR + 3.75%         TOTAL SENIOR FLOATING RATE INTERESTS   $ 71,823
MGM Growth Properties Operating         U.S. GOVERNMENT & GOVERNMENT Principal    
Partnership LP         AGENCY OBLIGATIONS - 29.63% Amount (000's) Value (000's)
3.82%, 04/25/2023(m)   576   580 Federal Home Loan Mortgage Corporation (FHLMC) - 3.01%  
US LIBOR + 2.25%         2.75%, 07/01/2043 $ 4,288 $ 4,300
    $   3,434 12 Month LIBOR + 1.59%        
Retail - 0.19%         2.91%, 06/01/2043   457   473
Academy Ltd         12 Month LIBOR + 1.73%        
5.55%, 07/01/2022(m)   2,078   1,667 3.00%, 01/01/2043   3,093   3,049
US LIBOR + 4.00%         3.00%, 02/01/2043   1,317   1,298
Beacon Roofing Supply Inc         3.00%, 03/01/2043   581   573
3.82%, 10/11/2024(m)   525   529 3.00%, 01/01/2047   24,840   24,407
US LIBOR + 2.25%         3.12%, 01/01/2034   44   45
Dollar Tree Inc         U.S. Treasury 1-Year Note + 2.37%        
4.19%, 07/06/2022(m)   1,630   1,642 3.29%, 12/01/2035   27   28
IRB Holding Corp         12 Month LIBOR + 1.52%        
0.00%, 01/17/2025(m),(n)   750   760 3.35%, 07/01/2034   10   11
US LIBOR + 0.00%         U.S. Treasury 1-Year Note + 2.25%        
JC Penney Corp Inc         3.50%, 06/01/2044   1,245   1,263
5.73%, 06/23/2023(m)   640   616 3.50%, 04/01/2046   26,468   26,821
US LIBOR + 4.25%         3.50%, 11/01/2046   5,462   5,540
KFC Holding Co         3.55%, 05/01/2037   194   203
3.56%, 06/16/2023(m)   551   555 12 Month LIBOR + 1.80%        
US LIBOR + 2.00%         4.50%, 04/01/2031   979   1,035
Michaels Stores Inc         4.50%, 04/01/2041   6,091   6,442
4.32%, 01/30/2023(m)   566   570 4.50%, 12/01/2043   5,891   6,245
US LIBOR + 2.75%         4.50%, 09/01/2044   7,500   7,937
PetSmart Inc         4.50%, 03/01/2046   1,323   1,412
4.56%, 03/11/2022(m)   140   113 5.00%, 03/01/2018   5   5
US LIBOR + 3.00%         5.00%, 05/01/2018   6   6
    $   6,452 5.00%, 10/01/2018   8   8
Semiconductors - 0.03%         5.00%, 01/01/2019   27   27
Micron Technology Inc         5.00%, 06/01/2031   791   851
3.58%, 04/26/2022(m)   938   945 5.00%, 09/01/2039   2,091   2,275
US LIBOR + 2.00%         5.00%, 03/01/2041   2,497   2,712
          5.50%, 08/01/2023   483   506
Software - 0.05%         5.50%, 05/01/2033   67   74
First Data Corp         5.50%, 10/01/2033   47   50
3.81%, 07/08/2022(m)   827   832 5.50%, 12/01/2033   660   731
US LIBOR + 2.25%         5.50%, 11/01/2036   558   613
Signode Industrial Group US Inc         5.50%, 04/01/2038   245   272
4.38%, 05/01/2021(m)   804   805 5.50%, 08/01/2038   493   554
US LIBOR + 4.75%         5.50%, 03/01/2040   731   807
    $   1,637 6.00%, 03/01/2022   10   11
Telecommunications - 0.29%         6.00%, 07/01/2023   211   235
Avaya Inc         6.00%, 06/01/2028   3   3
6.31%, 11/08/2024(m)   2,375   2,386 6.00%, 01/01/2029   1   1
US LIBOR + 4.75%         6.00%, 12/01/2031   34   38
          6.00%, 12/01/2032   32   36
          6.00%, 02/01/2033   132   147
          6.00%, 12/01/2033   33   37
          6.00%, 10/01/2036   246   277
          6.00%, 01/01/2038   333   379

 

See accompanying notes.

25

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
U.S. GOVERNMENT & GOVERNMENT   Principal     U.S. GOVERNMENT & GOVERNMENT   Principal      
AGENCY OBLIGATIONS (continued) Amount (000's) Value (000's) AGENCY OBLIGATIONS (continued) Amount (000's) Value(000 's)
Federal Home Loan Mortgage Corporation (FHLMC) (continued)   Federal National Mortgage Association (FNMA) (continued)      
6.00%, 01/01/2038 $ 23 $ 25 3.50%, 07/01/2046 $ 13,279 $ 13,434  
6.00%, 07/01/2038   1,193   1,358 3.50%, 10/01/2046   5,421   5,495  
6.50%, 03/01/2029   6   7 3.50%, 12/01/2046   9,099   9,222  
6.50%, 05/01/2029   9   10 3.50%, 12/01/2046   6,231   6,318  
6.50%, 04/01/2031   4   4 3.50%, 04/01/2047   263   267  
6.50%, 09/01/2031   2   2 3.50%, 10/01/2047   198   201  
6.50%, 02/01/2032   3   3 3.72%, 03/01/2035   2,597   2,770  
6.50%, 05/01/2032   11   13 U.S. Treasury 1-Year Note + 2.62%          
6.50%, 04/01/2035   75   86 3.76%, 04/01/2033   116   122  
6.50%, 10/01/2035   63   71 6 Month LIBOR + 2.26%          
7.00%, 12/01/2029   6   6 4.00%, 08/01/2020   554   567  
7.00%, 06/01/2030   12   14 4.00%, 01/01/2029   2,359   2,477  
7.00%, 12/01/2030   5   5 4.00%, 02/01/2031   365   380  
7.00%, 09/01/2031   1   2 4.00%, 03/01/2034   927   976  
7.50%, 09/01/2030   2   2 4.00%, 04/01/2034   4,974   5,224  
7.50%, 01/01/2031   8   9 4.00%, 05/01/2044   4,635   4,825  
7.50%, 03/01/2031   2   2 4.00%, 06/01/2044   7,494   7,793  
7.50%, 02/01/2032   3   4 4.00%, 05/01/2045   19,038   19,763  
8.00%, 09/01/2030   48   51 4.00%, 10/01/2045   6,200   6,447  
      $ 103,411 4.00%, 12/01/2045   8,761   9,070  
Federal National Mortgage Association (FNMA) - 12.53%     4.00%, 02/01/2047(o)   22,500   23,241  
2.50%, 04/01/2028   2,885   2,860 4.00%, 04/01/2047   7,728   8,067  
2.50%, 06/01/2028   202   201 4.00%, 05/01/2047   19,005   19,658  
2.50%, 09/01/2029   934   923 4.00%, 06/01/2047   1,916   1,982  
2.99%, 10/01/2034   96   99 4.00%, 06/01/2047   19,845   20,649  
6 Month LIBOR + 1.49%         4.00%, 10/01/2047   7,662   7,929  
3.00%, 02/01/2027(o)   17,000   17,087 4.50%, 04/01/2024   1,147   1,195  
3.00%, 07/01/2028   5,113   5,151 4.50%, 06/01/2044   1,179   1,259  
3.00%, 10/01/2029   1,266   1,275 4.50%, 12/01/2044   10,185   10,826  
3.00%, 10/01/2030   4,908   4,941 5.00%, 03/01/2018   1   1  
3.00%, 08/01/2034   5,316   5,306 5.00%, 02/01/2035   2,282   2,470  
3.00%, 10/01/2034   2,865   2,859 5.00%, 05/01/2040   5,690   6,172  
3.00%, 12/01/2040   216   213 5.00%, 05/01/2041   2,602   2,796  
3.00%, 11/01/2042   600   591 5.00%, 10/01/2041   3,304   3,567  
3.00%, 03/01/2043   4,903   4,832 5.00%, 02/01/2044   2,760   3,019  
3.00%, 04/01/2043   650   641 5.00%, 07/01/2044   3,106   3,351  
3.00%, 04/01/2043   26,067   25,693 5.50%, 06/01/2020   78   79  
3.00%, 05/01/2043   5,908   5,823 5.50%, 09/01/2020   458   472  
3.00%, 05/01/2043   984   970 5.50%, 02/01/2023   34   37  
3.00%, 08/01/2043   4,179   4,118 5.50%, 06/01/2023   105   114  
3.00%, 02/01/2047(o)   7,000   6,861 5.50%, 07/01/2023   3   3  
3.07%, 01/01/2033   49   50 5.50%, 07/01/2033   129   142  
U.S. Treasury 1-Year Note + 2.14%         5.50%, 09/01/2033   179   197  
3.28%, 04/01/2041   444   465 5.50%, 08/01/2036   1,500   1,648  
12 Month LIBOR + 1.77%         5.50%, 02/01/2037   61   67  
3.32%, 02/01/2036   17   18 5.50%, 04/01/2038   2,404   2,623  
12 Month LIBOR + 1.61%         5.50%, 12/01/2038   1,257   1,388  
3.32%, 04/01/2036   201   210 5.50%, 05/01/2040   501   548  
12 Month LIBOR + 1.59%         6.00%, 02/01/2023   14   15  
3.34%, 07/01/2033   673   704 6.00%, 11/01/2035   1,242   1,402  
12 Month LIBOR + 1.57%         6.00%, 02/01/2038   440   489  
3.36%, 12/01/2032   85   88 6.00%, 05/01/2038   88   98  
12 Month LIBOR + 1.57%         6.00%, 08/01/2038   416   466  
3.41%, 12/01/2036   282   296 6.00%, 08/01/2038   227   252  
12 Month LIBOR + 1.66%         6.00%, 03/01/2040   3,429   3,849  
3.49%, 08/01/2035   122   128 6.50%, 05/01/2022   7   8  
12 Month LIBOR + 1.74%         6.50%, 12/01/2031   2   3  
3.50%, 04/01/2030   8,110   8,345 6.50%, 02/01/2032   2   2  
3.50%, 10/01/2033   3,075   3,142 6.50%, 02/01/2032   2   2  
3.50%, 08/01/2034   2,374   2,425 6.50%, 04/01/2032   7   8  
3.50%, 01/01/2041   293   298 6.50%, 06/01/2032   1   1  
3.50%, 02/01/2043(o)   31,000   31,291 6.50%, 08/01/2032   9   10  
3.50%, 05/01/2043   440   447 6.50%, 07/01/2037   503   565  
3.50%, 07/01/2043   2,070   2,101 6.50%, 07/01/2037   278   308  
3.50%, 09/01/2044   6,875   6,974 6.50%, 12/01/2037   332   372  
3.50%, 11/01/2044   4,811   4,888 6.50%, 02/01/2038   424   487  
3.50%, 03/01/2045   9,676   9,821 6.50%, 03/01/2038   175   194  
3.50%, 04/01/2045   4,412   4,470 6.50%, 09/01/2038   510   566  
3.50%, 08/01/2045   6,367   6,460 7.00%, 02/01/2032   16   17  
3.50%, 11/01/2045   13,961   14,178 7.00%, 03/01/2032   30   33  
3.50%, 01/01/2046   6,145   6,247 7.50%, 08/01/2032   7   8  
3.50%, 06/01/2046   8,771   8,874       $ 430,370  

 

See accompanying notes.

26

 

     Schedule of Investments Core Plus Bond Fund January 31, 2018 (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) - 5.64%   U.S. Treasury (continued)          
2.75%, 07/20/2043 $ 454 $ 463   2.13%, 11/30/2023 $ 8,400 $ 8,187  
U.S. Treasury 1-Year Note + 1.50%           2.25%, 08/15/2046   11,750   10,182  
3.00%, 06/20/2043   3,703   3,685   2.50%, 02/15/2045   450   413  
3.00%, 01/20/2045   1,887   1,871   3.00%, 11/15/2044(p)   23,400   23,701  
3.00%, 01/20/2046   7,170   7,105   3.00%, 05/15/2045   2,545   2,577  
3.00%, 02/01/2047   10,000   9,900   3.00%, 11/15/2045   39,000   39,484  
3.50%, 02/01/2042(o)   20,000   20,363   3.13%, 02/15/2042   25   26  
3.50%, 03/15/2042   1,440   1,479   3.38%, 05/15/2044   495   536  
3.50%, 04/15/2042   1,476   1,511   3.75%, 11/15/2043(q)   4,035   4,638  
3.50%, 09/20/2044   93   95   3.88%, 08/15/2040   44,545   51,813  
3.50%, 02/01/2047   64,500   65,669   4.50%, 02/15/2036   175   217  
3.50%, 09/20/2047   1,830   1,874   4.75%, 02/15/2037   2,300   2,957  
3.50%, 10/15/2047   14,933   15,310   6.25%, 05/15/2030   100   136  
3.50%, 11/15/2047   404   412         $ 290,479  
4.00%, 02/15/2042   1,092   1,138 TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY      
4.00%, 08/15/2045   4,520   4,696 OBLIGATIONS     $ 1,017,980  
4.00%, 06/20/2046   972   1,016 Total Investments     $ 3,566,788  
4.00%, 02/20/2047   1,506   1,575 Other Assets and Liabilities - (3.81)%     $ (130,821 )
4.00%, 06/20/2047   4,944   5,159 TOTAL NET ASSETS - 100.00%     $ 3,435,967  
4.00%, 06/20/2047   7,383   7,689              
4.00%, 08/20/2047   2,530   2,647              
4.00%, 09/20/2047   2,984   3,122 (a) Non-income producing security          
4.00%, 09/20/2047   2,883   3,017 (b) Restricted Security. Please see Restricted Security Sub-Schedule for more  
4.00%, 09/20/2047   994   1,040   information.          
4.00%, 10/20/2047   1,430   1,496 (c) Fair value of these investments is determined in good faith by the Manager  
4.00%, 10/20/2047   25   26   under procedures established and periodically reviewed by the Board of  
4.00%, 01/20/2048   8,009   8,379   Directors. Certain inputs used in the valuation may be unobservable;  
4.50%, 06/20/2025   3,059   3,199   however, each security is evaluated individually for purposes of ASC 820  
4.50%, 09/15/2039   393   422   which results in not all securities being identified as Level 3 of the fair  
4.50%, 03/15/2040   3,087   3,266   value hierarchy. At the end of the period, the fair value of these securities  
4.50%, 08/15/2040   5,426   5,775   totaled $3,938 or 0.11% of net assets.          
4.50%, 01/20/2044   3,363   3,563 (d) The value of these investments was determined using significant  
5.00%, 11/15/2033   2,104   2,268   unobservable inputs.          
5.00%, 06/15/2034   39   42 (e) Affiliated Security. Security is either an affiliate (and registered under the  
5.00%, 10/20/2039   176   190   Investment Company Act of 1940) or an affiliate as defined by the  
5.00%, 07/20/2040   330   349   Investment Company Act of 1940 (the Fund controls 5.0% or more of the  
5.00%, 02/15/2042   1,435   1,547   outstanding voting shares of the security). Please see affiliated sub-  
5.50%, 10/15/2033   747   843   schedule for transactional information.          
5.50%, 05/20/2035   79   87 (f) Perpetual security. Perpetual securities pay an indefinite stream of  
5.50%, 02/15/2038   883   971   interest, but they may be called by the issuer at an earlier date.  
6.00%, 07/20/2028   30   34 (g) Security exempt from registration under Rule 144A of the Securities Act of  
6.00%, 11/20/2028   30   33   1933. These securities may be resold in transactions exempt from  
6.00%, 01/20/2029   34   38   registration, normally to qualified institutional buyers. At the end of the  
6.00%, 07/20/2029   8   9   period, the value of these securities totaled $696,744 or 20.28% of net  
6.00%, 08/15/2031   19   22   assets.          
6.00%, 01/15/2032   3   4 (h) Security purchased on a when-issued basis.      
6.00%, 02/15/2032   27   30 (i) Certain variable rate securities are not based on a published reference  
6.00%, 02/15/2033   32   36   rate and spread but are determined by the issuer or agent and are based  
6.00%, 12/15/2033   42   48   on current market conditions. These securities do not indicate a reference  
6.50%, 03/20/2028   6   7   rate and spread in their description.          
6.50%, 05/20/2029   6   7 (j) Rate shown is the rate in effect as of period end. The rate may be based on  
6.50%, 10/15/2032   17   18   a fixed rate and may convert to a variable rate or floating rate in the  
6.50%, 12/15/2032   56   62   future.          
7.00%, 06/15/2031   12   14 (k) Security is an Interest Only Strip.          
7.00%, 07/15/2031   2   2 (l) Payment in kind; the issuer has the option of paying additional securities  
7.00%, 06/15/2032   84   92   in lieu of cash.          
8.00%, 01/20/2031   5   5 (m) Rate information disclosed is based on an average weighted rate as of  
      $ 193,720   January 31, 2018.          
U.S. Treasury - 8.45%         (n) This Senior Floating Rate Note will settle after January 31, 2018, at which  
1.25%, 01/31/2019   300   298   time the interest rate will be determined.          
1.25%, 01/31/2020   2,000   1,965 (o) Security was purchased in a "to-be-announced" ("TBA") transaction. See  
1.25%, 10/31/2021   16,900   16,198   Notes to Financial Statements for additional information.      
1.38%, 03/31/2020   43,650   42,903 (p) Security or a portion of the security was pledged to cover margin  
1.38%, 04/30/2020   7,450   7,315   requirements for swap and/or swaption contracts. At the end of the period,  
1.50%, 01/31/2022   2,025   1,953   the value of these securities totaled $362 or 0.01% of net assets.  
1.50%, 08/15/2026   10,425   9,459 (q) Security or a portion of the security was pledged to cover margin  
1.63%, 10/31/2023   13,800   13,094   requirements for futures contracts. At the end of the period, the value of  
1.75%, 10/31/2020   1,000   986   these securities totaled $2,402 or 0.07% of net assets.      
1.75%, 04/30/2022   41,830   40,632              
2.00%, 05/31/2021   4,540   4,488              
2.00%, 10/31/2021   175   172              
2.13%, 08/31/2020   6,075   6,055              
2.13%, 12/31/2021   95   94              

 

See accompanying notes.

27

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
Portfolio Summary (unaudited)                                
Sector       Percent                          
Mortgage Securities       30.93 %                        
Financial       14.95 %                        
Government       10.76 %                        
Asset Backed Securities       7.75 %                        
Consumer, Non-cyclical       7.67 %                        
Energy       6.14 %                        
Communications       6.11 %                        
Consumer, Cyclical       4.43 %                        
Utilities       3.35 %                        
Investment Companies       3.25 %                        
Technology       2.99 %                        
Industrial       2.93 %                        
Basic Materials       2.55 %                        
Other Assets and Liabilities       (3.81 )%                        
TOTAL NET ASSETS   100.00 %                    
 
Affiliated Securities October 31, 2017           Purchases     Sales January 31, 2018  
    Value             Cost Proceeds      Value  
Principal Government Money Market Fund $  —     $     500,876 $   389,140 $     111,736  
  $  —     $     500,876 $   389,140 $     111,736  
 
    Realized Gain/Loss   Realized Gain from Change in Unrealized  
  Income on Investments   Capital Gain Distributions   Gain/Loss  
Principal Government Money Market Fund $ 173 $     — $       — $   —  
  $ 173 $     — $       — $   —  
Amounts in thousands                                  
 
Restricted Securities
Security Name   Acquisition Date           Cost   Value Percent of Net Assets  
Chaparral Energy Inc - A Shares   04/06/2017         $ 5   $ 12     0.00 %
Chaparral Energy Inc - A Shares   04/06/2017           1,643     1,489     0.04 %
Chaparral Energy Inc - B Shares   04/06/2017           370     313     0.01 %
Goodman Networks Inc   06/01/2017           —     17     0.00 %
Goodman Networks Inc   06/01/2017           —     —     0.00 %
Pinnacle Operating Corp   03/09/2017           450     926     0.03 %
Total                       $ 2,757     0.08 %
 
Amounts in thousands.                                  
 
Futures Contracts
Description and Expiration Date   Type   Contracts   Notional Amount   Value and Unrealized Appreciation/(Depreciation)  
CBOE VIX; February 2018   Short       2   $   27   $       (3 )
CBOE VIX; March 2018   Short       2       27           —  
US 10 Year Note; March 2018   Short       57       6,930           193  
US 10 Year Ultra Note; March 2018   Short       700     91,142           2,853  
US 2 Year Note; March 2018   Short       885     188,713           1,174  
US 5 Year Note; March 2018   Short       300     34,413           367  
US Long Bond; March 2018   Long       195     28,823           (1,067 )
US Ultra Bond; March 2018   Long       54       8,745           (265 )
Total                       $       3,252  
 
Amounts in thousands except contracts.                                  
 
Foreign Currency Contracts
                          Unrealized Appreciation/(Depreciation)  
Counterparty Settlement Date Contracts to Accept     In Exchange For   Fair Value Asset   Liability  
Brown Brothers Harriman & Co 02/07/2018 CAD   3,930,529 $ 3,139 $ 3,196 $ 57 $ —  
Brown Brothers Harriman & Co 02/07/2018 CHF       521,967   536   561   25   —  
Brown Brothers Harriman & Co 02/07/2018 EUR   5,249,803   6,350   6,520   170   —  
Brown Brothers Harriman & Co 02/07/2018 JPY   171,011,474       1,518   1,567   49   —  
Total                         $ 301 $ —  
                          Unrealized Appreciation/(Depreciation)  
Counterparty Settlement Date Contracts to Deliver     In Exchange For   Fair Value Asset   Liability  
Brown Brothers Harriman & Co 02/07/2018 CAD   3,930,529 $ 3,139 $ 3,196 $ — $ (57 )
Brown Brothers Harriman & Co 02/07/2018 CHF       521,967   536   561   —   (25 )
Brown Brothers Harriman & Co 02/07/2018 EUR   22,448,210   26,430   27,878   —   (1,448 )
Brown Brothers Harriman & Co 02/07/2018 JPY   171,011,474       1,518   1,567   —   (49 )
JPMorgan Chase 02/07/2018 GBP   4,513,678   5,916   6,410   —   (494 )
Total                         $ — $ (2,073 )

 

Amounts in thousands except contracts.  
See accompanying notes. 28

 

 

Schedule of Investments
Core Plus Bond Fund
January 31, 2018 (unaudited)
 
 
 
Exchange Cleared Credit Default Swaps
Buy Protection                        
  Implied                      
  Credit Spread   (Pay)/           Unrealized      
  as of January   Receive Payment Notional   Upfront   Appreciation/      
Reference Entity 31, 2018(a) Fixed Rate Frequency       Maturity Date Amount   Payments/(Receipts)    (Depreciation)   Fair Value  
CDX. NA.HY.29 N/A   (5.00)%        Quarterly       12/20/2022 $125 $ (10 ) $ — $ (10 )
Total         $   (10 ) $ — $ (10 )

 

Amounts in thousands.

(a) Implied credit spreads, represented in absolute terms, used in determining the market value of credit default swap agreements on corporate issues or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

See accompanying notes.

29

 

     Schedule of Investments Diversified International Fund January 31, 2018 (unaudited)

COMMON STOCKS - 97.67% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Aerospace & Defense - 1.00%       Computers - 2.32%      
Safran SA 802,145 $ 90,628 Atos SE 422,296 $ 66,599
Thales SA 364,502   40,858 Capgemini SE 310,220   41,179
    $ 131,486 Fujitsu Ltd 15,000,000   110,754
Airlines - 0.77%       Logitech International SA 2,031,756   85,210
Qantas Airways Ltd 9,629,674   40,810     $ 303,742
Ryanair Holdings PLC ADR(a) 483,623   59,345 Cosmetics & Personal Care - 1.15%      
    $ 100,155 Unilever NV 2,398,696   138,459
Apparel - 1.62%       Unilever PLC 215,803   12,213
LVMH Moet Hennessy Louis Vuitton SE 547,770   171,591     $ 150,672
Moncler SpA 1,209,540   39,861 Distribution & Wholesale - 3.25%      
    $ 211,452 Ferguson PLC 1,081,362   83,507
Automobile Manufacturers - 4.26%       ITOCHU Corp 5,788,700   113,903
Ferrari NV 454,766   54,258 Mitsubishi Corp 4,920,600   137,902
Fiat Chrysler Automobiles NV (a) 5,059,795   122,289 Sumitomo Corp 5,197,400   89,866
Honda Motor Co Ltd 2,969,400   104,718     $ 425,178
Maruti Suzuki India Ltd 564,381   84,265 Diversified Financial Services - 2.85%      
Suzuki Motor Corp 1,118,300   64,230 Amundi SA (b) 468,062   44,166
Volvo AB - B Shares 6,227,595   127,108 Hana Financial Group Inc 1,350,366   65,803
    $ 556,868 Indiabulls Housing Finance Ltd 3,656,492   79,809
Automobile Parts & Equipment - 0.34%       ORIX Corp 6,058,490   113,486
Aisin Seiki Co Ltd 752,200   44,027 Shinhan Financial Group Co Ltd 1,043,569   51,809
        Zenkoku Hosho Co Ltd 369,600   17,325
Banks - 13.67%           $ 372,398
Banco do Brasil SA 8,098,000   100,887 Electric - 1.41%      
Bank Negara Indonesia Persero Tbk PT 44,582,900   31,305 Enel SpA 11,970,203   76,100
Bank of Montreal 946,900   78,008 Iberdrola SA 9,374,801   76,309
Bank of Nova Scotia/The 1,122,400   74,571 Power Grid Corp of India Ltd 10,615,488   32,319
CaixaBank SA 14,592,344   78,713     $ 184,728
Credicorp Ltd 311,992   72,267 Electrical Components & Equipment - 1.51%      
Danske Bank A/S 2,636,746   107,070 Brother Industries Ltd 601,600   15,454
DNB ASA 3,294,472   66,961 Furukawa Electric Co Ltd 1,017,500   55,933
Erste Group Bank AG (a) 1,747,280   88,011 OSRAM Licht AG 591,850   51,727
Grupo Financiero Banorte SAB de CV 10,768,200   68,966 Philips Lighting NV (b) 721,040   28,352
HDFC Bank Ltd ADR 400,833   43,527 Prysmian SpA 1,306,823   45,972
HDFC Bank Ltd 404,231   13,234     $ 197,438
ING Groep NV 7,493,475   147,137 Electronics - 0.96%      
Lloyds Banking Group PLC 148,103,745   146,326 Hitachi High-Technologies Corp 592,800   27,990
Macquarie Group Ltd 1,028,874   85,373 Hoya Corp 1,126,004   57,835
Mediobanca Banca di Credito Finanziario SpA 7,289,610   88,656 Keyence Corp 64,700   39,538
Mitsubishi UFJ Financial Group Inc 19,584,576   148,086     $ 125,363
Raiffeisen Bank International AG (a) 1,776,372   76,363 Engineering & Construction - 1.73%      
Sberbank of Russia PJSC ADR 6,343,097   127,833 ACS Actividades de Construccion y Servicios 2,196,231   87,877
Swedbank AB 2,484,174   63,532 SA      
Yes Bank Ltd 14,698,656   81,644 ACS Actividades de Construccion y Servicios 2,196,231   1,151
    $ 1,788,470 SA - Rights (a)      
Beverages - 1.28%       Vinci SA 1,267,371   136,977
Diageo PLC 3,277,286   117,957     $ 226,005
Treasury Wine Estates Ltd 3,619,772   49,861 Food - 2.28%      
    $ 167,818 Nestle SA 2,267,968   195,911
Biotechnology - 1.04%       Nichirei Corp 1,478,700   39,695
CSL Ltd 646,097   75,968 Uni-President Enterprises Corp 6,310,000   15,147
Shire PLC 1,277,944   59,708 X5 Retail Group NV (a) 1,245,880   47,832
    $ 135,676     $ 298,585
Building Materials - 0.49%       Food Service - 0.09%      
Kingspan Group PLC 1,384,781   64,024 Compass Group PLC 563,172   11,858
 
Chemicals - 1.17%       Forest Products & Paper - 0.61%      
Covestro AG (b) 681,566   78,483 Mondi PLC 1,191,908   31,768
Mitsubishi Chemical Holdings Corp 4,070,900   44,399 UPM-Kymmene OYJ 1,419,533   47,865
Wacker Chemie AG 153,112   30,722     $ 79,633
    $ 153,604 Healthcare - Products - 1.43%      
Commercial Services - 3.19%       Japan Lifeline Co Ltd 1,028,000   26,055
Adecco Group AG 341,832   28,126 Lonza Group AG (a) 429,568   119,350
Ashtead Group PLC 3,618,595   108,171 Straumann Holding AG 54,701   41,752
CCR SA 5,824,200   28,655     $ 187,157
Evotec AG (a) 1,522,737   27,806 Healthcare - Services - 0.38%      
Intertek Group PLC 512,696   36,581 ICON PLC (a) 452,135   49,518
New Oriental Education & Technology Group 545,469   50,232        
Inc ADR       Holding Companies - Diversified - 0.75%      
Qualicorp SA 4,568,700   43,888 Melco International Development Ltd 12,093,000   36,204
TAL Education Group ADR 2,095,118   68,238 Wharf Holdings Ltd/The 15,220,000   62,014
Wirecard AG 209,523   26,123     $ 98,218
    $ 417,820        

 

See accompanying notes.

30

 

     Schedule of Investments Diversified International Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value(000 's)
Home Builders - 1.56%       Private Equity (continued)          
MRV Engenharia e Participacoes SA 5,609,500 $ 26,695 Intermediate Capital Group PLC 2,211,450   $ 36,361  
Persimmon PLC 1,548,088   55,032         $ 275,762  
Sekisui House Ltd 2,096,168   38,514 Real Estate - 2.16%          
Taylor Wimpey PLC 30,758,390   83,215 CK Asset Holdings Ltd 9,158,840     87,152  
    $ 203,456 Sun Hung Kai Properties Ltd 3,194,000     55,220  
Insurance - 4.65%       Vonovia SE 1,546,909     76,283  
ASR Nederland NV 1,279,811   55,904 Wharf Real Estate Investment Co Ltd (a) 9,343,000     64,555  
AXA SA 3,004,839   98,822         $ 283,210  
Hannover Rueck SE 676,294   92,493 REITs - 0.74%          
Industrial Alliance Insurance & Financial 508,100   24,327 Dexus   5,413,746     41,558  
Services Inc       Mirvac Group 30,988,856     55,065  
Legal & General Group PLC 26,926,236   103,434         $ 96,623  
Manulife Financial Corp 2,178,400   46,225 Retail - 4.86%          
NN Group NV 2,060,006   97,160 Alimentation Couche-Tard Inc 2,044,446     106,959  
Swiss Life Holding AG (a) 241,190   90,566              
        Cie Financiere Richemont SA 1,246,680     119,577  
    $ 608,931 Dollarama Inc 989,316     135,271  
Internet - 3.35%       Kering 252,786     128,049  
Alibaba Group Holding Ltd ADR(a) 812,775   166,042 Lojas Renner SA 6,052,650     71,934  
Tencent Holdings Ltd 4,613,732   272,613 Matsumotokiyoshi Holdings Co Ltd 580,600     23,855  
    $ 438,655 Wal-Mart de Mexico SAB de CV 19,966,578     49,949  
Investment Companies - 0.51%               $ 635,594  
Investor AB 1,352,938   66,161 Semiconductors - 5.52%          
        Infineon Technologies AG 4,570,340     133,072  
Iron & Steel - 2.00%       Rohm Co Ltd 646,100     71,178  
POSCO 264,452   94,326 Samsung Electronics Co Ltd 80,297     187,680  
Tata Steel Ltd 2,341,623   25,926 Taiwan Semiconductor Manufacturing Co Ltd 24,673,544     215,630  
Tata Steel Ltd - Rights (a) 356,977   1,090 Tokyo Electron Ltd 281,200     53,046  
Tata Steel Ltd - Rights (a) 178,488   251 Ulvac Inc 921,300     61,757  
Vale SA 10,742,600   140,004         $ 722,363  
    $ 261,597 Software - 0.84%          
Machinery - Construction & Mining - 1.43%       Open Text Corp 968,800     33,176  
ABB Ltd 2,641,919   73,638 Ubisoft Entertainment SA (a) 903,673     77,340  
Hitachi Ltd 14,188,000   113,217         $ 110,516  
    $ 186,855 Telecommunications - 2.96%          
Machinery - Diversified - 1.04%       Mobile TeleSystems PJSC ADR 744,644     9,040  
Duerr AG 242,142   33,360 Nippon Telegraph & Telephone Corp 1,530,163     73,272  
KION Group AG 388,545   35,713 Orange SA 3,259,354     58,896  
Sumitomo Heavy Industries Ltd 1,473,400   67,569 SK Telecom Co Ltd 208,258     51,715  
    $ 136,642 SoftBank Group Corp 1,291,600     107,316  
Mining - 2.05%       Telekomunikasi Indonesia Persero Tbk PT 134,046,100     39,946  
Glencore PLC (a) 16,115,410   92,364 Telenor ASA 2,034,900     47,575  
Norsk Hydro ASA 5,246,878   38,204         $ 387,760  
Rio Tinto Ltd 2,236,503   137,698 Toys, Games & Hobbies - 0.71%          
    $ 268,266 Nintendo Co Ltd 205,200     92,938  
Miscellaneous Manufacturers - 0.38%                    
Smiths Group PLC 2,214,367   50,288 Transportation - 0.84%          
        Canadian National Railway Co 1,374,548     110,165  
Oil & Gas - 6.37%                    
Canadian Natural Resources Ltd 2,005,800   68,474 TOTAL COMMON STOCKS   $ 12,779,689  
Encana Corp 2,393,400   29,596 INVESTMENT COMPANIES - 1.36% Shares Held Value(000 's)
JXTG Holdings Inc 7,407,600   49,317 Money Market Funds - 1.36%          
LUKOIL PJSC ADR 882,518   58,312 Principal Government Money Market Fund (c) 178,520,377     178,520  
Neste Oyj 879,338   60,859              
PTT PCL 5,266,800   82,692 TOTAL INVESTMENT COMPANIES     $ 178,520  
Reliance Industries Ltd 6,549,290   98,820 PREFERRED STOCKS - 0.76% Shares Held Value(000 's)
Royal Dutch Shell PLC - A Shares 3,598,549   126,371 Holding Companies - Diversified - 0.76%          
Royal Dutch Shell PLC - B Shares 1,997,533   70,858 Itausa - Investimentos Itau SA 0.06% 23,867,671   $ 99,277  
Suncor Energy Inc 2,174,700   78,784              
 
TOTAL SA 1,887,044   109,411 TOTAL PREFERRED STOCKS     $ 99,277  
    $ 833,494 Total Investments   $ 13,057,486  
Pharmaceuticals - 2.96%       Other Assets and Liabilities - 0.21%     $ 27,578  
Hypermarcas SA 3,735,814   42,615              
Novo Nordisk A/S 2,246,250   124,663 TOTAL NET ASSETS - 100.00%   $ 13,085,064  
Recordati SpA 1,163,664   52,992              
Roche Holding AG 676,291   167,094 (a) Non-income producing security          
    $ 387,364 (b) Security exempt from registration under Rule 144A of the Securities Act of  
Pipelines - 1.08%         1933. These securities may be resold in transactions exempt from  
Petronet LNG Ltd 6,453,941   25,841   registration, normally to qualified institutional buyers. At the end of the  
TransCanada Corp 2,504,627   115,315   period, the value of these securities totaled $151,001 or 1.15% of net  
    $ 141,156   assets.          
Private Equity - 2.11%                    
3i Group PLC 7,965,153   105,323              
Brookfield Asset Management Inc 3,203,502   134,078              

 

See accompanying notes.

31

 

Schedule of Investments
Diversified International Fund
January 31, 2018 (unaudited)

(c)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)                    
Country     Percent                
Japan     15.33 %              
United Kingdom     9.68 %              
Switzerland     8.39 %              
France     8.13 %              
Canada     7.90 %              
Germany     4.46 %              
China     4.25 %              
Brazil     4.24 %              
Netherlands     4.03 %              
India     3.71 %              
Korea, Republic Of     3.44 %              
Italy     2.74 %              
Australia     2.66 %              
Hong Kong     2.33 %              
Sweden     1.97 %              
Russian Federation     1.86 %              
Spain     1.86 %              
United States     1.82 %              
Taiwan, Province Of China     1.77 %              
Denmark     1.77 %              
Ireland     1.33 %              
Austria     1.25 %              
Norway     1.16 %              
Mexico     0.91 %              
Finland     0.83 %              
Thailand     0.63 %              
Peru     0.55 %              
Indonesia     0.55 %              
South Africa     0.24 %              
Other Assets and Liabilities     0.21 %              
TOTAL NET ASSETS     100.00 %              
 
Affiliated Securities October 31, 2017   Purchases   Sales     January 31, 2018
     Value     Cost   Proceeds     Value
Principal Government Money Market Fund $   —   $ 760,312 $ 581,792 $   178,520
  $   —   $ 760,312 $ 581,792 $   178,520
 
 
      Realized Gain/Loss     Realized Gain from     Change in Unrealized
  Income   on Investments     Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 308 $     — $     — $ —
$ 308 $     — $     — $ —
Amounts in thousands                      

 

See accompanying notes.

32

 

     Schedule of Investments Equity Income Fund January 31, 2018 (unaudited)

COMMON STOCKS - 98.44% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Aerospace & Defense - 0.38%       Machinery - Diversified - 1.14%      
Boeing Co/The 77,840 $ 27,584 Deere & Co 492,776 $ 82,008
 
Airlines - 1.30%       Media - 0.32%      
Delta Air Lines Inc 1,652,114   93,791 Walt Disney Co/The 211,544   22,988
 
Apparel - 1.51%       Miscellaneous Manufacturers - 2.05%      
VF Corp 1,344,911   109,126 3M Co 195,898   49,072
        Parker-Hannifin Corp 490,833   98,864
Automobile Manufacturers - 1.65%           $ 147,936
PACCAR Inc 1,591,764   118,682 Oil & Gas - 9.26%      
        Chevron Corp 683,020   85,617
Automobile Parts & Equipment - 2.88%       Cimarex Energy Co 972,402   109,103
Autoliv Inc 917,549   139,660 Exxon Mobil Corp 981,687   85,701
Magna International Inc 1,193,338   68,199 Marathon Petroleum Corp 2,403,650   166,501
    $ 207,859 Occidental Petroleum Corp 1,094,023   82,019
Banks - 10.83%       Royal Dutch Shell PLC - B shares ADR 1,923,337   138,346
Banco Santander Mexico SA Institucion de 4,089,738   31,982     $ 667,287
Banca Multiple Grupo Financiero Santand       Pharmaceuticals - 7.42%      
ADR       Johnson & Johnson 650,658   89,914
Bank of Nova Scotia/The 2,143,055   142,492 Merck & Co Inc 1,946,698   115,342
JPMorgan Chase & Co 1,790,414   207,097 Novartis AG ADR 945,264   85,131
PNC Financial Services Group Inc/The 1,279,743   202,225 Pfizer Inc 3,038,560   112,548
SunTrust Banks Inc 525,879   37,180 Roche Holding AG ADR 4,263,909   132,181
US Bancorp 2,787,459   159,275     $ 535,116
    $ 780,251 Pipelines - 1.95%      
Beverages - 1.84%       Enterprise Products Partners LP 5,084,038   140,421
Coca-Cola Co/The 1,271,283   60,501        
Dr Pepper Snapple Group Inc 606,570   72,394 Private Equity - 2.21%      
    $ 132,895 KKR & Co LP 6,607,924   159,119
Chemicals - 2.31%              
Air Products & Chemicals Inc 376,450   63,383 REITs - 5.01%      
DowDuPont Inc 677,333   51,193 Annaly Capital Management Inc 8,164,689   86,056
PPG Industries Inc 439,121   52,137 Digital Realty Trust Inc 943,321   105,605
    $ 166,713 Host Hotels & Resorts Inc 3,599,855   74,733
Computers - 3.12%       Simon Property Group Inc 580,715   94,871
Accenture PLC - Class A 208,814   33,556     $ 361,265
Apple Inc 1,144,326   191,595 Retail - 2.39%      
    $ 225,151 Costco Wholesale Corp 498,656   97,173
Diversified Financial Services - 6.46%       Starbucks Corp 1,318,391   74,898
BlackRock Inc 283,919   159,506     $ 172,071
Discover Financial Services 2,164,828   172,753 Semiconductors - 3.74%      
FNF Group 3,429,842   133,695 Applied Materials Inc 882,182   47,312
    $ 465,954 Maxim Integrated Products Inc 883,871   53,916
Electric - 5.07%       Microchip Technology Inc 973,715   92,717
Eversource Energy 1,496,169   94,393 Taiwan Semiconductor Manufacturing Co Ltd 1,661,959   75,303
NextEra Energy Inc 549,834   87,105 ADR      
WEC Energy Group Inc 1,419,169   91,253     $ 269,248
Xcel Energy Inc 2,037,165   92,976 Software - 2.17%      
    $ 365,727 Fidelity National Information Services Inc 581,136   59,485
Electronics - 1.09%       Microsoft Corp 788,820   74,946
Honeywell International Inc 493,500   78,797 SAP SE ADR 191,973   21,741
            $ 156,172
Food - 4.53%       Telecommunications - 2.82%      
Hormel Foods Corp 1,394,726   47,881 BCE Inc 2,061,031   96,353
Kraft Heinz Co/The 1,028,199   80,600 Verizon Communications Inc 1,970,571   106,549
Kroger Co/The 4,678,218   142,031     $ 202,902
Tyson Foods Inc 731,287   55,658 Toys, Games & Hobbies - 2.08%      
    $ 326,170 Hasbro Inc 1,582,314   149,639
Gas - 1.10%              
Sempra Energy 743,710   79,592 Transportation - 1.69%      
        Union Pacific Corp 642,267   85,742
Healthcare - Products - 4.74%       United Parcel Service Inc 281,235   35,807
Abbott Laboratories 1,745,092   108,475     $ 121,549
Becton Dickinson and Co 428,529   104,107 TOTAL COMMON STOCKS   $ 7,095,772
Medtronic PLC 1,506,119   129,360 INVESTMENT COMPANIES - 1.48% Shares Held   Value (000's)
    $ 341,942 Money Market Funds - 1.48%      
Insurance - 5.38%       Principal Government Money Market Fund (a) 106,983,901   106,984
Allstate Corp/The 1,132,086   111,816        
Chubb Ltd 1,083,962   169,260 TOTAL INVESTMENT COMPANIES   $ 106,984
Fairfax Financial Holdings Ltd 121,894   64,325 Total Investments   $ 7,202,756
Swiss Re AG ADR 1,724,918   42,416 Other Assets and Liabilities - 0.08%   $ 5,580
    $ 387,817 TOTAL NET ASSETS - 100.00%   $ 7,208,336

 

See accompanying notes.

33

 

Schedule of Investments
Equity Income Fund
January 31, 2018 (unaudited)

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)                    
Sector     Percent                
Financial     29.89 %              
Consumer, Non-cyclical     18.53 %              
Consumer, Cyclical     11.81 %              
Energy     11.21 %              
Technology     9.03 %              
Industrial     6.35 %              
Utilities     6.17 %              
Communications     3.14 %              
Basic Materials     2.31 %              
Investment Companies     1.48 %              
Other Assets and Liabilities     0.08 %              
TOTAL NET ASSETS     100.00 %              
 
Affiliated Securities October 31, 2017   Purchases   Sales     January 31, 2018
     Value     Cost   Proceeds     Value
Principal Government Money Market Fund $   —   $ 201,700 $ 94,716 $   106,984
  $   —   $ 201,700 $ 94,716 $   106,984
 
 
      Realized Gain/Loss     Realized Gain from     Change in Unrealized
  Income   on Investments     Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 100 $     — $     — $ —
$ 100 $     — $     — $ —
Amounts in thousands                      

 

See accompanying notes.

34

 

Schedule of Investments
Finisterre Unconstrained Emerging Markets Bond Fund
January 31, 2018 (unaudited)

  Principal         Principal    
BONDS - 83.39% Amount (000's) Value (000's) BONDS (continued) Amount (000's)  Value (000's)
Banks - 5.64%         Sovereign (continued)        
ABQ Finance Ltd         Russian Federal Bond - OFZ        
3.50%, 02/22/2022 $ 750 $ 737   7.70%, 03/23/2033 $ 30,000 $ 549
Itau Unibanco Holding SA/Cayman Island         Russian Foreign Bond - Eurobond        
6.13%, 12/31/2049(a),(b)   450   458   5.25%, 06/23/2047   600   631
U.S. Treasury 5-Year Note + 3.98%         Serbia International Bond        
QNB Finansbank AS/Turkey           4.88%, 02/25/2020   300   310
4.88%, 05/19/2022(b)   400   393 Sri Lanka Government International Bond        
    $   1,588   5.88%, 07/25/2022   400   417
Chemicals - 2.41%           6.25%, 07/27/2021   200   212
Braskem Netherlands Finance BV         Turkey Government International Bond        
3.50%, 01/10/2023(b)   275   272   4.88%, 10/09/2026   885   863
Petkim Petrokimya Holding AS           5.13%, 02/17/2028   275   270
5.88%, 01/26/2023(b)   400   405 Ukraine Government International Bond        
    $   677   0.00%, 05/31/2040(b),(e),(f)   505   343
Diversified Financial Services - 4.52%           0.00%, 05/31/2040(e),(f)   370   251
Turkiye Sinai Kalkinma Bankasi AS           7.38%, 09/25/2032   325   330
4.88%, 05/18/2021   600   597   7.75%, 09/01/2022   150   163
Unifin Financiera SAB de CV SOFOM ENR           7.75%, 09/01/2025   250   269
7.25%, 09/27/2023   650   675       $   14,689
    $   1,272 Supranational Bank - 1.84%        
Food - 2.01%         Banque Ouest Africaine de Developpement        
ESAL GmbH           5.00%, 07/27/2027(b)   500   517
6.25%, 02/05/2023   275   266            
Nova Austral SA         Telecommunications - 4.49%        
8.25%, 05/26/2021(b)   300   301 Axtel SAB de CV        
            6.38%, 11/14/2024(b)   500   519
    $   567            
Media - 1.47%         MTN Mauritius Investment Ltd        
Altice Financing SA           4.76%, 11/11/2024   750   746
7.50%, 05/15/2026(b)   125   130       $   1,265
7.50%, 05/15/2026   275   285 Transportation - 1.43%        
    $   415 Hidrovias International Finance SARL        
            5.95%, 01/24/2025(b)   400   403
Oil & Gas - 4.24%                    
Petrobras Global Finance BV                    
5.75%, 02/01/2029(c)   600   594 TOTAL BONDS   $   23,475
6.00%, 01/27/2028(b)   595   600     Principal    
    $   1,194 CONVERTIBLE BONDS - 4.41% Amount (000's) Value (000's)
Real Estate - 3.16%         Investment Companies - 4.41%        
China Evergrande Group         Aabar Investments PJSC        
8.25%, 03/23/2022   650   682   0.50%, 03/27/2020 EUR 400   469
8.75%, 06/28/2025   200   206   1.00%, 03/27/2022   700   774
    $   888       $   1,243
Sovereign - 52.18%         TOTAL CONVERTIBLE BONDS   $   1,243
1MDB Global Investments Ltd         Total Investments   $   24,718
4.40%, 03/09/2023   1,000   976 Other Assets and Liabilities - 12.20%   $   3,434
Abu Dhabi Government International Bond         TOTAL NET ASSETS - 100.00%   $   28,152
2.50%, 10/11/2022(b)   300   292            
Argentine Republic Government International                    
Bond         (a) Perpetual security. Perpetual securities pay an indefinite stream of
5.88%, 01/11/2028   800   778   interest, but they may be called by the issuer at an earlier date.    
Costa Rica Government International Bond         (b) Security exempt from registration under Rule 144A of the Securities Act of
4.37%, 05/22/2019(d)   850   843   1933. These securities may be resold in transactions exempt from    
Egypt Government International Bond           registration, normally to qualified institutional buyers. At the end of the
5.88%, 06/11/2025   700   721   period, the value of these securities totaled $6,406 or 22.75% of net assets.
Hellenic Republic Government Bond         (c) Security purchased on a when-issued basis.      
3.75%, 01/30/2028 EUR 470   584 (d) Fair value of these investments is determined in good faith by the Manager
Indonesia Treasury Bond           under procedures established and periodically reviewed by the Board of
7.50%, 08/15/2032 IDR 6,900,000   548   Directors. Certain inputs used in the valuation may be unobservable;
7.50%, 05/15/2038   6,700,000   530   however, each security is evaluated individually for purposes of ASC 820
Malaysia Government Bond           which results in not all securities being identified as Level 3 of the fair
4.18%, 07/15/2024 MYR 3,550   925   value hierarchy. At the end of the period, the fair value of these securities
Nigeria Government International Bond           totaled $843 or 2.99% of net assets.        
6.50%, 11/28/2027(b) $ 500   519 (e) Non-income producing security        
6.50%, 11/28/2027   200   208 (f) Certain variable rate securities are not based on a published reference
Oman Government International Bond           rate and spread but are determined by the issuer or agent and are based
5.63%, 01/17/2028(b)   400   403   on current market conditions. These securities do not indicate a reference
Peru Government Bond           rate and spread in their description.        
6.15%, 08/12/2032(b) PEN 1,800   621            
Peruvian Government International Bond                    
6.35%, 08/12/2028(b)   650   230            
6.35%, 08/12/2028   1,400   494            
Republic of Poland Government Bond                    
2.50%, 07/25/2027 PLN 5,100   1,409            

 

See accompanying notes.

35

 

Schedule of Investments
Finisterre Unconstrained Emerging Markets Bond Fund
January 31, 2018 (unaudited)

Portfolio Summary (unaudited)
Country Percent  
Turkey 8.98 %
Cayman Islands 5.77 %
United Arab Emirates 5.45 %
Netherlands 5.20 %
Poland 5.01 %
Ukraine 4.82 %
Peru 4.78 %
Mexico 4.24 %
Russian Federation 4.19 %
Indonesia 3.83 %
Virgin Islands, British 3.47 %
Malaysia 3.29 %
Costa Rica 2.99 %
Luxembourg 2.91 %
Argentina 2.76 %
Mauritius 2.65 %
Nigeria 2.58 %
Egypt 2.56 %
Sri Lanka 2.23 %
Greece 2.08 %
Supranational 1.84 %
Brazil 1.62 %
Oman 1.43 %
Serbia 1.10 %
Chile 1.07 %
Austria 0.95 %
Other Assets and Liabilities 12.20 %
TOTAL NET ASSETS 100.00 %

 

Futures Contracts
Description and Expiration Date   Type Contracts   Notional Amount   Value and Unrealized Appreciation/(Depreciation)  
Euro Bund 10 Year Bund; March 2018   Short 11 $   2,169 $         12  
US 10 Year Note; March 2018   Short 36     4,377           65  
US Long Bond; March 2018   Short 6     887           (2 )
Total             $         75  
 
Amounts in thousands except contracts.                          
 
 
Foreign Currency Contracts
                  Unrealized Appreciation/(Depreciation)  
Counterparty Settlement Date   Contracts to Accept     In Exchange For   Fair Value   Asset   Liability  
Barclays Bank PLC 03/22/2018 MYR 2,200,000   $ 556 $ 563 $ 7 $ —  
HSBC Securities Inc 03/22/2018 BRL 1,780,000     555   556   1   —  
HSBC Securities Inc 03/22/2018 CNH 5,400,000     844   855   11   —  
HSBC Securities Inc 03/22/2018 CZK 18,300,000     884   902   18   —  
HSBC Securities Inc 03/22/2018 EUR 675,000     836   841   5   —  
HSBC Securities Inc 03/22/2018 KRW 910,000,000     855   852   —   (3 )
HSBC Securities Inc 03/22/2018 MXN 10,500,000     561   560   —   (1 )
Total                 $ 42 $ (4 )
                  Unrealized Appreciation/(Depreciation)  
Counterparty Settlement Date   Contracts to Deliver     In Exchange For   Fair Value   Asset   Liability  
Bank of New York Mellon 02/26/2018 EUR 74,718   $ 92 $ 93 $ — $ (1 )
HSBC Securities Inc 02/26/2018 EUR 906,649     1,111   1,127   —   (16 )
HSBC Securities Inc 03/22/2018 BRL 1,780,000     549   556   —   (7 )
HSBC Securities Inc 03/22/2018 EUR 675,000     838   841   —   (3 )
HSBC Securities Inc 03/22/2018 KRW 910,000,000     849   852   —   (3 )
HSBC Securities Inc 03/22/2018 MXN 10,500,000     552   560   —   (8 )
JPMorgan Chase 02/26/2018 EUR 487,577     604   606   —   (2 )
Total                 $ — $ (40 )
 
Amounts in thousands except contracts.                          

 

See accompanying notes.

36

 

Schedule of Investments
Finisterre Unconstrained Emerging Markets Bond Fund
January 31, 2018 (unaudited)
 
 
Credit Default Swaps
Buy Protection                                  
    Implied                              
    Credit                              
    Spread as of   (Pay)/                             Unrealized          
    January 31,   Receive       Payment      Notional   Upfront     Appreciation/   Fair Value    
Counterparty Reference Entity 2018 (a) Fixed Rate     Frequency Maturity Date    Amount    Payments/(Receipts)      (Depreciation)    Asset Liability  
Barclays Capital Mexico Government 0.97 % (1.00)%      Quarterly 12/20/2022 $ 650 $ (1 ) $ — $ — $ (1 )
  International Bond,                                
  4.15%, 03/28/2027                                
JP Morgan Securities  Mexico Government 0.97 % (1.00)%        Quarterly 12/20/2022   2,000   (3 )   —   —   (3 )
  International Bond,                                
  4.15%, 03/28/2027                                
Total             $   (4 ) $ — $ — $ (4 )

 

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.

Exchange Cleared Interest Rate Swaps
    (Pay)/                            
    Receive                            
    Floating Fixed     Payment   Notional   Unrealized     Upfront        
Floating Rate Index Rate Rate       Frequency       Maturity Date  Amount    Appreciation/(Depreciation)      Payments/(Receipts)   Fair Value  
Brazil Cetip Interbank Deposit Pay 9.26%      Annual           01/02/2023 BRL11,800 $ (6 ) $   — $   (6 )
Total           $   (6 ) $   — $   (6 )
 
Amounts in thousands.                              
 
 
Total Return Swaps
      Pay/Receive                 Value and Unrealized  
      Positive Payment   Expiration    Notional   Upfront Appreciation/(Depreciation)  
Counterparty Reference Entity  Contracts Return Financing Rate        Frequency   Date   Amount   Payments/(Receipts) Asset Liability  
HSBC Securities Egypt Treasury 12,100,000 Receive 3 month LIBOR      Quarterly 02/27/2018 $655 $   — $ 20 $ —  
Inc Bills, 0.00%,     plus 1.10%                        
  02/27/2018                              
HSBC Securities Egypt Treasury 6,600,000 Receive 3 month LIBOR      Quarterly 02/28/2018   358     —   10   —  
Inc Bills, 0.00%,     plus 1.10%                        
  02/27/2018                              
HSBC Securities Egypt Treasury 5,175,000 Receive 3 month LIBOR      Quarterly 04/17/2018   268     —   4   —  
Inc Bills, 0.00%,     plus 1.10%                        
  07/10/2018                              
HSBC Securities Nigeria OMO 212,000,000 Receive 3 month LIBOR      Quarterly 05/03/2018   561     —   —   (5 )
Inc Bill, 0.00%,     plus 1.10%                        
  06/07/2018                              
Total               $     — $ 34 $ (5 )
 
Amounts in thousands except contracts                            

 

See accompanying notes.

37

 

     Schedule of Investments Global Diversified Income Fund January 31, 2018 (unaudited)

COMMON STOCKS - 34.58% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Advertising - 0.07%       Chemicals (continued)      
Smiles Fidelidade SA 346,700 $ 8,940 Olin Corp 140,751 $ 5,247
        Showa Denko KK 151,500   7,049
Aerospace & Defense - 0.11%       Wacker Chemie AG 37,912   7,607
L3 Technologies Inc 66,208   14,067     $ 76,014
        Coal - 0.18%      
Agriculture - 0.07%       China Coal Energy Co Ltd 13,393,000   6,911
Philip Morris International Inc 83,719   8,977 China Shenhua Energy Co Ltd 3,444,500   10,703
        Foresight Energy LP 695,156   2,989
Airlines - 0.04%       Whitehaven Coal Ltd 508,628   2,018
International Consolidated Airlines Group SA 566,001   5,143     $ 22,621
        Commercial Services - 1.85%      
Automobile Manufacturers - 0.10%       Abertis Infraestructuras SA 659,215   15,993
Fiat Chrysler Automobiles NV (a) 310,737   7,510 Ashtead Group PLC 417,458   12,479
Suzuki Motor Corp 94,500   5,428 Atlantia SpA 1,171,329   38,771
    $ 12,938 CCR SA 6,049,100   29,761
Automobile Parts & Equipment - 0.37%       Cengage Learning Holdings II Inc (a),(c) 34,465   259
Allison Transmission Holdings Inc 75,185   3,326 China Merchants Port Holdings Co Ltd 2,600,000   6,856
Dana Inc 303,018   9,997 COSCO SHIPPING Ports Ltd 12,704,000   13,275
FCC Co Ltd 308,300   8,291 Getlink SE 1,069,963   15,005
Georg Fischer AG 6,519   9,437 Jiangsu Expressway Co Ltd 16,734,329   25,739
Goodyear Tire & Rubber Co/The 121,448   4,229 Macquarie Infrastructure Corp 134,354   8,914
Lear Corp 58,413   11,282 Transurban Group 7,015,307   67,919
    $ 46,562     $ 234,971
Banks - 2.42%       Computers - 0.11%      
Aareal Bank AG 104,669   5,291 Atos SE 24,299   3,832
Agricultural Bank of China Ltd 22,016,000   13,470 HP Inc 259,570   6,053
Bank of America Corp 529,738   16,952 Leidos Holdings Inc 52,863   3,521
Bank of China Ltd 20,318,000   12,177     $ 13,406
BOC Hong Kong Holdings Ltd 952,500   4,858 Cosmetics & Personal Care - 0.11%      
Cathay General Bancorp 223,120   9,759 Colgate-Palmolive Co 106,365   7,897
Central Pacific Financial Corp 136,631   4,040 Svenska Cellulosa AB SCA 618,480   6,399
China Construction Bank Corp 10,250,000   11,768     $ 14,296
China Merchants Bank Co Ltd 941,500   4,597 Distribution & Wholesale - 0.13%      
Comerica Inc 79,006   7,523 Mitsubishi Corp 208,000   5,829
Cullen/Frost Bankers Inc 92,680   9,862 Sumitomo Corp 606,200   10,482
Danske Bank A/S 150,469   6,110     $ 16,311
East West Bancorp Inc 84,332   5,558 Diversified Financial Services - 0.28%      
Erste Group Bank AG (a) 114,236   5,754        
        BGC Partners Inc 512,273   7,330
Fifth Third Bancorp 423,321   14,012 Hana Financial Group Inc 102,504   4,995
First Busey Corp 265,775   8,234 Mebuki Financial Group Inc 3,044,400   13,899
ICICI Bank Ltd ADR 473,379   5,198 Moelis & Co 188,141   9,727
Industrial & Commercial Bank of China Ltd 13,077,000   12,318     $ 35,951
ING Groep NV 433,681   8,516        
JPMorgan Chase & Co (b) 303,519   35,108 Electric - 3.73%      
Lloyds Banking Group PLC 9,880,957   9,762 Alliant Energy Corp 254,491   10,116
Mediobanca Banca di Credito Finanziario SpA 1,404,240   17,079 American Electric Power Co Inc 86,517   5,950
        CenterPoint Energy Inc 219,213   6,177
Mitsubishi UFJ Financial Group Inc 1,617,600   12,231 CMS Energy Corp (b) 247,010   11,054
Natixis SA 2,006,007   18,267        
   Consolidated Edison Inc  31,795    2,555
PacWest Bancorp 216,742   11,364 Dominion Energy Inc (b) 897,983   68,642
Resona Holdings Inc 2,487,800   15,066 DTE Energy Co (b) 237,268   25,065
Sberbank of Russia PJSC ADR 272,467   5,491        
State Street Corp 29,664   3,268 Enel SpA 1,442,963   9,174
        Entergy Corp 201,270   15,838
Union Bankshares Corp 232,225   8,766 Eversource Energy (b) 306,100   19,312
Zions Bancorporation 90,173   4,872        
    $ 307,271 Exelon Corp 201,233   7,749
        FirstEnergy Corp 156,403   5,146
Beverages - 0.04%       Great Plains Energy Inc 928,720   28,902
Dr Pepper Snapple Group Inc 47,469   5,665 Hydro One Ltd (d) 1,040,800   18,794
        Infraestructura Energetica Nova SAB de CV 170,000   886
Biotechnology - 0.15%       NextEra Energy Inc (b) 402,632   63,785
Gilead Sciences Inc (b) 234,060   19,614        
        NRG Yield Inc - C Shares 25,042   473
        Origin Energy Ltd (a) 615,707   4,612
Building Materials - 0.28%       PG&E Corp 646,303   27,423
Buzzi Unicem SpA 223,079   6,550 Pinnacle West Capital Corp (b) 70,100   5,604
Masco Corp 88,728   3,963 Portland General Electric Co 135,000   5,717
Owens Corning 84,395   7,846 Power Assets Holdings Ltd 3,444,000   30,607
Xinyi Glass Holdings Ltd (a) 11,360,000   17,212        
        PPL Corp 595,000   18,963
    $ 35,571 Public Service Enterprise Group Inc 240,000   12,449
Chemicals - 0.60%       Southern Co/The 831,164   37,494
Celanese Corp 115,239   12,464 SSE PLC 1,229,679   22,804
China General Plastics Corp 6,331,000   7,290 WEC Energy Group Inc (b) 145,000   9,323
Denka Co Ltd 170,300   6,807     $ 474,614
DowDuPont Inc 193,115   14,596 Electrical Components & Equipment - 0.06%      
Huntsman Corp 432,573   14,954 Fujikura Ltd 527,200   5,183

 

See accompanying notes.

38

 

     Schedule of Investments Global Diversified Income Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)
Electrical Components & Equipment (continued)     Insurance (continued)      
Prysmian SpA 84,589 $ 2,976 Swiss Life Holding AG (a) 51,979 $ 19,518
    $ 8,159 UNIQA Insurance Group AG 728,063   8,968
Electronics - 0.08%       Unum Group 232,938   12,390
Nippon Electric Glass Co Ltd 151,700   6,273     $ 131,526
Tripod Technology Corp 1,332,000   4,293 Iron & Steel - 0.22%      
    $ 10,566 Material Sciences Corp - Warrants (a),(c),(e),(f) 1,131,541   3,711
Energy - Alternate Sources - 0.23%       Specialty Steel Holdings, Inc. (a),(e),(f) 87   15,444
NextEra Energy Partners LP (b) 642,928   28,874 Steel Dynamics Inc 201,495   9,148
            $ 28,303
Engineering & Construction - 0.73%       Leisure Products & Services - 0.08%      
ACS Actividades de Construccion y Servicios 240,985   9,643 Royal Caribbean Cruises Ltd 77,893   10,403
SA              
ACS Actividades de Construccion y Servicios 155,437   82 Lodging - 0.34%      
SA - Rights (a)       Extended Stay America Inc 1,590,944   32,185
Aena SME SA (d) 45,126   9,826 Las Vegas Sands Corp 90,005   6,977
China Communications Services Corp Ltd 12,600,000   7,982 Scandic Hotels Group AB (d) 353,571   3,912
China Machinery Engineering Corp 12,411,000   8,136     $ 43,074
Downer EDI Ltd 1,730,414   9,344 Machinery - Construction & Mining - 0.04%      
Eiffage SA 63,878   7,744 Oshkosh Corp 60,033   5,446
Grupo Aeroportuario del Pacifico SAB de CV 281,509   2,950        
Japan Airport Terminal Co Ltd 154,900   6,018 Machinery - Diversified - 0.12%      
Kyowa Exeo Corp 302,900   7,864 Cummins Inc 52,712   9,910
Kyudenko Corp 206,500   9,486 Valmet OYJ 226,415   5,080
Vinci SA 123,447   13,342     $ 14,990
    $ 92,417 Media - 0.69%      
Food - 0.17%       Altice USA Inc (a) 755,000   16,210
Sonae SGPS SA 4,750,965   7,635 Cogeco Communications Inc 200,500   12,421
WH Group Ltd (d) 11,594,000   14,335 Comcast Corp - Class A (b) 881,849   37,505
    $ 21,970 Time Warner Inc 223,600   21,320
Gas - 1.63%           $ 87,456
Atmos Energy Corp 66,983   5,553 Mining - 0.22%      
ENN Energy Holdings Ltd 1,194,000   9,225 Alumina Ltd 2,722,117   5,264
National Grid PLC ADR 268,750   15,501 Boliden AB 54,028   1,961
National Grid PLC 7,045,379   80,727 Mitsui Mining & Smelting Co Ltd 118,900   6,678
NiSource Inc (b) 887,449   21,902 Rio Tinto Ltd 107,673   6,629
Osaka Gas Co Ltd 1,363,300   27,120 Rio Tinto PLC 127,908   7,120
Rubis SCA 142,096   10,480     $ 27,652
Sempra Energy (b) 70,500   7,545 Miscellaneous Manufacturers - 0.17%      
South Jersey Industries Inc 65,411   1,926 Crane Co 35,855   3,584
Southwest Gas Holdings Inc 2,200   162 Hill & Smith Holdings PLC 199,318   3,399
UGI Corp 598,111   27,376 Parker-Hannifin Corp 44,793   9,022
    $ 207,517 Trinseo SA 62,060   5,117
Hand & Machine Tools - 0.04%           $ 21,122
Basso Industry Corp 2,064,900   4,658 Office & Business Equipment - 0.11%      
        Xerox Corp 397,560   13,569
Healthcare - Services - 0.22%              
Anthem Inc 22,356   5,541 Oil & Gas - 1.12%      
Encompass Health Corp 204,314   10,812 Andeavor 56,157   6,074
Laboratory Corp of America Holdings (a) 35,577   6,208 Chaparral Energy Inc - A Shares (a),(c),(f) 1,934   48
Quest Diagnostics Inc 45,903   4,858 Chaparral Energy Inc - A Shares (a),(c) 252,908   6,260
    $ 27,419 Chaparral Energy Inc - B Shares (a),(c),(f) 53,185   1,316
Home Builders - 0.17%       Chevron Corp 185,281   23,225
Bellway PLC 95,465   4,500 China Petroleum & Chemical Corp 10,202,000   8,819
MDC Holdings Inc 147,760   4,981 Comstock Resources Inc - Warrants (a) 28,875   173
Persimmon PLC 169,487   6,025 ConocoPhillips 135,229   7,953
PulteGroup Inc 175,748   5,594 Cosmo Energy Holdings Co Ltd 184,000   7,244
    $ 21,100 Exxon Mobil Corp (b) 86,898   7,586
Home Furnishings - 0.00%       Frontera Energy Corp (a) 35,992   1,280
Targus Group International Inc (a),(c),(e),(f) 75,880   68 Helmerich & Payne Inc 46,054   3,317
        Milagro Oil & Gas Inc (a),(c),(e),(f) 1,874   189
Insurance - 1.03%       Murphy Oil Corp 299,688   9,620
Allianz SE 28,265   7,149 Royal Dutch Shell PLC ADR(b) 140,000   9,834
Allstate Corp/The 78,236   7,727 Royal Dutch Shell PLC - A Shares 485,029   17,004
American Financial Group Inc/OH 159,364   18,062 Royal Dutch Shell PLC - B Shares 440,701   15,633
ASR Nederland NV 108,055   4,720 TOTAL SA 134,847   7,819
AXA SA 346,511   11,396 Whitecap Resources Inc 1,269,140   9,276
Legal & General Group PLC 1,956,349   7,515     $ 142,670
Manulife Financial Corp 365,100   7,747 Oil & Gas Services - 0.03%      
NN Group NV 271,074   12,785 Fara HoldCo Limited (a),(f) 95,469   678
Prudential Financial Inc 74,017   8,795 Subsea 7 SA 212,463   3,309
Reinsurance Group of America Inc 30,347   4,754     $ 3,987
        Packaging & Containers - 0.27%      
        DS Smith PLC 1,192,309   8,522

 

See accompanying notes.

39

 

     Schedule of Investments Global Diversified Income Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value(000 's)
Packaging & Containers (continued)       REITs (continued)        
Graphic Packaging Holding Co 431,736 $ 6,972 CYS Investments Inc (b) 1,056,987 $ 7,124  
WestRock Co 275,462   18,354 Daiwa Office Investment Corp 730   4,214  
    $ 33,848 DDR Corp 1,145,080   9,298  
Pharmaceuticals - 0.25%       Dexus 2,117,163   16,252  
AbbVie Inc (b) 63,084   7,079 Empiric Student Property PLC 1,169,387   1,458  
Johnson & Johnson 71,147   9,832 EPR Properties (b) 166,546   9,836  
Novo Nordisk A/S 57,695   3,202 Equinix Inc 33,541   15,268  
Pfizer Inc 85,531   3,168 Essex Property Trust Inc (b) 99,083   23,084  
Recordati SpA 186,502   8,493 Eurocommercial Properties NV 169,290   7,986  
    $ 31,774 Far East Hospitality Trust 11,295,700   6,583  
Pipelines - 1.59%       First Industrial Realty Trust Inc 93,392   2,882  
Enbridge Inc 1,161,113   42,508 Fonciere Des Regions 106,215   11,675  
Enterprise Products Partners LP (b) 1,260,562   34,817 Fortune Real Estate Investment Trust 2,768,000   3,475  
Kinder Morgan Inc/DE 2,901,199   52,164 Frasers Centrepoint Trust 3,866,200   6,691  
Koninklijke Vopak NV 226,102   10,206 Frasers Logistics & Industrial Trust 7,519,905   6,542  
ONEOK Inc 261,134   15,371 Gecina SA 51,714   10,105  
Plains All American Pipeline LP 1,058,093   22,188 Goodman Group 1,947,678   12,710  
Targa Resources Corp 120,000   5,760 Gramercy Property Trust 586,304   14,798  
TransCanada Corp 10,000   460 Granite Real Estate Investment Trust 114,110   4,697  
Williams Partners LP 445,000   18,645 H&R Real Estate Investment Trust 285,600   4,881  
    $ 202,119 Healthcare Trust of America Inc 269,819   7,450  
Private Equity - 0.11%       Hispania Activos Inmobiliarios SOCIMI SA 317,153   6,640  
Intermediate Capital Group PLC 676,067   11,116 Hoshino Resorts REIT Inc 723   3,798  
Jafco Co Ltd 44,800   2,550 Hudson Pacific Properties Inc 296,100   9,466  
    $ 13,666 ICADE 64,183   6,961  
Real Estate - 1.91%       Independence Realty Trust Inc 1,701,312   15,635  
ADO Properties SA (d) 349,528   18,834 Industrial & Infrastructure Fund Investment 5,112   5,845  
Aroundtown SA 1,716,940   13,820 Corp        
Atrium European Real Estate Ltd (a) 1,726,269   9,018 InfraREIT Inc 1,186,547   22,521  
CA Immobilien Anlagen AG 153,432   4,713 Inmobiliaria Colonial Socimi SA 568,199   6,347  
CapitaLand Ltd 3,065,100   8,949 Investa Office Fund 767,862   2,737  
        Invitation Homes Inc (b) 1,357,349   30,527  
Castellum AB 457,724   7,892          
Citycon OYJ 1,906,384   5,292 Irish Residential Properties REIT PLC 2,272,325   4,229  
Deutsche Wohnen SE 405,264   18,324 Japan Hotel REIT Investment Corp 30,728   22,797  
Echo Investment SA 747,847   1,128 Japan Rental Housing Investments Inc 4,811   3,799  
Entra ASA (d) 386,477   5,841 Kenedix Retail REIT Corp 3,650   8,240  
Fabege AB 242,000   5,299 Kilroy Realty Corp 153,794   10,969  
LEG Immobilien AG 163,015   18,397 Klepierre SA 212,915   9,727  
        Liberty Property Trust (b) 344,565   14,268  
Mitsubishi Estate Co Ltd 226,500   4,357          
Mitsui Fudosan Co Ltd 1,116,000   29,391 Link REIT 2,622,500   23,210  
New World Development Co Ltd 8,252,000   13,302 LondonMetric Property PLC 4,766,195   12,140  
Nexity SA (a) 164,581   9,917 Macquarie Mexico Real Estate Management 7,727,600   8,595  
        SA de CV (a)        
Open House Co Ltd 56,500   3,322          
Propertylink Group 11,299,669   8,808 Mapletree Logistics Trust 7,081,500   7,401  
SOHO China Ltd 19,700,000   11,684 MCUBS MidCity Investment Corp 26,295   18,887  
Sun Hung Kai Properties Ltd 182,000   3,147 Merlin Properties Socimi SA 1,534,355   22,092  
Times Property Holdings Ltd 8,623,000   10,701 Mirvac Group 3,468,575   6,163  
TLG Immobilien AG 304,418   8,572 Monmouth Real Estate Investment Corp 329,751   5,635  
Tokyo Tatemono Co Ltd 564,700   9,104 New Residential Investment Corp 866,555   14,983  
Vonovia SE 174,576   8,609 NewRiver REIT PLC 3,288,345   14,053  
Wihlborgs Fastigheter AB 194,931   4,744 NexPoint Residential Trust Inc 70,810   1,877  
    $ 243,165 Park Hotels & Resorts Inc 759,510   21,957  
        Pebblebrook Hotel Trust 282,459   11,016  
REITs - 9.21%       Physicians Realty Trust 769,844   12,548  
AIMS AMP Capital Industrial REIT 5,477,950   5,716 PLA Administradora Industrial S de RL de CV 4,483,345   6,829  
Alexandria Real Estate Equities Inc 144,991   18,805 (a)        
Altarea SCA 33,455   8,552 Prologis Inc (b) 470,513   30,635  
American Tower Corp 368,317   54,400 Prologis Property Mexico SA de CV 1,472,580   2,689  
Apartment Investment & Management Co 451,178   18,877 Pure Industrial Real Estate Trust 1,534,000   10,077  
Arena REIT 2,370,825   4,375 SBA Communications Corp (a) 17,500   3,054  
Assura PLC 3,696,474   3,237 Secure Income REIT Plc 301,021   1,547  
Blackstone Mortgage Trust Inc 339,595   10,527 Segro PLC 1,285,677   10,633  
Brixmor Property Group Inc 367,335   5,962 Sekisui House Reit Inc 3,613   4,920  
CapitaLand Commercial Trust 11,430,545   16,282 Simon Property Group Inc (b) 257,310   42,037  
CapitaLand Retail China Trust 7,229,200   9,319 Spirit Realty Capital Inc 2,760,092   22,550  
Champion REIT 9,331,000   6,915 Spring Real Estate Investment Trust 6,271,000   2,727  
Charter Hall Group 1,631,227   7,756          
City Office REIT Inc (g) 1,873,442   21,882 STAG Industrial Inc 744,980   18,863  
        STORE Capital Corp 1,464,752   35,901  
Cromwell Property Group 14,870,246   11,868 Sun Communities Inc (b) 273,826   24,327  
Crown Castle International Corp (b) 635,766   71,695          
CubeSmart (b) 712,026   19,602 Sunstone Hotel Investors Inc 298,475   5,029  
        Tanger Factory Outlet Centers Inc 828,657   20,866  
CyrusOne Inc 116,200   6,704 Taubman Centers Inc 123,615   7,621  
        Two Harbors Investment Corp 774,591   11,425  
        UNITE Group PLC/The 459,476   5,204  

 

See accompanying notes.

40

 

     Schedule of Investments Global Diversified Income Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued)   Shares Held   Value (000's) PREFERRED STOCKS - 0.61%   Shares Held Value (000's)
REITs (continued)         Banks - 0.23%            
Uniti Group Inc (b)   1,000,860 $ 15,844 AgriBank FCB 6.88% (h)     33,000 $ 3,618
Welltower Inc   74,551   4,471 3 Month LIBOR + 4.23%          
Weyerhaeuser Co   398,476   14,959 Citigroup Inc 6.88% (h)     80,995   2,284
WPT Industrial Real Estate Investment Trust   1,158,169   15,184 3 Month LIBOR + 4.13%          
      $ 1,171,938 CoBank ACB 6.20% (h)     7,000   749
Retail - 0.26%         3 Month LIBOR + 3.74%          
Best Buy Co Inc   84,967   6,208 CoBank ACB 6.25% (d),(h)     51,000   5,419
Kohl's Corp   49,864   3,230 3 Month LIBOR + 4.56%          
Lowe's Cos Inc   80,193   8,398 Fifth Third Bancorp 6.63% (h)     100,000   2,828
Wal-Mart de Mexico SAB de CV   835,500   2,090 3 Month LIBOR + 3.71%          
Walmart Inc   128,802   13,730 Goldman Sachs Group Inc/The 5.50% (h)   32,200   839
      $ 33,656 3 Month LIBOR + 3.64%          
          Huntington Bancshares Inc/OH 6.25% (h) 70,000   1,870
Semiconductors - 0.44%         KeyCorp 6.13% (h)     40,000   1,130
ASM Pacific Technology Ltd   464,900   6,332              
BE Semiconductor Industries NV   28,421   2,735 3 Month LIBOR + 3.89%          
          Morgan Stanley 5.85% (h)     60,000   1,569
Intel Corp   108,972   5,246              
Microchip Technology Inc   113,613   10,818 3 Month LIBOR + 3.49%          
MKS Instruments Inc   89,585   9,165 PNC Financial Services Group Inc/The   50,000   1,383
Powertech Technology Inc   3,266,000   10,608 6.13% (h)            
Rohm Co Ltd   21,500   2,369 3 Month LIBOR + 4.07%          
          State Street Corp 5.90% (h)     65,000   1,739
SUMCO Corp   88,400   2,406              
Taiwan Semiconductor Manufacturing Co Ltd   796,000   6,956 3 Month LIBOR + 3.11%          
          Valley National Bancorp 6.25% (h)   120,000   3,232
      $ 56,635              
          3 Month LIBOR + 3.85%          
Software - 0.38%         Wells Fargo & Co 5.63% (h)     80,727   2,027
Aspect Software Inc (a),(c)   514,301   5,143              
InterXion Holding NV (a)   409,907   25,722           $ 28,687
Microsoft Corp (b)   184,096   17,491 Diversified Financial Services - 0.01%        
          Charles Schwab Corp/The 6.00% (h)   59,400   1,558
      $ 48,356              
Storage & Warehousing - 0.08%                      
Americold Realty Trust (a)   87,301   1,596 Electric - 0.10%          
          Alabama Power Co 5.00% (h)     75,000   1,878
Safestore Holdings PLC   1,209,425   8,572              
      $ 10,168 Dominion Energy Inc 5.25%, 07/30/2076   76,941   1,838
          DTE Energy Co 5.25%, 12/01/2077   35,000   847
Telecommunications - 0.64%         Entergy Louisiana LLC 4.70%, 06/01/2063   99,900   2,335
Accton Technology Corp   2,658,000   10,644 Entergy Utility Group Inc 5.00%, 12/01/2052   20,000   487
AT&T Inc   85,168   3,189 SCE Trust V 5.45% (h)     125,000   3,151
BCE Inc (b)   285,000   13,324              
          3 Month LIBOR + 3.79%          
CenturyLink Inc   1,090,000   19,413 SCE Trust VI 5.00% (h)     25,000   566
Cisco Systems Inc   302,309   12,558 Southern Co/The 5.25%, 12/01/2077   35,000   832
Mobile TeleSystems PJSC ADR   218,684   2,655           $ 11,934
TELUS Corp   45,200   1,703              
   Food - 0.01%            
Verizon Communications Inc   281,292   15,209 Dairy Farmers  of America Inc 7.88% (d),(h)   10,000   1,144
Zayo Group Holdings Inc (a)   76,462   2,806              
 
      $ 81,501 Insurance - 0.06%          
Toys, Games & Hobbies - 0.09%         Allstate Corp/The 6.63% (h)     100,000   2,590
Nintendo Co Ltd   24,700   11,187 Arch Capital Group Ltd 5.25% (h)   30,800   718
          Hartford Financial Services Group Inc/The   100,000   2,904
Transportation - 1.11%         7.88%, 04/15/2042          
Canadian Pacific Railway Ltd   86,056   15,934 3 Month LIBOR + 5.60%          
Central Japan Railway Co   62,100   11,796 Reinsurance Group of America Inc 6.20%,   20,000   557
CSX Corp   263,571   14,963 09/15/2042            
East Japan Railway Co   432,400   43,160 3 Month LIBOR + 4.37%          
Norfolk Southern Corp (b)   203,601   30,719              
          XLIT Ltd 4.84% (h)     1,200   1,116
SITC International Holdings Co Ltd   7,226,000   8,267 3 Month LIBOR + 3.12%          
Union Pacific Corp   125,969   16,817           $ 7,885
      $ 141,656 REITs - 0.09%            
Water - 0.10%         DDR Corp 6.38% (h)     15,702   392
American Water Works Co Inc (b)   148,000   12,309              
          Digital Realty Trust Inc 7.38% (h)   8,320   219
          Equity Residential 8.29% (h)     20,702   1,338
TOTAL COMMON STOCKS     $ 4,397,856 Kimco Realty Corp 5.25% (h)     63,000   1,463
INVESTMENT COMPANIES - 3.30%   Shares Held   Value (000's) Prologis Inc 8.54% (h)     92,034   6,377
Money Market Funds - 3.30%         Public Storage 5.05% (h)     2,000   47
Principal Government Money Market Fund (g)   419,280,914   419,281 Public Storage 5.88% (h)     57,851   1,481
          Public Storage 6.00% (h)     18,393   476
TOTAL INVESTMENT COMPANIES     $ 419,281           $ 11,793
CONVERTIBLE PREFERRED STOCKS -         Telecommunications - 0.11%          
0.04 % Shares Held   Value (000's) Centaur Funding Corp 9.08%, 04/21/2020 (d)   9,000   10,301
Banks - 0.04%         Telephone & Data Systems Inc 6.88 %, 12,496   311
Wells Fargo & Co 7.50% (h)   4,146 $ 5,307 11/15/2059            
          Telephone & Data Systems Inc 7.00 %, 91,217   2,262
TOTAL CONVERTIBLE PREFERRED STOCKS $ 5,307 03/15/2060            

 

See accompanying notes.

41

 

     Schedule of Investments Global Diversified Income Fund January 31, 2018 (unaudited)

PREFERRED STOCKS (continued)   Shares Held Value (000's)   Principal    
Telecommunications (continued)             BONDS (continued) Amount (000's) Value (000's)
Verizon Communications Inc 5.90%,     50,000 $   1,292 Automobile Manufacturers - 0.16%        
02/15/2054             BCD Acquisition Inc        
        $   14,166 9.63%, 09/15/2023(d) $ 7,320 $ 7,997
TOTAL PREFERRED STOCKS       $   77,167 Fiat Chrysler Finance Europe SA        
    Principal       4.75%, 07/15/2022 EUR 2,700   3,817
BONDS - 52.71%   Amount (000's) Value (000's) 6.75%, 10/14/2019   1,200   1,649
Aerospace & Defense - 0.40%             General Motors Financial Co Inc        
              5.75%, 12/31/2049(h),(i) $ 1,000   1,032
Leonardo SpA                      
4.88%, 03/24/2025   EUR 2,200   $ 3,298 3 Month LIBOR + 3.60%        
TA MFG. Ltd             Navistar International Corp        
              6.63%, 11/01/2025(d)   4,631   4,841
3.63%, 04/15/2023     853     1,080          
TransDigm Inc             Peugeot SA        
6.00%, 07/15/2022   $ 4,975     5,106 2.00%, 03/23/2024 EUR 700   884
6.38%, 06/15/2026     26,650     27,350     $   20,220
6.50%, 07/15/2024     7,655     7,874 Automobile Parts & Equipment - 0.11%        
Triumph Group Inc             Adient Global Holdings Ltd        
7.75%, 08/15/2025     5,445     5,772 3.50%, 08/15/2024   2,100   2,687
        $   50,480 Allison Transmission Inc        
              5.00%, 10/01/2024(d) $ 2,740   2,767
Agriculture - 0.11%                      
Adecoagro SA             American Axle & Manufacturing Inc        
6.00%, 09/21/2027(d)     11,883     11,693 6.25%, 04/01/2025(d)   4,115   4,300
Vector Group Ltd             IHO Verwaltungs GmbH        
6.13%, 02/01/2025(d)     2,830     2,936 3.25%, 09/15/2023(j) EUR 3,000   3,887
        $   14,629     $   13,641
Airlines - 0.09%             Banks - 2.58%        
Gol Finance Inc             Australia & New Zealand Banking Group        
7.00%, 01/31/2025(d)     11,990     11,990 Ltd/United Kingdom        
              6.75%, 12/31/2049(d),(h) $ 1,000   1,126
Apparel - 0.01%             USD ICE SWAP Rate NY 5 + 5.17%        
Hanesbrands Inc             Banco Bilbao Vizcaya Argentaria SA        
4.63%, 05/15/2024(d)     925     937 9.00%, 12/31/2049(h)   3,000   3,041
              USSW5 Index Spread + 8.26%        
Automobile Asset Backed Securities - 0.30%             Banco de Bogota SA        
              6.25%, 05/12/2026(d)   3,620   3,928
AmeriCredit Automobile Receivables Trust                      
2016-3             Banco Hipotecario SA        
              9.75%, 11/30/2020(d)   5,340   6,040
2.12%, 11/08/2019     517     517          
1 Month LIBOR + 0.56%             Banco Mercantil del Norte SA/Grand        
AmeriCredit Automobile Receivables Trust             Cayman        
              7.63%, 12/31/2049(d),(h)   7,665   8,495
2017-4                      
1.74%, 05/18/2021     5,000     5,000 U.S. Treasury 10-Year Note + 5.35%        
1 Month LIBOR + 0.18%             Banco Nacional de Costa Rica        
              5.88%, 04/25/2021(d)   3,969   4,084
Drive Auto Receivables Trust 2017-1             6.25%, 11/01/2023(d)   6,085   6,363
1.90%, 05/15/2019     2,360     2,361          
1 Month LIBOR + 0.34%             Banco Santander SA        
              6.38%, 12/31/2049(h)   2,000   2,044
Drive Auto Receivables Trust 2017-2                      
1.84%, 08/15/2019     4,399     4,399 USSW5 Index Spread + 4.79%        
1 Month LIBOR + 0.28%             Bancolombia SA        
Enterprise Fleet Financing LLC             4.88%, 10/18/2027   5,045   5,015
1.59%, 02/22/2021(d)     2,042     2,041 U.S. Treasury 5-Year Note + 2.93%        
            Bank of America Corp        
 GM Financial Automobile Leasing Trust             6.30%, 12/31/2049(h),(i)   3,000   3,360
2016-2                      
2.06%, 10/22/2018     109     109 3 Month LIBOR + 4.55%        
              6.50%, 12/31/2049(h),(i)   1,000   1,119
1 Month LIBOR + 0.50%                      
GM Financial Automobile Leasing Trust             3 Month LIBOR + 4.17%        
2016-3             Bank of New York Mellon Corp/The        
              4.95%, 12/31/2049(h),(i)   2,000   2,045
1.92%, 02/20/2019     2,100     2,100          
1 Month LIBOR + 0.36%             3 Month LIBOR + 3.42%        
Hertz Fleet Lease Funding LP             Bank of Nova Scotia/The        
2.20%, 04/10/2031(d)     4,250     4,259 4.65%, 12/31/2049(h),(i)   1,100   1,089
1 Month LIBOR + 0.65%             3 Month LIBOR + 2.65%        
Hyundai Auto Lease Securitization Trust             Banque Centrale de Tunisie International        
2017 -C           Bond        
1.73%, 03/16/2020(d)     7,000     7,002 5.75%, 01/30/2025(d)   3,600   3,566
1 Month LIBOR + 0.17%             Barclays PLC        
            4.84%, 05/09/2028   2,935   3,009
 Nissan Auto Lease Trust 2017-A             7.88%, 12/31/2049(h)   10,000   10,931
1.76%, 09/16/2019     8,255     8,260       USSW5 Index Spread + 6.77%        
1 Month LIBOR + 0.20%                    
            BBVA Bancomer SA/Texas        
 World Omni Automobile Lease Securitization             6.75%, 09/30/2022(d)   4,260   4,740
Trust 2016-A                      
1.97%, 02/15/2019     1,785     1,786 BNP Paribas SA        
              7.20%, 06/29/2049(d),(h),(i)   4,400   5,087
1 Month LIBOR + 0.41%                      
        $   37,834 3 Month LIBOR + 1.29%        

 

See accompanying notes.

42

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
    Principal       Principal    
BONDS (continued)   Amount (000's) Value (000's)   BONDS (continued) Amount (000's)   Value (000's) 
Banks (continued)         Banks (continued)        
BNP Paribas SA (continued)         Lloyds Bank PLC (continued)        
7.37%, 12/31/2049(d),(h) $ 3,000 $ 3,446  12.00%, 12/29/2049(d),(h),(i) $ 3,000 $ 4,004
USSW5 Index Spread + 5.15%         3 Month LIBOR + 11.76%        
7.63%, 12/31/2049(d),(h)   3,000 3,274   M&T Bank Corp        
USSW5 Index Spread + 6.31%         6.45%, 12/31/2049(h),(i)   535   604
BPCE SA         3 Month LIBOR + 3.61%        
12.50%, 08/29/2049(h),(i)   4,000 4,590   Morgan Stanley        
3 Month LIBOR + 12.98%         5.55%, 12/31/2049(h),(i)   1,250   1,292
Cadence BanCorp         3 Month LIBOR + 3.81%        
4.88%, 06/28/2019(d)   3,500 3,554   Nordea Bank AB        
Capital One Financial Corp         6.13%, 12/31/2049(d),(h)   5,000   5,365
5.55%, 12/31/2049(h),(i)   4,000 4,120   USSW5 Index Spread + 3.39%        
3 Month LIBOR + 3.80%         PNC Financial Services Group Inc/The        
CIT Group Inc         6.75%, 07/29/2049(h),(i)   4,000   4,365
5.80%, 12/31/2049(h),(i)   2,285 2,331   3 Month LIBOR + 3.68%        
3 Month LIBOR + 3.97%         Provident Funding Associates LP / PFG        
Citigroup Capital III         Finance Corp        
7.63%, 12/01/2036   8,600 11,401   6.38%, 06/15/2025(d)   3,575   3,714
Citigroup Inc         QNB Finansbank AS/Turkey        
6.25%, 12/31/2049(h),(i)   2,000 2,175   4.88%, 05/19/2022(d)   10,865   10,675
3 Month LIBOR + 4.52%         Royal Bank of Scotland Group PLC        
Citizens Financial Group Inc         7.50%, 12/31/2049(h)   5,000   5,294
5.50%, 12/31/2049(h),(i)   4,000 4,109   USSW5 Index Spread + 5.80%        
3 Month LIBOR + 3.96%         8.62%, 12/29/2049(h)   7,000   7,814
Cooperatieve Rabobank UA         USSW5 Index Spread + 7.60%        
11.00%, 12/29/2049(d),(h),(i)   1,000 1,104   Societe Generale SA        
3 Month LIBOR + 10.87%         7.38%, 12/31/2049(d),(h)   6,000   6,473
Credit Agricole SA         USSW5 Index Spread + 6.24%        
6.63%, 12/31/2049(d),(h)   2,000 2,071   8.00%, 12/31/2049(d),(h)   1,000   1,169
USSW5 Index Spread + 4.70%         USD ICE SWAP Rate NY 5 + 5.87%        
7.88%, 12/31/2049(d),(h)   6,000 6,814   8.25%, 12/31/2049(h)   1,000   1,041
USSW5 Index Spread + 4.90%         USSW5 Index Spread + 6.39%        
Credit Bank of Moscow Via CBOM Finance         Standard Chartered PLC        
PLC         7.01%, 07/29/2049(d),(h),(i)   1,150   1,412
7.50%, 10/05/2027(d)   4,702 4,473   3 Month LIBOR + 1.46%        
USSW5 Index Spread + 5.42%         7.75%, 12/31/2049(d),(h)   15,000   16,500
7.50%, 10/05/2027   1,732 1,647   USSW5 Index Spread + 5.72%        
USSW5 Index Spread + 5.42%         State Savings Bank of Ukraine Via SSB #1        
Credit Suisse AG         PLC        
6.50%, 08/08/2023(d)   2,000 2,235   9.62%, 03/20/2025(j)   17,867   19,888
Credit Suisse Group AG         SunTrust Banks Inc        
6.25%, 12/31/2049(d),(h)   3,000 3,236   5.63%, 12/31/2049(h),(i)   1,000   1,038
USSW5 Index Spread + 3.46%         3 Month LIBOR + 3.86%        
7.50%, 12/31/2049(d),(h)   1,000 1,137   Turkiye Garanti Bankasi AS        
USSW5 Index Spread + 4.60%         6.13%, 05/24/2027(d)   11,614   11,623
Development Bank of Kazakhstan JSC         USSW5 Index Spread + 4.22%        
4.13%, 12/10/2022(d)   7,705 7,831   Turkiye Is Bankasi AS        
Dresdner Funding Trust I         6.13%, 04/25/2024(d)   3,305   3,330
8.15%, 06/30/2031(d)   4,500 6,041   7.00%, 06/29/2028(d)   1,976   1,991
HSBC Capital Funding Dollar 1 LP         USSW5 Index Spread + 5.12%        
10.18%, 12/29/2049(d),(h),(i)   4,000 6,480   Turkiye Vakiflar Bankasi TAO        
3 Month LIBOR + 4.98%         5.00%, 10/31/2018(d)   2,300   2,316
HSBC Holdings PLC         5.75%, 01/30/2023(d)   10,075   10,025
6.87%, 12/31/2049(h)   4,000 4,295   UBS Group AG        
USD ICE SWAP Rate NY 5 + 5.51%         6.87%, 12/31/2049(h)   3,000   3,200
Itau Unibanco Holding SA/Cayman Island         USD ICE SWAP Rate NY 5 + 5.50%        
6.13%, 12/31/2049(d),(h)   4,996 5,079   6.88%, 12/31/2049(h)   3,000   3,338
U.S. Treasury 5-Year Note + 3.98%         USSW5 Index Spread + 4.59%        
JPMorgan Chase & Co         US Bancorp        
4.62%, 12/31/2049(h),(i)   1,680 1,633   5.12%, 12/31/2049(h),(i)   2,000   2,075
3 Month LIBOR + 2.58%         3 Month LIBOR + 3.49%        
5.00%, 12/31/2049(h),(i)   3,660 3,715   Wells Fargo & Co        
3 Month LIBOR + 3.32%         5.87%, 12/31/2049(h),(i)   1,000   1,088
6.10%, 04/01/2166(h),(i)   1,000 1,067   3 Month LIBOR + 3.99%        
3 Month LIBOR + 3.33%             $   328,129
6.75%, 12/31/2049(h),(i)   10,000 11,175   Beverages - 0.04%        
3 Month LIBOR + 3.78%         Cott Corp        
KeyCorp Capital III         5.50%, 07/01/2024 EUR 3,900   5,229
7.75%, 07/15/2029   795 1,033            
Lloyds Bank PLC         Building Materials - 0.08%        
12.00%, 12/29/2049(h),(i)   10,000 13,347   BMC East LLC        
3 Month LIBOR + 11.76%         5.50%, 10/01/2024(d) $ 1,725   1,785

 

See accompanying notes.

43

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
  Principal       Principal    
BONDS (continued) Amount (000's) Value (000's) BONDS (continued) Amount (000's) Value (000's)
Building Materials (continued)         Commercial Mortgage Backed Securities (continued)    
Boise Cascade Co         BANK 2017-BNK5 (continued)        
5.63%, 09/01/2024(d) $ 2,575 $ 2,691 4.26%, 06/15/2060(d),(j) $ 8,356 $ 5,492
Cemex SAB de CV         BANK 2017-BNK6        
5.70%, 01/11/2025(d)   2,750   2,897 3.10%, 07/15/2060(d)   2,500   2,004
Jeld-Wen Inc         BANK 2017-BNK9        
4.63%, 12/15/2025(d)   830   830 1.42%, 11/15/2054(d),(j),(l)   15,200   1,722
4.88%, 12/15/2027(d)   505   506 2.80%, 11/15/2054(d),(j)   4,000   3,113
Standard Industries Inc/NJ         BANK 2018-BNK10        
4.75%, 01/15/2028(d)   1,850   1,836 1.75%, 02/15/2061(j),(l),(m)   31,334   4,415
    $   10,545 2.60%, 02/15/2061(f),(j),(m)   7,834   5,996
Chemicals - 0.76%         BENCHMARK 2018-B1 Mortgage Trust        
Aruba Investments Inc         1.37%, 01/15/2051(d),(j),(l)   30,260   3,375
8.75%, 02/15/2023(d)   3,500   3,675 2.75%, 01/15/2051(d)   6,500   5,070
Axalta Coating Systems Dutch Holding B         CD 2006-CD2 Mortgage Trust        
BV         5.45%, 01/15/2046(j)   2,832   2,411
3.75%, 01/15/2025 EUR 3,700   4,849 CD 2007-CD4 Commercial Mortgage Trust        
Braskem America Finance Co         5.40%, 12/11/2049(j)   7,590   4,499
7.13%, 07/22/2041(d) $ 5,960   7,435 CD 2017-CD5 Mortgage Trust        
Braskem Finance Ltd         3.35%, 08/15/2050(d)   7,000   5,782
7.25%, 06/05/2018(d)   2,950   2,997 CFCRE Commercial Mortgage Trust 2016-        
7.25%, 06/05/2018   1,000   1,016 C6        
Braskem Netherlands Finance BV         1.21%, 11/10/2049(j),(l)   45,053   3,478
4.50%, 01/10/2028(d)   9,200   9,292 4.22%, 11/10/2049(j)   4,000   3,940
CF Industries Inc         CGMS Commercial Mortgage Trust 2017-B1        
5.15%, 03/15/2034   3,135   3,162 3.00%, 08/15/2050(d)   7,435   5,867
Consolidated Energy Finance SA         Citigroup Commercial Mortgage Trust 2007-        
6.75%, 10/15/2019(d)   2,106   2,143 C6        
6.88%, 06/15/2025(d)   5,020   5,309 5.64%, 12/10/2049(d),(j)   10,717   8,118
Cornerstone Chemical Co         5.64%, 12/10/2049(j)   5,124   3,882
6.75%, 08/15/2024(d)   3,940   3,950 Citigroup Commercial Mortgage Trust 2012-        
CTC BondCo GmbH         GC8        
5.25%, 12/15/2025(d) EUR 400   497 4.87%, 09/10/2045(d),(j)   1,875   1,411
Hexion Inc         Citigroup Commercial Mortgage Trust 2013-        
6.63%, 04/15/2020 $ 41,330   37,662 GC15        
INEOS Group Holdings SA         4.25%, 09/10/2046(d),(j)   16,492   12,204
5.38%, 08/01/2024 EUR 2,500   3,290 5.10%, 09/10/2046(d),(j)   7,700   7,353
NOVA Chemicals Corp         Citigroup Commercial Mortgage Trust 2014-        
5.25%, 06/01/2027(d) $ 2,040   2,035 GC19        
Olin Corp         4.90%, 03/10/2047(j)   4,150   4,349
5.00%, 02/01/2030   460   460 4.90%, 03/10/2047(d),(j)   3,425   3,191
Platform Specialty Products Corp         Citigroup Commercial Mortgage Trust 2015-        
5.88%, 12/01/2025(d)   1,300   1,321 GC27        
PSPC Escrow Corp         4.43%, 02/10/2048(j)   10,000   9,827
6.00%, 02/01/2023 EUR 2,050   2,657 Citigroup Commercial Mortgage Trust 2016-        
Solvay Finance SA         C1        
5.87%, 12/31/2049(h)   1,600   2,415 1.93%, 05/10/2049(j),(l)   37,387   4,427
EUR Swap Annual 5YR + 5.22%         Citigroup Commercial Mortgage Trust 2016-        
Yingde Gases Investment Ltd         GC37        
6.25%, 01/19/2023(d) $ 2,925   2,941 1.80%, 04/10/2049(j),(l)   15,187   1,679
    $   97,106 COMM 2012-CCRE1 Mortgage Trust        
Coal - 0.41%         2.46%, 05/15/2045(d)   13,993   10,104
Alliance Resource Operating Partners LP /         5.32%, 05/15/2045(d),(j)   8,889   8,579
Alliance Resource Finance Corp         COMM 2012-CCRE4 Mortgage Trust        
7.50%, 05/01/2025(d)   2,330   2,522 4.57%, 10/15/2045(d),(j)   5,000   4,100
Eterna Capital Pte Ltd         COMM 2012-CCRE5 Mortgage Trust        
6.00%, PIK 6.00%, 12/11/2022(j),(k)   7,681   8,315 4.33%, 12/10/2045(d),(j)   3,475   3,306
8.00%, PIK 8.00%, 12/11/2022(j),(k)   558   565 4.33%, 12/10/2045(d),(j)   7,500   6,696
Foresight Energy LLC / Foresight Energy         Comm 2013-CCRE13 Mortgage Trust        
Finance Corp         4.75%, 11/12/2046(d),(j)   6,421   6,087
11.50%, 04/01/2023(d)   47,040   41,042 4.75%, 11/12/2046(d),(j)   18,660   14,207
    $   52,444 COMM 2013-CCRE6 Mortgage Trust        
Commercial Mortgage Backed Securities - 9.28%       1.10%, 03/10/2046(j),(l)   61,566   2,176
Banc of America Merrill Lynch Commercial         4.07%, 03/10/2046(d),(j)   12,700   11,613
Mortgage Inc         4.07%, 03/10/2046(d),(j)   10,500   8,609
4.77%, 07/10/2043(j)   4,235   3,845 COMM 2013-CCRE7 Mortgage Trust        
5.50%, 11/10/2042(j)   2,609   2,618 4.28%, 03/10/2046(d),(j)   7,500   5,917
BANK 2017-BNK5         COMM 2013-LC6 Mortgage Trust        
1.18%, 06/15/2060(d),(j),(l)   36,903   3,271 4.31%, 01/10/2046(d),(j)   5,205   4,848
3.08%, 06/15/2060(d),(j)   10,000   7,983 COMM 2014-CCRE15 Mortgage Trust        
          4.27%, 02/10/2047(d),(j)   5,414   4,106
          COMM 2014-CCRE17 Mortgage Trust        
          0.33%, 05/10/2047(d),(j),(l)   44,717   749
          4.30%, 05/10/2047(d),(j)   5,311   3,414

 

See accompanying notes.

44

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
  Principal       Principal    
BONDS (continued) Amount (000's) Value (000's)   BONDS (continued) Amount (000's) Value (000's)
Commercial Mortgage Backed Securities (continued)     Commercial Mortgage Backed Securities (continued)    
COMM 2014-CCRE17 Mortgage         GS Mortgage Securities Trust 2011-GC5        
Trust (continued)         5.40%, 08/10/2044(d),(j) $ 3,660 $ 2,968
4.80%, 05/10/2047(d),(j) $ 12,469 $ 10,599  GS Mortgage Securities Trust 2012-GC6        
COMM 2014-CCRE21 Mortgage Trust         0.20%, 01/10/2045(d),(j),(l)   226,504   1,691
1.42%, 12/10/2047(d),(j),(l)   20,879 1,640   GS Mortgage Securities Trust 2012-GCJ7        
COMM 2014-LC17 Mortgage Trust         5.70%, 05/10/2045(d),(j)   7,429   7,251
3.11%, 10/10/2047(d)   4,383 2,645   GS Mortgage Securities Trust 2012-GCJ9        
3.69%, 10/10/2047(d)   4,133 3,046   4.75%, 11/10/2045(d),(j)   5,000   4,808
Comm 2014-UBS2 Mortgage Trust         4.75%, 11/10/2045(d),(j)   8,500   7,506
5.01%, 03/10/2047(d),(j)   13,690 11,611   GS Mortgage Securities Trust 2013-GC16        
COMM 2014-UBS3 Mortgage Trust         3.50%, 11/10/2046(d)   2,500   1,763
4.81%, 06/10/2047(d),(j)   21,861 18,152   5.33%, 11/10/2046(d),(j)   3,544   3,421
COMM 2014-UBS5 Mortgage Trust         GS Mortgage Securities Trust 2013-GCJ14        
3.50%, 09/10/2047(d)   10,000 7,912   4.76%, 08/10/2046(d),(j)   10,460   10,094
COMM 2014-UBS6 Mortgage Trust         4.76%, 08/10/2046(d),(j)   7,742   6,255
0.50%, 12/10/2047(d),(j),(l)   60,589 1,701   4.76%, 08/10/2046(d),(j)   2,500   1,930
COMM 2015-LC23 Mortgage Trust         GS Mortgage Securities Trust 2014-GC26        
3.65%, 10/10/2048(d),(j)   6,000 5,416   1.20%, 11/10/2047(d),(j),(l)   29,811   2,072
COMM 2016-COR1 Mortgage Trust         4.51%, 11/10/2047(d),(j)   2,570   2,249
1.48%, 10/10/2049(j),(l)   45,601 3,974   GS Mortgage Securities Trust 2017-GS7        
4.39%, 10/10/2049(j)   5,000 4,974   1.14%, 08/10/2050(j),(l)   29,072   2,389
COMM 2017-COR2 Mortgage Trust         JP Morgan Chase Commercial Mortgage        
1.18%, 09/10/2050(j),(l)   43,443 3,771   Securities Trust 2005-CIBC12        
4.56%, 09/10/2050(j)   6,500 6,625   4.99%, 09/12/2037(j)   38   39
Commercial Mortgage Pass Through         JP Morgan Chase Commercial Mortgage        
Certificates         Securities Trust 2005-LDP4        
3.50%, 02/10/2047(d),(j)   18,498 12,168   5.13%, 10/15/2042(j)   3,165   3,157
Commercial Mortgage Trust 2007-GG9         JP Morgan Chase Commercial Mortgage        
5.51%, 03/10/2039(j)   9,851 8,469   Securities Trust 2006-CIBC16        
5.53%, 03/10/2039(j)   14,000 907   5.62%, 05/12/2045   6,902   6,402
Credit Suisse Commercial Mortgage Trust         JP Morgan Chase Commercial Mortgage        
Series 2007-C1         Securities Trust 2006-CIBC17        
5.46%, 02/15/2040(j)   30,000 15,307   5.49%, 12/12/2043(j)   12,261   10,136
DBJPM 17-C6 Mortgage Trust         JP Morgan Chase Commercial Mortgage        
1.04%, 06/10/2050(j),(l)   99,809 6,960   Securities Trust 2006-LDP9        
3.24%, 06/10/2050(d),(j)   15,000 12,392   5.34%, 05/15/2047   1,000   1,000
DBUBS 2011-LC1 Mortgage Trust         JP Morgan Chase Commercial Mortgage        
0.31%, 11/10/2046(d),(j),(l)   142,384 1,203   Securities Trust 2007-CIBC19        
DBUBS 2011-LC2 Mortgage Trust         5.89%, 02/12/2049(j)   34,069   24,926
1.12%, 07/10/2044(d),(j),(l)   10,949 287   JP Morgan Chase Commercial Mortgage        
Freddie Mac Multifamily Structured Pass         Securities Trust 2010-CNTR        
Through Certificates         1.87%, 08/05/2032(d),(j),(l)   7,536   257
0.70%, 03/25/2020(j),(l)   142,271 1,618   JP Morgan Chase Commercial Mortgage        
1.13%, 01/25/2021(j),(l)   92 3   Securities Trust 2011-C3        
1.30%, 08/25/2020(j),(l)   24,214 663   4.41%, 02/15/2046(d),(j)   4,330   3,749
1.33%, 11/25/2019(j),(l)   52,129 949   JP Morgan Chase Commercial Mortgage        
1.46%, 04/25/2041(j),(l)   86,714 2,453   Securities Trust 2011-C5        
1.48%, 01/25/2043(j),(l)   79,054 6,867   4.00%, 08/15/2046(d),(j)   6,000   4,928
1.62%, 11/25/2042(j),(l)   83,688 4,469   5.41%, 08/15/2046(d),(j)   4,844   4,762
1.65%, 11/25/2040(j),(l)   16,936 1,136   JP Morgan Chase Commercial Mortgage        
1.66%, 06/25/2041(j),(l)   20,000 1,479   Securities Trust 2012-C6        
1.66%, 06/25/2042(j),(l)   13,000 269   2.97%, 05/15/2045(d),(j)   7,500   5,125
1.90%, 11/25/2039(j),(l)   68,598 975   JP Morgan Chase Commercial Mortgage        
1.97%, 11/25/2044(j),(l)   16,293 1,810   Securities Trust 2012-C8        
2.10%, 10/25/2025(j),(l)   47,224 577   2.75%, 10/15/2045(d),(j)   8,553   6,404
2.11%, 08/25/2042(j),(l)   98,038 12,067   JP Morgan Chase Commercial Mortgage        
2.21%, 12/25/2039(j),(l)   25,654 1,986   Securities Trust 2013-C10        
2.25%, 01/25/2041(j),(l)   15,544 952   0.34%, 12/15/2047(d),(j),(l)   276,436   4,604
2.80%, 08/25/2039(j),(l)   38,877 3,591   JP Morgan Chase Commercial Mortgage        
3.61%, 06/25/2041(j),(l)   4,400 457   Securities Trust 2013-C16        
4.62%, 11/25/2044(j),(l)   1,800 206   3.74%, 12/15/2046(d),(j)   10,000   7,438
FREMF 2011-K704 Mortgage Trust         4.97%, 12/15/2046(d),(j)   16,203   15,620
0.10%, 10/25/2030(d),(l)   544,717 157   JP Morgan Chase Commercial Mortgage        
FREMF 2016-KBAM Mortgage Trust         Securities Trust 2013-LC11        
8.78%, 09/25/2022(d)   68,415 69,827   1.33%, 04/15/2046(j),(l)   61,522   3,153
1 Month LIBOR + 7.22%         JP Morgan Chase Commercial Mortgage        
GS Mortgage Securities Corp II         Securities Trust 2016-JP3        
3.38%, 05/10/2050   4,500 3,519   3.48%, 08/15/2049(j)   4,000   3,799
GS Mortgage Securities Trust 2010-C1         JPMBB Commercial Mortgage Securities        
1.38%, 08/10/2043(d),(j),(l)   42,869 1,169   Trust 2013-C12        
GS Mortgage Securities Trust 2010-C2         4.09%, 07/15/2045(j)   13,826   12,551
5.18%, 12/10/2043(d),(j)   5,000 5,052            

 

See accompanying notes.

45

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
  Principal         Principal    
BONDS (continued) Amount (000's) Value (000's)   BONDS (continued)   Amount (000's)       Value (000's)
Commercial Mortgage Backed Securities (continued)     Commercial Mortgage Backed Securities (continued)    
JPMBB Commercial Mortgage Securities         Morgan Stanley Bank of America Merrill          
Trust 2013-C15         Lynch Trust 2013-C10          
3.50%, 11/15/2045(d) $ 9,191 $ 6,781  4.08%, 07/15/2046(d),(j)   $ 5,609 $ 5,076
5.08%, 11/15/2045(d),(j)   23,750 23,122   Morgan Stanley Bank of America Merrill          
JPMBB Commercial Mortgage Securities         Lynch Trust 2013-C13          
Trust 2014-C18         4.89%, 11/15/2046(d),(j)     5,462   5,127
1.03%, 02/15/2047(j),(l)   56,177 2,131   Morgan Stanley Bank of America Merrill          
4.81%, 02/15/2047(d),(j)   7,850 6,849   Lynch Trust 2013-C8          
JPMBB Commercial Mortgage Securities         4.06%, 12/15/2048(d),(j)     18,500   16,921
Trust 2014-C19         Morgan Stanley Bank of America Merrill          
4.66%, 04/15/2047(d),(j)   1,200 1,069   Lynch Trust 2013-C9          
4.66%, 04/15/2047(j)   5,750 5,875   4.13%, 05/15/2046(d),(j)     4,150   3,237
JPMBB Commercial Mortgage Securities         Morgan Stanley Bank of America Merrill          
Trust 2014-C21         Lynch Trust 2014-C14          
1.07%, 08/15/2047(j),(l)   43,627 2,247   4.82%, 02/15/2047(j)     6,750   7,053
JPMBB Commercial Mortgage Securities         4.82%, 02/15/2047(d),(j)     10,331   8,062
Trust 2014-C23         Morgan Stanley Bank of America Merrill          
0.82%, 09/15/2047(j),(l)   286,892 8,470   Lynch Trust 2014-C15          
JPMBB Commercial Mortgage Securities         4.89%, 04/15/2047(d),(j)     8,786   8,077
Trust 2014-C24         4.89%, 04/15/2047(d),(j)     4,000   3,092
3.92%, 11/15/2047(d),(j)   20,500 17,659   Morgan Stanley Bank of America Merrill          
JPMBB Commercial Mortgage Securities         Lynch Trust 2014-C16          
Trust 2014-C26         4.25%, 06/15/2047(d),(j)     17,104   12,633
4.42%, 01/15/2048(j)   5,000 4,976   4.75%, 06/15/2047(d),(j)     12,500   11,108
JPMBB Commercial Mortgage Securities         Morgan Stanley Bank of America Merrill          
Trust 2015-C28         Lynch Trust 2014-C18          
0.50%, 10/15/2048(d),(j),(l)   54,005 1,569   4.49%, 10/15/2047(j)     4,408   4,328
1.18%, 10/15/2048(j),(l)   61,864 3,141   Morgan Stanley Bank of America Merrill          
4.24%, 10/15/2048(j)   5,000 4,819   Lynch Trust 2015-C20          
JPMBB Commercial Mortgage Securities         1.38%, 02/15/2048(j),(l)     51,881   3,451
Trust 2015-C29         1.39%, 02/15/2048(d),(j),(l)     41,500   3,388
3.70%, 05/15/2048(j)   4,500 3,646   Morgan Stanley Bank of America Merrill          
JPMBB Commercial Mortgage Securities         Lynch Trust 2015-C21          
Trust 2015-C30         0.96%, 03/15/2048(j),(l)     33,521   1,659
0.68%, 07/15/2048(j),(l)   82,164 2,542   Morgan Stanley Bank of America Merrill          
JPMBB Commercial Mortgage Securities         Lynch Trust 2015-C26          
Trust 2015-C31         3.06%, 10/15/2048(d)     2,185   1,752
0.50%, 08/15/2048(d),(j),(l)   42,377 1,272   Morgan Stanley Bank of America Merrill          
JPMCC Commercial Mortgage Securities         Lynch Trust 2016-C29          
Trust 2017-JP6         1.64%, 05/15/2049(j),(l)     42,859   4,135
1.33%, 07/15/2050(j),(l)   23,923 1,784   Morgan Stanley Bank of America Merrill          
JPMCC Commercial Mortgage Securities         Lynch Trust 2016-C31          
Trust 2017-JP7         1.32%, 11/15/2049(d),(j),(l)     21,213   2,042
4.41%, 09/15/2050(d),(j)   10,984 10,452   Morgan Stanley Capital I Trust 2011-C3          
LB Commercial Mortgage Trust 2007-C3         0.79%, 07/15/2049(d),(j),(l)     23,741   480
6.09%, 07/15/2044(j)   1,094 1,096   Morgan Stanley Capital I Trust 2016-UB11          
6.09%, 07/15/2044(j)   12,738 12,056   3.50%, 08/15/2049(d),(j)     2,000   1,615
LB-UBS Commercial Mortgage Trust 2003-         UBS Commercial Mortgage Trust 2012-C1          
C8         0.35%, 05/10/2045(d),(j),(l)     143,076   2,012
0.29%, 09/15/2037(d),(j),(l)   714 1   5.00%, 05/10/2045(d),(j)     8,000   6,776
LB-UBS Commercial Mortgage Trust 2005-         UBS-Barclays Commercial Mortgage Trust          
C3         2012 -C2        
4.95%, 07/15/2040(j)   254 256   1.34%, 05/10/2063(d),(j),(l)     27,010   1,301
LB-UBS Commercial Mortgage Trust 2006-         UBS-Barclays Commercial Mortgage Trust          
C7         2012 -C3        
5.41%, 11/15/2038   13,376 10,126   5.00%, 08/10/2049(d),(j)     20,994   17,311
LB-UBS Commercial Mortgage Trust 2007-         5.04%, 08/10/2049(d),(j)     25,827   24,932
C6         UBS-Barclays Commercial Mortgage Trust          
6.27%, 07/15/2040(j)   13,250 13,216   2012 -C4        
6.27%, 07/15/2040(j)   8,841 8,576   4.51%, 12/10/2045(d),(j)     21,000   18,182
Merrill Lynch Mortgage Trust 2007-C1         4.51%, 12/10/2045(d),(j)     17,981   13,340
5.81%, 06/12/2050(j)   15,601 160   UBS-Barclays Commercial Mortgage Trust          
ML-CFC Commercial Mortgage Trust 2007-         2013 -C5        
5         4.08%, 03/10/2046(d),(j)     9,150   8,235
5.45%, 08/12/2048(j)   5,862 4,417   4.08%, 03/10/2046(d),(j)     5,759   4,277
ML-CFC Commercial Mortgage Trust 2007-         Wachovia Bank Commercial Mortgage Trust          
9         Series 2006-C26          
6.13%, 09/12/2049(j)   23,565 19,264   6.03%, 06/15/2045(j)     8,984   7,937
Morgan Stanley Bank of America Merrill         Wachovia Bank Commercial Mortgage Trust          
Lynch Trust 2012-C5         Series 2007-C34          
4.69%, 08/15/2045(d),(j)   6,787 6,686   6.20%, 05/15/2046(j)     8,718   8,922

 

See accompanying notes.

46

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
    Principal       Principal    
BONDS (continued)   Amount (000's)   Value (000's)  BONDS (continued) Amount (000's)   Value (000's)
Commercial Mortgage Backed Securities (continued)       Commercial Services (continued)        
Wachovia Commercial Mortgage Securities           ENA Norte Trust        
Inc Commercial Mortgage Pass Through           4.95%, 04/25/2028(d) $ 2,666 $ 2,776
Certificates Series 2003 C5           4.95%, 04/25/2028   440   458
2.08%, 06/15/2035(d),(j),(l)   $ 360 $ — Europcar Groupe SA        
Wells Fargo Commercial Mortgage Trust           4.13%, 11/15/2024(d) EUR 550   692
2010 -C1         GW Honos Security Corp        
0.58%, 11/15/2043(d),(j),(l)     13,499   198 8.75%, 05/15/2025(d) $ 2,400   2,604
Wells Fargo Commercial Mortgage Trust           Iron Mountain UK PLC        
2014-L C18         3.88%, 11/15/2025(d) GBP 2,600   3,571
1.15%, 12/15/2047(j),(l)     83,861   4,689 Jaguar Holding Co II / Pharmaceutical Product        
3.96%, 12/15/2047(d),(j)     13,500   11,349 Development LLC        
Wells Fargo Commercial Mortgage Trust           6.38%, 08/01/2023(d) $ 3,500   3,623
2015 -C28         KAR Auction Services Inc        
4.13%, 05/15/2048(j)     10,000   7,949 5.13%, 06/01/2025(d)   2,000   2,025
Wells Fargo Commercial Mortgage Trust           La Financiere Atalian SAS        
2015-NX S1         4.00%, 05/15/2024 EUR 650   841
2.88%, 05/15/2048(d),(j)     6,916   4,419 Loxam SAS        
4.10%, 05/15/2048(j)     3,500   3,097 6.00%, 04/15/2025   2,900   3,922
Wells Fargo Commercial Mortgage Trust           Midas Intermediate Holdco II LLC / Midas        
2015-NX S2         Intermediate Holdco II Finance Inc        
4.25%, 07/15/2058(j)     9,153   7,503 7.88%, 10/01/2022(d) $ 10,333   10,562
Wells Fargo Commercial Mortgage Trust           Nielsen Finance LLC / Nielsen Finance Co        
2015-NX S3         5.00%, 04/15/2022(d)   2,975   3,023
1.17%, 09/15/2057(j),(l)     26,582   1,424 Prime Security Services Borrower LLC /        
3.15%, 09/15/2057(d)     5,000   3,775 Prime Finance Inc        
Wells Fargo Commercial Mortgage Trust           9.25%, 05/15/2023(d)   6,200   6,859
2016 -C34         ServiceMaster Co LLC/The        
2.17%, 06/15/2049(j),(l)     35,992   4,324 5.13%, 11/15/2024(d)   1,475   1,479
Wells Fargo Commercial Mortgage Trust           Team Health Holdings Inc        
2016 -C35         6.38%, 02/01/2025(d)   17,200   16,039
1.99%, 07/15/2048(j)     39,422   4,859 TMS International Corp        
Wells Fargo Commercial Mortgage Trust           7.25%, 08/15/2025(d)   2,620   2,751
2016 -C36         United Rentals North America Inc        
4.19%, 11/15/2059(j)     4,000   3,936 5.88%, 09/15/2026   1,555   1,666
Wells Fargo Commercial Mortgage Trust                 $ 81,601
2016-NX S5         Computers - 0.11%        
4.88%, 01/15/2059(j)     7,681   8,003 Dell International LLC / EMC Corp        
4.88%, 01/15/2059(j)     4,254   4,124 7.13%, 06/15/2024(d)   3,875   4,236
Wells Fargo Commercial Mortgage Trust           West Corp        
2017 -C38         8.50%, 10/15/2025(d)   10,050   9,899
1.09%, 07/15/2050(j),(l)     79,728   5,987       $ 14,135
Wells Fargo Commercial Mortgage Trust           Consumer Products - 0.05%        
2017 -C40         ACCO Brands Corp        
4.34%, 10/15/2050(j)     10,000   9,847 5.25%, 12/15/2024(d)   2,740   2,798
Wells Fargo Commercial Mortgage Trust           Prestige Brands Inc        
2017 -C42         5.38%, 12/15/2021(d)   2,910   2,947
1.57%, 12/15/2050(d),(j),(l)     20,343   2,441          
                  $ 5,745
WFRBS Commercial Mortgage Trust 2011-           Cosmetics & Personal Care - 0.17%        
C5           High Ridge Brands Co        
0.12%, 11/15/2044(d),(j),(l)     121,416   573 8.88%, 03/15/2025(d)   24,332   21,929
WFRBS Commercial Mortgage Trust 2013-                    
C11           Credit Card Asset Backed Securities - 0.07%      
4.27%, 03/15/2045(d),(j)     10,000   7,983          
            World Financial Network Credit Card Master        
WFRBS Commercial Mortgage Trust 2014-           Trust        
C20           2.04%, 02/15/2022   8,295   8,300
3.99%, 05/15/2047(d)     10,000   7,766        1 Month LIBOR + 0.48%        
                   
WFRBS Commercial Mortgage Trust 2014-                    
C22                  
3.91%, 09/15/2057(d),(j)     10,000   7,941  Distribution & Wholesale - 0.44%        
            American Tire Distributors Inc        
WFRBS Commercial Mortgage Trust 2014-           10.25%, 03/01/2022(d)   43,521   45,044
C24           H&E Equipment Services Inc        
3.69%, 11/15/2047(d)     11,047   7,680 5.63%, 09/01/2025(d)   415   431
      $   1,180,876 LKQ Corp        
Commercial Services - 0.64%           4.75%, 05/15/2023   5,700   5,835
Acwa Power Management And Investments           Rexel SA        
One Ltd           2.13%, 06/15/2025 EUR 1,200   1,451
5.95%, 12/15/2039(d)     8,570   9,064 3.50%, 06/15/2023   2,000   2,607
Ahern Rentals Inc                 $ 55,368
7.38%, 05/15/2023(d)     3,195   3,083          
Atento Luxco 1 SA                    
6.13%, 08/10/2022(d)     5,100   5,289          
EC Finance PLC                    
2.38%, 11/15/2022(d)   EUR 1,000   1,274          

 

See accompanying notes.

47

 

     Schedule of Investments Global Diversified Income Fund January 31, 2018 (unaudited)

  Principal       Principal    
BONDS (continued) Amount (000's) Value (000's) BONDS (continued) Amount (000's) Value (000's)
Diversified Financial Services - 0.84%         Electric (continued)        
Alliance Data Systems Corp         Stoneway Capital Corp        
5.38%, 08/01/2022(d) $ 5,545 $ 5,606 10.00%, 03/01/2027(d) $ 5,290 $ 5,730
5.88%, 11/01/2021(d)   2,500   2,569     $   88,228
Ally Financial Inc         Electrical Components & Equipment - 0.03%      
5.75%, 11/20/2025   9,820   10,485 Belden Inc        
American Express Co         2.88%, 09/15/2025 EUR 2,600   3,221
5.20%, 12/31/2049(h),(i)   1,000   1,024          
3 Month LIBOR + 3.43%         Energy - Alternate Sources - 0.07%        
ASP AMC Merger Sub Inc         Rio Energy SA / UGEN SA / UENSA SA        
8.00%, 05/15/2025(d)   7,400   7,076 6.88%, 02/01/2025(d),(m) $ 8,297   8,372
Charles Schwab Corp/The                  
7.00%, 02/28/2049(h),(i)   4,198   4,723 Engineering & Construction - 0.11%        
3 Month LIBOR + 4.82%         Aeropuertos Dominicanos Siglo XXI SA        
Credit Acceptance Corp         6.75%, 03/30/2029(d)   3,340   3,657
7.38%, 03/15/2023   5,979   6,248 MasTec Inc        
E*TRADE Financial Corp         4.88%, 03/15/2023   1,785   1,812
5.30%, 12/31/2049(h),(i)   3,655   3,641 Mexico City Airport Trust        
3 Month LIBOR + 3.16%         5.50%, 07/31/2047(d)   5,470   5,292
Jefferies LoanCore LLC / JLC Finance Corp         Odebrecht Finance Ltd        
6.88%, 06/01/2020(d)   2,275   2,346 5.25%, 06/27/2029   2,540   846
Ladder Capital Finance Holdings LLLP /         Tutor Perini Corp        
Ladder Capital Finance Corp         6.88%, 05/01/2025(d)   2,410   2,567
5.25%, 10/01/2025(d)   5,150   5,150          
              $   14,174
Lincoln Finance Ltd                
7.38%, 04/15/2021(d)   4,750   4,940  Entertainment - 0.39%        
          AMC Entertainment Holdings Inc        
National Rural Utilities Cooperative Finance         5.88%, 11/15/2026   7,745   7,532
Corp         6.13%, 05/15/2027   2,480   2,418
5.25%, 04/20/2046(i)   2,200   2,343          
          6.38%, 11/15/2024 GBP 1,000   1,426
3 Month LIBOR + 3.63%         Caesars Resort Collection LLC / CRC Finco        
Navient Corp         Inc        
6.13%, 03/25/2024   795   811 5.25%, 10/15/2025(d) $ 7,120   7,068
7.25%, 09/25/2023   2,695   2,904 CCM Merger Inc        
NFP Corp         6.00%, 03/15/2022(d)   3,770   3,864
6.88%, 07/15/2025(d)   23,695   24,347          
          Cinemark USA Inc        
Oxford Finance LLC / Oxford Finance Co-         4.88%, 06/01/2023   2,350   2,379
Issuer II Inc                
6.38%, 12/15/2022(d)   5,075   5,239  Eldorado Resorts Inc        
          7.00%, 08/01/2023   3,500   3,732
Pershing Square Holdings Ltd                
5.50%, 07/15/2022(d)   4,500   4,674  International Game Technology PLC        
          4.75%, 02/15/2023 EUR 900   1,254
Tempo Acquisition LLC / Tempo Acquisition         6.50%, 02/15/2025(d) $ 1,940   2,158
Finance Corp         Lions Gate Entertainment Corp        
6.75%, 06/01/2025(d)   8,140   8,303 5.88%, 11/01/2024(d)   2,065   2,197
Vantiv LLC / Vanity Issuer Corp         Penn National Gaming Inc        
3.88%, 11/15/2025(d) GBP 1,800   2,575 5.63%, 01/15/2027(d)   1,770   1,835
4.38%, 11/15/2025(d) $ 1,820   1,806          
          Scientific Games International Inc        
    $   106,810 3.38%, 02/15/2026(m) EUR 600   745
Electric - 0.69%         6.63%, 05/15/2021 $ 1,730   1,791
1MDB Energy Ltd         7.00%, 01/01/2022(d)   800   844
5.99%, 05/11/2022   4,500   4,837 Sisal Group SpA        
Calpine Corp         7.00%, 07/31/2023 EUR 1,875   2,421
5.75%, 01/15/2025   19,420   18,400 WMG Acquisition Corp        
Dynegy Inc         4.13%, 11/01/2024   3,273   4,295
7.38%, 11/01/2022   3,270   3,454 6.75%, 04/15/2022(d) $ 3,280   3,403
8.13%, 01/30/2026(d)   740   816          
              $   49,362
Emera Inc         Environmental Control - 0.01%        
6.75%, 06/15/2076(i)   3,300   3,729          
          Waste Pro USA Inc        
3 Month LIBOR + 5.44%         5.50%, 02/15/2026(d),(m)   1,790   1,821
Enel SpA                  
8.75%, 09/24/2073(d)   2,500   3,094          
          Food - 0.87%        
USSW5 Index Spread + 5.88%         Albertsons Cos LLC / Safeway Inc / New        
Eskom Holdings SOC Ltd         Albertson's Inc / Albertson's LLC        
5.75%, 01/26/2021(d)   11,525   11,626          
          6.63%, 06/15/2024   2,150   2,042
Gas Natural Fenosa Finance BV         BI-LO LLC / BI-LO Finance Corp        
3.38%, 12/31/2049(h) EUR 1,000   1,301 9.25%, 02/15/2019(d)   2,785   2,747
EUR Swap Annual 9YR + 3.08%         Boparan Finance PLC        
Minejesa Capital BV         5.50%, 07/15/2021 GBP 1,750   2,422
4.63%, 08/10/2030(d) $ 6,300   6,364          
          Casino Guichard Perrachon SA        
NRG Energy Inc         4.50%, 03/07/2024 EUR 3,000   4,126
5.75%, 01/15/2028(d)   1,255   1,255          
          Clearwater Seafoods Inc        
7.25%, 05/15/2026   3,250   3,540 6.88%, 05/01/2025(d) $ 2,045   2,086
Pampa Energia SA         Cosan Ltd        
7.38%, 07/21/2023(d)   4,965   5,369 5.95%, 09/20/2024(d)   11,966   12,325
7.50%, 01/24/2027(d)   17,148   18,713          

 

See accompanying notes.

48

 

     Schedule of Investments Global Diversified Income Fund January 31, 2018 (unaudited)

  Principal       Principal    
BONDS (continued) Amount (000's) Value (000's) BONDS (continued) Amount (000's) Value (000's)
Food (continued)         Healthcare - Products (continued)        
JBS Investments GmbH         DJO Finco Inc / DJO Finance LLC / DJO        
7.25%, 04/03/2024(d) $ 5,350 $ 5,363 Finance Corp        
7.75%, 10/28/2020(d)   10,150   10,429 8.13%, 06/15/2021(d) $ 1,870 $ 1,805
JBS USA LUX SA / JBS USA Finance Inc         Kinetic Concepts Inc / KCI USA Inc        
5.75%, 06/15/2025(d)   1,838   1,820 7.88%, 02/15/2021(d)   2,250   2,334
KeHE Distributors LLC / KeHE Finance         Universal Hospital Services Inc        
Corp         7.63%, 08/15/2020   6,210   6,241
7.63%, 08/15/2021(d)   6,075   6,075     $   41,593
Lamb Weston Holdings Inc         Healthcare - Services - 1.89%        
4.88%, 11/01/2026(d)   1,695   1,729 Centene Corp        
MARB BondCo PLC         5.63%, 02/15/2021   400   411
6.88%, 01/19/2025(d)   12,970   12,776 6.13%, 02/15/2024   1,880   1,997
7.00%, 03/15/2024(d)   797   798 DaVita Inc        
Marfrig Holdings Europe BV         5.13%, 07/15/2024   6,850   6,902
8.00%, 06/08/2023(d)   5,771   6,036 Eagle Holding Co II LLC        
Minerva Luxembourg SA         7.63%, PIK 8.38%, 05/15/2022(d),(j),(k)   8,200   8,354
5.88%, 01/19/2028(d)   8,025   7,787 Encompass Health Corp        
5.88%, 01/19/2028   450   435 5.13%, 03/15/2023   1,000   1,029
6.50%, 09/20/2026(d)   6,058   6,102 Envision Healthcare Corp        
Moy Park BondCo PLC         5.13%, 07/01/2022(d)   300   298
6.25%, 05/29/2021 GBP 1,500   2,194 6.25%, 12/01/2024(d)   5,700   6,035
Pinnacle Foods Finance LLC / Pinnacle Foods         HCA Inc        
Finance Corp         4.50%, 02/15/2027   7,325   7,298
5.88%, 01/15/2024 $ 1,650   1,747 5.00%, 03/15/2024   1,370   1,427
Post Holdings Inc         5.88%, 05/01/2023   8,025   8,607
5.00%, 08/15/2026(d)   6,400   6,249 5.88%, 02/15/2026   5,200   5,460
5.50%, 03/01/2025(d)   3,400   3,502 MPH Acquisition Holdings LLC        
5.63%, 01/15/2028(d)   1,170   1,165 7.13%, 06/01/2024(d)   5,820   6,249
5.75%, 03/01/2027(d)   190   190 Opal Acquisition Inc        
Premier Foods Finance PLC         7.50%, 07/01/2024(d)   33,897   33,727
6.50%, 03/15/2021 GBP 900   1,299 10.00%, 10/01/2024(d)   29,278   25,911
Tesco PLC         Polaris Intermediate Corp        
6.13%, 02/24/2022   3,900   6,336 8.50%, PIK 9.25%, 12/01/2022(d),(j),(k)   28,550   29,727
US Foods Inc         RegionalCare Hospital Partners Holdings Inc        
5.88%, 06/15/2024(d) $ 2,310   2,408 8.25%, 05/01/2023(d)   29,360   30,828
    $   110,188 Surgery Center Holdings Inc        
Food Service - 0.02%         6.75%, 07/01/2025(d)   10,820   10,428
Aramark International Finance Sarl         8.88%, 04/15/2021(d)   7,215   7,531
3.13%, 04/01/2025 EUR 1,800   2,341 Synlab Bondco PLC        
          6.25%, 07/01/2022 EUR 3,475   4,525
Forest Products & Paper - 0.11%         Tenet Healthcare Corp        
Mercer International Inc         4.63%, 07/15/2024(d) $ 5,215   5,123
5.50%, 01/15/2026(d) $ 590   597 5.13%, 05/01/2025(d)   4,550   4,487
Smurfit Kappa Acquisitions ULC         6.00%, 10/01/2020   600   631
2.75%, 02/01/2025 EUR 2,000   2,623 6.75%, 06/15/2023   21,203   20,887
3.25%, 06/01/2021   1,000   1,339 7.00%, 08/01/2025(d)   4,090   4,008
Suzano Austria GmbH         7.50%, 01/01/2022(d)   1,295   1,370
7.00%, 03/16/2047(d) $ 3,995   4,644 8.13%, 04/01/2022   1,955   2,017
WEPA Hygieneprodukte GmbH         Unilabs Subholding AB        
3.75%, 05/15/2024 EUR 3,300   4,219 5.75%, 05/15/2025 EUR 1,200   1,505
    $   13,422 WellCare Health Plans Inc        
Gas - 0.10%         5.25%, 04/01/2025 $ 3,590   3,749
KazTransGas JSC             $   240,521
4.38%, 09/26/2027(d) $ 6,651   6,669 Holding Companies - Diversified - 0.28%        
NGL Energy Partners LP / NGL Energy         HRG Group Inc        
Finance Corp         7.75%, 01/15/2022   20,466   21,325
7.50%, 11/01/2023   5,335   5,562 ProGroup AG        
    $   12,231 5.13%, 05/01/2022 EUR 2,400   3,080
Hand & Machine Tools - 0.14%         Trident Merger Sub Inc        
Apex Tool Group LLC         6.63%, 11/01/2025(d) $ 11,720   11,779
7.00%, 02/01/2021(d)   16,950   16,781     $   36,184
Stanley Black & Decker Inc         Home Builders - 0.12%        
5.75%, 12/15/2053(i)   450   463 Beazer Homes USA Inc        
3 Month LIBOR + 4.30%         8.75%, 03/15/2022   2,645   2,890
    $   17,244 Century Communities Inc        
Healthcare - Products - 0.33%         5.88%, 07/15/2025   4,180   4,237
Avantor Inc         Lennar Corp        
4.75%, 10/01/2024 EUR 2,000   2,477 4.50%, 04/30/2024   4,260   4,308
9.00%, 10/01/2025(d) $ 28,990   28,736 Taylor Morrison Communities Inc / Taylor        
          Morrison Holdings II Inc        
          5.63%, 03/01/2024(d)   1,755   1,845

 

See accompanying notes.

49

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
  Principal       Principal    
BONDS (continued) Amount (000's) Value (000's) BONDS (continued) Amount (000's) Value (000's)
Home Builders (continued)         Internet (continued)        
Williams Scotsman International Inc         Zayo Group LLC / Zayo Capital Inc        
7.88%, 12/15/2022(d) $ 1,785 $ 1,839 6.00%, 04/01/2023 $ 3,450 $ 3,597
    $   15,119 6.38%, 05/15/2025   3,810   3,996
Insurance - 1.75%             $   24,706
Acrisure LLC / Acrisure Finance Inc         Iron & Steel - 1.14%        
7.00%, 11/15/2025(d)   14,000   13,895 AK Steel Corp        
AG Insurance SA         6.38%, 10/15/2025   1,170   1,155
6.75%, 03/29/2049(h)   3,000   3,115 7.00%, 03/15/2027   500   511
USSW6 Index Spread + 5.43%         7.50%, 07/15/2023   2,660   2,866
AIG Life Holdings Inc         7.63%, 10/01/2021   1,030   1,069
8.50%, 07/01/2030   5,400   7,182 ArcelorMittal        
Alliant Holdings Intermediate LLC / Alliant         0.95%, 01/17/2023 EUR 1,000   1,233
Holdings Co-Issuer         3.00%, 04/09/2021   1,900   2,540
8.25%, 08/01/2023(d)   54,628   57,633 7.25%, 10/15/2039 $ 4,305   5,553
Allstate Corp/The         Big River Steel LLC / BRS Finance Corp        
5.75%, 08/15/2053(i)   100   109 7.25%, 09/01/2025(d)   9,340   10,017
3 Month LIBOR + 2.94%         Cleveland-Cliffs Inc        
American Equity Investment Life Holding         4.88%, 01/15/2024(d)   925   920
Co         CSN Islands XI Corp        
5.00%, 06/15/2027   1,705   1,757 6.88%, 09/21/2019(d)   1,745   1,710
American International Group Inc         CSN Resources SA        
8.18%, 05/15/2068(i)   1,500   2,040 6.50%, 07/21/2020   4,925   4,763
3 Month LIBOR + 4.20%         Gerdau Trade Inc        
AssuredPartners Inc         4.88%, 10/24/2027(d)   7,360   7,431
7.00%, 08/15/2025(d)   40,098   41,101 Material Sciences Corp        
Catlin Insurance Co Ltd         14.00%, PIK 5.06%, 06/22/2022(c),(e),(f),(k)   21,464   21,464
4.71%, 07/29/2049(d),(h)   8,670   8,497 Metinvest BV        
3 Month LIBOR + 5.95%         10.88%, PIK 9.37%, 12/31/2021(j),(k)   11,682   12,003
Great-West Life & Annuity Insurance Capital         Samarco Mineracao SA        
LP         0.00%, 11/01/2022(a),(d)   4,525   3,566
6.63%, 11/15/2034(d)   2,400   2,860 0.00%, 10/24/2023(a),(d)   1,800   1,422
Hartford Financial Services Group Inc/The         Signode Industrial Group Lux SA/Signode        
3.54%, 02/12/2067(d)   3,000   2,932 Industrial Group US Inc        
3 Month LIBOR + 2.13%         6.38%, 05/01/2022(d)   4,425   4,602
HUB International Ltd         Specialty Steel        
7.88%, 10/01/2021(d)   6,669   6,936 11.62%, 11/15/2022(f)   41,564   41,564
Legal & General Group PLC         thyssenkrupp AG        
5.25%, 03/21/2047   3,000   3,116 1.38%, 03/03/2022 EUR 2,900   3,665
USSW5 Index Spread + 3.69%         United States Steel Corp        
Liberty Mutual Group Inc         6.88%, 08/15/2025 $ 2,775   2,914
7.80%, 03/07/2087(d)   9,861   12,474 Vale Overseas Ltd        
Liberty Mutual Insurance Co         4.38%, 01/11/2022   6,148   6,379
7.70%, 10/15/2097(d)   946   1,324 6.25%, 08/10/2026   2,320   2,691
Lincoln National Corp         6.88%, 11/10/2039   4,310   5,446
3.78%, 04/20/2067   5,584   5,193     $   145,484
3 Month LIBOR + 2.04%         Leisure Products & Services - 0.05%        
MetLife Inc         Constellation Merger Sub Inc        
9.25%, 04/08/2068(d)   11,000   16,156 8.50%, 09/15/2025(d)   2,830   2,759
10.75%, 08/01/2069   900   1,494 Silversea Cruise Finance Ltd        
Provident Financing Trust I         7.25%, 02/01/2025(d)   2,980   3,213
7.41%, 03/15/2038   3,000   3,428     $   5,972
Prudential Financial Inc         Lodging - 0.19%        
5.88%, 09/15/2042(i)   1,000   1,095 Jack Ohio Finance LLC / Jack Ohio Finance 1        
3 Month LIBOR + 4.18%         Corp        
USIS Merger Sub Inc         6.75%, 11/15/2021(d)   2,980   3,137
6.88%, 05/01/2025(d)   12,275   12,643 10.25%, 11/15/2022(d)   11,380   12,660
Voya Financial Inc         Station Casinos LLC        
5.65%, 05/15/2053   14,120   15,002 5.00%, 10/01/2025(d)   5,925   5,977
3 Month LIBOR + 7.16%         Wynn Las Vegas LLC / Wynn Las Vegas        
XLIT Ltd         Capital Corp        
4.18%, 12/31/2049(h)   3,230   3,032 5.25%, 05/15/2027(d)   2,560   2,526
3 Month LIBOR + 4.92%             $   24,300
    $   223,014 Machinery - Construction & Mining - 0.03%        
Internet - 0.19%         BlueLine Rental Finance Corp / BlueLine        
Netflix Inc         Rental LLC        
3.63%, 05/15/2027 EUR 2,100   2,627 9.25%, 03/15/2024(d)   3,030   3,295
4.38%, 11/15/2026 $ 2,385   2,331          
5.50%, 02/15/2022   1,610   1,702 Machinery - Diversified - 0.27%        
Tencent Holdings Ltd         Cloud Crane LLC        
3.60%, 01/19/2028(d)   5,250   5,172 10.13%, 08/01/2024(d)   3,860   4,362
TIBCO Software Inc                  
11.38%, 12/01/2021(d)   4,850   5,281          

 

See accompanying notes.

50

 

     Schedule of Investments Global Diversified Income Fund January 31, 2018 (unaudited)

  Principal       Principal    
BONDS (continued) Amount (000's) Value (000's) BONDS (continued) Amount (000's) Value (000's)
Machinery - Diversified (continued)         Media (continued)        
JPW Industries Holding Corp         Ziggo Bond Finance BV        
9.00%, 10/01/2024(d) $ 17,080 $ 17,934 4.63%, 01/15/2025 EUR 3,000 $ 3,846
Platin 1426 GmbH         5.88%, 01/15/2025(d) $ 2,430   2,411
5.38%, 06/15/2023(d) EUR 950   1,181 6.00%, 01/15/2027(d)   2,555   2,517
RBS Global Inc / Rexnord LLC         Ziggo Secured Finance BV        
4.88%, 12/15/2025(d) $ 780   790 5.50%, 01/15/2027(d)   7,665   7,607
Xerium Technologies Inc             $   181,640
9.50%, 08/15/2021   10,070   10,234 Metal Fabrication & Hardware - 0.26%        
    $   34,501 Novelis Corp        
Media - 1.43%         6.25%, 08/15/2024(d)   2,325   2,435
Altice Financing SA         Optimas OE Solutions Holding LLC / Optimas        
6.63%, 02/15/2023(d)   4,590   4,650 OE Solutions Inc        
Altice Finco SA         8.63%, 06/01/2021(d)   29,884   30,482
4.75%, 01/15/2028 EUR 2,100   2,386     $   32,917
Altice Luxembourg SA         Mining - 0.88%        
6.25%, 02/15/2025   2,300   2,787 Aleris International Inc        
7.75%, 05/15/2022(d) $ 2,550   2,448 7.88%, 11/01/2020   5,762   5,757
Altice US Finance I Corp         9.50%, 04/01/2021(d)   1,000   1,058
5.50%, 05/15/2026(d)   2,140   2,188 Century Aluminum Co        
AMC Networks Inc         7.50%, 06/01/2021(d)   11,702   12,038
4.75%, 08/01/2025   3,620   3,616 Constellium NV        
5.00%, 04/01/2024   8,215   8,338 5.88%, 02/15/2026(d)   2,890   2,948
CCO Holdings LLC / CCO Holdings Capital         First Quantum Minerals Ltd        
Corp         7.25%, 05/15/2022(d)   1,201   1,246
5.13%, 05/01/2023(d)   6,000   6,116 7.50%, 04/01/2025(d)   10,855   11,629
5.13%, 05/01/2027(d)   6,860   6,706 FMG Resources August 2006 Pty Ltd        
5.50%, 05/01/2026(d)   3,680   3,754 5.13%, 05/15/2024(d)   1,280   1,296
CSC Holdings LLC         Freeport-McMoRan Inc        
5.25%, 06/01/2024   9,435   9,199 6.88%, 02/15/2023   2,060   2,261
5.38%, 02/01/2028(d)   1,500   1,496 IAMGOLD Corp        
DISH DBS Corp         7.00%, 04/15/2025(d)   435   453
5.88%, 11/15/2024   10,590   10,041 Joseph T Ryerson & Son Inc        
7.75%, 07/01/2026   4,700   4,829 11.00%, 05/15/2022(d)   18,880   21,419
Meredith Corp         Mirabela Nickel Ltd        
6.88%, 02/01/2026(d)   4,645   4,755 0.00%, 09/10/2044(a),(e),(f)   139   —
Midcontinent Communications / Midcontinent         Northwest Acquisitions ULC / Dominion        
Finance Corp         Finco Inc        
6.88%, 08/15/2023(d)   1,700   1,802 7.13%, 11/01/2022(d)   10,440   10,753
Radiate Holdco LLC / Radiate Finance Inc         Nyrstar Netherlands Holdings BV        
6.63%, 02/15/2025(d)   3,055   2,986 6.88%, 03/15/2024 EUR 1,000   1,322
6.88%, 02/15/2023(d)   675   678 Real Alloy Holding Inc        
SFR Group SA         0.00%, 01/15/2019(a),(d) $ 21,860   15,521
5.63%, 05/15/2024 EUR 4,000   5,053 Taseko Mines Ltd        
6.00%, 05/15/2022(d) $ 2,855   2,786 8.75%, 06/15/2022(d)   2,685   2,799
7.38%, 05/01/2026(d)   10,075   9,924 Teck Resources Ltd        
Sirius XM Radio Inc         6.25%, 07/15/2041   5,110   5,921
5.00%, 08/01/2027(d)   2,825   2,808 Vale Canada Ltd        
6.00%, 07/15/2024(d)   4,550   4,766 7.20%, 09/15/2032   2,575   2,948
SNY 10 1/4 SR         Vedanta Resources PLC        
10.25%, 01/15/2025(c),(e),(f)   20,090   20,090 6.13%, 08/09/2024(d)   10,150   10,241
Telenet Finance V Luxembourg SCA         6.38%, 07/30/2022(d)   2,541   2,649
6.75%, 08/15/2024 EUR 2,100   2,768 7.13%, 05/31/2023(d)   99   106
Telenet Finance VI Luxembourg SCA             $   112,365
4.88%, 07/15/2027   2,000   2,688 Miscellaneous Manufacturers - 0.07%        
Unitymedia GmbH         Bombardier Inc        
6.13%, 01/15/2025(d) $ 3,525   3,709 6.13%, 01/15/2023(d)   1,180   1,192
Unitymedia Hessen GmbH & Co KG /         7.50%, 12/01/2024(d)   2,020   2,124
Unitymedia NRW GmbH         7.50%, 03/15/2025(d)   3,625   3,765
6.25%, 01/15/2029 EUR 3,900   5,438 8.75%, 12/01/2021(d)   1,450   1,611
UPC Holding BV             $   8,692
3.88%, 06/15/2029   3,000   3,520 Mortgage Backed Securities - 1.88%        
5.50%, 01/15/2028(d) $ 7,975   7,651          
          BCAP LLC 2013-RR4 Trust        
UPCB Finance IV Ltd         6.07%, 02/13/2051(d),(j)   1,410   1,410
5.38%, 01/15/2025(d)   1,275   1,297          
          Fannie Mae Connecticut Avenue Securities        
Virgin Media Finance PLC         3.01%, 01/25/2029   5,727   5,781
6.00%, 10/15/2024(d)   4,975   5,087          
          1 Month LIBOR + 1.45%        
6.38%, 10/15/2024 GBP 1,570   2,385 Fannie Mae REMICS        
7.00%, 04/15/2023   1,100   1,631 4.00%, 06/25/2042(l)   26,118   4,794
Virgin Media Secured Finance PLC         4.49%, 07/25/2042(l)   21,318   3,898
5.00%, 04/15/2027   1,800   2,603 1 Month LIBOR + 6.05%        
Ziggo Bond Co BV         4.49%, 03/25/2047(l)   7,551   1,457
7.13%, 05/15/2024 EUR 1,675   2,280 1 Month LIBOR + 6.05%        

 

See accompanying notes.

51

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
BONDS (continued)   Amount (000's) Value (000's)   BONDS (continued)   Amount (000's)   Value (000's) 
Mortgage Backed Securities (continued)         Mortgage Backed Securities (continued)        
Fannie Mae REMICS (continued)         Ginnie Mae (continued)        
4.50%, 02/25/2043(l) $ 2,495 $ 489  4.54%, 09/20/2046(l) $ 18,495 $ 3,989
4.52%, 03/25/2047(l)   21,329 4,956   1 Month LIBOR + 6.10%        
1 Month LIBOR + 6.08%         4.54%, 11/20/2046(l)   18,415   3,716
4.54%, 09/25/2046(l)   19,515 3,274   1 Month LIBOR + 6.10%        
1 Month LIBOR + 6.10%         4.54%, 01/20/2047(l)   20,942   4,028
4.54%, 09/25/2046(l)   17,883 2,939   1 Month LIBOR + 6.10%        
1 Month LIBOR + 6.10%         4.54%, 01/20/2047(l)   17,333   3,192
4.54%, 06/25/2047(l)   21,321 4,241   1 Month LIBOR + 6.10%        
1 Month LIBOR + 6.10%         4.54%, 01/20/2047(l)   20,259   4,035
4.59%, 07/25/2047(l)   19,123 4,071   1 Month LIBOR + 6.10%        
1 Month LIBOR + 6.15%         4.59%, 08/20/2044(l)   16,910   3,284
4.59%, 07/25/2047(l)   20,957 4,211   1 Month LIBOR + 6.15%        
1 Month LIBOR + 6.15%         4.59%, 03/20/2047(l)   23,471   4,475
4.59%, 07/25/2047(l)   29,457 6,362   1 Month LIBOR + 6.15%        
1 Month LIBOR + 6.15%         4.59%, 04/20/2047(l)   27,768   4,979
4.59%, 09/25/2047(l)   26,273 5,284   1 Month LIBOR + 6.15%        
1 Month LIBOR + 6.15%         4.59%, 04/20/2047(l)   14,400   2,999
4.94%, 01/25/2042(l)   15,684 2,813   1 Month LIBOR + 6.15%        
1 Month LIBOR + 6.50%         4.64%, 09/20/2041(l)   6,698   1,055
Freddie Mac REMICS         1 Month LIBOR + 6.20%        
4.59%, 07/15/2047(l)   29,627 5,838   4.64%, 08/20/2042(l)   16,944   2,735
1 Month LIBOR + 6.15%         1 Month LIBOR + 6.20%        
Freddie Mac Structured Agency Credit Risk         4.64%, 04/20/2044(l)   20,229   3,745
Debt Notes         1 Month LIBOR + 6.20%        
2.11%, 04/25/2030   2,925 2,929   4.64%, 11/20/2045(l)   14,278   2,556
1 Month LIBOR + 0.55%         1 Month LIBOR + 6.20%        
2.36%, 03/25/2029   2,505 2,509   4.64%, 07/20/2047(l)   22,135   4,846
1 Month LIBOR + 0.80%         1 Month LIBOR + 6.20%        
2.36%, 03/25/2029   1,692 1,695   4.64%, 07/20/2047(l)   19,460   4,008
1 Month LIBOR + 0.80%         1 Month LIBOR + 6.20%        
2.66%, 12/25/2028   565 566   4.64%, 08/20/2047(l)   15,359   3,263
1 Month LIBOR + 1.10%         1 Month LIBOR + 6.20%        
2.76%, 11/25/2028   580 580   4.64%, 08/20/2047(l)   19,776   4,259
1 Month LIBOR + 1.20%         1 Month LIBOR + 6.20%        
4.21%, 03/25/2028   2,234 2,281   4.64%, 08/20/2047(l)   14,906   3,432
1 Month LIBOR + 2.65%         1 Month LIBOR + 6.20%        
4.41%, 04/25/2028   3,844 3,978   4.64%, 08/20/2047(l)   3,659   880
1 Month LIBOR + 2.85%         1 Month LIBOR + 6.20%        
Ginnie Mae         4.64%, 09/20/2047(l)   19,793   4,164
3.48%, 09/16/2043(l)   28,965 3,024   1 Month LIBOR + 6.20%        
1 Month LIBOR + 5.05%         4.64%, 09/20/2047(l)   9,928   1,944
3.50%, 06/20/2041(l)   23,081 3,494   1 Month LIBOR + 6.20%        
3.50%, 05/20/2046(l)   9,961 1,746   4.64%, 09/20/2047(l)   9,078   1,923
4.00%, 07/16/2044(l)   21,365 3,746   1 Month LIBOR + 6.20%        
4.00%, 03/20/2045(l)   8,878 1,562   4.64%, 11/20/2047(l)   24,663   4,783
4.00%, 04/20/2045(l)   15,298 3,203   1 Month LIBOR + 6.20%        
4.04%, 04/20/2045(l)   19,231 2,923   4.64%, 11/20/2047(l)   6,957   1,479
1 Month LIBOR + 5.60%         1 Month LIBOR + 6.20%        
4.46%, 12/20/2040(l)   3,369 572   4.69%, 06/20/2044(l)   20,894   3,002
1 Month LIBOR + 6.02%         1 Month LIBOR + 6.25%        
4.49%, 04/20/2046(l)   18,751 3,526   4.69%, 08/16/2045(l)   6,143   1,163
1 Month LIBOR + 6.05%         1 Month LIBOR + 6.25%        
4.49%, 05/20/2046(l)   24,521 4,454   4.69%, 10/20/2045(l)   17,155   3,129
1 Month LIBOR + 6.05%         1 Month LIBOR + 6.25%        
4.50%, 04/20/2045(l)   9,847 2,107   4.69%, 11/20/2045(l)   10,492   1,689
4.50%, 04/20/2045(l)   13,866 2,894   1 Month LIBOR + 6.25%        
4.54%, 10/16/2041(l)   31,273 6,019   4.69%, 10/20/2047(l)   5,951   1,297
1 Month LIBOR + 6.10%         1 Month LIBOR + 6.25%        
4.54%, 07/16/2042(l)   18,962 3,529   4.74%, 05/20/2045(l)   15,130   2,674
1 Month LIBOR + 6.10%         1 Month LIBOR + 6.30%        
4.54%, 07/20/2042(l)   13,839 2,686   5.09%, 02/20/2042(l)   10,114   2,101
1 Month LIBOR + 6.10%         1 Month LIBOR + 6.65%        
4.54%, 12/16/2043(l)   20,176 2,999   5.14%, 05/16/2041(l)   14,768   2,315
1 Month LIBOR + 6.10%         1 Month LIBOR + 6.70%        
4.54%, 06/20/2046(l)   14,635 2,844   5.19%, 11/20/2045(l)   13,004   2,537
1 Month LIBOR + 6.10%         1 Month LIBOR + 6.75%        
4.54%, 06/20/2046(l)   25,402 4,702   5.19%, 12/20/2045(l)   17,054   3,065
1 Month LIBOR + 6.10%         1 Month LIBOR + 6.75%        
4.54%, 08/20/2046(l)   17,594 3,626   5.38%, 04/20/2041(l)   1,894   369
1 Month LIBOR + 6.10%         1 Month LIBOR + 7.10%        
              $   239,122

 

See accompanying notes.

52

 

     Schedule of Investments Global Diversified Income Fund January 31, 2018 (unaudited)

    Principal         Principal    
BONDS (continued)   Amount (000's) Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Oil & Gas - 3.37%         Oil & Gas (continued)          
Antero Resources Corp         Petrobras Global Finance BV (continued)        
5.38%, 11/01/2021 $ 625 $ 640 6.00%, 01/27/2028(d)   $ 7,910 $ 7,976
Ascent Resources Utica Holdings LLC / ARU         6.25%, 03/17/2024     5,335   5,702
Finance Corp         6.88%, 01/20/2040     7,508   7,718
10.00%, 04/01/2022(d)   3,005   3,309 7.25%, 03/17/2044     3,197   3,398
Callon Petroleum Co         7.38%, 01/17/2027     16,630   18,445
6.13%, 10/01/2024   4,201   4,359 8.75%, 05/23/2026     9,153   11,014
Carrizo Oil & Gas Inc         Petroleos de Venezuela SA          
8.25%, 07/15/2025   1,265   1,395 5.50%, 04/12/2037     9,785   2,299
Chesapeake Energy Corp         6.00%, 05/16/2024     41,030   9,642
8.00%, 01/15/2025(d)   2,120   2,141 6.00%, 11/15/2026     10,140   2,322
8.00%, 06/15/2027(d)   1,270   1,262 6.00%, 11/15/2026     10,609   2,429
Continental Resources Inc/OK         8.50%, 10/27/2020     5,385   4,470
4.50%, 04/15/2023   1,800   1,823 9.75%, 05/17/2035     3,000   760
Cosan Luxembourg SA         Petroleos del Peru SA          
7.00%, 01/20/2027(d)   5,536   5,958 5.63%, 06/19/2047(d)     4,610   4,875
CrownRock LP / CrownRock Finance Inc         Petroleos Mexicanos          
5.63%, 10/15/2025(d)   4,615   4,661 5.50%, 01/21/2021     9,423   9,991
Endeavor Energy Resources LP / EER Finance         5.50%, 06/27/2044     3,613   3,320
Inc         5.63%, 01/23/2046     5,635   5,184
5.50%, 01/30/2026(d)   905   916 6.38%, 01/23/2045     4,877   4,884
EP Energy LLC / Everest Acquisition Finance         6.50%, 03/13/2027(d)     3,379   3,696
Inc         6.50%, 03/13/2027(d)     10,243   11,205
8.00%, 11/29/2024(d)   2,445   2,573 6.50%, 03/13/2027     3,000   3,282
9.38%, 05/01/2024(d)   1,440   1,220 6.75%, 09/21/2047     1,029   1,075
EP PetroEcuador via Noble Sovereign         6.75%, 09/21/2047(d)     12,625   13,193
Funding I Ltd         6.75%, 09/21/2047     3,240   3,386
7.32%, 09/24/2019   1,299   1,328 7.19%, 09/12/2024   MXN 420,000   20,201
3 Month LIBOR + 5.63%         7.47%, 11/12/2026     300,000   14,101
Extraction Oil & Gas Inc         9.50%, 09/15/2027   $ 1,204   1,623
5.63%, 02/01/2026(d)   5,875   5,881 Precision Drilling Corp          
7.38%, 05/15/2024(d)   5,360   5,803 5.25%, 11/15/2024     2,550   2,486
Gazprom OAO Via Gaz Capital SA         Puma International Financing SA        
6.51%, 03/07/2022(d)   2,570   2,825 5.00%, 01/24/2026(d)     4,680   4,676
Geopark Ltd         QEP Resources Inc          
6.50%, 09/21/2024(d)   12,168   12,563 5.25%, 05/01/2023     3,050   3,111
Gulfport Energy Corp         5.63%, 03/01/2026     775   791
6.00%, 10/15/2024   4,566   4,600 Repsol International Finance BV        
6.38%, 05/15/2025   2,685   2,739 3.88%, 12/31/2049(h)   EUR 1,000   1,346
Halcon Resources Corp         EUR Swap Annual 6YR + 3.56%        
6.75%, 02/15/2025(d)   2,270   2,389 4.50%, 03/25/2075     1,250   1,754
Hess Infrastructure Partners LP / Hess         EUR Swap Annual 10YR + 4.20%        
Infrastructure Partners Finance Corp         Resolute Energy Corp          
5.63%, 02/15/2026(d)   7,135   7,242 8.50%, 05/01/2020   $ 4,300   4,332
Jonah Energy LLC / Jonah Energy Finance         SandRidge Energy Inc          
Corp         0.00%, 03/15/2021(a),(e),(f)     3,450   —
7.25%, 10/15/2025(d)   2,275   2,295 Seven Generations Energy Ltd          
KazMunayGas National Co JSC         5.38%, 09/30/2025(d)     1,365   1,379
6.38%, 04/09/2021(d)   8,765   9,481 Southwestern Energy Co          
6.38%, 04/09/2021   2,015   2,180 7.75%, 10/01/2027     880   920
Medco Platinum Road Pte Ltd         SRC Energy Inc          
6.75%, 01/30/2025(d)   1,425   1,411 6.25%, 12/01/2025(d)     3,350   3,451
MEG Energy Corp         State Oil Co of the Azerbaijan Republic        
6.38%, 01/30/2023(d)   5,900   5,074 4.75%, 03/13/2023     4,402   4,501
6.50%, 01/15/2025(d)   3,550   3,470 Sunoco LP / Sunoco Finance Corp        
7.00%, 03/31/2024(d)   23,177   20,077 4.88%, 01/15/2023(d)     5,580   5,684
Nabors Industries Inc         5.50%, 02/15/2026(d)     3,520   3,594
5.75%, 02/01/2025(d)   1,780   1,749 Tecpetrol SA          
Oasis Petroleum Inc         4.88%, 12/12/2022(d)     2,900   2,838
6.88%, 01/15/2023   4,510   4,645 Tullow Oil PLC          
Parsley Energy LLC / Parsley Finance Corp         6.25%, 04/15/2022(d)     4,285   4,392
5.63%, 10/15/2027(d)   425   437 6.25%, 04/15/2022     987   1,012
PDC Energy Inc         Ultra Resources Inc          
5.75%, 05/15/2026(d)   825   839 6.88%, 04/15/2022(d)     8,040   8,120
6.13%, 09/15/2024   743   773 Unit Corp          
Pertamina Persero PT         6.63%, 05/15/2021     3,545   3,576
6.00%, 05/03/2042(d)   3,895   4,392 Whiting Petroleum Corp          
Petroamazonas EP         5.75%, 03/15/2021     4,080   4,223
4.63%, 02/16/2020(d)   10,731   10,538 6.63%, 01/15/2026(d)     1,125   1,152
4.63%, 11/06/2020(d)   16,301   15,771 WildHorse Resource Development Corp        
Petrobras Global Finance BV         6.88%, 02/01/2025     3,335   3,452
5.75%, 02/01/2029(m)   1,200   1,187 WPX Energy Inc          
          5.25%, 09/15/2024     1,375   1,392

 

See accompanying notes.

53

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
  Principal       Principal    
BONDS (continued) Amount (000's) Value (000's) BONDS (continued) Amount (000's) Value (000's)
Oil & Gas (continued)         Pharmaceuticals (continued)        
YPF SA         Nidda Healthcare Holding GmbH        
7.00%, 12/15/2047(d) $ 10,965 $ 10,421 3.50%, 09/30/2024 EUR 1,400 $ 1,752
8.75%, 04/04/2024(d)   12,372   14,027 Teva Pharmaceutical Finance Netherlands III        
    $   428,767 BV        
Oil & Gas Services - 0.16%         3.15%, 10/01/2026 $ 5,595   4,649
Archrock Partners LP / Archrock Partners         Valeant Pharmaceuticals International        
Finance Corp         6.75%, 08/15/2021(d)   780   772
6.00%, 10/01/2022   2,360   2,395 Valeant Pharmaceuticals International Inc        
Forum Energy Technologies Inc         4.50%, 05/15/2023 EUR 4,000   4,446
6.25%, 10/01/2021   9,570   9,642 5.38%, 03/15/2020(d) $ 5,380   5,347
SESI LLC         5.50%, 11/01/2025(d)   895   902
7.75%, 09/15/2024(d)   5,030   5,407 5.63%, 12/01/2021(d)   1,135   1,094
Weatherford International Ltd         Vizient Inc        
4.50%, 04/15/2022   1,200   1,134 10.38%, 03/01/2024(d)   5,245   5,914
9.88%, 02/15/2024   1,775   1,935     $   32,387
    $   20,513 Pipelines - 0.19%        
Other Asset Backed Securities - 0.10%         Enterprise Products Operating LLC        
Dell Equipment Finance Trust 2017-1         7.03%, 01/15/2068(i)   3,500   3,522
1.86%, 06/24/2019(d)   6,500   6,494 3 Month LIBOR + 2.68%        
Dell Equipment Finance Trust 2017-2         Holly Energy Partners LP / Holly Energy        
1.86%, 02/24/2020(d)   6,000   6,003 Finance Corp        
1 Month LIBOR + 0.30%         6.00%, 08/01/2024(d)   1,750   1,829
    $   12,497 NuStar Logistics LP        
Packaging & Containers - 0.46%         5.63%, 04/28/2027   2,950   3,085
ARD Securities Finance SARL         Southern Gas Corridor CJSC        
8.75%, PIK 8.75%, 01/31/2023(d),(j),(k)   365   378 6.88%, 03/24/2026(d)   8,574   9,805
Ardagh Packaging Finance PLC / Ardagh         6.88%, 03/24/2026   1,802   2,061
Holdings USA Inc         Summit Midstream Holdings LLC / Summit        
4.75%, 07/15/2027 GBP 800   1,143 Midstream Finance Corp        
6.00%, 02/15/2025(d) $ 5,000   5,163 5.75%, 04/15/2025   2,320   2,337
6.75%, 05/15/2024 EUR 4,000   5,446 Transcanada Trust        
Ball Corp         5.87%, 08/15/2076(i)   1,900   2,069
4.38%, 12/15/2023   2,600   3,662 3 Month LIBOR + 4.64%        
BWAY Holding Co             $   24,708
7.25%, 04/15/2025(d) $ 3,575   3,731 Private Equity - 0.04%        
Coveris Holdings SA         Icahn Enterprises LP / Icahn Enterprises        
7.88%, 11/01/2019(d)   4,115   4,105 Finance Corp        
Crown Americas LLC / Crown Americas         5.88%, 02/01/2022   4,560   4,646
Capital Corp VI                  
4.75%, 02/01/2026(d)   825   829 Real Estate - 0.02%        
Crown Cork & Seal Co Inc         Crescent Communities LLC/Crescent        
7.38%, 12/15/2026   4,345   5,008 Ventures Inc        
Crown European Holdings SA         8.88%, 10/15/2021(d)   2,847   3,018
3.38%, 05/15/2025 EUR 2,400   3,125          
Flex Acquisition Co Inc         Regional Authority - 0.26%        
6.88%, 01/15/2025(d) $ 2,700   2,771 Brazil Loan Trust 1        
OI European Group BV         5.48%, 07/24/2023(d)   2,878   3,009
3.13%, 11/15/2024 EUR 1,000   1,296 Brazil Minas SPE via State of Minas Gerais        
4.00%, 03/15/2023(d) $ 865   858 5.33%, 02/15/2028   13,029   13,224
4.88%, 03/31/2021 EUR 900   1,259 Provincia de Buenos Aires/Argentina        
Reynolds Group Issuer Inc / Reynolds Group         6.50%, 02/15/2023(d)   8,485   8,740
Issuer LLC / Reynolds Group Issuer         9.38%, 09/14/2018   5,005   5,168
(Luxembourg) S.A.         Provincia del Chaco Argentina        
5.13%, 07/15/2023(d) $ 6,140   6,305 9.38%, 08/18/2024   3,321   3,425
SIG Combibloc Holdings SCA             $   33,566
7.75%, 02/15/2023 EUR 4,000   5,156 REITs - 0.53%        
Silgan Holdings Inc         Equinix Inc        
3.25%, 03/15/2025   3,000   3,860 2.88%, 10/01/2025 EUR 2,400   3,001
Verallia Packaging SASU         2.88%, 02/01/2026   800   988
5.13%, 08/01/2022   3,400   4,390 5.38%, 05/15/2027 $ 2,005   2,105
    $   58,485 5.88%, 01/15/2026   2,640   2,805
Pharmaceuticals - 0.25%         ESH Hospitality Inc        
Catalent Pharma Solution         5.25%, 05/01/2025(d)   2,250   2,267
3.75%, 09/15/2025   200   256 GEO Group Inc/The        
Catalent Pharma Solutions Inc         5.88%, 10/15/2024   5,200   5,343
4.75%, 12/15/2024   1,500   1,987 Iron Mountain Inc        
Grifols SA         5.25%, 03/15/2028(d)   2,165   2,105
3.20%, 05/01/2025   2,900   3,661 iStar Inc        
Nidda BondCo GmbH         6.50%, 07/01/2021   2,000   2,065
5.00%, 09/30/2025   1,300   1,607 MPT Operating Partnership LP / MPT Finance        
          Corp        
          6.38%, 03/01/2024   745   793

 

See accompanying notes.

54

 

     Schedule of Investments Global Diversified Income Fund January 31, 2018 (unaudited)

  Principal       Principal    
BONDS (continued) Amount (000's)     Value (000's) BONDS (continued) Amount (000's)    Value (000's)
REITs (continued)         Sovereign (continued)        
QCP SNF West/Central/East/AL REIT LLC         Angolan Government International Bond        
8.13%, 11/01/2023(d) $ 14,355 $ 14,786 9.50%, 11/12/2025 $ 1,450 $ 1,698
Uniti Group LP / Uniti Fiber Holdings Inc /         9.50%, 11/12/2025(d)   3,700   4,332
CSL Capital LLC         Argentina POM Politica Monetaria        
7.13%, 12/15/2024(d)   17,480   15,514 27.81%, 06/21/2020 ARS 174,142   9,774
Uniti Group LP / Uniti Group Finance Inc /         Argentina Central Bank 7D Repo Rate + 0.00%    
CSL Capital LLC         Argentine Bonos del Tesoro        
8.25%, 10/15/2023   17,040   16,145 21.20%, 09/19/2018   108,977   5,535
    $   67,917 Argentine Republic Government International        
Retail - 0.21%         Bond        
1011778 BC ULC / New Red Finance Inc         0.00%, 12/15/2035(a),(j) $ 28,065   2,863
4.25%, 05/15/2024(d)   1,050   1,032 2.26%, 12/31/2038(j) EUR 43,439   38,913
5.00%, 10/15/2025(d)   7,590   7,600 2.50%, 12/31/2038(j) $ 14,055   9,853
Carrols Restaurant Group Inc         5.88%, 01/11/2028   10,928   10,633
8.00%, 05/01/2022   2,400   2,517 6.25%, 11/09/2047 EUR 6,805   8,403
Golden Nugget Inc         6.63%, 07/06/2028 $ 582   595
6.75%, 10/15/2024(d)   3,710   3,835 6.88%, 01/11/2048   14,295   13,830
IRB Holding Corp         7.50%, 04/22/2026   2,500   2,745
6.75%, 02/15/2026(d),(m)   1,230   1,245 7.82%, 12/31/2033 EUR 36,550   52,129
L Brands Inc         Bahrain Government International Bond        
6.75%, 07/01/2036   3,650   3,677 5.88%, 01/26/2021(d) $ 7,105   7,328
PetSmart Inc         7.50%, 09/20/2047(d)   7,805   7,581
5.88%, 06/01/2025(d)   2,135   1,644 Bolivian Government International Bond        
PVH Corp         4.50%, 03/20/2028   4,966   4,904
3.13%, 12/15/2027(d) EUR 2,000   2,501 Bonos de la Tesoreria de la Republica en        
Reliance Intermediate Holdings LP         pesos        
6.50%, 04/01/2023(d) $ 2,375   2,494 4.50%, 03/01/2021 CLP 5,825,000   9,939
    $   26,545 4.50%, 03/01/2026   9,030,000   15,005
Software - 0.88%         6.00%, 01/01/2022   1,610,000   2,887
Ascend Learning LLC         Brazil Letras do Tesouro Nacional        
6.88%, 08/01/2025(d)   3,175   3,286 0.00%, 01/01/2019(a) BRL 11,925   3,527
Change Healthcare Holdings LLC / Change         0.00%, 07/01/2020(a)   62,779   16,205
Healthcare Finance Inc         Brazil Notas do Tesouro Nacional Serie F        
5.75%, 03/01/2025(d)   4,000   4,070 10.00%, 01/01/2027   128,433   41,005
Epicor Software Corp         10.00%, 01/01/2025   165,435   53,145
9.94%, 06/30/2023(d),(e),(f)   15,000   14,954 10.00%, 01/01/2023   50,150   16,202
3 Month LIBOR + 8.25%         Brazilian Government International Bond        
First Data Corp         4.63%, 01/13/2028 $ 800   794
5.00%, 01/15/2024(d)   5,165   5,300 5.63%, 02/21/2047   12,511   12,543
5.38%, 08/15/2023(d)   1,500   1,547 6.00%, 04/07/2026   4,441   4,925
Genesys Telecommunications Laboratories         Colombian TES        
Inc/Greeneden Lux 3 Sarl         6.25%, 11/26/2025 COP 16,385,500   5,741
10.00%, 11/30/2024(d)   12,075   13,343 7.00%, 05/04/2022   21,791,600   8,030
Infor US Inc         7.50%, 08/26/2026   131,567,600   49,595
6.50%, 05/15/2022   15,958   16,457 Costa Rica Government International Bond        
Informatica LLC         4.38%, 04/30/2025(d) $ 3,061   2,946
7.13%, 07/15/2023(d)   5,192   5,347 5.63%, 04/30/2043(d)   652   590
j2 Cloud Services LLC / j2 Global Co-Obligor         7.16%, 03/12/2045   17,845   19,005
Inc         7.16%, 03/12/2045(d)   5,950   6,337
6.00%, 07/15/2025(d)   525   555 Croatia Government International Bond        
Open Text Corp         6.00%, 01/26/2024(d)   5,365   6,045
5.63%, 01/15/2023(d)   3,445   3,589 6.75%, 11/05/2019(d)   3,380   3,598
PTC Inc         Dominican Republic Bond        
6.00%, 05/15/2024   500   530 10.50%, 04/07/2023(d) DOP 295,350   6,591
Quintiles IMS Inc         Dominican Republic International Bond        
3.25%, 03/15/2025 EUR 3,000   3,799 5.50%, 01/27/2025 $ 7,637   7,981
5.00%, 10/15/2026(d) $ 4,270   4,350 5.88%, 04/18/2024(d)   2,491   2,665
RP Crown Parent LLC         5.95%, 01/25/2027(d)   2,224   2,388
7.38%, 10/15/2024(d)   14,143   14,868 8.63%, 04/20/2027   763   929
Sophia LP / Sophia Finance Inc         Ecuador Government International Bond        
9.00%, 09/30/2023(d)   13,375   14,311 7.88%, 01/23/2028(d)   19,738   20,044
SS&C Technologies Holdings Inc         8.88%, 10/23/2027(d)   19,192   20,895
5.88%, 07/15/2023   5,498   5,766 9.63%, 06/02/2027(d)   6,667   7,567
          9.65%, 12/13/2026(d)   1,053   1,200
    $   112,072          
Sovereign - 13.83%         9.65%, 12/13/2026   3,387   3,861
          10.75%, 03/28/2022(d)   7,829   9,101
1MDB Global Investments Ltd         10.50%, 03/24/2020(d)   5,295   5,811
4.40%, 03/09/2023   31,200   30,449          
Abu Dhabi Government International Bond         Egypt Government International Bond        
4.13%, 10/11/2047(d)   3,580   3,494 6.13%, 01/31/2022(d)   8,650   9,159
          Egypt Treasury Bills        
          0.00%, 06/19/2018(a) EGP 640,300   34,008
          El Salvador Government International Bond        
          5.88%, 01/30/2025(d) $ 6,375   6,391

 

See accompanying notes.

55

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
  Principal       Principal    
BONDS (continued) Amount (000's) Value (000's)   BONDS (continued) Amount (000's)    Value (000's)
Sovereign (continued)         Sovereign (continued)        
El Salvador Government International         Oman Government International        
Bond (continued)         Bond (continued)        
7.38%, 12/01/2019 $ 7,305 $ 7,670  4.13%, 01/17/2023(d) $ 21,746 $ 21,451
8.25%, 04/10/2032   8,018 9,321   6.75%, 01/17/2048(d)   10,850   11,034
8.25%, 04/10/2032(d)   633 736   Panama Government International Bond        
Export-Import Bank of Korea         6.70%, 01/26/2036   752   992
6.20%, 08/07/2021(d) INR 427,000 6,574   Perusahaan Penerbit SBSN Indonesia III        
6.90%, 01/08/2021(d) IDR 44,000,000 3,342   4.55%, 03/29/2026(d)   6,685   7,005
Gabon Government International Bond         Peruvian Government International Bond        
6.38%, 12/12/2024(d) $ 11,588 11,706   5.20%, 09/12/2023(d) PEN 14,573   4,898
6.38%, 12/12/2024   8,399 8,485   5.70%, 08/12/2024(d)   25,571   8,787
6.95%, 06/16/2025(d)   6,455 6,664   8.20%, 08/12/2026(d)   19,449   7,671
Ghana Government International Bond         Qatar Government International Bond        
7.88%, 08/07/2023   6,280 6,833   3.25%, 06/02/2026(d) $ 1,019   971
8.13%, 01/18/2026(d)   5,405 5,960   4.50%, 01/20/2022(d)   13,200   13,703
10.75%, 10/14/2030   3,393 4,617   Republic of Angola Via Avenir II BV        
Hungary Government Bond         9.34%, 07/01/2023   9,313   10,046
1.75%, 10/26/2022 HUF 2,559,320 10,456   6 Month LIBOR + 7.50%        
Indonesia Government International Bond         Republic of Angola Via Northern Lights III        
3.38%, 04/15/2023(d) $ 10,575 10,599   BV        
4.35%, 01/08/2027(d)   3,700 3,871   7.00%, 08/17/2019   3,334   3,423
4.75%, 07/18/2047(d)   3,220 3,344   Republic of Azerbaijan International Bond        
5.25%, 01/17/2042(d)   4,200 4,621   4.75%, 03/18/2024(d)   10,868   11,319
5.25%, 01/08/2047(d)   4,560 5,052   4.75%, 03/18/2024   1,402   1,460
Indonesia Treasury Bond         Republic of Cameroon International Bond        
7.00%, 05/15/2027 IDR 200,000,000 15,610   9.50%, 11/19/2025(d)   4,005   4,749
7.50%, 08/15/2032   559,600,000 44,482   9.50%, 11/19/2025   7,510   8,904
8.25%, 05/15/2036   244,500,000 20,545   Republic of Poland Government Bond        
8.75%, 05/15/2031   83,915,000 7,258   2.50%, 07/25/2026 PLN 22,926   6,428
Iraq International Bond         Republic of South Africa Government Bond        
5.80%, 01/15/2028 $ 65,671 64,989   6.25%, 03/31/2036 ZAR 420,540   25,901
6.75%, 03/09/2023(d)   11,704 12,160   8.75%, 01/31/2044   78,017   6,047
Ivory Coast Government International Bond         8.88%, 02/28/2035   60,891   4,910
5.13%, 06/15/2025(d) EUR 729 986   10.50%, 12/21/2026   409,419   38,878
5.38%, 07/23/2024 $ 1,248 1,267   Republic of South Africa Government        
5.75%, 12/31/2032(d),(j)   8,141 8,074   International Bond        
6.13%, 06/15/2033   2,800 2,867   4.30%, 10/12/2028 $ 7,425   7,158
6.13%, 06/15/2033(d)   20,401 20,891   Russian Federal Bond - OFZ        
6.38%, 03/03/2028   750 796   7.05%, 01/19/2028 RUB 1,119,796   19,841
Jordan Government International Bond         7.40%, 12/07/2022   1,173,620   21,421
7.38%, 10/10/2047(d)   7,699 8,274   7.50%, 02/27/2019   215,640   3,869
KazAgro National Management Holding JSC         7.70%, 03/23/2033   482,970   8,834
4.63%, 05/24/2023(d)   10,305 10,488   8.50%, 09/17/2031   4,192,100   81,869
Kenya Government International Bond         Russian Foreign Bond - Eurobond        
5.88%, 06/24/2019(d)   7,752 7,966   4.25%, 06/23/2027 $ 12,600   12,925
6.88%, 06/24/2024   5,194 5,472   4.50%, 04/04/2022   200   210
6.88%, 06/24/2024(d)   647 682   4.88%, 09/16/2023   4,400   4,699
6.88%, 06/24/2024(d)   2,870 3,023   5.25%, 06/23/2047   2,600   2,736
KSA Sukuk Ltd         Saudi Government International Bond        
2.89%, 04/20/2022(d)   4,215 4,153   3.63%, 03/04/2028(d)   2,715   2,654
Malaysia Government Bond         4.63%, 10/04/2047(d)   9,010   8,976
3.58%, 09/28/2018 MYR 65,459 16,830   Senegal Government International Bond        
3.76%, 03/15/2019   24,393 6,284   6.25%, 05/23/2033(d)   7,788   8,143
4.06%, 09/30/2024   76,220 19,678   Serbia International Bond        
Mexican Bonos         7.25%, 09/28/2021(d)   4,315   4,881
4.75%, 06/14/2018 MXN 243,550 12,938   Sri Lanka Government International Bond        
6.50%, 06/09/2022   202,400 10,465   5.75%, 01/18/2022(d)   3,575   3,700
7.75%, 05/29/2031   276,370 14,905   6.25%, 07/27/2021   2,220   2,350
8.00%, 12/07/2023   101,220 5,559   Turkey Government Bond        
Mexico Government International Bond         8.30%, 06/20/2018 TRY 28,820   7,540
3.75%, 01/11/2028 $ 15,928 15,625   11.00%, 03/02/2022   70,609   18,232
4.00%, 10/02/2023   3,625 3,745   11.00%, 02/24/2027   34,740   8,919
Nigeria Government International Bond         10.40%, 03/27/2019   18,800   4,884
6.50%, 11/28/2027(d)   11,605 12,041   10.50%, 01/15/2020   47,020   12,066
7.88%, 02/16/2032(d)   7,472 8,437   Turkey Government International Bond        
Nigeria OMO Bill         4.25%, 04/14/2026 $ 2,915   2,751
0.00%, 04/12/2018(a) NGN 3,983,000 10,686   4.88%, 04/16/2043   3,266   2,800
Nigeria Treasury Bill         5.75%, 05/11/2047   1,292   1,227
0.00%, 04/05/2018(a)   1,961,376 5,293   6.00%, 03/25/2027   25,368   26,662
Oman Government International Bond         6.63%, 02/17/2045   1,729   1,831
3.88%, 03/08/2022 $ 2,184 2,168   6.88%, 03/17/2036   6,183   6,802
          7.00%, 06/05/2020   4,950   5,309

 

See accompanying notes.

56

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
  Principal       Principal    
BONDS (continued) Amount (000's)    Value (000's) BONDS (continued) Amount (000's) Value (000's)
Sovereign (continued)         Telecommunications (continued)        
Ukraine Government International Bond         C&W Senior Financing DAC        
0.00%, 05/31/2040(a),(j) $ 18,808 $ 12,773 6.88%, 09/15/2027(d) $ 4,570 $ 4,816
7.38%, 09/25/2032(d)   38,546   39,114 CommScope Technologies LLC        
7.38%, 09/25/2032   200   203 6.00%, 06/15/2025(d)   5,050   5,314
7.75%, 09/01/2021   2,195   2,389 Digicel Group Ltd        
7.75%, 09/01/2023   8,130   8,833 7.13%, 04/01/2022(d)   12,888   12,147
7.75%, 09/01/2026   5,500   5,878 8.25%, 09/30/2020(d)   14,599   14,471
7.75%, 09/01/2026(d)   1,164   1,244 eircom Finance DAC        
7.75%, 09/01/2027   1,000   1,068 4.50%, 05/31/2022 EUR 1,000   1,277
Ukreximbank Via Biz Finance PLC         Frontier Communications Corp        
9.75%, 01/22/2025   8,030   8,955 7.13%, 01/15/2023 $ 5,585   3,784
Uruguay Government International Bond         10.50%, 09/15/2022   660   545
8.50%, 03/15/2028(d) UYU 85,000   2,906 GTT Communications Inc        
9.88%, 06/20/2022   729,030   26,622 7.88%, 12/31/2024(d)   18,588   19,889
Venezuela Government International Bond         Hughes Satellite Systems Corp        
0.00%, 10/13/2019(a) $ 30,001   7,800 7.63%, 06/15/2021   7,300   7,975
0.00%, 05/07/2023(a)   6,000   1,560 IHS Netherlands Holdco BV        
0.00%, 05/07/2023(a)   10,210   2,655 9.50%, 10/27/2021(d)   6,164   6,572
0.00%, 10/13/2024(a)   6,400   1,664 Intelsat Jackson Holdings SA        
0.00%, 09/15/2027(a)   6,885   1,911 5.50%, 08/01/2023   4,865   3,819
Zambia Government International Bond         8.00%, 02/15/2024(d)   2,205   2,315
5.38%, 09/20/2022(d)   4,822   4,692 Koninklijke KPN NV        
5.38%, 09/20/2022   1,972   1,919 7.00%, 03/28/2073(d)   400   451
8.50%, 04/14/2024(d)   3,077   3,372 USSW10 Index Spread + 5.33%        
8.97%, 07/30/2027(d)   5,075   5,629 7.00%, 03/28/2073   2,000   2,255
    $   1,759,255 USSW10 Index Spread + 5.33%        
Student Loan Asset Backed Securities - 0.20%       Level 3 Financing Inc        
Navient Private Education Loan Trust 2015-         5.13%, 05/01/2023   1,600   1,604
C         Matterhorn Telecom Holding SA        
3.06%, 01/16/2035(d)   5,031   5,062 4.88%, 05/01/2023 EUR 4,595   5,741
1 Month LIBOR + 1.50%         MTN Mauritius Investment Ltd        
Navient Student Loan Trust 2017-3         6.50%, 10/13/2026(d) $ 6,075   6,606
1.86%, 07/26/2066(d)   3,486   3,491 Nokia OYJ        
1 Month LIBOR + 0.30%         2.00%, 03/15/2024 EUR 600   754
Navient Student Loan Trust 2017-4         Sprint Communications Inc        
1.80%, 09/27/2066(d)   5,514   5,515 6.00%, 11/15/2022 $ 4,415   4,398
1 Month LIBOR + 0.24%         7.00%, 03/01/2020(d)   3,500   3,736
Navient Student Loan Trust 2018-1         9.00%, 11/15/2018(d)   1,550   1,620
1.75%, 03/25/2067(d),(m)   4,500   4,500 Sprint Corp        
1 Month LIBOR + 0.19%         7.13%, 06/15/2024   9,000   9,128
SMB Private Education Loan Trust 2016-B         7.63%, 02/15/2025   650   674
2.21%, 11/15/2023(d)   733   734 7.88%, 09/15/2023   2,685   2,844
1 Month LIBOR + 0.65%         Telecom Italia Capital SA        
SoFi Professional Loan Program 2017-E         6.38%, 11/15/2033   645   742
LLC         Telecom Italia SpA/Milano        
2.06%, 11/26/2040(d)   5,594   5,612 3.25%, 01/16/2023 EUR 1,750   2,380
1 Month LIBOR + 0.50%         3.63%, 05/25/2026   3,000   4,142
    $   24,914 5.30%, 05/30/2024(d) $ 2,710   2,862
Supranational Bank - 0.38%         Telefonica Celular del Paraguay SA        
Africa Finance Corp         6.75%, 12/13/2022(d)   4,330   4,442
3.88%, 04/13/2024(d)   4,210   4,223 Telefonica Europe BV        
Asian Development Bank         3.75%, 12/31/2049(h) EUR 2,000   2,656
5.90%, 12/20/2022 INR 272,000   4,199 EUR Swap Annual 5YR + 3.86%        
Banque Ouest Africaine de Developpement         4.20%, 12/31/2049(h)   3,000   3,952
5.00%, 07/27/2027(d) $ 5,680   5,879 EUR Swap Annual 5YR + 3.81%        
5.50%, 05/06/2021(d)   7,416   7,813 T-Mobile USA Inc        
Eastern and Southern African Trade and         4.50%, 02/01/2026 $ 1,360   1,367
Development Bank         5.13%, 04/15/2025   2,575   2,659
6.38%, 12/06/2018   6,270   6,386 6.00%, 04/15/2024   4,025   4,279
European Bank for Reconstruction &         6.50%, 01/15/2026   4,020   4,357
Development         ViaSat Inc        
7.38%, 04/15/2019 IDR 94,630,000   7,246 5.63%, 09/15/2025(d)   7,200   7,146
10.00%, 11/16/2018   66,330,000   5,123 Wind Tre SpA        
Inter-American Development Bank         2.63%, 01/20/2023(d) EUR 2,000   2,309
5.50%, 08/23/2021 INR 293,300   4,518 5.00%, 01/20/2026(d) $ 3,375   3,064
7.88%, 03/14/2023 IDR 32,750,000   2,708     $   180,437
    $   48,095 Transportation - 0.36%        
Telecommunications - 1.42%         BNSF Funding Trust I        
Altice Luxembourg SA         6.61%, 12/15/2055(i)   4,610   5,313
7.25%, 05/15/2022 EUR 2,400   2,919 3 Month LIBOR + 2.35%        
Axtel SAB de CV                  
6.38%, 11/14/2024(d) $ 8,121   8,426          

 

See accompanying notes.

57

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
    Principal     SENIOR FLOATING RATE INTERESTS   Principal    
BONDS (continued)   Amount (000's)   Value (000's) (continued)   Amount (000's)   Value (000's)
Transportation (continued)           Beverages - 0.02%        
CMA CGM SA           Refresco Group NV        
6.50%, 07/15/2022   $ 1,000 $ 1,304 0.00%, 09/26/2024(n),(o) $ 1,000 $ 1,240
Hidrovias International Finance SARL           EURIBOR + 2.75%        
5.95%, 01/24/2025(d)     5,280   5,318 Sunshine Investments BV        
Navios Maritime Acquisition Corp / Navios           0.00%, 12/13/2024(n),(o)   1,000   998
Acquisition Finance US Inc                 $ 2,238
8.13%, 11/15/2021(d)     8,228   7,014 Chemicals - 0.05%        
Navios Maritime Holdings Inc / Navios           New Arclin US Holding Corp        
Maritime Finance II US Inc           10.44%, 02/14/2025(n)   6,790   6,849
11.25%, 08/15/2022(d)     3,005   3,043 US LIBOR + 8.75%        
Pelabuhan Indonesia II PT                    
4.25%, 05/05/2025(d)     8,470   8,565 Commercial Services - 0.14%        
5.38%, 05/05/2045(d)     4,705   4,917 Garda World Security Corp        
Rumo Luxembourg Sarl           4.97%, 05/24/2024(n)   1,020   1,028
5.88%, 01/18/2025(d)     3,350   3,392 US LIBOR + 4.00%        
Russian Railways Via RZD Capital PLC           KUEHG Corp        
8.30%, 04/02/2019   RUB 371,300   6,664 9.94%, 08/22/2025(n)   14,160   14,302
        $ 45,530 Prime Security Services Borrower LLC        
Trucking & Leasing - 0.10%           4.32%, 05/02/2022(n)   1,841   1,857
DAE Funding LLC           US LIBOR + 2.75%        
5.00%, 08/01/2024(d)   $ 6,125   6,079       $ 17,187
Fortress Transportation & Infrastructure           Computers - 0.28%        
Investors LLC           Optiv Security Inc        
6.75%, 03/15/2022(d)     6,570   6,874 8.62%, 01/13/2025(n)   6,960   6,362
        $ 12,953 US LIBOR + 7.25%        
TOTAL BONDS       $ 6,704,282 Peak 10 Holding Corp        
    Principal     8.63%, 07/24/2025(n)   21,350   21,457
CONVERTIBLE BONDS - 0.01%   Amount (000's)   Value (000's) US LIBOR + 7.25%        
Mining - 0.01%           TierPoint LLC        
Mirabela Nickel Ltd           8.82%, 05/05/2025(n)   7,180   7,201
0.00%, PIK 0.00%, 06/24/2019(a),(d),(k)     6,966   906 US LIBOR + 7.25%        
                  $ 35,020
TOTAL CONVERTIBLE BONDS       $ 906 Consumer Products - 0.02%        
CREDIT LINKED STRUCTURED NOTES   Principal     Prestige Brands Inc        
- 0.03 % Amount (000's)   Value (000's) 4.32%, 01/26/2024(n)   2,098   2,117
Sovereign - 0.03%           US LIBOR + 2.75%        
Republic of Iraq - Merrill Lynch                    
2.55%, 01/07/2028(e),(f)   JPY 469,835   3,327 Cosmetics & Personal Care - 0.15%        
            Wellness Merger Sub Inc        
            10.45%, 06/27/2025(n)   19,410   19,361
TOTAL CREDIT LINKED STRUCTURED NOTES   $ 3,327          
SENIOR FLOATING RATE INTERESTS -   Principal              
5.50 % Amount (000's)   Value (000's) Distribution & Wholesale - 0.04%        
Advertising - 0.22%           ABB Con-Cise Optical Group LLC        
            6.58%, 06/15/2023(n)   2,765   2,770
Getty Images Inc                    
5.19%, 10/03/2019(n)   $ 29,560 $ 27,983 US LIBOR + 5.00%        
US LIBOR + 3.50%           HBC Holdings LLC        
            8.19%, 03/30/2020(n)   2,861   2,776
Aerospace & Defense - 0.02%           US LIBOR + 6.50%        
Jazz Acquisition Inc                 $ 5,546
8.44%, 06/19/2022(n)     2,560   2,405 Diversified Financial Services - 0.16%        
US LIBOR + 6.75%           Focus Financial Partners LLC        
            9.19%, 05/09/2025(n)   15,630   15,767
Agriculture - 0.19%           US LIBOR + 7.50%        
NVA Holdings Inc/United States           Russell Investments US Institutional Holdco        
8.69%, 08/14/2022(n)     3,246   3,266 Inc        
            5.94%, 06/01/2023(n)   4,950   4,983
US LIBOR + 7.00%                    
8.69%, 08/14/2022(n)     20,729   20,859 US LIBOR + 5.75%        
US LIBOR + 7.00%                 $ 20,750
            Electric - 0.02%        
Automobile Manufacturers - 0.01%           Panda Liberty LLC        
Navistar Inc           8.19%, 08/21/2020(n)   2,257   2,150
5.06%, 11/06/2024(n)     730   736 US LIBOR + 6.50%        
US LIBOR + 3.50%                    
            Electronics - 0.12%        
Automobile Parts & Equipment - 0.34%           Lully Finance LLC        
Dexko Global Inc           10.06%, 10/16/2023(n)   15,795   15,558
9.43%, 07/24/2025(n)     21,140   21,351 US LIBOR + 8.50%        
US LIBOR + 8.25%                    
Truck Hero Inc                    
9.89%, 05/16/2025(n)     22,010   22,230          
US LIBOR + 4.00%                    
        $ 43,581          

 

See accompanying notes.

58

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
SENIOR FLOATING RATE INTERESTS Principal     SENIOR FLOATING RATE INTERESTS Principal    
(continued) Amount (000's)     Value (000's) (continued) Amount (000's)    Value (000's)
Engineering & Construction - 0.00%         Investment Companies - 0.12%        
NANA Development Corp         Masergy Holdings Inc        
8.36%, 03/15/2018(f),(n) $ 23 $ 22 10.19%, 12/16/2024(n) $ 15,090 $ 15,260
US LIBOR + 7.00%         US LIBOR + 8.50%        
 
Entertainment - 0.01%         Iron & Steel - 0.02%        
Lions Gate Entertainment Corp         Miami Valley Steel Services Inc        
3.82%, 12/08/2023(n)   1,651   1,668 10.00%, 01/20/2023(f),(n)   2,984   2,984
US LIBOR + 2.25%                  
          Leisure Products & Services - 0.02%        
Food - 0.06%         Intrawest Resorts Holdings Inc        
American Seafoods Group LLC         4.82%, 07/31/2024(n)   2,306   2,323
4.76%, 08/21/2023(n)   2,913   2,922 US LIBOR + 3.25%        
US LIBOR + 3.25%                  
CTI Foods Holding Co LLC         Lodging - 0.20%        
8.82%, 06/28/2021(n)   3,360   2,486 Golden Nugget Inc/NV        
US LIBOR + 7.25%         4.88%, 10/04/2023(n)   318   322
Nomad Foods Europe Midco Ltd         US LIBOR + 3.25%        
0.00%, 05/15/2024(n),(o) EUR 700   869 Parq Holdings LP        
EURIBOR + 2.75%         9.19%, 12/17/2020(n)   24,611   24,734
2.75%, 05/15/2024(n)   300   373 US LIBOR + 7.50%        
Post Holdings Inc             $   25,056
3.82%, 05/24/2024(n) $ 682   686 Machinery - Diversified - 0.10%        
US LIBOR + 2.25%         Engineered Machinery Holdings Inc        
    $   7,336 8.94%, 07/25/2025(n)   11,680   11,738
Forest Products & Paper - 0.02%         US LIBOR + 7.25%        
Caraustar Industries Inc         8.94%, 07/25/2025(n)   1,168   1,174
7.19%, 03/14/2022(n)   1,815   1,821 US LIBOR + 7.25%        
US LIBOR + 5.50%             $   12,912
          Media - 0.02%        
Healthcare - Products - 0.10%         CSC Holdings LLC        
Hanger Inc         0.00%, 01/12/2026(n),(o)   130   131
11.50%, 08/01/2019(n)   11,370   11,483 US LIBOR + 0.00%        
Kinetic Concepts Inc         McGraw-Hill Global Education Holdings        
4.94%, 02/02/2024(n)   741   742 LLC        
US LIBOR + 3.25%         5.57%, 05/04/2022(n)   2,561   2,554
    $   12,225 US LIBOR + 4.00%        
Healthcare - Services - 0.84%             $   2,685
BCPE Eagle Buyer LLC         Mining - 0.02%        
9.64%, 03/16/2025(n)   23,880   23,641 Real Alloy Holding Inc        
US LIBOR + 8.00%         11.50%, 05/17/2018(f),(n)   2,892   2,892
Heartland Dental LLC                  
10.07%, 07/26/2024(n)   31,520   31,816 Miscellaneous Manufacturers - 0.11%        
US LIBOR + 8.50%         Gates Global LLC        
Opal Acquisition Inc         3.25%, 03/31/2024(n) EUR 1,489   1,855
5.69%, 11/20/2020(n)   14,607   14,130 EURIBOR + 3.25%        
US LIBOR + 4.00%         UTEX Industries Inc        
US Renal Care Inc         5.57%, 08/04/2025(n) $ 3,281   3,237
9.69%, 11/17/2023(n)   37,350   37,443 US LIBOR + 4.00%        
US LIBOR + 8.00%         8.82%, 05/22/2022(n)   8,810   8,551
    $   107,030 US LIBOR + 7.25%        
Home Furnishings - 0.00%             $   13,643
Targus Group International Inc         Oil & Gas - 0.07%        
0.00%, PIK 0.00%, 11/02/2016(a),(e),(f),(k),(n)   880   — California Resources Corp        
US LIBOR + 9.50%         6.31%, 11/14/2022(n)   890   906
          US LIBOR + 4.75%        
Insurance - 0.07%         11.94%, 12/31/2021(n)   3,215   3,641
Asurion LLC         US LIBOR + 10.37%        
4.57%, 11/03/2023(n)   1,234   1,243 Chesapeake Energy Corp        
US LIBOR + 3.00%         8.95%, 08/23/2021(n)   4,180   4,470
7.57%, 08/04/2025(n)   2,850   2,939 US LIBOR + 7.50%        
US LIBOR + 6.00%             $   9,017
7.57%, 08/04/2025(n)   4,850   5,002 Packaging & Containers - 0.18%        
US LIBOR + 6.00%         Berlin Packaging LLC        
    $   9,184 8.32%, 10/01/2022(n)   17,050   17,169
Internet - 0.42%         US LIBOR + 6.75%        
MH Sub I LLC         Crown European Holdings SA        
9.09%, 09/15/2025(n)   17,570   17,628 0.00%, 01/17/2025(n),(o) EUR 1,000   1,255
US LIBOR + 7.50%         FPC Holdings Inc        
Ten-X LLC         9.69%, 05/15/2020(n) $ 5,052   4,951
9.57%, 09/29/2025(f),(n)   35,440   35,440 US LIBOR + 8.00%        
    $   53,068     $   23,375

 

See accompanying notes.

59

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
SENIOR FLOATING RATE INTERESTS Principal     U.S. GOVERNMENT & GOVERNMENT   Principal        
(continued) Amount (000's) Value (000's) AGENCY OBLIGATIONS (continued) Amount (000's) Value(000 's)
Pharmaceuticals - 0.64%         Federal National Mortgage Association (FNMA) (continued)        
Genoa a QoL Healthcare Co LLC           3.00%, 07/01/2046 $ 9,861   $ 9,696  
9.57%, 10/28/2024(n) $ 18,060 $ 18,286   3.00%, 08/01/2046   13,914     13,680  
US LIBOR + 8.00%           3.00%, 12/01/2046   9,915     9,752  
Lanai Holdings III Inc           3.50%, 02/01/2043(p)   25,000     25,234  
9.98%, 08/14/2023(n)   25,190   23,930   3.50%, 10/01/2044   8,751     8,891  
US LIBOR + 8.50%           3.50%, 08/01/2045   17,016     17,263  
Packaging Coordinators Midco Inc           3.50%, 11/01/2045(q)   8,399     8,529  
10.53%, 06/29/2024(n)   24,050   23,930   3.50%, 04/01/2046   8,336     8,423  
US LIBOR + 8.75%           3.50%, 04/01/2047   12,650     12,833  
PharMerica Corp           4.00%, 09/01/2046   4,402     4,566  
9.30%, 09/26/2025(n)   14,690   14,727   4.00%, 02/01/2047(p)   25,000     25,823  
US LIBOR + 7.75%           4.00%, 03/01/2047   9,081     9,422  
      $ 80,873   4.00%, 06/01/2047   1,916     1,982  
Retail - 0.12%           4.50%, 01/01/2044   1,738     1,847  
Academy Ltd           4.50%, 02/01/2044   3,664     3,896  
5.55%, 07/01/2022(n)   3,536   2,838   4.50%, 03/01/2044   4,042     4,304  
US LIBOR + 4.00%           4.50%, 06/01/2044   7,074     7,555  
Douglas GmbH           4.50%, 09/01/2046   8,361     8,917  
3.25%, 08/12/2022(n) EUR 1,000   1,238   5.00%, 03/01/2039   4,106     4,513  
EURIBOR + 3.25%           5.00%, 07/01/2044   5,241     5,655  
IRB Holding Corp                   $ 202,832  
0.00%, 01/17/2025(n),(o) $ 450   456 Government National Mortgage Association (GNMA) - 0.83%    
US LIBOR + 0.00%           3.50%, 02/01/2042(p)   10,000     10,182  
PFS Holding Corp           3.50%, 12/15/2042   6,408     6,561  
8.83%, 01/31/2022(n)   12,655   5,861   3.50%, 02/01/2047   40,000     40,725  
US LIBOR + 7.25%           4.00%, 02/01/2042   5,000     5,174  
SRS Distribution Inc           4.00%, 08/15/2044   4,406     4,648  
10.32%, 02/25/2023(n)   5,350   5,497   4.00%, 06/20/2046   777     813  
US LIBOR + 8.75%           4.00%, 02/20/2047   941     984  
      $ 15,890   4.00%, 05/20/2047   11,608     12,066  
Software - 0.52%           4.00%, 06/20/2047   7,869     8,195  
Air Newco LLC           4.00%, 09/20/2047   994     1,040  
6.94%, 03/20/2022(n)   4,448   4,437   4.00%, 09/20/2047   1,989     2,081  
US LIBOR + 5.50%           4.00%, 09/20/2047   1,701     1,780  
Evergreen Skills Lux Sarl           4.00%, 09/20/2047   668     700  
6.32%, 04/23/2021(n)   32,134   31,424   4.00%, 09/20/2047   3,146     3,289  
US LIBOR + 4.75%           4.00%, 10/20/2047   996     1,042  
9.82%, 04/28/2022(n)   24,770   22,242   4.00%, 12/20/2047   5,674     5,936  
US LIBOR + 8.25%                   $ 105,216  
SolarWinds Holdings Inc         U.S. Treasury Bill - 0.24%            
5.07%, 02/05/2023(n)   2,167   2,177   1.22%, 02/22/2018(r)   30,000     29,979  
US LIBOR + 3.50%                        
Solera LLC         TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY        
4.82%, 03/03/2023(n)   6,337   6,381 OBLIGATIONS       $ 361,481  
US LIBOR + 3.25%         TOTAL PURCHASED OPTIONS - 0.00%       $ 637  
      $ 66,661 Total Investments     $ 12,669,907  
Telecommunications - 0.06%         Other Assets and Liabilities - 0.38%       $ 48,187  
Avaya Inc         TOTAL NET ASSETS - 100.00%     $ 12,718,094  
6.31%, 11/08/2024(n)   2,050   2,060                
US LIBOR + 4.75%                        
GTT Communications Inc         (a) Non-income producing security            
4.88%, 01/09/2024(n)   834   839 (b) Security or a portion of the security was pledged to cover margin  
US LIBOR + 3.25%           requirements for options contracts. At the end of the period, the value of  
Maxar Technologies Ltd           these securities totaled $255,668 or 2.01% of net assets.        
4.31%, 10/04/2024(n)   4,095   4,128 (c) Restricted Security. Please see Restricted Security Sub-Schedule for more  
US LIBOR + 2.75%           information.            
West Corp         (d) Security exempt from registration under Rule 144A of the Securities Act of  
5.57%, 10/10/2024(n)   1,094   1,105   1933. These securities may be resold in transactions exempt from  
US LIBOR + 4.00%           registration, normally to qualified institutional buyers. At the end of the  
      $ 8,132   period, the value of these securities totaled $3,467,189 or 27.26% of net  
TOTAL SENIOR FLOATING RATE INTERESTS   $ 699,663   assets.            
U.S. GOVERNMENT & GOVERNMENT Principal     (e) The value of these investments was determined using significant    
AGENCY OBLIGATIONS - 2.84% Amount (000's) Value (000's)   unobservable inputs.            
Federal Home Loan Mortgage Corporation (FHLMC) - 0.18%   (f) Fair value of these investments is determined in good faith by the Manager  
3.50%, 11/01/2046 $ 3,704 $ 3,746   under procedures established and periodically reviewed by the Board of  
4.00%, 03/01/2047   11,040   11,460   Directors. Certain inputs used in the valuation may be unobservable;  
4.00%, 04/01/2047   2,879   2,997   however, each security is evaluated individually for purposes of ASC 820  
5.00%, 12/01/2035   4,801   5,251   which results in not all securities being identified as Level 3 of the fair  
      $ 23,454   value hierarchy. At the end of the period, the fair value of these securities  
Federal National Mortgage Association (FNMA) - 1.59%       totaled $170,187 or 1.34% of net assets.            
3.00%, 02/01/2027(p)   10,000   10,051                

 

See accompanying notes.

60

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
(g) Affiliated Security. Security is either an affiliate (and registered under the Portfolio Summary (unaudited)    
  Investment Company Act of 1940) or an affiliate as defined by the Country Percent  
  Investment Company Act of 1940 (the Fund controls 5.0% or more of the United States 56.88 %
  outstanding voting shares of the security). Please see affiliated sub- United Kingdom 3.48 %
  schedule for transactional information. Japan 2.79 %
(h) Perpetual security. Perpetual securities pay an indefinite stream of Canada 2.70 %
  interest, but they may be called by the issuer at an earlier date. Netherlands 2.33 %
(i) Rate shown is the rate in effect as of period end. The rate may be based on Argentina 1.88 %
  a fixed rate and may convert to a variable rate or floating rate in the France 1.79 %
  future. Mexico 1.67 %
(j) Certain variable rate securities are not based on a published reference Brazil 1.56 %
  rate and spread but are determined by the issuer or agent and are based Luxembourg 1.44 %
  on current market conditions. These securities do not indicate a reference Russian Federation 1.29 %
  rate and spread in their description. Australia 1.27 %
(k) Payment in kind; the issuer has the option of paying additional securities China 1.20 %
  in lieu of cash. Hong Kong 1.18 %
(l) Security is an Interest Only Strip. Indonesia 1.11 %
(m) Security purchased on a when-issued basis. Turkey 1.07 %
(n) Rate information disclosed is based on an average weighted rate as of Germany 1.05 %
  January 31, 2018. Italy 0.84 %
(o) This Senior Floating Rate Note will settle after January 31, 2018, at which South Africa 0.75 %
  time the interest rate will be determined. Ecuador 0.74 %
(p) Security was purchased in a "to-be-announced" ("TBA") transaction. See Iraq 0.64 %
  Notes to Financial Statements for additional information. Singapore 0.64 %
(q) Security or a portion of the security was pledged to cover margin Spain 0.63 %
  requirements for futures contracts. At the end of the period, the value of Colombia 0.58 %
  these securities totaled $1,729 or 0.01% of net assets. Ukraine 0.56 %
(r) Rate shown is the discount rate of the original purchase. Cayman Islands 0.56 %
    Bermuda 0.51 %
    Supranational 0.49 %
    Malaysia 0.37 %
    Egypt 0.34 %
    Taiwan, Province Of China 0.34 %
    Switzerland 0.32 %
    Virgin Islands, British 0.32 %
    Austria 0.31 %
    Costa Rica 0.30 %
    Venezuela 0.30 %
    Ireland 0.29 %
    Sweden 0.29 %
    Kazakhstan 0.28 %
    Nigeria 0.28 %
    Oman 0.28 %
    Cote d'Ivoire 0.27 %
    Uruguay 0.23 %
    Azerbaijan 0.22 %
    Chile 0.22 %
    Gabon 0.21 %
    Peru 0.21 %
    Dominican Republic 0.19 %
    El Salvador 0.19 %
    Ghana 0.14 %
    Kenya 0.13 %
    Qatar 0.12 %
    Korea, Republic Of 0.12 %
    Zambia 0.12 %
    Bahrain 0.12 %
    Jersey, Channel Islands 0.11 %
    Cameroon 0.11 %
    United Arab Emirates 0.10 %
    Finland 0.09 %
    Saudi Arabia 0.09 %
    Croatia 0.08 %
    Hungary 0.08 %
    Denmark 0.07 %
    Jordan 0.07 %
    Poland 0.06 %
    Senegal 0.06 %
    Portugal 0.06 %
    Mauritius 0.05 %
    Sri Lanka 0.05 %
    Norway 0.05 %
    Paraguay 0.04 %
    Serbia 0.04 %
    Angola 0.04 %
    Bolivia 0.04 %

 

See accompanying notes.

61

 

    Schedule of Investments        
    Global Diversified Income Fund        
    January 31, 2018 (unaudited)        
 
 
Portfolio Summary (unaudited) (continued)              
Country   Percent              
Guernsey   0.04 %            
India   0.04 %            
Tunisia   0.03 %            
Bahamas   0.03 %            
Panama   0.03 %            
Belgium   0.02 %            
Purchased Options   0.00 %            
Britain   0.00 %            
Other Assets and Liabilities   0.38 %            
TOTAL NET ASSETS   100.00 %            
 
Affiliated Securities   October 31, 2017     Purchases   Sales   January 31, 2018
    Value     Cost   Proceeds   Value
City Office REIT Inc $ 14,110   $ 10,728 $ 757 $ 21,882
Principal Government Money Market Fund —     1,025,250   605,969   419,281
  $ 14,110   $ 1,035,978 $ 606,726 $ 441,163

 

        Realized Gain/Loss   Realized Gain from       Change in Unrealized  
     Income   on Investments   Capital Gain Distributions     Gain/Loss  
City Office REIT Inc   $   445 $   21 $         —   $ (2,220 )
Principal Government Money Market Fund     399     —           —     —  
    $   844 $   21 $         —   $ (2,220 )
Amounts in thousands                                  
 
 
Restricted Securities
Security Name       Acquisition Date   Cost     Value     Percent of Net Assets  
Aspect Software Inc       05/25/2016-11/25/2016 $ 5,426 $     5,143     0.04 %
Cengage Learning Holdings II Inc     03/31/2014     1,099       259     0.00 %
Chaparral Energy Inc - A Shares     04/06/2017     23       48     0.00 %
Chaparral Energy Inc - A Shares     04/06/2017     6,928       6,260     0.05 %
Chaparral Energy Inc - B Shares     04/06/2017     1,561       1,316     0.01 %
Material Sciences Corp       12/22/2016-12/29/2017   19,727       21,464     0.17 %
Material Sciences Corp - Warrants     12/22/2016     2,011       3,711     0.03 %
Milagro Oil & Gas Inc       12/02/2016     761       189     0.00 %
SNY 10 1/4 SR       12/27/2017     19,789       20,090     0.16 %
Targus Group International Inc     03/15/2016     154       68     0.00 %
Total                   $     58,548     0.46 %
 
Amounts in thousands.                                  
 
 
Options
Purchased Options   Contracts/   Notional         Upfront           Unrealized  
Outstanding Counterparty Shares   Amount    Exercise Price  Expiration Date Payments/(Receipts)      Fair Value      Appreciation/(Depreciation)  
Call - S&P 500 Index N/A 90 $ 9   $ 2,925.00 02/20/2018 $ 11   $ 11   $ —  
Call - S&P 500 Index N/A 255 $ 26   $ 2,870.00 02/05/2018   138     7     (131 )
Call - S&P 500 Index N/A 255 $ 26   $ 2,890.00 02/12/2018   32     50     18  
Call - S&P 500 Index N/A 90 $ 9   $ 2,985.00 02/26/2018   10     2     (8 )
Put - S&P 500 Index N/A 90 $ 9   $ 2,775.00 02/20/2018   118     114     (4 )
Put - S&P 500 Index N/A 90 $ 9   $ 2,730.00 02/26/2018   51     92     41  
Put - S&P 500 Index N/A 90 $ 9   $ 2,820.00 02/26/2018   164     272     108  
Put - S&P 500 Index N/A 85 $ 9   $ 2,705.00 02/05/2018   99     —     (99 )
Put - S&P 500 Index N/A 85 $ 9   $ 2,625.00 02/05/2018   32     —     (32 )
Put - S&P 500 Index N/A 90 $ 9   $ 2,680.00 02/20/2018   41     36     (5 )
Put - S&P 500 Index N/A 85 $ 9   $ 2,750.00 02/12/2018   118     39     (79 )
Put - S&P 500 Index N/A 85 $ 9   $ 2,650.00 02/12/2018   32     9     (23 )
Put - S&P 500 Index N/A 170 $ 17   $ 2,760.00 02/05/2018   37     5     (32 )
Total                 $ 883   $ 637   $ (246 )
 
Written Options   Contracts/   Notional         Upfront           Unrealized  
Outstanding Counterparty Shares   Amount    Exercise Price  Expiration Date Payments/(Receipts)      Fair Value      Appreciation/(Depreciation)  
Call - Consumer Staples N/A 1,080 $ 108   $ 58.00 02/20/2018 $ (64 ) $ (51 ) $ 13  
Select Sector SPDR Fund                                  
Call - Energy Select N/A 995 $ 100   $ 77.00 02/20/2018   (83 )   (38 )   45  
Sector SPDR Fund                                  
Call - Financial Select N/A 12,500 $ 1,250   $ 30.00 02/20/2018   (245 )   (415 )   (170 )
Sector SPDR Fund                                  
Call - iShares MSCI N/A 2,800 $ 280   $ 70.00 03/19/2018   (348 )   (1,243 )   (895 )
EAFE ETF                                  
Call - iShares MSCI N/A 5,000 $ 500   $ 74.00 04/23/2018   (876 )   (957 )   (81 )
EAFE ETF                                  

 

See accompanying notes.

62

 

Schedule of Investments
Global Diversified Income Fund
January 31, 2018 (unaudited)
 
 
Options (continued)
Written Options   Contracts/   Notional       Expiration Upfront           Unrealized  
Outstanding Counterparty Shares   Amount Exercise Price   Date   Payments/(Receipts)       Fair Value       Appreciation/(Depreciation)  
Call - iShares MSCI N/A 3,100 $ 310 $ 51.00   04/23/2018 $   (407 ) $ (593 ) $   (186 )
Emerging Markets ETF                                      
Call - S&P 500 Index N/A 540 $ 54 $ 3,100.00   04/23/2018     (37 )   (53 )     (16 )
Call - S&P 500 Index N/A 90 $ 9 $ 2,955.00   02/26/2018     (18 )   (7 )     11  
Call - S&P 500 Index N/A 255 $ 26 $ 2,860.00   02/12/2018     (73 )   (182 )   (109 )
Call - S&P 500 Index N/A 255 $ 26 $ 2,840.00   02/05/2018     (424 )   (98 )     326  
Call - S&P 500 Index N/A 90 $ 9 $ 2,900.00   02/20/2018     (23 )   (28 )     (5 )
Put - S&P 500 Index N/A 90 $ 9 $ 2,850.00   02/26/2018     (250 )   (395 )   (145 )
Put - S&P 500 Index N/A 90 $ 9 $ 2,760.00   02/26/2018     (69 )   (129 )     (60 )
Put - S&P 500 Index N/A 85 $ 9 $ 2,655.00   02/05/2018     (47 )   (1 )     46  
Put - S&P 500 Index N/A 170 $ 17 $ 2,795.00   02/05/2018     (85 )   (40 )     45  
Put - S&P 500 Index N/A 90 $ 9 $ 2,720.00   02/20/2018     (59 )   (53 )     6  
Put - S&P 500 Index N/A 85 $ 9 $ 2,680.00   02/12/2018     (41 )   (13 )     28  
Put - S&P 500 Index N/A 85 $ 9 $ 2,780.00   02/12/2018     (199 )   (71 )     128  
Put - S&P 500 Index N/A 90 $ 9 $ 2,815.00   02/20/2018     (214 )   (205 )     9  
Put - S&P 500 Index N/A 85 $ 9 $ 2,730.00   02/05/2018     (161 )   —       161  
Put - S&P 500 Index N/A 40 $ 4 $ 2,695.00   02/20/2018     (43 )   (19 )     24  
Total                 $   (3,766 ) $ (4,591 ) $   (825 )
 
Amounts in thousands except contracts/shares.                                  
 
Futures Contracts
Description and Expiration Date     Type   Contracts   Notional Amount   Value and Unrealized Appreciation/(Depreciation)  
US 2 Year Note; March 2018       Short   2,200 $ 469,116   $           2,918    
US 5 Year Note; March 2018       Short   1,000   114,711               2,067    
Total                     $           4,985    
 
Amounts in thousands except contracts.                                    
 
Foreign Currency Contracts
                          Unrealized Appreciation/(Depreciation)  
Counterparty   Settlement Date Contracts to Accept   In Exchange For   Fair Value     Asset     Liability  
Bank of America NA   02/28/2018   NOK   36,448,577   $ 4,729 $ 4,733   $ 4     $ —  
HSBC Securities Inc   02/28/2018   JPY 2,243,730,913     20,669   20,583     —       (86 )
JPMorgan Chase   02/02/2018   BRL   76,703,000     24,114   24,074     133       (173 )
JPMorgan Chase   02/09/2018   EUR   74,929,266     91,594   93,065     1,554       (83 )
JPMorgan Chase   02/09/2018   GBP   21,579,000     30,638   30,645     7       —  
JPMorgan Chase   02/09/2018   JPY   379,386,500     3,474   3,477     11       (8 )
JPMorgan Chase   02/09/2018   RUB   464,972,480     8,032   8,265     233       —  
JPMorgan Chase   02/12/2018   CLP   7,000,811,400     11,515   11,615     100       —  
JPMorgan Chase   02/13/2018   TRY   41,538,364     10,972   11,026     54       —  
JPMorgan Chase   02/15/2018   CZK   1,028,172,686     47,712   50,554     2,842       —  
JPMorgan Chase   03/09/2018   EUR   23,966,903     29,819   29,816     —       (3 )
JPMorgan Chase   04/25/2018   ARS   335,554,330     16,580   16,427     —       (153 )
Standard Chartered Bank, Hong Kong 02/09/2018   RUB   465,133,120     8,032   8,268     236       —  
Standard Chartered Bank, Hong Kong 02/12/2018   CLP   7,424,975,274     12,223   12,318     95       —  
Standard Chartered Bank, Hong Kong 02/20/2018   COP 28,489,071,108     9,956   10,034     78       —  
Toronton Dominion Bank   02/28/2018   HUF   2,384,268,479     9,533   9,558     25       —  
Toronton Dominion Bank   02/28/2018   PLN   40,504,919     12,082   12,114     32       —  
Total                         $ 5,404     $ (506 )
                          Unrealized Appreciation/(Depreciation)  
Counterparty   Settlement Date Contracts to Deliver   In Exchange For   Fair Value     Asset     Liability  
Bank of America NA   02/28/2018   EUR   5,021,329   $ 6,221 $ 6,243   $ —     $ (22 )
JPMorgan Chase   02/02/2018   BRL   76,703,000     23,674   24,075     —       (401 )
JPMorgan Chase   02/09/2018   EUR   75,216,931     91,982   93,421     176     (1,615 )
JPMorgan Chase   02/09/2018   GBP   21,579,000     29,284   30,645     —     (1,361 )
JPMorgan Chase   02/09/2018   JPY   379,386,500     3,388   3,477     —       (89 )
JPMorgan Chase   02/09/2018   RUB   313,462,065     5,528   5,572     —       (44 )
JPMorgan Chase   02/22/2018   RUB   241,247,423     4,247   4,282     —       (35 )
JPMorgan Chase   02/26/2018   RUB   1,318,096,400     23,201   23,384     —       (183 )
JPMorgan Chase   02/28/2018   IDR 375,466,000,000     28,102   28,074     28       —  
JPMorgan Chase   02/28/2018   MXN   324,884,981     17,366   17,390     —       (24 )
JPMorgan Chase   02/28/2018   ZAR   33,430,173     2,779   2,814     —       (35 )
JPMorgan Chase   03/02/2018   BRL   42,270,270     13,402   13,234     168       —  
JPMorgan Chase   03/09/2018   EUR   18,547,300     23,153   23,073     80       —  
JPMorgan Chase   03/09/2018   GBP   20,449,600     28,894   29,066     —       (172 )
JPMorgan Chase   03/09/2018   JPY   346,859,500     3,191   3,184     7       —  
JPMorgan Chase   04/25/2018   ARS   335,554,330     16,534   16,427     107       —  
Standard Chartered Bank, Hong Kong 02/02/2018   BRL   20,183,797     6,312   6,335     —       (23 )
Total                         $ 566   $ (4,004 )

 

Amounts in thousands except contracts.  
See accompanying notes. 63

 

 

     Schedule of Investments Global Real Estate Securities Fund January 31, 2018 (unaudited)

COMMON STOCKS - 97.70% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)  
Lodging - 2.97%       REITs (continued)        
City Developments Ltd 2,098,100 $ 21,146 PLA Administradora Industrial S de RL de CV 2,432,760 $ 3,706  
Extended Stay America Inc 523,048   10,581 (a)          
Hilton Grand Vacations Inc (a) 234,381   10,540 Prologis Inc 1,020,915   66,472  
Hilton Worldwide Holdings Inc 408,163   34,959 Prologis Property Mexico SA de CV 2,342,270   4,276  
    $ 77,226 Public Storage 74,542   14,592  
Real Estate - 21.49%       Regency Centers Corp 620,760   39,052  
Aroundtown SA 1,993,693   16,048 Rexford Industrial Realty Inc 1,006,631   29,887  
CapitaLand Ltd 13,643,200   39,833 Saul Centers Inc 148,756   8,141  
Castellum AB 1,313,174   22,643 Segro PLC 7,530,862   62,282  
Deutsche Wohnen SE 2,322,235   105,002 Simon Property Group Inc 653,741   106,802  
Entra ASA (b) 1,145,676   17,316 SL Green Realty Corp 285,035   28,652  
Fabege AB 1,154,391   25,276 Spirit Realty Capital Inc 1,554,719   12,702  
Heiwa Real Estate Co Ltd 524,700   10,347 STORE Capital Corp 1,474,417   36,138  
Hongkong Land Holdings Ltd 6,547,093   47,148 Sun Communities Inc 396,078   35,188  
LEG Immobilien AG 238,199   26,882 Sunstone Hotel Investors Inc 1,652,525   27,845  
Mitsubishi Estate Co Ltd 697,200   13,410 Tanger Factory Outlet Centers Inc 528,076   13,297  
Mitsui Fudosan Co Ltd 3,367,393   88,683 Unibail-Rodamco SE 86,613   22,206  
New World Development Co Ltd 33,137,000   53,416 UNITE Group PLC/The 2,579,645   29,215  
Nomura Real Estate Holdings Inc 806,500   19,322 United Urban Investment Corp 22,432   35,473  
SOHO China Ltd 38,986,500   23,122 Welltower Inc 740,162   44,387  
TLG Immobilien AG 888,476   25,018 Weyerhaeuser Co 361,794   13,582  
Tokyo Tatemono Co Ltd 968,000   15,607       $ 1,855,810  
Wihlborgs Fastigheter AB 416,470   10,136 Software - 1.32%        
    $ 559,209 InterXion Holding NV (a) 544,320   34,156  
REITs - 71.32%                  
Alexandria Real Estate Equities Inc 446,034   57,851 Storage & Warehousing - 0.60%        
Allied Properties Real Estate Investment Trust 380,090   12,778 Safestore Holdings PLC 2,209,005   15,658  
American Tower Corp 191,834   28,334            
Apartment Investment & Management Co 968,056   40,503 TOTAL COMMON STOCKS   $ 2,542,059  
AvalonBay Communities Inc 394,547   67,231 INVESTMENT COMPANIES - 3.03% Shares Held Value (000's)  
Big Yellow Group PLC 727,206   8,950 Money Market Funds - 3.03%        
Boston Properties Inc 181,501   22,453 Principal Government Money Market Fund (c) 78,944,311   78,944  
Brixmor Property Group Inc 265,920   4,316            
Canadian Apartment Properties REIT 495,570   14,569 TOTAL INVESTMENT COMPANIES   $ 78,944  
CapitaLand Commercial Trust 21,832,065   31,097 Total Investments   $ 2,621,003  
Crown Castle International Corp 155,162   17,498 Other Assets and Liabilities - (0.73)%   $ (18,908 )
CubeSmart 1,117,965   30,778 TOTAL NET ASSETS - 100.00%   $ 2,602,095  
Daiwa Office Investment Corp 5,149   29,722            
DDR Corp 1,072,899   8,712            
Dexus 5,833,810   44,782 (a) Non-income producing security        
Duke Realty Corp 1,331,846   35,174 (b) Security exempt from registration under Rule 144A of the Securities Act of  
EPR Properties 308,093   18,196   1933. These securities may be resold in transactions exempt from  
Equinix Inc 100,847   45,904   registration, normally to qualified institutional buyers. At the end of the  
Equity Residential 288,274   17,761   period, the value of these securities totaled $17,316 or 0.67% of net assets.  
Essex Property Trust Inc 273,283   63,669 (c) Affiliated Security. Security is either an affiliate (and registered under the  
Extra Space Storage Inc 364,321   30,413   Investment Company Act of 1940) or an affiliate as defined by the  
First Industrial Realty Trust Inc 397,830   12,277   Investment Company Act of 1940 (the Fund controls 5.0% or more of the  
Frasers Logistics & Industrial Trust 2,968,762   2,583   outstanding voting shares of the security). Please see affiliated sub-  
Gecina SA 206,314   40,314   schedule for transactional information.        
GGP Inc 273,993   6,310            
Goodman Group 10,322,211   67,358            
Great Portland Estates PLC 1,736,801   16,429            
HCP Inc 548,640   13,211   Portfolio Summary (unaudited)      
Healthcare Trust of America Inc 538,608   14,871 Country     Percent  
Hispania Activos Inmobiliarios SOCIMI SA 717,104   15,013 United States     49.61 %
Hoshino Resorts REIT Inc 1,258   6,608 Japan       12.32 %
Host Hotels & Resorts Inc 302,537   6,281 Germany     6.64 %
Hudson Pacific Properties Inc 668,537   21,373 Hong Kong     5.91 %
Industrial & Infrastructure Fund Investment 9,360   10,702 United Kingdom     5.08 %
Corp       Australia     4.31 %
Inmobiliaria Colonial Socimi SA 2,587,365   28,903 Singapore     3.64 %
Invitation Homes Inc 2,955,503   66,469 France     3.52 %
Japan Hotel REIT Investment Corp 37,337   27,700 Spain       3.02 %
Japan Logistics Fund Inc 7,529   14,202 Sweden     2.23 %
Japan Retail Fund Investment Corp 18,776   37,476 Netherlands     1.32 %
Kenedix Retail REIT Corp 4,942   11,157 Canada     1.05 %
Kilroy Realty Corp 457,802   32,650 China       0.89 %
Klepierre SA 638,245   29,160 Norway     0.67 %
Link REIT 6,023,000   53,306 Mexico     0.52 %
Macquarie Mexico Real Estate Management 5,091,430   5,663 Other Assets and Liabilities     (0.73 )%
SA de CV (a)       TOTAL NET ASSETS     100.00 %
Merlin Properties Socimi SA 2,405,713   34,639            
Physicians Realty Trust 1,016,493   16,569            

 

See accompanying notes.

64

 

Schedule of Investments
Global Real Estate Securities Fund
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales     January 31, 2018
     Value     Cost   Proceeds     Value
Principal Government Money Market Fund   $ — $   148,326 $ 69,382 $   78,944
    $ — $   148,326 $ 69,382 $   78,944
 
 
      Realized Gain/Loss     Realized Gain from     Change in Unrealized
    Income on Investments     Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 65 $   — $     — $ —
  $ 65 $   — $     — $ —
Amounts in thousands                      

 

See accompanying notes.

65

 

     Schedule of Investments Government & High Quality Bond Fund January 31, 2018 (unaudited)

INVESTMENT COMPANIES - 1.06%   Shares Held Value(000 's)   Principal    
Money Market Funds - 1.06%             BONDS (continued) Amount (000's)    Value (000's)
Principal Government Money Market Fund (a)   16,163,920 $ 16,164   Commercial Mortgage Backed Securities (continued)    
              WFRBS Commercial Mortgage Trust 2013-        
TOTAL INVESTMENT COMPANIES       $ 16,164   C14        
    Principal       3.99%, 06/15/2046(b),(d) $ 2,500 $ 2,275
BONDS - 29.56%   Amount (000's) Value(000 's) WFRBS Commercial Mortgage Trust 2014-        
Automobile Asset Backed Securities - 0.26%             C22        
AmeriCredit Automobile Receivables Trust             3.91%, 09/15/2057(b),(d)   4,840   3,843
2016-3             WFRBS Commercial Mortgage Trust 2014-        
2.24%, 04/08/2022   $ 4,000   $ 3,957  C23        
              4.38%, 10/15/2057(b)   9,700   9,948
Commercial Mortgage Backed Securities - 10.49%         WFRBS Commercial Mortgage Trust 2014-        
CD 2017-CD3 Mortgage Trust             LC14        
3.98%, 02/10/2050(b)     4,500   4,553   4.34%, 03/15/2047(b)   8,000   7,887
Citigroup Commercial Mortgage Trust 2016-                 $   159,515
GC36             Home Equity Asset Backed Securities - 0.37%      
4.76%, 02/10/2049(b)     4,400   4,569   ACE Securities Corp Mortgage Loan Trust        
COMM 2014-CCRE19 Mortgage Trust             Series 2007-D1        
4.72%, 08/10/2047(b)     3,700   3,790   6.93%, 02/25/2038(b),(d)   5,861   5,669
COMM 2014-UBS5 Mortgage Trust                      
4.61%, 09/10/2047(b)     11,680   11,880   Mortgage Backed Securities - 17.53%        
Freddie Mac Multifamily Structured Pass             Citigroup Mortgage Loan Trust 2014-A        
Through Certificates             5.46%, 01/25/2035(b),(d)   5,411   5,736
2.65%, 08/25/2026     7,680   7,446   Citigroup Mortgage Loan Trust 2015-PS1        
3.29%, 11/25/2050     6,800   6,889   5.25%, 09/25/2042(b),(d)   7,741   8,086
3.44%, 12/25/2027     4,640   4,744   CSMC Trust 2015-1        
Ginnie Mae             3.94%, 01/25/2045(b),(d)   7,696   7,615
0.38%, 10/16/2053(b),(c)     15,208   558   Fannie Mae Interest Strip        
0.51%, 06/16/2052(b),(c)     29,510   737   3.50%, 12/25/2043(b),(c)   5,437   997
0.57%, 12/16/2053(b),(c)     33,648   1,105   7.00%, 04/25/2024(c)   36   5
0.57%, 12/16/2059(b),(c)     47,823   2,905   Fannie Mae REMICS        
0.59%, 08/16/2051(b),(c)     83,116   3,252   1.61%, 05/25/2046(b),(c)   44,186   1,895
0.65%, 04/16/2047(b),(c)     87,263   3,450   1.62%, 07/25/2044(b),(c)   18,478   1,017
0.66%, 08/16/2055(b),(c)     51,256   2,704   1.62%, 04/25/2045(b),(c)   26,799   1,353
0.67%, 10/16/2054(b),(c)     48,756   1,637   1.62%, 07/25/2056(b),(c)   36,741   2,077
0.73%, 11/16/2045(b),(c)     38,202   1,545   1.67%, 11/25/2044(b),(c)   24,482   1,265
0.73%, 06/16/2054(b),(c)     62,581   2,050   1.69%, 08/25/2044(b),(c)   37,213   1,837
0.74%, 11/16/2052(b),(c)     51,789   2,189   1.69%, 06/25/2045(b),(c)   34,770   2,013
0.77%, 10/16/2054(b),(c)     60,258   2,464   1.71%, 04/25/2045(b),(c)   36,075   1,882
0.79%, 02/16/2053(b),(c)     45,784   1,997   1.72%, 12/25/2045(c)   10,569   529
0.81%, 09/16/2053(b),(c)     45,272   1,971   2.16%, 04/25/2027   9   10
0.82%, 02/16/2053(b),(c)     119,042   6,006   1 Month LIBOR + 0.60%        
0.83%, 01/16/2056(b),(c)     21,599   1,055   2.50%, 02/25/2028(c)   16,381   1,298
0.83%, 10/16/2056(b),(c)     33,785   1,956   3.00%, 07/25/2032(c)   13,075   1,740
0.84%, 03/16/2052(b),(c)     59,260   3,239   3.00%, 04/25/2042   8,011   7,898
0.88%, 02/16/2046(b),(c)     66,297   2,963   3.00%, 02/25/2043   5,579   5,554
0.91%, 06/16/2057(b),(c)     15,379   1,043   3.00%, 01/25/2046   9,477   9,456
2.60%, 05/16/2059     4,163   3,973   3.50%, 01/25/2028(c)   14,417   1,515
2.60%, 03/16/2060     7,790   7,487   3.50%, 06/25/2033(c)   15,795   2,255
GS Mortgage Securities Trust 2011-GC5             3.50%, 04/25/2034(c)   16,749   2,304
5.40%, 08/10/2044(b),(d)     4,624   4,493   3.50%, 02/25/2036(c)   10,204   1,695
GS Mortgage Securities Trust 2013-GC13             3.50%, 01/25/2040(c)   17,622   2,298
4.09%, 07/10/2046(b),(d)     5,000   4,600   3.50%, 11/25/2042   9,708   9,956
GS Mortgage Securities Trust 2014-GC20             3.50%, 02/25/2043   1,158   1,183
4.86%, 04/10/2047(b)     2,000   1,922   3.50%, 02/25/2043(c)   18,770   2,833
GS Mortgage Securities Trust 2014-GC24             3.50%, 07/25/2043(c)   14,345   1,926
4.53%, 09/10/2047(b)     4,200   4,230   3.50%, 08/25/2045   2,931   2,881
GS Mortgage Securities Trust 2015-GC32             4.00%, 06/25/2039   10,000   10,268
4.41%, 07/10/2048(b)     1,750   1,762   4.00%, 12/25/2039(c)   9,490   1,225
JP Morgan Chase Commercial Mortgage             4.00%, 03/25/2045   6,411   6,807
Securities Trust 2013-C16             4.00%, 04/25/2047   3,102   3,156
4.91%, 12/15/2046(b)     8,000   8,476   4.50%, 04/25/2045(c)   27,819   6,944
JP Morgan Chase Commercial Mortgage             7.00%, 04/25/2032   979   1,099
Securities Trust 2015-JP1             9.00%, 05/25/2020   8   9
4.24%, 01/15/2049(b),(d)     3,000   2,399   Freddie Mac REMICS        
Wells Fargo Commercial Mortgage Trust             1.71%, 02/15/2042(b),(c)   24,788   1,295
2014-L C16           1.72%, 04/15/2040(b),(c)   34,136   1,822
4.46%, 08/15/2050     500   502   1.75%, 05/15/2041(b),(c)   49,857   2,861
Wells Fargo Commercial Mortgage Trust             1.82%, 10/15/2040(b),(c)   30,560   1,423
2015 -C31           2.46%, 02/15/2021   3   3
4.61%, 11/15/2048(b)     6,000   6,007   1 Month LIBOR + 0.90%        
Wells Fargo Commercial Mortgage Trust             2.50%, 11/15/2032   5,593   5,410
2016-L C25           2.50%, 02/15/2043   2,931   2,833
4.44%, 12/15/2059(b)     1,000   1,014   3.00%, 11/15/2030(c)   6,429   458
              3.00%, 06/15/2040   5,755   5,766

 

See accompanying notes.

66

 

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2018 (unaudited)
 
 
  Principal     U.S. GOVERNMENT & GOVERNMENT   Principal      
BONDS (continued) Amount (000's)     Value (000's) AGENCY OBLIGATIONS (continued)   Amount (000's) Value(000 's)
Mortgage Backed Securities (continued)         Federal Home Loan Mortgage Corporation (FHLMC) (continued)  
Freddie Mac REMICS (continued)         3.50%, 04/01/2042 $ 8,445 $ 8,571  
3.00%, 10/15/2042 $ 1,890 $ 1,874 3.50%, 07/01/2042   9,414   9,554  
3.00%, 05/15/2044   1,588   1,504 3.50%, 08/01/2043   6,338   6,437  
3.00%, 04/15/2046   3,319   3,291 3.50%, 02/01/2044   7,418   7,515  
3.00%, 11/15/2046   3,952   3,938 3.50%, 04/01/2044   7,424   7,545  
3.50%, 04/15/2040(c)   10,096   885 3.50%, 08/01/2045   7,742   7,868  
3.50%, 05/15/2043   4,079   4,158 3.50%, 07/01/2046   11,057   11,237  
3.50%, 08/15/2043   5,676   5,724 3.50%, 01/01/2047   15,116   15,344  
3.50%, 09/15/2043   7,680   7,680 3.50%, 01/01/2048   7,400   7,518  
4.00%, 05/15/2039   4,825   4,964 3.72%, 10/01/2032   1   2  
4.00%, 11/15/2042(c)   12,097   1,967 12 Month LIBOR + 1.98%          
4.00%, 01/15/2045   6,741   6,921 4.00%, 12/01/2041   5,080   5,326  
4.00%, 04/15/2045   2,846   2,955 4.00%, 07/01/2042   3,507   3,677  
6.50%, 08/15/2027   86   90 4.00%, 09/15/2042   2,950   3,104  
Freddie Mac Strips         4.00%, 07/01/2043   4,624   4,847  
3.00%, 10/15/2027(c)   14,242   1,299 4.00%, 09/01/2044   5,736   6,009  
Ginnie Mae         4.00%, 10/01/2045   9,846   10,296  
0.80%, 03/20/2041(b),(c)   33,156   1,004 4.00%, 08/01/2047   13,877   14,510  
0.82%, 11/20/2036(b),(c)   40,545   1,632 4.50%, 04/01/2041   5,349   5,746  
0.89%, 09/20/2037(b),(c)   27,131   1,125 4.50%, 11/01/2043   5,293   5,686  
3.00%, 05/16/2037   14,000   13,997 5.00%, 10/01/2025   62   66  
3.00%, 04/20/2047   3,190   2,743 5.00%, 12/01/2032   61   66  
3.25%, 05/20/2045   5,196   5,176 5.00%, 02/01/2033   533   576  
3.50%, 10/20/2041(c)   14,361   1,815 5.00%, 01/01/2034   4,738   5,120  
3.50%, 01/20/2043(c)   18,677   4,680 5.00%, 05/01/2034   102   109  
3.50%, 05/20/2043(c)   12,192   2,468 5.00%, 07/01/2035   47   51  
3.50%, 10/20/2044(c)   23,016   3,849 5.00%, 07/01/2035   2   3  
4.00%, 02/20/2034   5,833   5,933 5.00%, 10/01/2035   10   11  
4.00%, 11/16/2038   525   537 5.00%, 11/01/2035   389   421  
4.00%, 10/20/2043(c)   23,931   3,623 5.00%, 07/01/2044   3,764   4,095  
4.00%, 04/20/2046(c)   15,665   3,207 5.50%, 04/01/2018   1   1  
5.00%, 11/20/2039   3,994   4,306 5.50%, 03/01/2029   1   1  
JP Morgan Mortgage Trust 2016-4         5.50%, 05/01/2033   9   10  
3.50%, 10/25/2046(b),(d)   5,031   5,000 5.50%, 10/01/2033   14   16  
New Residential Mortgage Loan Trust 2015-         5.50%, 12/01/2033   361   397  
2         5.50%, 07/01/2037   21   23  
5.56%, 08/25/2055(b),(d)   6,159   6,416 5.50%, 04/01/2038   8   9  
Sequoia Mortgage Trust 2013-2         5.50%, 05/01/2038   53   58  
3.64%, 02/25/2043(b)   7,821   7,784 6.00%, 01/01/2021   29   29  
Sequoia Mortgage Trust 2017-5         6.00%, 06/01/2028   8   9  
3.50%, 08/25/2047(b),(d)   1,585   1,566 6.00%, 05/01/2031   88   100  
    $   266,599 6.00%, 10/01/2031   3   3  
Other Asset Backed Securities - 0.91%         6.00%, 02/01/2032   17   18  
CNH Equipment Trust 2016-C         6.00%, 09/01/2032   147   163  
1.76%, 09/15/2023   1,600   1,567 6.00%, 11/01/2033   251   279  
TAL Advantage V LLC         6.00%, 11/01/2033   387   431  
3.33%, 05/20/2039(d)   3,899   3,873 6.00%, 09/01/2034   77   87  
Towd Point Mortgage Trust 2015-1         6.00%, 02/01/2035   78   87  
4.25%, 10/25/2053(b),(d)   5,000   5,263 6.00%, 10/01/2036   49   55  
Towd Point Mortgage Trust 2017-6         6.00%, 03/01/2037   94   106  
3.25%, 10/25/2057(b),(d)   3,200   3,063 6.00%, 05/01/2037   139   158  
    $   13,766 6.00%, 01/01/2038   19   22  
TOTAL BONDS   $   449,506 6.00%, 03/01/2038   39   44  
U.S. GOVERNMENT & GOVERNMENT Principal     6.00%, 04/01/2038   119   133  
AGENCY OBLIGATIONS - 69.74% Amount (000's)     Value (000's) 6.00%, 07/01/2038   141   157  
Federal Home Loan Mortgage Corporation (FHLMC) - 15.22% 6.00%, 10/01/2038   118   132  
2.00%, 02/01/2028 $ 426 $ 414 6.00%, 09/01/2039   4,160   4,764  
2.50%, 08/01/2027   1,558   1,545 6.50%, 12/01/2021   131   140  
2.50%, 02/01/2028   4,885   4,843 6.50%, 04/01/2022   124   131  
3.00%, 02/01/2027   4,350   4,374 6.50%, 05/01/2022   62   63  
3.00%, 04/01/2035   2,834   2,828 6.50%, 08/01/2022   33   36  
3.00%, 10/01/2042   6,849   6,750 6.50%, 05/01/2023   69   71  
3.00%, 10/01/2042   8,229   8,109 6.50%, 07/01/2023   2   2  
3.00%, 05/01/2043   2,935   2,894 6.50%, 01/01/2024   2   2  
3.00%, 07/01/2045   8,017   7,871 6.50%, 07/01/2025   1   1  
3.00%, 10/01/2046   9,346   9,195 6.50%, 09/01/2025   1   1  
3.00%, 01/01/2047   7,779   7,653 6.50%, 10/01/2025   1   2  
3.50%, 11/01/2026   2,614   2,688 6.50%, 03/01/2029   44   49  
3.50%, 02/01/2032   4,651   4,741 6.50%, 04/01/2031   204   226  
3.50%, 04/01/2032   4,090   4,187 6.50%, 10/01/2031   62   69  
3.50%, 12/01/2041   2,867   2,914 6.50%, 02/01/2032   9   10  
          6.50%, 04/01/2032   8   9  
          6.50%, 04/01/2035   6   6  

 

See accompanying notes.

67

 

     Schedule of Investments Government & High Quality Bond Fund January 31, 2018 (unaudited)

U.S. GOVERNMENT & GOVERNMENT   Principal     U.S. GOVERNMENT & GOVERNMENT   Principal      
AGENCY OBLIGATIONS (continued) Amount (000's) Value (000's) AGENCY OBLIGATIONS (continued) Amount (000's) Value(000 's)
Federal Home Loan Mortgage Corporation (FHLMC) (continued)   Federal National Mortgage Association (FNMA) (continued)      
6.50%, 02/01/2037 $ 29 $ 33 3.50%, 12/01/2046 $ 9,271 $ 9,412  
7.00%, 07/01/2024   2   2 3.50%, 10/01/2047   4,639   4,694  
7.00%, 01/01/2028   346   372 3.63%, 11/01/2033   10   10  
7.00%, 06/01/2029   106   118 6 Month LIBOR + 2.26%          
7.00%, 01/01/2031   1   1 4.00%, 01/01/2034   1,505   1,569  
7.00%, 04/01/2031   73   80 4.00%, 09/01/2040   3,045   3,177  
7.00%, 10/01/2031   88   98 4.00%, 02/01/2042   2,436   2,548  
7.00%, 04/01/2032   164   183 4.00%, 01/01/2043   2,367   2,479  
7.50%, 12/01/2030   3   3 4.00%, 03/01/2043   4,404   4,587  
7.50%, 02/01/2031   16   18 4.00%, 08/01/2043   4,523   4,730  
7.50%, 02/01/2031   2   2 4.00%, 08/01/2043   8,108   8,482  
8.50%, 07/01/2029   77   82 4.00%, 10/01/2043   5,923   6,186  
      $ 231,418 4.00%, 04/01/2044   3,124   3,269  
Federal National Mortgage Association (FNMA) - 42.07%     4.00%, 08/01/2044   4,338   4,538  
2.00%, 10/01/2027   2,462   2,400 4.00%, 08/01/2044   11,142   11,660  
2.00%, 02/01/2028   4,579   4,442 4.00%, 11/01/2044   3,406   3,567  
2.00%, 08/01/2028   2,829   2,744 4.00%, 12/01/2044   7,052   7,384  
2.00%, 07/01/2030   6,943   6,666 4.00%, 02/01/2045   5,888   6,158  
2.00%, 12/01/2031   7,167   6,881 4.00%, 07/01/2045   6,798   7,062  
2.50%, 06/01/2027   5,776   5,727 4.00%, 08/01/2045   6,784   7,106  
2.50%, 05/01/2028   2,532   2,510 4.00%, 09/01/2045   11,630   12,179  
2.50%, 08/01/2028   3,477   3,446 4.00%, 05/01/2046   14,003   14,633  
2.50%, 09/01/2028   5,027   4,983 4.00%, 07/01/2047   8,684   9,098  
2.50%, 03/01/2030   7,485   7,398 4.00%, 10/01/2047   7,244   7,575  
2.50%, 12/01/2031   9,591   9,455 4.50%, 12/01/2019   11   11  
3.00%, 04/01/2027   4,039   4,072 4.50%, 01/01/2020   56   57  
3.00%, 05/01/2029   6,516   6,569 4.50%, 09/01/2025   1,903   1,979  
3.00%, 01/01/2030   566   571 4.50%, 08/01/2039   3,373   3,612  
3.00%, 08/01/2031   11,226   11,309 4.50%, 03/01/2041   4,105   4,372  
3.00%, 02/01/2037   6,472   6,449 4.50%, 11/01/2041   4,237   4,551  
3.00%, 10/01/2042   6,081   5,994 4.50%, 03/01/2042   9,417   10,120  
3.00%, 11/01/2042   8,537   8,415 4.50%, 09/01/2043   7,587   8,153  
3.00%, 12/01/2042   6,438   6,346 4.50%, 09/01/2043   4,263   4,581  
3.00%, 12/01/2042   6,197   6,110 4.50%, 09/01/2043   4,856   5,217  
3.00%, 01/01/2043   5,482   5,403 4.50%, 11/01/2043   6,920   7,436  
3.00%, 01/01/2043   6,283   6,193 4.50%, 09/01/2044   5,641   6,062  
3.00%, 02/01/2043   6,474   6,397 4.50%, 10/01/2044   3,945   4,239  
3.00%, 04/01/2043   7,629   7,468 4.50%, 12/01/2044   9,679   10,401  
3.00%, 06/01/2043   11,749   11,585 4.50%, 05/01/2045   4,201   4,515  
3.00%, 08/01/2043   7,774   7,666 4.50%, 09/01/2045   6,407   6,869  
3.00%, 07/01/2045   3,147   3,094 4.50%, 11/01/2045   10,044   10,765  
3.00%, 01/01/2046   6,204   6,104 5.00%, 11/01/2018   15   15  
3.00%, 05/01/2046   6,063   5,971 5.00%, 04/01/2019   10   10  
3.00%, 07/01/2046   8,536   8,387 5.00%, 01/01/2026   73   78  
3.00%, 09/01/2046   7,069   6,962 5.00%, 04/01/2035   174   190  
3.00%, 10/01/2046   8,056   7,921 5.00%, 05/01/2035   85   91  
3.00%, 12/01/2046   9,283   9,121 5.00%, 07/01/2035   29   31  
3.00%, 12/01/2046   12,892   12,680 5.00%, 02/01/2038   2,157   2,359  
3.00%, 01/01/2047   7,373   7,260 5.00%, 03/01/2038   1,427   1,561  
3.35%, 12/01/2033   102   106 5.00%, 02/01/2040   7,638   8,359  
12 Month LIBOR + 1.60%         5.00%, 05/01/2040   3,003   3,286  
3.50%, 08/01/2031   5,765   5,939 5.00%, 07/01/2040   1,963   2,149  
3.50%, 02/01/2042   6,848   6,966 5.00%, 07/01/2041   8,806   9,635  
3.50%, 06/01/2042   3,497   3,551 5.00%, 02/01/2044   3,852   4,212  
3.50%, 07/01/2042   5,519   5,605 5.00%, 06/01/2044   4,081   4,451  
3.50%, 09/01/2042   9,292   9,435 5.50%, 03/01/2018   1   1  
3.50%, 11/01/2042   5,589   5,675 5.50%, 06/01/2019   2   2  
3.50%, 02/01/2043   2,308   2,347 5.50%, 06/01/2019   2   2  
3.50%, 05/01/2043   2,911   2,960 5.50%, 07/01/2019   1   1  
3.50%, 05/01/2043   5,595   5,683 5.50%, 07/01/2019   2   2  
3.50%, 10/01/2044   7,484   7,609 5.50%, 07/01/2019   10   10  
3.50%, 11/01/2044   6,392   6,499 5.50%, 07/01/2019   4   4  
3.50%, 03/01/2045   6,096   6,191 5.50%, 08/01/2019   2   2  
3.50%, 03/01/2045   3,545   3,596 5.50%, 08/01/2019   8   8  
3.50%, 06/01/2045   7,626   7,753 5.50%, 09/01/2019   13   13  
3.50%, 08/01/2045   6,500   6,609 5.50%, 06/01/2026   69   75  
3.50%, 09/01/2045   5,678   5,763 5.50%, 05/01/2033   85   88  
3.50%, 10/01/2045   6,542   6,651 5.50%, 07/01/2033   679   751  
3.50%, 11/01/2045   12,095   12,282 5.50%, 09/01/2033   339   375  
3.50%, 01/01/2046   5,735   5,831 5.50%, 02/01/2037   7   7  
3.50%, 03/01/2046   8,123   8,258 5.50%, 12/01/2037   1,023   1,133  
3.50%, 04/01/2046   8,480   8,621 5.50%, 03/01/2038   262   290  
          5.50%, 03/01/2038   357   394  

 

See accompanying notes.

68

 

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2018 (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%, 08/01/2018 $ 20 $ 21 4.00%, 09/15/2041 $ 7,443 $ 7,824  
6.00%, 12/01/2022   11   12 4.00%, 03/15/2044   4,729   4,982  
6.00%, 03/01/2029   45   50 4.00%, 10/20/2044   4,444   4,637  
6.00%, 12/01/2031   2   2 5.00%, 02/15/2034   142   153  
6.00%, 12/01/2031   2   2 5.00%, 10/15/2039   3,040   3,289  
6.00%, 01/01/2032   144   151 5.50%, 07/20/2033   1,181   1,295  
6.00%, 11/01/2032   7   7 5.50%, 03/20/2034   1,196   1,311  
6.00%, 04/01/2033   217   232 5.50%, 05/20/2035   127   139  
6.00%, 03/01/2034   139   155 6.00%, 10/15/2023   77   85  
6.00%, 09/01/2034   637   682 6.00%, 11/15/2023   13   15  
6.00%, 11/01/2037   24   27 6.00%, 11/15/2023   35   39  
6.00%, 02/01/2038   81   90 6.00%, 12/15/2023   8   9  
6.00%, 03/01/2038   54   61 6.00%, 03/15/2024   12   13  
6.00%, 08/01/2038   563   633 6.00%, 04/20/2026   45   50  
6.00%, 04/01/2039   785   895 6.00%, 10/20/2028   6   6  
6.50%, 09/01/2024   170   188 6.00%, 02/20/2029   70   79  
6.50%, 08/01/2028   20   22 6.00%, 09/15/2032   65   72  
6.50%, 12/01/2028   37   41 6.00%, 02/15/2033   18   20  
6.50%, 02/01/2029   21   23 6.00%, 07/20/2033   936   1,055  
6.50%, 03/01/2029   27   30 6.00%, 08/15/2038   69   76  
6.50%, 04/01/2029   24   27 6.50%, 09/15/2023   11   12  
6.50%, 06/01/2031   72   80 6.50%, 09/15/2023   6   7  
6.50%, 06/01/2031   66   73 6.50%, 09/15/2023   17   19  
6.50%, 06/01/2031   83   93 6.50%, 10/15/2023   16   17  
6.50%, 12/01/2031   2   2 6.50%, 12/15/2023   14   15  
6.50%, 01/01/2032   32   35 6.50%, 12/15/2023   16   17  
6.50%, 04/01/2032   21   23 6.50%, 12/15/2023   4   4  
6.50%, 04/01/2032   208   230 6.50%, 12/15/2023   9   10  
6.50%, 08/01/2032   124   137 6.50%, 01/15/2024   24   27  
6.50%, 11/01/2032   380   415 6.50%, 01/15/2024   12   13  
6.50%, 11/01/2032   138   148 6.50%, 01/15/2024   4   5  
6.50%, 02/01/2033   150   167 6.50%, 01/15/2024   2   2  
6.50%, 04/01/2036   8   8 6.50%, 01/15/2024   5   5  
6.50%, 08/01/2036   51   57 6.50%, 01/15/2024   5   6  
6.50%, 08/01/2036   93   107 6.50%, 03/15/2024   14   16  
6.50%, 10/01/2036   36   41 6.50%, 04/15/2024   10   11  
6.50%, 11/01/2036   28   31 6.50%, 04/20/2024   6   7  
6.50%, 07/01/2037   37   41 6.50%, 07/15/2024   27   30  
6.50%, 07/01/2037   21   23 6.50%, 01/15/2026   6   6  
6.50%, 08/01/2037   405   457 6.50%, 03/15/2026   8   9  
6.50%, 08/01/2037   40   45 6.50%, 07/20/2026   2   2  
6.50%, 02/01/2038   31   35 6.50%, 10/20/2028   8   9  
6.50%, 05/01/2038   5   5 6.50%, 03/20/2031   61   71  
7.00%, 05/01/2022   9   9 6.50%, 04/20/2031   50   58  
7.00%, 08/01/2028   64   71 6.50%, 07/15/2031   1   1  
7.00%, 12/01/2028   62   69 6.50%, 10/15/2031   11   12  
7.00%, 07/01/2029   68   77 6.50%, 07/15/2032   3   3  
7.00%, 11/01/2031   156   169 6.50%, 05/20/2034   553   628  
7.00%, 07/01/2032   136   148 6.80%, 04/20/2025   31   32  
7.50%, 12/01/2024   88   94 7.00%, 11/15/2022   3   3  
7.50%, 07/01/2029   14   14 7.00%, 12/15/2022   24   25  
7.50%, 02/01/2030   71   76 7.00%, 01/15/2023   6   6  
7.50%, 01/01/2031   1   1 7.00%, 01/15/2023   2   3  
7.50%, 08/01/2032   9   10 7.00%, 01/15/2023   13   13  
8.50%, 09/01/2025   1   1 7.00%, 02/15/2023   16   16  
9.00%, 09/01/2030   11   12 7.00%, 07/15/2023   6   7  
      $ 639,612 7.00%, 07/15/2023   6   6  
Government National Mortgage Association (GNMA) - 7.49%   7.00%, 07/15/2023   10   10  
3.00%, 11/15/2042   7,479   7,449 7.00%, 08/15/2023   13   13  
3.00%, 11/15/2042   5,319   5,305 7.00%, 10/15/2023   3   3  
3.00%, 12/15/2042   5,267   5,261 7.00%, 12/15/2023   12   12  
3.00%, 02/15/2043   5,935   5,911 7.00%, 12/15/2023   8   8  
3.00%, 09/20/2046   8,059   8,009 7.00%, 01/15/2026   9   9  
3.00%, 11/20/2046   5,575   5,533 7.00%, 01/15/2027   12   12  
3.50%, 08/20/2042   5,250   5,367 7.00%, 10/15/2027   1   1  
3.50%, 05/15/2043   8,946   9,159 7.00%, 10/15/2027   8   8  
3.50%, 06/20/2043   5,977   6,120 7.00%, 10/15/2027   1   1  
3.50%, 08/15/2043   7,223   7,390 7.00%, 12/15/2027   1   2  
3.50%, 04/20/2045   5,670   5,791 7.00%, 12/15/2027   4   4  
3.50%, 09/20/2045   7,957   8,127 7.00%, 02/15/2028   1   1  
3.50%, 02/20/2047   2,503   2,554 7.00%, 04/15/2028   2   2  
4.00%, 08/15/2041   4,628   4,861 7.00%, 06/15/2028   103   111  
          7.00%, 12/15/2028   63   67  

 

See accompanying notes.

69

 

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2018 (unaudited)
 
 
U.S. GOVERNMENT & GOVERNMENT Principal            
AGENCY OBLIGATIONS (continued) Amount (000's) Value (000's)        
 
Government National Mortgage Association (GNMA) (continued)   Portfolio Summary (unaudited)    
7.00%, 01/15/2029 $ 45 $ 48   Sector Percent  
7.00%, 03/15/2029   23   23        
7.00%, 04/15/2029   11   11   Mortgage Securities 92.80 %
7.00%, 04/15/2029   161   173   Government 4.96 %
7.00%, 05/15/2031   7   8   Asset Backed Securities 1.54 %
7.00%, 07/15/2031   1   2   Investment Companies 1.06 %
7.00%, 09/15/2031   1   1   Other Assets and Liabilities (0.36 )%
7.50%, 12/15/2021   13   13   TOTAL NET ASSETS 100.00 %
7.50%, 02/15/2022   4   4        
7.50%, 03/15/2022   6   6        
7.50%, 04/15/2022   17   17        
7.50%, 04/15/2022   2   2        
7.50%, 07/15/2022   3   3        
7.50%, 08/15/2022   1   1        
7.50%, 08/15/2022   11   11        
7.50%, 08/15/2022   3   3        
7.50%, 02/15/2023   6   6        
7.50%, 05/15/2023   1   2        
7.50%, 05/15/2023   6   6        
7.50%, 06/15/2023   10   11        
7.50%, 11/15/2023   6   6        
7.50%, 03/15/2024   10   11        
7.50%, 08/15/2024   1   1        
7.50%, 05/15/2027   14   14        
7.50%, 05/15/2027   5   5        
7.50%, 06/15/2027   9   9        
7.50%, 08/15/2029   34   37        
7.50%, 10/15/2029   16   17        
7.50%, 11/15/2029   45   46        
8.00%, 02/15/2022   14   14        
8.00%, 04/15/2022   6   6        
8.00%, 12/15/2030   6   7        
9.00%, 11/15/2021   22   23        
9.50%, 09/20/2018   4   4        
9.50%, 09/15/2020   4   4        
9.50%, 08/15/2021   18   20        
      $ 113,958        
U.S. Treasury - 4.53%                
2.00%, 02/15/2025   3,700   3,541        
2.13%, 12/31/2022   4,920   4,828        
3.13%, 05/15/2021   18,000   18,435        
4.25%, 11/15/2040   8,710   10,685        
4.50%, 02/15/2036   6,000   7,450        
5.25%, 11/15/2028   9,600   11,857        
6.25%, 08/15/2023   10,100   12,025        
      $ 68,821        
U.S. Treasury Strip - 0.43%                
0.00%, 05/15/2020(e),(f)   6,800   6,482        
 
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY            
OBLIGATIONS     $ 1,060,291        
Total Investments     $ 1,525,961        
Other Assets and Liabilities - (0.36)%     $ (5,501 )      
TOTAL NET ASSETS - 100.00%     $ 1,520,460        

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
(b)      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.
(c)      Security is an Interest Only Strip.
(d)      Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $69,897 or 4.60% of net assets.
(e)      Non-income producing security
(f)      Security is a Principal Only Strip.

See accompanying notes.

70

 

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales     January 31, 2018
     Value     Cost   Proceeds     Value
Principal Government Money Market Fund   $ — $   50,295 $ 34,131 $   16,164
    $ — $   50,295 $ 34,131 $   16,164
 
 
      Realized Gain/Loss   Realized Gain from     Change in Unrealized
    Income on Investments   Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 22 $   — $     — $ —
  $ 22 $   — $     — $ —
Amounts in thousands                      

 

See accompanying notes.

71

 

     Schedule of Investments Government Money Market Fund January 31, 2018 (unaudited)

INVESTMENT COMPANIES - 8.82%   Shares Held Value (000's)     Principal      
Money Market Funds - 8.82%           BONDS (continued) Amount (000's)   Value (000's)  
Deutsche Government Money Market Series   85,000,000 $   85,000 Finance - Mortgage Loan/Banker (continued)        
Goldman Sachs Financial Square Funds -   66,800,000     66,800 Freddie Mac Discount Notes (continued)          
Government Fund           1.37%, 04/17/2018(a) $ 30,000 $ 29,915  
Morgan Stanley Institutional Liquidity Funds -   79,300,000     79,300       $ 2,775,846  
Government Portfolio           TOTAL BONDS     $ 2,775,846  
STIT-Government & Agency Portfolio   87,600,000     87,600 U.S. GOVERNMENT & GOVERNMENT   Principal      
      $   318,700 AGENCY OBLIGATIONS - 6.89% Amount (000's)   Value (000's)  
TOTAL INVESTMENT COMPANIES     $   318,700 U.S. Treasury Bill - 6.89%          
    Principal       1.32%, 03/08/2018(a) $ 100,000 $ 99,872  
BONDS - 76.77%   Amount (000's) Value (000's) 1.38%, 04/05/2018(a)   30,000   29,927  
Finance - Mortgage Loan/Banker - 76.77%           1.41%, 05/03/2018(a)   80,000   79,716  
Fannie Mae Discount Notes           1.55%, 07/12/2018(a)   40,000   39,723  
1.22%, 02/05/2018(a) $ 50,000   $ 49,993       $ 249,238  
1.24%, 02/01/2018(a)   40,000     40,000 TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY      
1.24%, 02/06/2018(a)   50,000     49,991 OBLIGATIONS     $ 249,238  
1.24%, 02/20/2018(a)   50,000     49,967     Maturity      
1.27%, 03/05/2018(a)   50,000     49,944 REPURCHASE AGREEMENTS - 7.61% Amount (000's)   Value (000's)  
1.28%, 03/13/2018(a)   50,000     49,929 Banks - 7.61%          
1.31%, 03/22/2018(a)   50,000     49,911 Bank of Montreal Repurchase Agreement; $ 75,003 $ 75,000  
1.33%, 03/21/2018(a)   50,000     49,911 1.31% dated 01/31/2018 maturing          
1.42%, 05/07/2018(a)   40,000     39,850 02/01/2018 (collateralized by US          
Federal Home Loan Bank Discount Notes           Government Securities; $76,500,015;          
0.90%, 02/01/2018(a)   45,000     45,000 0.38%-3.88%; dated 05/15/18-11/15/46)          
1.28%, 02/02/2018(a)   80,000     79,997 Merrill Lynch Repurchase Agreement; 1.35%   100,004   100,000  
1.28%, 02/07/2018(a)   71,855     71,840 dated 01/31/2018 maturing 02/01/2018          
1.28%, 02/26/2018(a)   90,000     89,920 (collateralized by US Government          
1.28%, 03/01/2018(a)   100,000     99,899 Securities; $102,000,057; 0.00%-7.25%;          
1.29%, 02/08/2018(a)   50,000     49,988 dated 02/01/18-09/15/65)          
1.29%, 02/09/2018(a)   80,000     79,977 Mizuho Securities Repurchase Agreement;   100,004   100,000  
1.29%, 02/14/2018(a)   80,000     79,962 1.36% dated 01/31/2018 maturing          
1.30%, 02/05/2018(a)   35,000     34,995 02/01/2018 (collateralized by US          
1.30%, 02/12/2018(a)   25,000     24,990 Government Securities; $102,000,058;          
1.30%, 02/13/2018(a)   57,750     57,725 0.00%-2.00%; dated 02/01/18-09/30/20)          
1.30%, 02/15/2018(a)   40,000     39,980       $ 275,000  
1.30%, 02/16/2018(a)   85,000     84,954 TOTAL REPURCHASE AGREEMENTS     $ 275,000  
1.30%, 02/21/2018(a)   60,000     59,957 Total Investments     $ 3,618,784  
1.30%, 02/22/2018(a)   50,000     49,962 Other Assets and Liabilities - (0.09)%     $ (3,092 )
1.30%, 02/23/2018(a)   62,700     62,650            
1.30%, 02/27/2018(a)   40,000     39,962 TOTAL NET ASSETS - 100.00%     $ 3,615,692  
1.30%, 02/28/2018(a)   60,434     60,375            
1.30%, 03/02/2018(a)   90,000     89,905 (a) Rate shown is the discount rate of the original purchase.      
1.31%, 03/12/2018(a)   80,000     79,885            
1.31%, 03/15/2018(a)   11,000     10,983            
1.32%, 03/09/2018(a)   50,000     49,934            
1.33%, 03/13/2018(a)   40,000     39,941 Portfolio Summary (unaudited)      
1.33%, 03/16/2018(a)   40,000     39,936 Sector       Percent  
1.33%, 03/20/2018(a)   30,000     29,948 Government       83.66 %
1.33%, 03/23/2018(a)   50,000     49,908 Investment Companies       8.82 %
1.33%, 03/28/2018(a)   65,000     64,867 Financial       7.61 %
1.34%, 03/19/2018(a)   50,000     49,915 Other Assets and Liabilities       (0.09 )%
1.34%, 03/29/2018(a)   30,000     29,937 TOTAL NET ASSETS       100.00 %
1.35%, 03/07/2018(a)   30,000     29,962            
1.35%, 04/02/2018(a)   74,500     74,330            
1.36%, 04/03/2018(a)   25,000     24,942            
1.37%, 03/27/2018(a)   30,000     29,939            
1.37%, 04/23/2018(a)   34,200     34,095            
1.39%, 04/06/2018(a)   60,000     59,850            
1.40%, 04/11/2018(a)   45,000     44,878            
1.41%, 04/04/2018(a)   25,000     24,939            
1.41%, 04/13/2018(a)   58,300     58,138            
1.41%, 04/18/2018(a)   40,800     40,677            
1.41%, 05/11/2018(a)   30,000     29,884            
1.43%, 04/24/2018(a)   25,000     24,919            
1.43%, 05/04/2018(a)   20,000     19,927            
1.44%, 04/20/2018(a)   25,000     24,922            
1.44%, 04/25/2018(a)   30,705     30,603            
1.44%, 04/27/2018(a)   40,000     39,864            
1.46%, 05/02/2018(a)   19,775     19,703            
1.49%, 06/20/2018(a)   27,785     27,625            
Freddie Mac Discount Notes                      
1.32%, 03/22/2018(a)   30,000     29,946            

 

See accompanying notes.

72

 

     Schedule of Investments High Yield Fund January 31, 2018 (unaudited)

COMMON STOCKS - 1.15%   Shares Held Value (000's)     Principal    
Energy - Alternate Sources - 0.00%           BONDS (continued)   Amount (000's)      Value (000's)
Ogden Corp (a),(b),(c)   5,000,000 $   — Automobile Parts & Equipment (continued)        
            ZF North America Capital Inc        
Oil & Gas - 1.15%           4.75%, 04/29/2025(f) $ 5 $ 5
Chaparral Energy Inc - A Shares (a),(d)   810,093     20,050     $   42,591
Chaparral Energy Inc - A Shares (a),(c),(d)   6,193     153 Banks - 2.62%        
Chaparral Energy Inc - B Shares (a),(c),(d)   170,356     4,216 Barclays PLC        
Patterson-UTI Energy Inc   691,815     16,341 4.84%, 05/09/2028   9,515   9,755
      $   40,760 CIT Group Inc        
Telecommunications - 0.00%           5.00%, 08/15/2022   8,500   8,883
Goodman Networks Inc (a),(b),(c),(d)   250,990     — 5.80%, 12/31/2049(h),(i)   4,515   4,605
            3 Month LIBOR + 3.97%        
TOTAL COMMON STOCKS     $   40,760 ING Bank NV        
INVESTMENT COMPANIES - 2.06%   Shares Held Value (000's) 5.80%, 09/25/2023(f)   18,700   20,674
Money Market Funds - 2.06%           ING Groep NV        
Principal Government Money Market Fund (e)   73,111,678     73,112 6.00%, 12/31/2049(h)   13,780   14,202
            USSW5 Index Spread + 4.45%        
TOTAL INVESTMENT COMPANIES     $   73,112 JPMorgan Chase & Co        
            4.62%, 12/31/2049(h),(i)   17,995   17,491
PREFERRED STOCKS - 0.33%   Shares Held Value (000's)          
Agriculture - 0.32%           3 Month LIBOR + 2.58%        
Pinnacle Operating Corp 0.00% (a),(b),(c),(d)   11,469,815 $   11,470 5.00%, 12/31/2049(h),(i)   17,085   17,341
            3 Month LIBOR + 3.32%        
Telecommunications - 0.01%               $   92,951
Goodman Networks Inc 0.00% (a),(b),(c),(d)   298,619     298 Building Materials - 1.68%        
            American Woodmark Corp        
            4.88%, 03/15/2026(c),(f),(j)   2,275   2,275
TOTAL PREFERRED STOCKS     $   11,768          
          BMC East LLC        
     Principal       5.50%, 10/01/2024(f)   9,540   9,874
BONDS - 89.39%   Amount (000's) Value (000's)          
Aerospace & Defense - 0.75%           Boise Cascade Co        
            5.63%, 09/01/2024(f)   8,655   9,044
Air 2 US                    
8.63%, 10/01/2020(f) $ 1,766   $ 1,833 Cemex SAB de CV        
            5.70%, 01/11/2025(f)   7,625   8,033
Triumph Group Inc           6.13%, 05/05/2025(f)   4,000   4,265
7.75%, 08/15/2025   23,190     24,582          
      $   26,415 Jeld-Wen Inc        
            4.63%, 12/15/2025(f)   4,030   4,030
Agriculture - 0.72%           4.88%, 12/15/2027(f)   2,465   2,468
Pinnacle Operating Corp                    
9.00%, 05/15/2023(f)   16,469     15,481 Norbord Inc        
            5.38%, 12/01/2020(f)   10,175   10,658
Vector Group Ltd                    
6.13%, 02/01/2025(f)   9,715     10,079 Standard Industries Inc/NJ        
            4.75%, 01/15/2028(f)   8,820   8,754
      $   25,560     $   59,401
Airlines - 0.17%                    
          Chemicals - 2.31%        
 American Airlines 2015-1 Class B Pass           Aruba Investments Inc        
Through Trust           8.75%, 02/15/2023(f)   11,725   12,311
3.70%, 11/01/2024   2,139     2,120        
United Airlines 2014-1 Class B Pass Through            Blue Cube Spinco Inc        
Trust           9.75%, 10/15/2023   5,350   6,313
4.75%, 10/11/2023   2,695     2,769 CF Industries Inc        
US Airways 2001-1G Pass Through Trust           5.15%, 03/15/2034   13,265   13,381
            Consolidated Energy Finance SA        
7.08%, 09/20/2022   1,196     1,276 6.75%, 10/15/2019(f)   8,753   8,906
      $   6,165 6.88%, 06/15/2025(f)   20,910   22,112
Automobile Manufacturers - 1.20%           NOVA Chemicals Corp        
Jaguar Land Rover Automotive PLC           5.25%, 06/01/2027(f)   10,415   10,389
3.50%, 03/15/2020(f)   7,400     7,381          
4.25%, 11/15/2019(f)   3,550     3,603 Olin Corp        
4.50%, 10/01/2027(f)   7,565     7,452 5.00%, 02/01/2030   2,165   2,168
            Platform Specialty Products Corp        
Mclaren Finance PLC           5.88%, 12/01/2025(f)   6,305   6,408
5.75%, 08/01/2022(f)   3,010     3,087          
                $   81,988
 Navistar International Corp                    
6.63%, 11/01/2025 (f)   19,933     20,836 Coal - 0.26%        
            Alliance Resource Operating Partners LP /        
      $   42,359 Alliance Resource Finance Corp        
Automobile Parts & Equipment - 1.20%           7.50%, 05/01/2025(f)   8,415   9,109
Allison Transmission Inc                    
4.75%, 10/01/2027(f)   1,575     1,567          
5.00%, 10/01/2024(f)   7,180     7,252 Commercial Services - 1.73%        
            Ahern Rentals Inc        
American Axle & Manufacturing Inc           7.38%, 05/15/2023(f)   13,455   12,984
6.25%, 04/01/2025(f)   19,180     20,043          
            GW Honos Security Corp        
Dana Financing Luxembourg Sarl           8.75%, 05/15/2025(f)   9,320   10,112
6.50%, 06/01/2026(f)   1,680     1,816          
            IHS Markit Ltd        
Dana Inc           4.75%, 02/15/2025(f)   3,825   3,978
5.50%, 12/15/2024   8,530     8,893 Team Health Holdings Inc        
IHO Verwaltungs GmbH           6.38%, 02/01/2025(f)   12,645   11,791
4.75%, 09/15/2026(f),(g)   2,985     3,015          
            TMS International Corp        
            7.25%, 08/15/2025(f)   9,950   10,448

 

See accompanying notes.

73

 

     Schedule of Investments High Yield Fund January 31, 2018 (unaudited)

    Principal         Principal    
BONDS (continued)   Amount (000's)     Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Commercial Services (continued)         Engineering & Construction (continued)        
United Rentals North America Inc         Tutor Perini Corp        
4.63%, 10/15/2025 $ 6,135 $ 6,227 6.88%, 05/01/2025(f) $ 9,090 $ 9,681
4.88%, 01/15/2028   2,815   2,812     $   18,516
5.88%, 09/15/2026   2,720   2,914 Entertainment - 3.36%        
    $   61,266 Caesars Resort Collection LLC / CRC Finco        
Computers - 1.12%         Inc        
Dell International LLC / EMC Corp         5.25%, 10/15/2025(f)   18,190   18,056
5.88%, 06/15/2021(f)   1,200   1,245 CCM Merger Inc        
7.13%, 06/15/2024(f)   29,550   32,302 6.00%, 03/15/2022(f)   11,290   11,572
West Corp         Eldorado Resorts Inc        
8.50%, 10/15/2025(f)   6,240   6,146 6.00%, 04/01/2025   3,340   3,486
    $   39,693 7.00%, 08/01/2023   10,345   11,030
Consumer Products - 0.26%         GLP Capital LP / GLP Financing II Inc        
ACCO Brands Corp         4.38%, 04/15/2021   1,668   1,706
5.25%, 12/15/2024(f)   8,985   9,176 5.38%, 04/15/2026   9,775   10,459
          International Game Technology PLC        
Distribution & Wholesale - 0.96%         6.50%, 02/15/2025(f)   10,030   11,158
American Builders & Contractors Supply Co         Lions Gate Entertainment Corp        
Inc         5.88%, 11/01/2024(f)   8,635   9,186
5.75%, 12/15/2023(f)   5,550   5,855 Penn National Gaming Inc        
Global Partners LP / GLP Finance Corp         5.63%, 01/15/2027(f)   5,800   6,014
7.00%, 06/15/2023   10,170   10,500 Scientific Games International Inc        
H&E Equipment Services Inc         5.00%, 10/15/2025(f)   10,485   10,511
5.63%, 09/01/2025(f)   13,145   13,638 7.00%, 01/01/2022(f)   4,020   4,241
HD Supply Inc         10.00%, 12/01/2022   4,100   4,495
5.75%, 04/15/2024(f)   3,825   4,093 WMG Acquisition Corp        
    $   34,086 4.88%, 11/01/2024(f)   4,270   4,355
Diversified Financial Services - 3.99%         5.00%, 08/01/2023(f)   5,810   5,955
Ally Financial Inc         6.75%, 04/15/2022(f)   6,450   6,692
4.25%, 04/15/2021   1,095   1,117     $   118,916
5.75%, 11/20/2025   51,365   54,842 Environmental Control - 0.06%        
Credit Acceptance Corp         Waste Pro USA Inc        
6.13%, 02/15/2021   12,090   12,211 5.50%, 02/15/2026(f),(j)   2,085   2,121
7.38%, 03/15/2023   8,140   8,506          
Doric Nimrod Air Finance Alpha Ltd 2012-1         Food - 2.30%        
Class B Pass Through Trust         BI-LO LLC / BI-LO Finance Corp        
6.50%, 05/30/2021(f)   1,351   1,382 9.25%, 02/15/2019(f)   12,480   12,308
E*TRADE Financial Corp         Clearwater Seafoods Inc        
5.30%, 12/31/2049(h),(i)   17,600   17,534 6.88%, 05/01/2025(f)   8,690   8,864
3 Month LIBOR + 3.16%         Ingles Markets Inc        
Fly Leasing Ltd         5.75%, 06/15/2023   10,265   10,406
6.38%, 10/15/2021   8,545   8,908 JBS USA LUX SA / JBS USA Finance Inc        
Navient Corp         5.75%, 06/15/2025(f)   5,340   5,288
6.13%, 03/25/2024   12,725   12,980 7.25%, 06/01/2021(f)   3,338   3,405
6.63%, 07/26/2021   4,245   4,510 Lamb Weston Holdings Inc        
Springleaf Finance Corp         4.63%, 11/01/2024(f)   1,800   1,827
5.25%, 12/15/2019   10,215   10,522 4.88%, 11/01/2026(f)   6,795   6,931
Vantiv LLC / Vanity Issuer Corp         Post Holdings Inc        
4.38%, 11/15/2025(f)   8,780   8,714 5.00%, 08/15/2026(f)   18,185   17,753
    $   141,226 5.75%, 03/01/2027(f)   4,490   4,494
Electric - 1.64%         TreeHouse Foods Inc        
Dynegy Inc         6.00%, 02/15/2024(f)   9,730   10,095
7.38%, 11/01/2022   10,270   10,849     $   81,371
8.13%, 01/30/2026(f)   4,760   5,249 Forest Products & Paper - 0.26%        
Elwood Energy LLC         Mercer International Inc        
8.16%, 07/05/2026   6,052   6,748 5.50%, 01/15/2026(f)   2,875   2,911
Indiantown Cogeneration LP         Sappi Papier Holding GmbH        
9.77%, 12/15/2020   1,449   1,535 7.50%, 06/15/2032(f)   5,985   6,277
Mirant Mid-Atlantic Series C Pass Through             $   9,188
Trust         Gas - 0.49%        
10.06%, 12/30/2028   11,422   11,450 NGL Energy Partners LP / NGL Energy        
NRG Energy Inc         Finance Corp        
5.75%, 01/15/2028(f)   5,930   5,931 6.88%, 10/15/2021   725   742
6.25%, 05/01/2024   6,760   7,067 7.50%, 11/01/2023   16,082   16,766
6.63%, 01/15/2027   1,960   2,074     $   17,508
7.25%, 05/15/2026   6,470   7,047 Healthcare - Products - 1.34%        
    $   57,950 DJO Finco Inc / DJO Finance LLC / DJO        
Engineering & Construction - 0.52%         Finance Corp        
MasTec Inc         8.13%, 06/15/2021(f)   9,190   8,868
4.88%, 03/15/2023   8,705   8,835 Hill-Rom Holdings Inc        
          5.75%, 09/01/2023(f)   6,440   6,706

 

See accompanying notes.

74

 

     Schedule of Investments High Yield Fund January 31, 2018 (unaudited)

    Principal         Principal    
BONDS (continued)   Amount (000's) Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Healthcare - Products (continued)         Internet (continued)        
Kinetic Concepts Inc / KCI USA Inc         Zayo Group LLC / Zayo Capital Inc        
7.88%, 02/15/2021(f) $ 9,455 $ 9,810 6.00%, 04/01/2023 $ 16,915 $ 17,634
Teleflex Inc             $   31,808
4.88%, 06/01/2026   5,020   5,114 Iron & Steel - 2.81%        
Universal Hospital Services Inc         AK Steel Corp        
7.63%, 08/15/2020   16,905   16,989 6.38%, 10/15/2025   8,995   8,883
    $   47,487 7.00%, 03/15/2027   3,840   3,926
Healthcare - Services - 4.67%         7.50%, 07/15/2023   5,570   6,002
Centene Corp         7.63%, 10/01/2021   2,465   2,557
4.75%, 05/15/2022   11,430   11,887 ArcelorMittal        
5.63%, 02/15/2021   3,930   4,041 7.25%, 10/15/2039   20,270   26,148
6.13%, 02/15/2024   9,525   10,120 Cleveland-Cliffs Inc        
HCA Inc         4.88%, 01/15/2024(f)   4,485   4,463
4.50%, 02/15/2027   17,840   17,773 Commercial Metals Co        
4.75%, 05/01/2023   21,400   22,235 4.88%, 05/15/2023   8,468   8,616
5.00%, 03/15/2024   17,315   18,029 Signode Industrial Group Lux SA/Signode        
5.25%, 04/15/2025   3,915   4,108 Industrial Group US Inc        
5.25%, 06/15/2026   3,825   4,002 6.38%, 05/01/2022(f)   16,510   17,170
5.88%, 03/15/2022   2,165   2,323 United States Steel Corp        
MPH Acquisition Holdings LLC         6.88%, 08/15/2025   12,050   12,653
7.13%, 06/01/2024(f)   16,317   17,520 Vale Overseas Ltd        
Polaris Intermediate Corp         6.25%, 08/10/2026   7,850   9,104
8.50%, PIK 9.25%, 12/01/2022(f),(g),(k)   8,360   8,705     $   99,522
Tenet Healthcare Corp         Leisure Products & Services - 0.72%        
4.63%, 07/15/2024(f)   13,860   13,617 Constellation Merger Sub Inc        
7.50%, 01/01/2022(f)   3,920   4,148 8.50%, 09/15/2025(f)   11,920   11,622
8.13%, 04/01/2022   8,730   9,008 Silversea Cruise Finance Ltd        
WellCare Health Plans Inc         7.25%, 02/01/2025(f)   12,855   13,858
5.25%, 04/01/2025   17,140   17,898     $   25,480
    $   165,414 Lodging - 1.30%        
Home Builders - 2.23%         Boyd Gaming Corp        
Beazer Homes USA Inc         6.88%, 05/15/2023   5,360   5,668
8.75%, 03/15/2022   8,445   9,226 Jack Ohio Finance LLC / Jack Ohio Finance 1        
Century Communities Inc         Corp        
5.88%, 07/15/2025   18,005   18,252 6.75%, 11/15/2021(f)   13,705   14,424
Lennar Corp         MGM Resorts International        
4.50%, 04/30/2024   8,837   8,937 6.00%, 03/15/2023   6,510   7,031
4.75%, 11/15/2022   7,561   7,838 6.63%, 12/15/2021   6,290   6,864
4.75%, 11/29/2027(f)   7,670   7,747 Wynn Las Vegas LLC / Wynn Las Vegas        
4.88%, 12/15/2023   5,060   5,250 Capital Corp        
Taylor Morrison Communities Inc / Taylor         5.25%, 05/15/2027(f)   12,065   11,907
Morrison Holdings II Inc             $   45,894
5.63%, 03/01/2024(f)   8,520   8,957 Machinery - Construction & Mining - 0.30%        
TRI Pointe Group Inc         BlueLine Rental Finance Corp / BlueLine        
5.25%, 06/01/2027   3,728   3,765 Rental LLC        
Williams Scotsman International Inc         9.25%, 03/15/2024(f)   9,860   10,723
7.88%, 12/15/2022(f)   8,665   8,925          
    $   78,897 Machinery - Diversified - 0.51%        
Insurance - 3.09%         Cloud Crane LLC        
American Equity Investment Life Holding         10.13%, 08/01/2024(f)   12,195   13,781
Co         RBS Global Inc / Rexnord LLC        
5.00%, 06/15/2027   11,995   12,359 4.88%, 12/15/2025(f)   4,425   4,480
AssuredPartners Inc             $   18,261
7.00%, 08/15/2025(f)   7,725   7,918 Media - 7.96%        
Catlin Insurance Co Ltd         Altice Financing SA        
4.71%, 07/29/2049(f),(h)   10,755   10,540 6.63%, 02/15/2023(f)   15,100   15,295
3 Month LIBOR + 2.98%         Altice Luxembourg SA        
Liberty Mutual Group Inc         7.75%, 05/15/2022(f)   12,260   11,770
4.49%, 03/07/2067(f)   19,172   18,836 Altice US Finance I Corp        
3 Month LIBOR + 2.91%         5.50%, 05/15/2026(f)   3,675   3,758
Voya Financial Inc         AMC Networks Inc        
5.65%, 05/15/2053(i)   50,127   53,260 4.75%, 08/01/2025   11,380   11,366
3 Month LIBOR + 3.58%         5.00%, 04/01/2024   5,870   5,958
XLIT Ltd         CCO Holdings LLC / CCO Holdings Capital        
4.18%, 12/31/2049(h)   6,780   6,365 Corp        
3 Month LIBOR + 2.46%         5.13%, 05/01/2023(f)   39,650   40,418
    $   109,278 5.13%, 05/01/2027(f)   6,355   6,212
Internet - 0.90%         5.50%, 05/01/2026(f)   2,840   2,897
Netflix Inc         5.75%, 02/15/2026(f)   1,680   1,739
4.38%, 11/15/2026   14,505   14,174 CSC Holdings LLC        
          5.50%, 04/15/2027(f)   3,195   3,235
          6.63%, 10/15/2025(f)   4,225   4,521

 

See accompanying notes.

75

 

     Schedule of Investments High Yield Fund January 31, 2018 (unaudited)

    Principal         Principal    
BONDS (continued)   Amount (000's)       Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Media (continued)         Oil & Gas - 7.82%        
CSC Holdings LLC (continued)         Ascent Resources Utica Holdings LLC / ARU        
10.13%, 01/15/2023(f) $ 13,135 $ 14,818 Finance Corp        
DISH DBS Corp         10.00%, 04/01/2022(f) $ 12,700 $ 13,986
5.88%, 07/15/2022   2,230   2,219 Carrizo Oil & Gas Inc        
5.88%, 11/15/2024   16,690   15,824 7.50%, 09/15/2020   6,319   6,445
6.75%, 06/01/2021   16,110   16,875 8.25%, 07/15/2025   2,610   2,878
7.75%, 07/01/2026   9,385   9,643 Chesapeake Energy Corp        
7.88%, 09/01/2019   12,500   13,305 8.00%, 12/15/2022(f)   5,253   5,634
Meredith Corp         8.00%, 01/15/2025(f)   3,530   3,565
6.88%, 02/01/2026(f)   22,170   22,696 8.00%, 06/15/2027(f)   11,010   10,941
Radiate Holdco LLC / Radiate Finance Inc         Chesapeake Oil Op/Fin Escrow Shares        
6.63%, 02/15/2025(f)   10,695   10,454 0.00%, 11/15/2019(a),(b),(c)   11,835   —
6.88%, 02/15/2023(f)   6,575   6,608 Continental Resources Inc/OK        
SFR Group SA         4.50%, 04/15/2023   8,790   8,900
6.00%, 05/15/2022(f)   13,740   13,409 CrownRock LP / CrownRock Finance Inc        
Unitymedia GmbH         5.63%, 10/15/2025(f)   9,680   9,777
6.13%, 01/15/2025(f)   8,940   9,407 Endeavor Energy Resources LP / EER Finance        
Virgin Media Finance PLC         Inc        
5.75%, 01/15/2025(f)   5,000   5,044 5.50%, 01/30/2026(f)   4,265   4,318
6.00%, 10/15/2024(f)   2,940   3,006 EP Energy LLC / Everest Acquisition Finance        
Virgin Media Secured Finance PLC         Inc        
5.25%, 01/15/2026(f)   3,965   4,034 8.00%, 11/29/2024(f)   7,065   7,436
Ziggo Bond Finance BV         9.38%, 05/01/2024(f)   6,175   5,233
6.00%, 01/15/2027(f)   13,705   13,499 Extraction Oil & Gas Inc        
Ziggo Secured Finance BV         7.38%, 05/15/2024(f)   8,405   9,098
5.50%, 01/15/2027(f)   14,095   13,989 Gulfport Energy Corp        
    $   281,999 6.38%, 05/15/2025   8,585   8,757
Metal Fabrication & Hardware - 0.12%         Halcon Resources Corp        
          6.75%, 02/15/2025(f)   7,385   7,773
Park-Ohio Industries Inc                  
6.63%, 04/15/2027   3,875   4,137 Hess Infrastructure Partners LP / Hess        
          Infrastructure Partners Finance Corp        
          5.63%, 02/15/2026(f)   10,520   10,678
Mining - 3.41%                  
Aleris International Inc         MEG Energy Corp        
          6.50%, 01/15/2025(f)   17,445   17,052
7.88%, 11/01/2020   6,270   6,264          
9.50%, 04/01/2021(f)   3,280   3,472 Nabors Industries Inc        
          5.75%, 02/01/2025(f)   8,415   8,268
Constellium NV                  
5.88%, 02/15/2026(f)   5,380   5,488 Oasis Petroleum Inc        
6.63%, 03/01/2025(f)   8,550   9,020 6.50%, 11/01/2021   3,655   3,733
First Quantum Minerals Ltd         6.88%, 03/15/2022   5,645   5,814
7.25%, 05/15/2022(f)   6,934   7,194 6.88%, 01/15/2023   11,825   12,180
7.50%, 04/01/2025(f)   3,850   4,124 QEP Resources Inc        
FMG Resources August 2006 Pty Ltd         5.25%, 05/01/2023   13,091   13,353
5.13%, 05/15/2024(f)   3,885   3,934 5.63%, 03/01/2026   4,670   4,763
9.75%, 03/01/2022(f)   11,185   12,335 Seven Generations Energy Ltd        
          5.38%, 09/30/2025(f)   5,765   5,823
Freeport-McMoRan Inc                  
4.55%, 11/14/2024   10,150   10,315 Southwestern Energy Co        
6.88%, 02/15/2023   1,845   2,025 7.75%, 10/01/2027   12,445   13,005
IAMGOLD Corp         Sunoco LP / Sunoco Finance Corp        
7.00%, 04/15/2025(f)   16,560   17,264 4.88%, 01/15/2023(f)   10,615   10,812
          5.50%, 02/15/2026(f)   8,170   8,341
Midwest Vanadium Pty Ltd                  
0.00%, 02/15/2018(a),(f)   10,465   8 Ultra Resources Inc        
          6.88%, 04/15/2022(f)   7,440   7,514
Northwest Acquisitions ULC / Dominion                  
Finco Inc         Unit Corp        
7.13%, 11/01/2022(f)   2,790   2,874 6.63%, 05/15/2021   8,600   8,675
Taseko Mines Ltd         Whiting Petroleum Corp        
8.75%, 06/15/2022(f)   11,715   12,213 5.75%, 03/15/2021   8,245   8,534
        6.25%, 04/01/2023   7,170   7,385
 Teck Resources Ltd         6.63%, 01/15/2026(f)   2,520   2,580
3.75%, 02/01/2023   6,645   6,662          
6.25%, 07/15/2041   13,000   15,064 WildHorse Resource Development Corp        
8.50%, 06/01/2024(f)   2,085   2,353 6.88%, 02/01/2025   8,995   9,310
    $   120,609 WPX Energy Inc        
Miscellaneous Manufacturers - 1.13%         5.25%, 09/15/2024   5,950   6,024
Bombardier Inc         7.50%, 08/01/2020   7,554   8,158
6.13%, 01/15/2023(f)   3,570   3,606     $   276,743
7.50%, 12/01/2024(f)   7,175   7,543 Oil & Gas Services - 0.94%        
7.50%, 03/15/2025(f)   23,035   23,927 Archrock Partners LP / Archrock Partners        
8.75%, 12/01/2021(f)   4,550   5,056 Finance Corp        
    $   40,132 6.00%, 10/01/2022   7,955   8,074
          PHI Inc        
          5.25%, 03/15/2019   10,570   10,491
          Weatherford International Ltd        
          4.50%, 04/15/2022   3,855   3,643
          8.25%, 06/15/2023   5,345   5,652

 

See accompanying notes.

76

 

     Schedule of Investments High Yield Fund January 31, 2018 (unaudited)

    Principal         Principal    
BONDS (continued)   Amount (000's) Value (000's) BONDS (continued) Amount (000's) Value (000's)
Oil & Gas Services (continued)         REITs (continued)        
Weatherford International Ltd (continued)         Equinix Inc (continued)        
9.88%, 02/15/2024 $ 4,975 $ 5,423 5.88%, 01/15/2026 $ 15,400 $ 16,363
    $   33,283 Iron Mountain Inc        
Packaging & Containers - 3.60%         4.38%, 06/01/2021(f)   6,430   6,510
ARD Finance SA         5.25%, 03/15/2028(f)   3,115   3,029
7.13%, PIK 7.88%, 09/15/2023(g),(k)   8,785   9,136 Iron Mountain US Holdings Inc        
ARD Securities Finance SARL         5.38%, 06/01/2026(f)   9,655   9,655
8.75%, PIK 8.75%, 01/31/2023(f),(g),(k)   1,740   1,801 iStar Inc          
Ardagh Packaging Finance PLC / Ardagh         5.25%, 09/15/2022   10,095   10,070
Holdings USA Inc         6.50%, 07/01/2021   6,745   6,964
6.00%, 02/15/2025(f)   16,190   16,716 MGM Growth Properties Operating        
BWAY Holding Co         Partnership LP / MGP Finance Co-Issuer Inc        
7.25%, 04/15/2025(f)   15,045   15,703 5.63%, 05/01/2024   9,715   10,377
Coveris Holdings SA         MPT Operating Partnership LP / MPT Finance        
7.88%, 11/01/2019(f)   15,360   15,322 Corp          
Crown Americas LLC / Crown Americas         5.00%, 10/15/2027   2,000   1,981
Capital Corp V         6.38%, 03/01/2024   3,210   3,417
4.25%, 09/30/2026   2,000   1,945       $   76,771
Crown Americas LLC / Crown Americas         Retail - 3.32%        
Capital Corp VI         1011778 BC ULC / New Red Finance Inc        
4.75%, 02/01/2026(f)   8,490   8,532 5.00%, 10/15/2025(f)   19,755   19,780
Crown Cork & Seal Co Inc         Claire's Stores Inc        
7.38%, 12/15/2026   16,099   18,554 9.00%, 03/15/2019(f)   10,989   7,775
Flex Acquisition Co Inc         Dollar Tree Inc        
6.88%, 01/15/2025(f)   10,770   11,053 5.75%, 03/01/2023   11,904   12,440
OI European Group BV         Golden Nugget Inc        
4.00%, 03/15/2023(f)   4,210   4,176 6.75%, 10/15/2024(f)   15,595   16,121
Reynolds Group Issuer Inc / Reynolds Group         Hema Bondco II BV        
Issuer LLC / Reynolds Group Issuer         8.50%, 01/15/2023(f) EUR 2,750   3,542
(Luxembourg) S.A.         IRB Holding Corp        
5.13%, 07/15/2023(f)   15,260   15,671 6.75%, 02/15/2026(f),(j) $ 6,120   6,196
5.22%, 07/15/2021(f)   6,620   6,736 JC Penney Corp Inc        
3 Month LIBOR + 3.50%         5.65%, 06/01/2020   4,895   4,822
7.00%, 07/15/2024(f)   1,950   2,074 5.88%, 07/01/2023(f)   3,550   3,412
    $   127,419 KFC Holding Co/Pizza Hut Holdings        
Pharmaceuticals - 0.95%         LLC/Taco Bell of America LLC        
Valeant Pharmaceuticals International         4.75%, 06/01/2027(f)   3,905   3,876
6.75%, 08/15/2021(f)   4,995   4,945 5.00%, 06/01/2024(f)   9,495   9,614
Valeant Pharmaceuticals International Inc         5.25%, 06/01/2026(f)   7,420   7,568
5.38%, 03/15/2020(f)   16,720   16,618 L Brands Inc        
5.50%, 11/01/2025(f)   5,740   5,783 6.88%, 11/01/2035   14,275   14,596
5.63%, 12/01/2021(f)   6,525   6,289 PetSmart Inc        
    $   33,635 5.88%, 06/01/2025(f)   10,240   7,885
Pipelines - 1.48%               $   117,627
Antero Midstream Partners LP / Antero         Savings & Loans - 0.00%        
Midstream Finance Corp         Washington Mutual Bank / Henderson NV        
5.38%, 09/15/2024   4,025   4,146 0.00%, 06/15/2011(a),(b),(c)   3,500   —
Cheniere Corpus Christi Holdings LLC         0.00%, 01/15/2013(a),(b),(c)   3,000   —
5.13%, 06/30/2027   18,550   19,153 0.00%, 01/15/2015(a),(b),(c)   2,000   —
Energy Transfer Equity LP         3 Month LIBOR + 0.65%        
5.88%, 01/15/2024   7,960   8,617       $   —
NuStar Logistics LP         Semiconductors - 0.35%        
5.63%, 04/28/2027   11,235   11,751 Sensata Technologies UK Financing Co PLC        
Summit Midstream Holdings LLC / Summit         6.25%, 02/15/2026(f)   11,500   12,363
Midstream Finance Corp                    
5.75%, 04/15/2025   8,665   8,730 Software - 1.45%        
    $   52,397 First Data Corp        
Private Equity - 0.59%         5.00%, 01/15/2024(f)   20,050   20,576
Icahn Enterprises LP / Icahn Enterprises         j2 Cloud Services LLC / j2 Global Co-Obligor        
Finance Corp         Inc          
5.88%, 02/01/2022   7,100   7,233 6.00%, 07/15/2025(f)   2,445   2,586
6.00%, 08/01/2020   7,060   7,226 MSCI Inc          
6.38%, 12/15/2025(f)   6,240   6,349 5.25%, 11/15/2024(f)   6,675   6,949
    $   20,808 5.75%, 08/15/2025(f)   3,315   3,514
Real Estate - 0.36%         Quintiles IMS Inc        
Crescent Communities LLC/Crescent         5.00%, 10/15/2026(f)   17,345   17,670
Ventures Inc               $   51,295
8.88%, 10/15/2021(f)   11,942   12,659            
 
REITs - 2.17%                    
Equinix Inc                    
5.38%, 05/15/2027   8,005   8,405            

 

See accompanying notes.

77

 

     Schedule of Investments High Yield Fund January 31, 2018 (unaudited)

    Principal           SENIOR FLOATING RATE INTERESTS   Principal    
BONDS (continued)   Amount (000's) Value(000 's) (continued)   Amount (000's)   Value (000's)
Telecommunications - 5.52%                 Chemicals - 0.24%        
Frontier Communications Corp                 Emerald Performance Materials LLC        
7.13%, 01/15/2023   $ 3,510     $ 2,378   9.32%, 08/01/2022(l) $ 8,475 $ 8,462
11.00%, 09/15/2025     12,760       9,969   US LIBOR + 6.75%        
Goodman Networks Inc                          
8.00%, 05/11/2022     4,557       3,122   Commercial Services - 0.37%        
GTT Communications Inc                 Garda World Security Corp        
7.88%, 12/31/2024(f)     12,850       13,749   4.97%, 05/24/2024(l)   4,063   4,097
Intelsat Jackson Holdings SA                 US LIBOR + 4.00%        
5.50%, 08/01/2023     15,980       12,544   Prime Security Services Borrower LLC        
8.00%, 02/15/2024(f)     10,505       11,030   4.32%, 05/02/2022(l)   9,109   9,186
Level 3 Financing Inc                 US LIBOR + 2.75%        
5.13%, 05/01/2023     4,440       4,451         $ 13,283
5.38%, 01/15/2024     11,395       11,338   Consumer Products - 0.24%        
Level 3 Parent LLC                 Prestige Brands Inc        
5.75%, 12/01/2022     5,470       5,525   4.32%, 01/26/2024(l)   8,541   8,617
Sprint Communications Inc                 US LIBOR + 2.75%        
6.00%, 11/15/2022     13,755       13,703            
7.00%, 08/15/2020     12,300       12,982   Entertainment - 0.29%        
Sprint Corp                 CCM Merger Inc        
7.13%, 06/15/2024     8,840       8,965   4.32%, 08/06/2021(l)   4,637   4,675
7.88%, 09/15/2023     14,995       15,882   US LIBOR + 2.75%        
Telecom Italia Capital SA                 Lions Gate Entertainment Corp        
6.38%, 11/15/2033     3,120       3,588   3.82%, 12/08/2023(l)   5,524   5,580
Telecom Italia SpA/Milano                 US LIBOR + 2.25%        
5.30%, 05/30/2024(f)     13,065       13,800         $ 10,255
T-Mobile USA Inc                 Food - 0.14%        
4.00%, 04/15/2022     6,740       6,871   Post Holdings Inc        
4.50%, 02/01/2026     3,515       3,533   3.82%, 05/24/2024(l)   4,776   4,804
5.13%, 04/15/2025     13,770       14,217   US LIBOR + 2.25%        
6.00%, 04/15/2024     4,245       4,513            
6.50%, 01/15/2024     4,025       4,277   Forest Products & Paper - 0.25%        
6.50%, 01/15/2026     11,120       12,051   Caraustar Industries Inc        
Wind Tre SpA                 7.19%, 03/14/2022(l)   8,770   8,799
5.00%, 01/20/2026(f)     7,795       7,075   US LIBOR + 5.50%        
          $   195,563            
Transportation - 2.27%                 Healthcare - Products - 0.14%        
Eletson Holdings Inc                 Kinetic Concepts Inc        
9.63%, 01/15/2022(f)     17,244       9,053   4.94%, 02/02/2024(l)   4,841   4,844
Navios Maritime Acquisition Corp / Navios                 US LIBOR + 3.25%        
Acquisition Finance US Inc                          
8.13%, 11/15/2021(f)     37,660       32,105   Healthcare - Services - 0.22%        
Navios Maritime Holdings Inc / Navios                 MPH Acquisition Holdings LLC        
Maritime Finance II US Inc                 4.69%, 06/07/2023(l)   7,998   8,052
7.38%, 01/15/2022(f)     16,245       13,362   US LIBOR + 3.00%        
11.25%, 08/15/2022(f)     12,760       12,920            
Navios South American Logistics Inc / Navios                 Insurance - 0.51%        
Logistics Finance US Inc                 Asurion LLC        
7.25%, 05/01/2022(f)     13,220       12,856   4.57%, 11/03/2023(l)   5,373   5,413
          $   80,296   US LIBOR + 3.00%        
Trucking & Leasing - 0.48%                 7.57%, 08/04/2025(l)   12,380   12,767
DAE Funding LLC                 US LIBOR + 6.00%        
4.50%, 08/01/2022(f)     5,235       5,209         $ 18,180
5.00%, 08/01/2024(f)     11,790       11,701   Leisure Products & Services - 0.29%        
          $   16,910   Intrawest Resorts Holdings Inc        
TOTAL BONDS       $ 3,164,966   4.82%, 07/31/2024(l)   10,185   10,261
    Principal           US LIBOR + 3.25%        
CONVERTIBLE BONDS - 0.00%   Amount (000's) Value(000 's)          
Food Service - 0.00%                 Lodging - 0.05%        
Fresh Express Delivery Holding Group Co                 Golden Nugget Inc/NV        
Ltd                 4.88%, 10/04/2023(l)   1,771   1,791
0.00%, 11/09/2009(a),(b),(c)   HKD 46,500       —   US LIBOR + 3.25%        
0.00%, 10/18/2010(a),(b),(c)   CNY 245,000       —            
          $   —   Media - 0.40%        
TOTAL CONVERTIBLE BONDS         $   —   CSC Holdings LLC        
                  0.00%, 01/12/2026(l),(m)   3,235   3,257
SENIOR FLOATING RATE INTERESTS -   Principal                    
6.34 % Amount (000's) Value(000 's) US LIBOR + 0.00%        
Automobile Manufacturers - 0.17%                 Univision Communications Inc        
                  4.32%, 03/15/2024(l)   10,885   10,889
Navistar Inc                          
5.06%, 11/06/2024(l)   $ 5,500   $   5,543   US LIBOR + 2.75%        
US LIBOR + 3.50%                       $ 14,146

 

See accompanying notes.

78

 

     Schedule of Investments High Yield Fund January 31, 2018 (unaudited)

SENIOR FLOATING RATE INTERESTS Principal     (e) Affiliated Security. Security is either an affiliate (and registered under the  
(continued) Amount (000's)   Value (000's)   Investment Company Act of 1940) or an affiliate as defined by the    
            Investment Company Act of 1940 (the Fund controls 5.0% or more of the  
Oil & Gas - 0.75%           outstanding voting shares of the security). Please see affiliated sub-  
California Resources Corp           schedule for transactional information.    
6.31%, 11/14/2022(l) $ 7,570 $ 7,703 (f) Security exempt from registration under Rule 144A of the Securities Act of  
US LIBOR + 4.75%           1933. These securities may be resold in transactions exempt from    
11.94%, 12/31/2021(l)   10,680   12,095   registration, normally to qualified institutional buyers. At the end of the  
US LIBOR + 10.37%           period, the value of these securities totaled $1,748,181 or 49.37% of net  
Chesapeake Energy Corp           assets.    
8.95%, 08/23/2021(l)   6,215   6,646 (g) Certain variable rate securities are not based on a published reference  
US LIBOR + 7.50%           rate and spread but are determined by the issuer or agent and are based  
      $ 26,444   on current market conditions. These securities do not indicate a reference  
REITs - 0.48%           rate and spread in their description.    
GEO Group Inc/The         (h) Perpetual security. Perpetual securities pay an indefinite stream of  
3.95%, 03/22/2024(l)   8,749   8,784   interest, but they may be called by the issuer at an earlier date.    
US LIBOR + 2.25%         (i) Rate shown is the rate in effect as of period end. The rate may be based on  
iStar Inc           a fixed rate and may convert to a variable rate or floating rate in the  
4.56%, 10/01/2021(l)   8,203   8,295   future.    
US LIBOR + 3.75%         (j) Security purchased on a when-issued basis.    
      $ 17,079 (k) Payment in kind; the issuer has the option of paying additional securities  
Retail - 0.41%           in lieu of cash.    
Academy Ltd         (l) Rate information disclosed is based on an average weighted rate as of  
5.55%, 07/01/2022(l)   15,471   12,415   January 31, 2018.    
US LIBOR + 4.00%         (m) This Senior Floating Rate Note will settle after January 31, 2018, at which  
IRB Holding Corp           time the interest rate will be determined.    
0.00%, 01/17/2025(l),(m)   2,090   2,118        
US LIBOR + 0.00%                
      $ 14,533   Portfolio Summary (unaudited)    
Semiconductors - 0.11%         Sector   Percent  
Micron Technology Inc         Communications 16.07 %
3.58%, 04/26/2022(l)   3,771   3,800 Consumer, Cyclical 15.66 %
US LIBOR + 2.00%         Financial 13.81 %
          Consumer, Non-cyclical 13.40 %
Telecommunications - 1.28%         Energy 12.40 %
Avaya Inc         Industrial 11.42 %
6.31%, 11/08/2024(l)   9,960   10,006 Basic Materials 9.28 %
US LIBOR + 4.75%         Technology 3.03 %
CenturyLink Inc         Utilities 2.13 %
4.32%, 01/31/2025(l)   3,725   3,667 Investment Companies 2.06 %
US LIBOR + 2.75%         Other Assets and Liabilities 0.73 %
GTT Communications Inc         TOTAL NET ASSETS 100.00 %
4.88%, 01/09/2024(l)   3,524   3,547        
US LIBOR + 3.25%                
Level 3 Parent LLC                
3.65%, 02/22/2024(l)   3,140   3,153        
US LIBOR + 2.25%                
Maxar Technologies Ltd                
4.31%, 10/04/2024(l)   20,160   20,324        
US LIBOR + 2.75%                
West Corp                
5.57%, 10/10/2024(l)   4,608   4,657        
US LIBOR + 4.00%                
      $ 45,354        
TOTAL SENIOR FLOATING RATE INTERESTS   $ 224,247        
Total Investments     $ 3,514,853        
Other Assets and Liabilities - 0.73%     $ 25,952        
TOTAL NET ASSETS - 100.00%     $ 3,540,805        

 

(a)      Non-income producing security
(b)      The value of these investments was determined using significant unobservable inputs.
(c)      Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Certain inputs used in the valuation may be unobservable; however, each security is evaluated individually for purposes of ASC 820 which results in not all securities being identified as Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $18,412 or 0.52% of net assets.
(d)      Restricted Security. Please see Restricted Security Sub-Schedule for more information.

See accompanying notes.

79

 

Schedule of Investments
High Yield Fund
January 31, 2018 (unaudited)
 
 
 
Affiliated Securities October 31, 2017   Purchases     Sales   January 31, 2018  
    Value     Cost Proceeds      Value  
Principal Government Money Market Fund $ —   $ 220,822 $   147,710 $     73,112  
  $ —   $ 220,822 $   147,710 $     73,112  
 
 
    Realized Gain/Loss   Realized Gain from Change in Unrealized  
  Income on Investments   Capital Gain Distributions   Gain/Loss  
Principal Government Money Market Fund $ 107 $ — $       — $   —  
  $ 107 $ — $       — $   —  
Amounts in thousands                          
 
 
Restricted Securities
Security Name   Acquisition Date   Cost   Value Percent of Net Assets  
Chaparral Energy Inc - A Shares   04/06/2017     $ 74   $ 153     0.00 %
Chaparral Energy Inc - A Shares   04/06/2017       22,119     20,050     0.57 %
Chaparral Energy Inc - B Shares   04/06/2017       4,983     4,216     0.12 %
Goodman Networks Inc   06/01/2017       —     298     0.01 %
Goodman Networks Inc   06/01/2017       —     —     0.00 %
Pinnacle Operating Corp   03/09/2017       5,569     11,470     0.32 %
Total               $ 36,187     1.02 %
 
Amounts in thousands.                          
 
 
Foreign Currency Contracts
                  Unrealized Appreciation/(Depreciation)  
Counterparty Settlement Date    Contracts to Deliver In Exchange For   Fair Value Asset   Liability  
Goldman Sachs & Co 03/08/2018 EUR 3,000,000 $ 3,571 $ 3,732 $ — $ (161 )
Total                 $ — $ (161 )
 
Amounts in thousands except contracts.                          

 

See accompanying notes.

80

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS - 0.00%   Shares Held Value (000's)     Principal    
Oil & Gas - 0.00%           BONDS (continued)   Amount (000's)     Value (000's)
Sabine Oil & Gas Holdings Inc (a)   239 $   11 Airlines - 0.21%        
Sabine Oil & Gas Holdings Inc - Warrants (a)   759     5 Air Canada        
Sabine Oil & Gas Holdings Inc - Warrants (a)   135     — 7.75%, 04/15/2021(f) $ 250 $ 281
      $   16 American Airlines Group Inc        
Retail - 0.00%           4.63%, 03/01/2020(f)   150   152
Neebo, Inc - Warrants (a),(b)   3,508     — 5.50%, 10/01/2019(f)   350   358
Neebo, Inc - Warrants (a),(b)   7,519     — UAL 2007-1 Pass Through Trust        
      $   — 6.64%, 01/02/2024   242   262
Telecommunications - 0.00%           United Continental Holdings Inc        
Goodman Networks Inc (a),(b),(c),(d)   15,207     — 5.00%, 02/01/2024   1,233   1,245
            Virgin Australia Holdings Ltd        
            7.88%, 10/15/2021(f)   200   205
Transportation - 0.00%                    
Gener8 Maritime Inc (a)   24     —     $   2,503
            Apparel - 0.10%        
TOTAL COMMON STOCKS     $   16 Hanesbrands Inc        
            4.63%, 05/15/2024(f)   100   101
INVESTMENT COMPANIES - 2.08%   Shares Held Value (000's) 4.88%, 05/15/2026(f)   285   288
Money Market Funds - 2.08%                    
Principal Government Money Market Fund (e)   24,611,091     24,611 Levi Strauss & Co        
            5.00%, 05/01/2025   550   569
TOTAL INVESTMENT COMPANIES     $   24,611 Under Armour Inc        
            3.25%, 06/15/2026   100   88
PREFERRED STOCKS - 0.00%   Shares Held Value (000's) Wolverine World Wide Inc        
Telecommunications - 0.00%           5.00%, 09/01/2026(f)   80   81
Goodman Networks Inc 0.00% (a),(b),(c),(d)   18,092 $   18          
                $   1,127
 
TOTAL PREFERRED STOCKS     $   18 Automobile Manufacturers - 0.37%        
            Aston Martin Capital Holdings Ltd        
    Principal       6.50%, 04/15/2022(f)   225   238
BONDS - 87.50% Amount (000's) Value (000's) BCD Acquisition Inc        
Advertising - 0.45%           9.63%, 09/15/2023(f)   848   926
Acosta Inc           Fiat Chrysler Automobiles NV        
7.75%, 10/01/2022(f) $ 2,285   $ 1,577          
            4.50%, 04/15/2020   150   154
Lamar Media Corp           5.25%, 04/15/2023   817   864
5.00%, 05/01/2023   435     444 General Motors Co        
5.38%, 01/15/2024   56     58 0.00%, 12/01/2020(a),(b),(c),(d)   25   —
5.75%, 02/01/2026   634     669 0.00%, 12/01/2020(a),(b),(c),(d)   50   —
MDC Partners Inc           0.00%, 07/15/2023(a),(b),(c),(d)   1,000   —
6.50%, 05/01/2024(f)   1,555     1,567 0.00%, 09/01/2025(a),(b),(c),(d)   700   —
Outfront Media Capital LLC / Outfront Media           0.00%, 05/01/2028(a),(b),(c),(d)   150   —
Capital Corp           0.00%, 03/06/2032(a),(b),(c),(d)   75   —
5.25%, 02/15/2022   100     102 0.00%, 07/15/2033(a),(b),(c),(d)   100   —
5.63%, 02/15/2024   125     128 0.00%, 07/15/2033(a),(b),(c),(d)   5,050   —
5.88%, 03/15/2025   695     723 0.00%, 03/15/2036(a),(b),(c),(d)   725   —
      $   5,268 Jaguar Land Rover Automotive PLC        
Aerospace & Defense - 1.25%           4.25%, 11/15/2019(f)   250   254
Arconic Inc           4.50%, 10/01/2027(f)   500   493
5.13%, 10/01/2024   1,385     1,465 Tesla Inc        
5.40%, 04/15/2021   285     301 5.30%, 08/15/2025(f)   1,355   1,290
5.87%, 02/23/2022   208     225 Wabash National Corp        
5.90%, 02/01/2027   129     144 5.50%, 10/01/2025(f)   192   193
5.95%, 02/01/2037   232     254     $   4,412
6.15%, 08/15/2020   50     54 Automobile Parts & Equipment - 0.68%        
6.75%, 01/15/2028   816     963 Adient Global Holdings Ltd        
KLX Inc           4.88%, 08/15/2026(f)   100   99
5.88%, 12/01/2022(f)   100     104          
            Allison Transmission Inc        
Orbital ATK Inc           5.00%, 10/01/2024(f)   100   101
5.25%, 10/01/2021   241     247 American Axle & Manufacturing Inc        
5.50%, 10/01/2023   170     179 6.25%, 03/15/2021   50   51
TransDigm Inc           6.25%, 04/01/2025(f)   1,098   1,147
5.50%, 10/15/2020   100     101 6.50%, 04/01/2027(f)   1,102   1,154
6.00%, 07/15/2022   878     901 6.63%, 10/15/2022   163   169
6.38%, 06/15/2026   6,663     6,838 Cooper-Standard Automotive Inc        
6.50%, 07/15/2024   1,991     2,048 5.63%, 11/15/2026(f)   436   447
6.50%, 05/15/2025   404     415 Dana Financing Luxembourg Sarl        
Triumph Group Inc           5.75%, 04/15/2025(f)   445   467
4.88%, 04/01/2021   500     491 Delphi Technologies PLC        
7.75%, 08/15/2025   100     106 5.00%, 10/01/2025(f)   100   100
      $   14,836 Goodyear Tire & Rubber Co/The        
Agriculture - 0.02%           4.88%, 03/15/2027   655   654
Alliance One International Inc           5.00%, 05/31/2026   500   506
9.88%, 07/15/2021   100     95 5.13%, 11/15/2023   580   595
Vector Group Ltd           IHO Verwaltungs GmbH        
6.13%, 02/01/2025(f)   100     104 4.50%, 09/15/2023(f),(g)   860   875
      $   199          

 

See accompanying notes.

81

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
    Principal           Principal    
BONDS (continued)   Amount (000's)     Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Automobile Parts & Equipment (continued)         Building Materials (continued)        
Tenneco Inc         USG Corp (continued)        
5.00%, 07/15/2026 $ 100 $ 101 5.50%, 03/01/2025(f) $ 435 $ 458
5.38%, 12/15/2024   265   277       $   4,931
ZF North America Capital Inc         Chemicals - 2.62%        
4.00%, 04/29/2020(f)   579   589 Ashland LLC        
4.50%, 04/29/2022(f)   164   169 4.75%, 08/15/2022   100   104
4.75%, 04/29/2025(f)   552   569 Axalta Coating Systems LLC        
    $   8,070 4.88%, 08/15/2024(f)   380   392
Banks - 0.79%         Blue Cube Spinco Inc        
CIT Group Inc         9.75%, 10/15/2023   100   118
3.88%, 02/19/2019   1,000   1,009 10.00%, 10/15/2025   1,313   1,572
5.00%, 08/15/2022   250   261 CF Industries Inc        
5.38%, 05/15/2020   523   548 5.15%, 03/15/2034   687   693
5.50%, 02/15/2019(f)   166   170 5.38%, 03/15/2044   625   611
Deutsche Bank AG         7.13%, 05/01/2020   47   51
4.30%, 05/24/2028   900   883 Chemours Co/The        
USSW5 Index Spread + 2.25%         5.38%, 05/15/2027   192   199
4.50%, 04/01/2025   900   906 6.63%, 05/15/2023   100   105
Dresdner Funding Trust I         7.00%, 05/15/2025   350   382
8.15%, 06/30/2031(f)   400   537 Consolidated Energy Finance SA        
Intesa Sanpaolo SpA         6.75%, 10/15/2019(f)   250   254
5.71%, 01/15/2026(f)   700   736 6.88%, 06/15/2025(f)   100   106
Royal Bank of Scotland Group PLC         Cornerstone Chemical Co        
6.00%, 12/19/2023   1,474   1,607 6.75%, 08/15/2024(f)   4,934   4,947
6.10%, 06/10/2023   100   109 CVR Partners LP / CVR Nitrogen Finance        
6.13%, 12/15/2022   1,706   1,852 Corp          
Standard Chartered PLC         9.25%, 06/15/2023(f)   1,729   1,846
7.01%, 07/29/2049(f),(h),(i)   500   614 GCP Applied Technologies Inc        
3 Month LIBOR + 1.46%         9.50%, 02/01/2023(f)   320   353
UniCredit SpA         HB Fuller Co        
5.86%, 06/19/2032(f)   100   107 4.00%, 02/15/2027   350   337
USD ICE SWAP Rate NY 5 + 3.70%         Hexion Inc          
    $   9,339 6.63%, 04/15/2020   9,751   8,886
Beverages - 0.06%         10.38%, 02/01/2022(f)   250   242
Ajecorp BV         Huntsman International LLC        
6.50%, 05/14/2022(f)   200   184 4.88%, 11/15/2020   300   312
Cott Holdings Inc         INEOS Group Holdings SA        
5.50%, 04/01/2025(f)   480   489 5.63%, 08/01/2024(f)   100   103
    $   673 Momentive Performance Materials Inc        
Biotechnology - 0.05%         3.88%, 10/24/2021   345   360
Concordia International Corp         NOVA Chemicals Corp        
9.00%, 04/01/2022(f)   187   166 4.88%, 06/01/2024(f)   1,335   1,343
Sotera Health Topco Inc         5.00%, 05/01/2025(f)   945   954
8.13%, PIK 8.88%, 11/01/2021(f),(g),(j)   400   404 5.25%, 08/01/2023(f)   695   714
    $   570 5.25%, 06/01/2027(f)   915   913
Building Materials - 0.42%         Olin Corp          
Airxcel Inc         5.13%, 09/15/2027   507   527
8.50%, 02/15/2022(f)   213   227 Perstorp Holding AB        
Builders FirstSource Inc         11.00%, 09/30/2021(f)   200   219
5.63%, 09/01/2024(f)   100   105 PolyOne Corp        
Griffon Corp         5.25%, 03/15/2023   1,024   1,070
5.25%, 03/01/2022   150   153 PQ Corp          
Jeld-Wen Inc         6.75%, 11/15/2022(f)   100   107
4.63%, 12/15/2025(f)   160   160 Rain CII Carbon LLC / CII Carbon Corp        
4.88%, 12/15/2027(f)   160   160 7.25%, 04/01/2025(f)   100   108
NCI Building Systems Inc         Rayonier AM Products Inc        
8.25%, 01/15/2023(f)   350   372 5.50%, 06/01/2024(f)   100   100
RSI Home Products Inc         SPCM SA          
6.50%, 03/15/2023(f)   100   105 4.88%, 09/15/2025(f)   100   100
Standard Industries Inc/NJ         TPC Group Inc        
5.00%, 02/15/2027(f)   100   101 8.75%, 12/15/2020(f)   550   557
5.38%, 11/15/2024(f)   100   103 Trinseo Materials Operating SCA / Trinseo        
5.50%, 02/15/2023(f)   100   104 Materials Finance Inc        
6.00%, 10/15/2025(f)   565   600 5.38%, 09/01/2025(f)   343   352
Summit Materials LLC / Summit Materials         Tronox Finance LLC        
Finance Corp         7.50%, 03/15/2022(f)   200   208
5.13%, 06/01/2025(f)   198   202 Tronox Finance PLC        
6.13%, 07/15/2023   1,220   1,260 5.75%, 10/01/2025(f)   350   358
US Concrete Inc         Valvoline Inc        
6.38%, 06/01/2024   669   719 4.38%, 08/15/2025   323   322
USG Corp                    
4.88%, 06/01/2027(f)   100   102            

 

See accompanying notes.

82

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
BONDS (continued)   Amount (000's)    Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Chemicals (continued)         Commercial Services (continued)        
Versum Materials Inc         Laureate Education Inc        
5.50%, 09/30/2024(f) $ 360 $ 382 8.25%, 05/01/2025(f) $ 100 $ 107
WR Grace & Co-Conn         Live Nation Entertainment Inc        
5.13%, 10/01/2021(f)   355   372 4.88%, 11/01/2024(f)   775   790
5.63%, 10/01/2024(f)   340   366 Midas Intermediate Holdco II LLC / Midas        
    $   31,045 Intermediate Holdco II Finance Inc        
Coal - 0.82%         7.88%, 10/01/2022(f)   6,570   6,716
Cloud Peak Energy Resources LLC / Cloud         Monitronics International Inc        
Peak Energy Finance Corp         9.13%, 04/01/2020   150   131
12.00%, 11/01/2021   194   213 Nielsen Co Luxembourg SARL/The        
Foresight Energy LLC / Foresight Energy         5.50%, 10/01/2021(f)   420   431
Finance Corp         Nielsen Finance LLC / Nielsen Finance Co        
11.50%, 04/01/2023(f)   10,410   9,083 4.50%, 10/01/2020   1,015   1,023
Peabody Energy Corp         5.00%, 04/15/2022(f)   3,582   3,641
6.00%, 03/31/2022(f)   261   271 Prime Security Services Borrower LLC /        
6.38%, 03/31/2025(f)   50   52 Prime Finance Inc        
SunCoke Energy Partners LP / SunCoke         9.25%, 05/15/2023(f)   2,205   2,439
Energy Partners Finance Corp         Rent-A-Center Inc/TX        
7.50%, 06/15/2025(f)   100   105 6.63%, 11/15/2020   200   190
    $   9,724 Ritchie Bros Auctioneers Inc        
Commercial Services - 4.01%         5.38%, 01/15/2025(f)   100   103
ADT Corp/The         RR Donnelley & Sons Co        
3.50%, 07/15/2022   200   195 6.00%, 04/01/2024   438   417
4.13%, 06/15/2023   1,800   1,782 6.50%, 11/15/2023   267   263
4.88%, 07/15/2032(f)   1,075   1,018 7.63%, 06/15/2020   1,116   1,194
6.25%, 10/15/2021   100   109 7.88%, 03/15/2021   1,745   1,817
Ahern Rentals Inc         Service Corp International/US        
7.38%, 05/15/2023(f)   100   96 5.38%, 01/15/2022   940   962
AMN Healthcare Inc         5.38%, 05/15/2024   1,090   1,146
5.13%, 10/01/2024(f)   423   432 8.00%, 11/15/2021   370   430
APX Group Inc         ServiceMaster Co LLC/The        
7.88%, 12/01/2022   100   107 5.13%, 11/15/2024(f)   100   100
8.75%, 12/01/2020   150   153 Syniverse Foreign Holdings Corp        
Ashtead Capital Inc         9.13%, 01/15/2022(f)   200   207
4.13%, 08/15/2025(f)   915   906 Team Health Holdings Inc        
4.38%, 08/15/2027(f)   300   298 6.38%, 02/01/2025(f)   2,844   2,652
5.63%, 10/01/2024(f)   100   106 United Rentals North America Inc        
Atento Luxco 1 SA         4.63%, 07/15/2023   835   864
6.13%, 08/10/2022(f)   225   233 4.63%, 10/15/2025   384   390
Avis Budget Car Rental LLC / Avis Budget         4.88%, 01/15/2028   2,015   2,012
Finance Inc         5.50%, 07/15/2025   650   686
5.13%, 06/01/2022(f)   450   452 5.50%, 05/15/2027   105   110
5.25%, 03/15/2025(f)   465   457 5.75%, 11/15/2024   765   805
5.50%, 04/01/2023   100   101 5.88%, 09/15/2026   710   761
Booz Allen Hamilton Inc             $   47,435
5.13%, 05/01/2025(f)   174   174 Computers - 1.51%        
Cenveo Corp         Conduent Finance Inc / Conduent Business        
6.00%, 08/01/2019(f)   100   69 Services LLC        
Emeco Pty Ltd         10.50%, 12/15/2024(f)   100   117
9.25%, 03/31/2022   400   429 Dell Inc        
Gartner Inc         4.63%, 04/01/2021   500   514
5.13%, 04/01/2025(f)   480   499 5.88%, 06/15/2019   250   258
GW Honos Security Corp         Dell International LLC / EMC Corp        
8.75%, 05/15/2025(f)   1,190   1,291 5.88%, 06/15/2021(f)   1,810   1,878
Herc Rentals Inc         6.02%, 06/15/2026(f)   480   525
7.50%, 06/01/2022(f)   438   470 7.13%, 06/15/2024(f)   1,065   1,164
7.75%, 06/01/2024(f)   90   99 EMC Corp        
Hertz Corp/The         1.88%, 06/01/2018   1,985   1,977
5.50%, 10/15/2024(f)   2,610   2,338 2.65%, 06/01/2020   242   239
5.88%, 10/15/2020   970   970 3.38%, 06/01/2023   715   679
6.25%, 10/15/2022   300   288 Exela Intermediate LLC / Exela Finance Inc        
7.38%, 01/15/2021   800   800 10.00%, 07/15/2023(f)   850   839
7.63%, 06/01/2022(f)   425   444 Harland Clarke Holdings Corp        
IHS Markit Ltd         6.88%, 03/01/2020(f)   380   387
4.75%, 02/15/2025(f)   348   362 8.38%, 08/15/2022(f)   1,174   1,224
5.00%, 11/01/2022(f)   1,587   1,684 9.25%, 03/01/2021(f)   150   155
Jaguar Holding Co II / Pharmaceutical Product         Leidos Holdings Inc        
Development LLC         4.45%, 12/01/2020   50   51
6.38%, 08/01/2023(f)   565   585 NCR Corp        
KAR Auction Services Inc         4.63%, 02/15/2021   100   101
5.13%, 06/01/2025(f)   100   101 5.00%, 07/15/2022   150   153
          Riverbed Technology Inc        
          8.88%, 03/01/2023(f)   715   685

 

See accompanying notes.

83

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
BONDS (continued)   Amount (000's)      Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Computers (continued)         Diversified Financial Services (continued)        
Sungard Availability Services Capital Inc         Ally Financial Inc (continued)        
8.75%, 04/01/2022(f) $ 50 $ 31 7.50%, 09/15/2020 $ 50 $ 55
West Corp         8.00%, 03/15/2020   2,425   2,644
8.50%, 10/15/2025(f)   3,855   3,797 8.00%, 11/01/2031   525   669
Western Digital Corp         ASP AMC Merger Sub Inc        
10.50%, 04/01/2024   2,643   3,089 8.00%, 05/15/2025(f)   100   96
    $   17,863 Enova International Inc        
Consumer Products - 0.28%         9.75%, 06/01/2021   342   364
ACCO Brands Corp         FBM Finance Inc        
5.25%, 12/15/2024(f)   286   292 8.25%, 08/15/2021(f)   50   53
Central Garden & Pet Co         Intelsat Connect Finance SA        
6.13%, 11/15/2023   25   26 12.50%, 04/01/2022(f)   300   231
Kronos Acquisition Holdings Inc         Jefferies Finance LLC / JFIN Co-Issuer Corp        
9.00%, 08/15/2023(f)   1,531   1,505 6.88%, 04/15/2022(f)   500   512
Prestige Brands Inc         7.50%, 04/15/2021(f)   200   208
6.38%, 03/01/2024(f)   360   371 Ladder Capital Finance Holdings LLLP /        
Spectrum Brands Inc         Ladder Capital Finance Corp        
5.75%, 07/15/2025   330   347 5.25%, 03/15/2022(f)   382   390
6.13%, 12/15/2024   736   780 5.25%, 10/01/2025(f)   284   284
    $   3,321 LPL Holdings Inc        
Cosmetics & Personal Care - 0.59%         5.75%, 09/15/2025(f)   1,714   1,748
Avon International Operations Inc         Nationstar Mortgage LLC / Nationstar Capital        
7.88%, 08/15/2022(f)   350   357 Corp        
Avon Products Inc         6.50%, 07/01/2021   647   655
8.95%, 03/15/2043   500   420 7.88%, 10/01/2020   515   528
Edgewell Personal Care Co         Navient Corp        
4.70%, 05/19/2021   640   655 4.88%, 06/17/2019   2,750   2,786
4.70%, 05/24/2022   435   443 5.00%, 10/26/2020   750   762
First Quality Finance Co Inc         5.50%, 01/15/2019   445   454
4.63%, 05/15/2021(f)   50   50 5.88%, 03/25/2021   1,130   1,163
High Ridge Brands Co         5.88%, 10/25/2024   1,315   1,320
8.88%, 03/15/2025(f)   4,938   4,450 6.13%, 03/25/2024   1,345   1,372
Revlon Consumer Products Corp         6.50%, 06/15/2022   50   53
5.75%, 02/15/2021   425   328 6.63%, 07/26/2021   435   462
6.25%, 08/01/2024   398   256 6.75%, 06/25/2025   415   435
    $   6,959 7.25%, 01/25/2022   100   108
Distribution & Wholesale - 0.98%         7.25%, 09/25/2023   400   431
American Tire Distributors Inc         8.00%, 03/25/2020   1,520   1,643
10.25%, 03/01/2022(f)   8,690   8,994 NFP Corp        
Global Partners LP / GLP Finance Corp         6.88%, 07/15/2025(f)   3,080   3,165
6.25%, 07/15/2022   520   531 Och-Ziff Finance Co LLC        
7.00%, 06/15/2023   90   93 4.50%, 11/20/2019(f)   400   392
H&E Equipment Services Inc         OneMain Financial Holdings LLC        
5.63%, 09/01/2025(f)   261   271 7.25%, 12/15/2021(f)   1,345   1,392
HD Supply Inc         Quicken Loans Inc        
5.75%, 04/15/2024(f)   1,164   1,245 5.75%, 05/01/2025(f)   1,274   1,298
Univar USA Inc         Springleaf Finance Corp        
6.75%, 07/15/2023(f)   443   463 5.25%, 12/15/2019   200   206
    $   11,597 6.13%, 05/15/2022   1,250   1,291
Diversified Financial Services - 4.32%         7.75%, 10/01/2021   1,753   1,935
Aircastle Ltd         8.25%, 12/15/2020   1,047   1,155
4.63%, 12/15/2018   935   948 Tempo Acquisition LLC / Tempo Acquisition        
5.00%, 04/01/2023   485   508 Finance Corp        
          6.75%, 06/01/2025(f)   4,810   4,906
5.13%, 03/15/2021   2,210   2,318          
5.50%, 02/15/2022   915   972 VFH Parent LLC / Orchestra Co-Issuer Inc        
          6.75%, 06/15/2022(f)   250   263
6.25%, 12/01/2019   1,175   1,232          
Alliance Data Systems Corp             $   51,145
5.38%, 08/01/2022(f)   630   637 Electric - 2.87%        
5.88%, 11/01/2021(f)   390   401 AES Corp/VA        
Ally Financial Inc         4.88%, 05/15/2023   100   102
3.25%, 11/05/2018   1,315   1,318 5.13%, 09/01/2027   100   105
3.60%, 05/21/2018   2,430   2,437 5.50%, 03/15/2024   100   103
3.75%, 11/18/2019   100   101 5.50%, 04/15/2025   100   104
4.13%, 03/30/2020   50   51 7.38%, 07/01/2021   150   168
4.13%, 02/13/2022   150   152 8.00%, 06/01/2020   50   55
4.25%, 04/15/2021   200   204 Calpine Corp        
4.63%, 05/19/2022   2,892   2,979 5.25%, 06/01/2026(f)   750   736
4.63%, 03/30/2025   652   671 5.38%, 01/15/2023   2,270   2,242
5.13%, 09/30/2024   645   680 5.50%, 02/01/2024   1,000   950
5.75%, 11/20/2025   100   107 5.75%, 01/15/2025   5,860   5,552
          5.88%, 01/15/2024(f)   315   322
          6.00%, 01/15/2022(f)   1,165   1,202

 

See accompanying notes.

84

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
  Principal         Principal    
BONDS (continued) Amount (000's)       Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Electric (continued)         Entertainment (continued)        
Dynegy Inc         Churchill Downs Inc        
5.88%, 06/01/2023 $ 2,392 $ 2,449 4.75%, 01/15/2028(f) $ 180 $ 178
7.38%, 11/01/2022   850   898 Downstream Development Authority of the        
7.63%, 11/01/2024   1,865   2,015 Quapaw Tribe of Oklahoma        
8.00%, 01/15/2025(f)   730   792 10.50%, 07/01/2019(f)   400   408
8.13%, 01/30/2026(f)   1,623   1,790 Eldorado Resorts Inc        
IPALCO Enterprises Inc         6.00%, 04/01/2025   180   188
3.45%, 07/15/2020   200   201 EMI Music Publishing Group North America        
3.70%, 09/01/2024   500   496 Holdings Inc        
NextEra Energy Operating Partners LP         7.63%, 06/15/2024(f)   395   435
4.25%, 09/15/2024(f)   100   101 Gateway Casinos & Entertainment Ltd        
4.50%, 09/15/2027(f)   100   99 8.25%, 03/01/2024(f)   210   226
NRG Energy Inc         GLP Capital LP / GLP Financing II Inc        
6.25%, 07/15/2022   775   803 4.38%, 11/01/2018   195   195
6.25%, 05/01/2024   750   784 4.38%, 04/15/2021   225   230
6.63%, 01/15/2027   3,208   3,394 4.88%, 11/01/2020   1,965   2,031
7.25%, 05/15/2026   2,090   2,276 5.38%, 11/01/2023   930   999
NRG Yield Operating LLC         5.38%, 04/15/2026   650   695
5.00%, 09/15/2026   500   502 International Game Technology PLC        
5.38%, 08/15/2024   100   101 5.63%, 02/15/2020(f)   545   566
Talen Energy Supply LLC         6.25%, 02/15/2022(f)   1,045   1,119
4.60%, 12/15/2021   2,135   2,019 6.50%, 02/15/2025(f)   530   590
6.50%, 06/01/2025   1,212   1,009 Mohegan Gaming & Entertainment        
9.50%, 07/15/2022(f)   1,715   1,793 7.88%, 10/15/2024(f)   100   103
Terraform Global Operating LLC         National CineMedia LLC        
9.75%, 08/15/2022(f)   700   775 6.00%, 04/15/2022   400   406
    $   33,938 Pinnacle Entertainment Inc        
Electrical Components & Equipment - 0.40%       5.63%, 05/01/2024   100   107
Energizer Holdings Inc         Regal Entertainment Group        
5.50%, 06/15/2025(f)   100   102 5.75%, 03/15/2022   1,260   1,298
EnerSys         5.75%, 06/15/2023   430   445
5.00%, 04/30/2023(f)   683   711 Rivers Pittsburgh Borrower LP/Rivers        
General Cable Corp         Pittsburgh Finance Corp        
5.75%, 10/01/2022   400   413 6.13%, 08/15/2021(f)   235   233
GrafTech International Ltd         Scientific Games International Inc        
6.38%, 11/15/2020   3,430   3,485 7.00%, 01/01/2022(f)   480   506
    $   4,711 10.00%, 12/01/2022   1,725   1,891
Electronics - 0.04%         Six Flags Entertainment Corp        
Flex Ltd         4.88%, 07/31/2024(f)   1,379   1,398
5.00%, 02/15/2023   350   372 5.50%, 04/15/2027(f)   100   102
Ingram Micro Inc         WMG Acquisition Corp        
5.45%, 12/15/2024   100   99 4.88%, 11/01/2024(f)   105   107
          5.00%, 08/01/2023(f)   90   92
    $   471 5.63%, 04/15/2022(f)   502   516
Energy - Alternate Sources - 0.05%         6.75%, 04/15/2022(f)   400   415
Pattern Energy Group Inc                  
5.88%, 02/01/2024(f)   329   346     $   19,014
TerraForm Power Operating LLC         Environmental Control - 0.14%        
6.63%, 06/15/2025(f),(g)   210   229 Clean Harbors Inc        
    $   575 5.25%, 08/01/2020   150   151
        Core & Main LP        
 Engineering & Construction - 0.33%         6.13%, 08/15/2025(f)   100   101
AECOM                  
5.13%, 03/15/2027   1,004   1,005 Covanta Holding Corp        
5.75%, 10/15/2022   100   105 5.88%, 03/01/2024   145   147
5.88%, 10/15/2024   1,590   1,695 5.88%, 07/01/2025   286   291
Brand Industrial Services Inc         6.38%, 10/01/2022   280   287
8.50%, 07/15/2025(f)   100   104 GFL Environmental Inc        
          5.63%, 05/01/2022(f)   100   103
MasTec Inc         9.88%, 02/01/2021(f)   150   158
4.88%, 03/15/2023   137   139          
Tutor Perini Corp         Tervita Escrow Corp        
6.88%, 05/01/2025(f)   806   858 7.63%, 12/01/2021(f)   400   401
    $   3,906     $   1,639
Entertainment - 1.61%         Food - 1.34%        
AMC Entertainment Holdings Inc         Albertsons Cos LLC / Safeway Inc / New        
5.75%, 06/15/2025   1,105   1,077 Albertson's Inc / Albertson's LLC        
5.88%, 02/15/2022   550   553 5.75%, 03/15/2025   1,970   1,759
6.13%, 05/15/2027   1,360   1,326 6.63%, 06/15/2024   2,229   2,117
CCM Merger Inc         B&G Foods Inc        
6.00%, 03/15/2022(f)   122   125 5.25%, 04/01/2025   443   444
        Chobani LLC / Chobani Finance Corp Inc        
 Cedar Fair LP / Canada's Wonderland Co /         7.50%, 04/15/2025(f)   100   106
Magnum Management Corp / Millennium Op                  
5.38%, 04/15/2027(f)   435   454 Dean Foods Co        
          6.50%, 03/15/2023(f)   535   530

 

See accompanying notes.

85

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
BONDS (continued)   Amount (000's)    Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Food (continued)         Healthcare - Products (continued)        
Dole Food Co Inc         DJO Finco Inc / DJO Finance LLC / DJO        
7.25%, 06/15/2025(f) $ 507 $ 539 Finance Corp        
Ingles Markets Inc         8.13%, 06/15/2021(f) $ 250 $ 241
5.75%, 06/15/2023   100   101 Hologic Inc        
JBS USA LUX SA / JBS USA Finance Inc         4.38%, 10/15/2025(f)   830   830
5.75%, 06/15/2025(f)   191   189 4.63%, 02/01/2028(f)   315   315
5.88%, 07/15/2024(f)   931   933 5.25%, 07/15/2022(f)   1,130   1,173
7.25%, 06/01/2021(f)   977   997 Immucor Inc        
7.25%, 06/01/2021(f)   612   624 11.13%, 02/15/2022(f)   200   210
8.25%, 02/01/2020(f)   226   227 Kinetic Concepts Inc / KCI USA Inc        
Lamb Weston Holdings Inc         7.88%, 02/15/2021(f)   200   208
4.63%, 11/01/2024(f)   100   101 12.50%, 11/01/2021(f)   400   457
Pilgrim's Pride Corp         Mallinckrodt International Finance SA        
5.75%, 03/15/2025(f)   395   399 4.75%, 04/15/2023   143   117
Post Holdings Inc         Mallinckrodt International Finance SA /        
5.00%, 08/15/2026(f)   998   974 Mallinckrodt CB LLC        
5.50%, 03/01/2025(f)   1,413   1,456 4.88%, 04/15/2020(f)   50   49
5.63%, 01/15/2028(f)   915   911 5.50%, 04/15/2025(f)   655   540
5.75%, 03/01/2027(f)   1,494   1,496 5.63%, 10/15/2023(f)   302   258
SUPERVALU Inc         5.75%, 08/01/2022(f)   328   301
7.75%, 11/15/2022   839   822 Ortho-Clinical Diagnostics Inc / Ortho-        
Tesco PLC         Clinical Diagnostics SA        
6.15%, 11/15/2037(f)   300   325 6.63%, 05/15/2022(f)   200   200
TreeHouse Foods Inc         Teleflex Inc        
4.88%, 03/15/2022   500   507 4.88%, 06/01/2026   363   370
US Foods Inc         5.25%, 06/15/2024   292   302
5.88%, 06/15/2024(f)   340   354 Universal Hospital Services Inc        
    $   15,911 7.63%, 08/15/2020   100   101
Food Service - 0.11%             $   12,757
Aramark Services Inc         Healthcare - Services - 7.36%        
4.75%, 06/01/2026   100   101 Acadia Healthcare Co Inc        
5.00%, 02/01/2028(f)   550   561 6.13%, 03/15/2021   253   257
5.13%, 01/15/2024   645   667 Centene Corp        
    $   1,329 4.75%, 05/15/2022   775   806
Forest Products & Paper - 0.06%         4.75%, 01/15/2025   1,110   1,128
Cascades Inc         5.63%, 02/15/2021   490   504
5.50%, 07/15/2022(f)   25   26 6.13%, 02/15/2024   880   935
5.75%, 07/15/2023(f)   230   237 CHS/Community Health Systems Inc        
Clearwater Paper Corp         5.13%, 08/01/2021   252   235
4.50%, 02/01/2023   195   193 6.25%, 03/31/2023   693   641
5.38%, 02/01/2025(f)   104   105 6.88%, 02/01/2022   1,886   1,342
NewPage Corp         7.13%, 07/15/2020   1,426   1,240
0.00%, 12/31/2014(a),(c),(d)   3,413   — 8.00%, 11/15/2019   317   297
Resolute Forest Products Inc         DaVita Inc        
5.88%, 05/15/2023   100   104 5.00%, 05/01/2025   1,175   1,171
    $   665 5.13%, 07/15/2024   1,730   1,743
Gas - 0.19%         5.75%, 08/15/2022   1,859   1,916
AmeriGas Partners LP / AmeriGas Finance         Eagle Holding Co II LLC        
Corp         7.63%, PIK 8.38%, 05/15/2022(f),(g),(j)   150   153
5.50%, 05/20/2025   336   344 Envision Healthcare Corp        
5.63%, 05/20/2024   603   633 5.13%, 07/01/2022(f)   784   778
5.75%, 05/20/2027   231   236 5.63%, 07/15/2022   765   779
5.88%, 08/20/2026   318   329 6.25%, 12/01/2024(f)   100   106
NGL Energy Partners LP / NGL Energy         Fresenius Medical Care US Finance II Inc        
Finance Corp         5.88%, 01/31/2022(f)   415   450
6.13%, 03/01/2025   466   465 6.50%, 09/15/2018(f)   1,550   1,588
6.88%, 10/15/2021   191   196 HCA Healthcare Inc        
    $   2,203 6.25%, 02/15/2021   619   659
Hand & Machine Tools - 0.31%         HCA Inc        
Apex Tool Group LLC         3.75%, 03/15/2019   200   202
7.00%, 02/01/2021(f)   3,750   3,712 4.25%, 10/15/2019   445   453
          4.50%, 02/15/2027   605   603
Healthcare - Products - 1.08%         4.75%, 05/01/2023   1,265   1,314
Avantor Inc         5.00%, 03/15/2024   2,099   2,185
6.00%, 10/01/2024(f)   400   403 5.25%, 04/15/2025   1,566   1,643
9.00%, 10/01/2025(f)   6,560   6,502 5.25%, 06/15/2026   935   978
DJO Finance LLC / DJO Finance Corp         5.38%, 02/01/2025   1,682   1,718
10.75%, 04/15/2020   200   180 5.50%, 06/15/2047   680   693
          5.88%, 03/15/2022   976   1,048
          5.88%, 05/01/2023   478   513
          5.88%, 02/15/2026   480   504
          6.50%, 02/15/2020   847   903
          7.50%, 02/15/2022   575   645

 

See accompanying notes.

86

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
BONDS (continued)   Amount (000's) Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Healthcare - Services (continued)         Home Builders (continued)        
HCA Inc (continued)         KB Home (continued)        
7.69%, 06/15/2025 $ 825 $ 934 7.00%, 12/15/2021 $ 235 $ 259
Kindred Healthcare Inc         7.50%, 09/15/2022   200   227
8.00%, 01/15/2020   100   107 8.00%, 03/15/2020   205   224
LifePoint Health Inc         Lennar Corp        
5.38%, 05/01/2024   75   72 2.95%, 11/29/2020(f)   500   494
5.50%, 12/01/2021   648   659 4.13%, 01/15/2022   800   809
5.88%, 12/01/2023   585   586 4.75%, 11/15/2022   1,490   1,545
MEDNAX Inc         4.75%, 05/30/2025   815   835
5.25%, 12/01/2023(f)   100   102 4.88%, 12/15/2023   850   882
Molina Healthcare Inc         6.95%, 06/01/2018   135   137
4.88%, 06/15/2025(f)   237   237 M/I Homes Inc        
5.38%, 11/15/2022   100   104 5.63%, 08/01/2025   301   306
MPH Acquisition Holdings LLC         Mattamy Group Corp        
7.13%, 06/01/2024(f)   1,919   2,061 6.88%, 12/15/2023(f)   157   166
Opal Acquisition Inc         MDC Holdings Inc        
7.50%, 07/01/2024(f)   9,946   9,896 6.00%, 01/15/2043   200   197
Polaris Intermediate Corp         Meritage Homes Corp        
8.50%, PIK 9.25%, 12/01/2022(f),(g),(j)   5,620   5,852 6.00%, 06/01/2025   365   393
Quorum Health Corp         7.15%, 04/15/2020   370   400
11.63%, 04/15/2023   600   618 New Home Co Inc/The        
RegionalCare Hospital Partners Holdings Inc         7.25%, 04/01/2022   555   580
8.25%, 05/01/2023(f)   9,180   9,639 PulteGroup Inc        
Surgery Center Holdings Inc         4.25%, 03/01/2021   1,315   1,347
6.75%, 07/01/2025(f)   6,430   6,197 5.00%, 01/15/2027   500   519
8.88%, 04/15/2021(f)   400   418 6.00%, 02/15/2035   500   531
Tenet Healthcare Corp         Taylor Morrison Communities Inc / Taylor        
4.38%, 10/01/2021   437   437 Morrison Holdings II Inc        
4.50%, 04/01/2021   300   302 5.25%, 04/15/2021(f)   350   356
4.63%, 07/15/2024(f)   1,759   1,728 5.63%, 03/01/2024(f)   706   742
4.75%, 06/01/2020   50   51 Toll Brothers Finance Corp        
5.13%, 05/01/2025(f)   495   488 4.00%, 12/31/2018   560   566
5.50%, 03/01/2019   270   275 4.35%, 02/15/2028   400   396
6.00%, 10/01/2020   681   716 4.38%, 04/15/2023   810   833
6.75%, 06/15/2023   6,010   5,920 4.88%, 11/15/2025   85   89
6.88%, 11/15/2031   460   403 4.88%, 03/15/2027   295   306
7.00%, 08/01/2025(f)   2,452   2,402 5.63%, 01/15/2024   295   319
7.50%, 01/01/2022(f)   770   815 5.88%, 02/15/2022   430   465
8.13%, 04/01/2022   838   865 TRI Pointe Group Inc        
WellCare Health Plans Inc         4.88%, 07/01/2021   700   726
5.25%, 04/01/2025   100   104 TRI Pointe Group Inc / TRI Pointe Homes        
West Street Merger Sub Inc         Inc        
6.38%, 09/01/2025(f)   4,888   4,937 4.38%, 06/15/2019   346   350
    $   87,055 5.88%, 06/15/2024   30   32
Holding Companies - Diversified - 1.14%         William Lyon Homes Inc        
HRG Group Inc         5.88%, 01/31/2025   600   613
7.75%, 01/15/2022   7,840   8,169     $   20,220
Stena International SA         Housewares - 0.10%        
5.75%, 03/01/2024(f)   600   563 American Greetings Corp        
Trident Merger Sub Inc         7.88%, 02/15/2025(f)   237   252
6.63%, 11/01/2025(f)   4,770   4,794 Scotts Miracle-Gro Co/The        
    $   13,526 5.25%, 12/15/2026   625   645
Home Builders - 1.71%         6.00%, 10/15/2023   267   282
AV Homes Inc             $   1,179
6.63%, 05/15/2022   200   209 Insurance - 2.05%        
Beazer Homes USA Inc         Alliant Holdings Intermediate LLC / Alliant        
5.88%, 10/15/2027(f)   145   145 Holdings Co-Issuer        
8.75%, 03/15/2022   150   164 8.25%, 08/01/2023(f)   7,060   7,448
Brookfield Residential Properties Inc /         American Equity Investment Life Holding        
Brookfield Residential US Corp         Co        
6.13%, 07/01/2022(f)   250   260 5.00%, 06/15/2027   100   103
CalAtlantic Group Inc         Ardonagh Midco 3 PLC        
5.25%, 06/01/2026   837   877 8.63%, 07/15/2023(f)   250   259
5.38%, 10/01/2022   598   633 AssuredPartners Inc        
5.88%, 11/15/2024   582   634 7.00%, 08/15/2025(f)   5,785   5,930
8.38%, 05/15/2018   265   270 CNO Financial Group Inc        
8.38%, 01/15/2021   535   610 5.25%, 05/30/2025   742   762
K Hovnanian Enterprises Inc         Fidelity & Guaranty Life Holdings Inc        
10.00%, 07/15/2022(f)   500   546 6.38%, 04/01/2021(f)   425   433
KB Home         Genworth Holdings Inc        
4.75%, 05/15/2019   225   228 7.20%, 02/15/2021   550   536
          7.63%, 09/24/2021   100   98

 

See accompanying notes.

87

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
BONDS (continued)   Amount (000's)    Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Insurance (continued)         Iron & Steel (continued)        
Genworth Holdings Inc (continued)         United States Steel Corp (continued)        
7.70%, 06/15/2020 $ 550 $ 552 7.38%, 04/01/2020 $ 550 $ 591
HUB International Ltd         8.38%, 07/01/2021(f)   365   394
7.88%, 10/01/2021(f)   200   208     $   21,799
Liberty Mutual Group Inc         Leisure Products & Services - 0.28%        
7.80%, 03/07/2087(f)   626   792 24 Hour Fitness Worldwide Inc        
Radian Group Inc         8.00%, 06/01/2022(f)   700   697
4.50%, 10/01/2024   153   153 Constellation Merger Sub Inc        
USIS Merger Sub Inc         8.50%, 09/15/2025(f)   260   254
6.88%, 05/01/2025(f)   6,797   7,001 NCL Corp Ltd        
    $   24,275 4.75%, 12/15/2021(f)   1,794   1,854
Internet - 1.00%         Sabre GLBL Inc        
Cogent Communications Group Inc         5.25%, 11/15/2023(f)   86   87
5.38%, 03/01/2022(f)   200   208 5.38%, 04/15/2023(f)   289   293
Match Group Inc         Silversea Cruise Finance Ltd        
6.38%, 06/01/2024   445   481 7.25%, 02/01/2025(f)   100   108
Netflix Inc             $   3,293
4.38%, 11/15/2026   591   578 Lodging - 1.76%        
4.88%, 04/15/2028(f)   1,315   1,306 Boyd Gaming Corp        
5.38%, 02/01/2021   200   210 6.38%, 04/01/2026   1,065   1,142
5.50%, 02/15/2022   1,465   1,549 6.88%, 05/15/2023   1,199   1,268
5.75%, 03/01/2024   125   132 Choice Hotels International Inc        
5.88%, 02/15/2025   325   348 5.75%, 07/01/2022   220   241
Symantec Corp         Diamond Resorts International Inc        
3.95%, 06/15/2022   50   50 10.75%, 09/01/2024(f)   450   497
4.20%, 09/15/2020   200   204 Hilton Domestic Operating Co Inc        
5.00%, 04/15/2025(f)   1,099   1,121 4.25%, 09/01/2024   610   607
TIBCO Software Inc         Hilton Grand Vacations Borrower LLC/Hilton        
11.38%, 12/01/2021(f)   150   163 Grand Vacations Borrower Inc        
VeriSign Inc         6.13%, 12/01/2024   194   213
4.75%, 07/15/2027   80   81 Hilton Worldwide Finance LLC / Hilton        
Zayo Group LLC / Zayo Capital Inc         Worldwide Finance Corp        
5.75%, 01/15/2027(f)   2,993   3,042 4.63%, 04/01/2025   1,208   1,216
6.00%, 04/01/2023   1,260   1,313 4.88%, 04/01/2027   228   233
6.38%, 05/15/2025   950   996 Jack Ohio Finance LLC / Jack Ohio Finance 1        
    $   11,782 Corp        
Iron & Steel - 1.84%         6.75%, 11/15/2021(f)   720   758
AK Steel Corp         10.25%, 11/15/2022(f)   2,590   2,881
7.00%, 03/15/2027   393   402 MGM Resorts International        
7.50%, 07/15/2023   236   254 4.63%, 09/01/2026   4,479   4,524
7.63%, 10/01/2021   50   52 5.25%, 03/31/2020   515   533
Allegheny Technologies Inc         6.00%, 03/15/2023   935   1,010
5.95%, 01/15/2021   100   103 6.63%, 12/15/2021   510   557
ArcelorMittal         6.75%, 10/01/2020   150   161
5.75%, 08/05/2020   430   454 7.75%, 03/15/2022   490   557
6.13%, 06/01/2025   692   787 8.63%, 02/01/2019   1,330   1,400
7.00%, 03/01/2041   605   768 Seminole Hard Rock Entertainment Inc /        
7.25%, 10/15/2039   600   774 Seminole Hard Rock International LLC        
Baffinland Iron Mines Corp         5.88%, 05/15/2021(f)   840   853
12.00%, 02/01/2022(f)   200   218 Station Casinos LLC        
Big River Steel LLC / BRS Finance Corp         5.00%, 10/01/2025(f)   393   396
7.25%, 09/01/2025(f)   5,148   5,522 Studio City Co Ltd        
BlueScope Steel Finance Ltd / BlueScope         5.88%, 11/30/2019(f)   210   216
Steel Finance USA LLC         7.25%, 11/30/2021(f)   300   316
6.50%, 05/15/2021(f)   50   52 Wynn Las Vegas LLC / Wynn Las Vegas        
Cleveland-Cliffs Inc         Capital Corp        
5.75%, 03/01/2025(f)   100   98 5.50%, 03/01/2025(f)   1,285   1,297
Commercial Metals Co             $   20,876
4.88%, 05/15/2023   581   591 Machinery - Construction & Mining - 0.22%        
5.38%, 07/15/2027   154   158 BlueLine Rental Finance Corp / BlueLine        
Signode Industrial Group Lux SA/Signode         Rental LLC        
Industrial Group US Inc         9.25%, 03/15/2024(f)   100   109
6.38%, 05/01/2022(f)   300   312 Terex Corp        
Specialty Steel         5.63%, 02/01/2025(f)   868   891
11.62%, 11/15/2022(d)   8,680   8,680 Vertiv Group Corp        
Steel Dynamics Inc         9.25%, 10/15/2024(f)   1,356   1,463
5.13%, 10/01/2021   400   410 Vertiv Intermediate Holding Corp        
5.25%, 04/15/2023   200   205 12.00%, PIK 13.00%, 02/15/2022(f),(g),(j)   150   162
5.50%, 10/01/2024   835   869     $   2,625
United States Steel Corp         Machinery - Diversified - 1.03%        
6.88%, 08/15/2025   100   105 AGCO Corp        
          5.88%, 12/01/2021   520   555

 

See accompanying notes.

88

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
BONDS (continued)   Amount (000's)     Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Machinery - Diversified (continued)         Media (continued)        
ATS Automation Tooling Systems Inc         CSC Holdings LLC (continued)        
6.50%, 06/15/2023(f) $ 526 $ 550 6.75%, 11/15/2021 $ 805 $ 863
Cloud Crane LLC         7.63%, 07/15/2018   755   771
10.13%, 08/01/2024(f)   835   943 8.63%, 02/15/2019   368   388
CNH Industrial Capital LLC         10.88%, 10/15/2025(f)   1,835   2,185
3.38%, 07/15/2019   350   353 DISH DBS Corp        
4.38%, 04/05/2022   550   566 5.00%, 03/15/2023   779   731
4.88%, 04/01/2021   430   451 5.13%, 05/01/2020   400   406
CNH Industrial NV         5.88%, 07/15/2022   375   373
4.50%, 08/15/2023   455   474 5.88%, 11/15/2024   1,449   1,374
JPW Industries Holding Corp         6.75%, 06/01/2021   1,275   1,336
9.00%, 10/01/2024(f)   4,660   4,893 7.75%, 07/01/2026   1,481   1,522
Manitowoc Co Inc/The         7.88%, 09/01/2019   100   106
12.75%, 08/15/2021(f)   100   114 EW Scripps Co/The        
Tennant Co         5.13%, 05/15/2025(f)   142   140
5.63%, 05/01/2025(f)   239   249 Gray Television Inc        
Welbilt Inc         5.13%, 10/15/2024(f)   1,180   1,186
9.50%, 02/15/2024   290   328 5.88%, 07/15/2026(f)   345   355
Xerium Technologies Inc         iHeartCommunications Inc        
9.50%, 08/15/2021   2,650   2,693 9.00%, 12/15/2019   857   656
    $   12,169 9.00%, 03/01/2021   1,050   772
Media - 8.60%         11.25%, 03/01/2021(f)   100   70
Altice Financing SA         10.63%, 03/15/2023   500   366
6.63%, 02/15/2023(f)   665   674 Liberty Interactive LLC        
7.50%, 05/15/2026(f)   1,375   1,428 8.50%, 07/15/2029   600   669
Altice Luxembourg SA         LIN Television Corp        
7.63%, 02/15/2025(f)   1,914   1,756 5.88%, 11/15/2022   169   174
7.75%, 05/15/2022(f)   2,369   2,274 McClatchy Co/The        
Altice US Finance I Corp         6.88%, 03/15/2029   400   388
5.38%, 07/15/2023(f)   1,870   1,914 Mediacom Broadband LLC / Mediacom        
5.50%, 05/15/2026(f)   1,733   1,772 Broadband Corp        
AMC Networks Inc         6.38%, 04/01/2023   375   386
4.75%, 12/15/2022   250   255 Midcontinent Communications / Midcontinent        
4.75%, 08/01/2025   515   514 Finance Corp        
Block Communications Inc         6.88%, 08/15/2023(f)   100   106
6.88%, 02/15/2025(f)   100   104 Nexstar Broadcasting Inc        
Cable One Inc         5.63%, 08/01/2024(f)   320   331
5.75%, 06/15/2022(f)   100   103 6.13%, 02/15/2022(f)   445   458
Cablevision Systems Corp         Quebecor Media Inc        
5.88%, 09/15/2022   550   555 5.75%, 01/15/2023   180   190
8.00%, 04/15/2020   1,020   1,095 SFR Group SA        
CCO Holdings LLC / CCO Holdings Capital         6.00%, 05/15/2022(f)   4,307   4,204
Corp         6.25%, 05/15/2024(f)   1,127   1,078
5.00%, 02/01/2028(f)   3,135   3,024 7.38%, 05/01/2026(f)   3,773   3,717
5.13%, 02/15/2023   100   102 Sinclair Television Group Inc        
5.13%, 05/01/2023(f)   2,050   2,090 5.13%, 02/15/2027(f)   575   571
5.13%, 05/01/2027(f)   1,824   1,783 5.38%, 04/01/2021   475   481
5.25%, 03/15/2021   50   51 5.63%, 08/01/2024(f)   679   699
5.25%, 09/30/2022   1,245   1,275 6.13%, 10/01/2022   630   648
5.38%, 05/01/2025(f)   475   482 Sirius XM Radio Inc        
5.50%, 05/01/2026(f)   880   898 3.88%, 08/01/2022(f)   50   50
5.75%, 01/15/2024   400   412 4.63%, 05/15/2023(f)   710   718
5.75%, 02/15/2026(f)   3,897   4,033 5.00%, 08/01/2027(f)   1,751   1,741
5.88%, 04/01/2024(f)   1,201   1,255 5.38%, 04/15/2025(f)   570   587
5.88%, 05/01/2027(f)   1,060   1,092 5.38%, 07/15/2026(f)   4,825   4,940
Cengage Learning Inc         6.00%, 07/15/2024(f)   1,435   1,503
9.50%, 06/15/2024(f)   293   278 SportsNet New York        
Cequel Communications Holdings I LLC /         10.25%, 01/15/2025(b),(c),(d)   4,130   4,130
Cequel Capital Corp         TEGNA Inc        
5.13%, 12/15/2021(f)   800   801 4.88%, 09/15/2021(f)   500   507
5.13%, 12/15/2021(f)   1,470   1,475 5.13%, 10/15/2019   1,120   1,135
6.38%, 09/15/2020(f)   904   915 5.13%, 07/15/2020   810   825
7.75%, 07/15/2025(f)   600   653 5.50%, 09/15/2024(f)   115   120
Clear Channel Worldwide Holdings Inc         6.38%, 10/15/2023   750   785
6.50%, 11/15/2022   602   617 Tribune Media Co        
6.50%, 11/15/2022   363   374 5.88%, 07/15/2022   1,110   1,142
7.63%, 03/15/2020   1,180   1,171 Unitymedia GmbH        
CSC Holdings LLC         6.13%, 01/15/2025(f)   825   868
5.25%, 06/01/2024   930   907 Unitymedia Hessen GmbH & Co KG /        
5.50%, 04/15/2027(f)   1,601   1,621 Unitymedia NRW GmbH        
          5.00%, 01/15/2025(f)   765   784
          Univision Communications Inc        
          5.13%, 05/15/2023(f)   3,120   3,106

 

See accompanying notes.

89

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
      Principal         Principal    
BONDS (continued)     Amount (000's)      Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Media (continued)           Mining (continued)        
Univision Communications Inc (continued)         Hecla Mining Co        
5.13%, 02/15/2025(f)   $ 159 $ 154 6.88%, 05/01/2021 $ 568 $ 582
6.75%, 09/15/2022(f)     553   574 Hudbay Minerals Inc        
UPCB Finance IV Ltd           7.25%, 01/15/2023(f)   195   208
5.38%, 01/15/2025(f)     885   900 7.63%, 01/15/2025(f)   715   786
Urban One Inc           Joseph T Ryerson & Son Inc        
7.38%, 04/15/2022(f)     3,720   3,804 11.00%, 05/15/2022(f)   300   340
Viacom Inc           Kaiser Aluminum Corp        
5.87%, 02/28/2057(i)     100   101 5.88%, 05/15/2024   234   250
3 Month LIBOR + 3.90%           Kinross Gold Corp        
6.25%, 02/28/2057(i)     100   103 4.50%, 07/15/2027(f)   200   202
3 Month LIBOR + 3.90%           5.13%, 09/01/2021   200   210
Videotron Ltd           5.95%, 03/15/2024   350   385
5.00%, 07/15/2022     200   209 Lundin Mining Corp        
5.13%, 04/15/2027(f)     235   244 7.88%, 11/01/2022(f)   350   373
5.38%, 06/15/2024(f)     617   656 Northwest Acquisitions ULC / Dominion        
Virgin Media Finance PLC           Finco Inc        
6.00%, 10/15/2024(f)     510   521 7.13%, 11/01/2022(f)   3,880   3,996
6.38%, 04/15/2023(f)     820   845 Teck Resources Ltd        
Virgin Media Secured Finance PLC         4.75%, 01/15/2022   982   1,016
5.25%, 01/15/2021     500   524 5.40%, 02/01/2043   315   324
5.25%, 01/15/2026(f)     100   102 6.00%, 08/15/2040   385   428
5.50%, 08/15/2026(f)     1,450   1,487 6.13%, 10/01/2035   400   450
Ziggo Bond Finance BV           6.25%, 07/15/2041   1,370   1,587
5.88%, 01/15/2025(f)     260   258 8.50%, 06/01/2024(f)   403   455
Ziggo Secured Finance BV               $   36,599
5.50%, 01/15/2027(f)     2,940   2,918 Miscellaneous Manufacturers - 0.36%        
      $   101,794 Bombardier Inc        
Metal Fabrication & Hardware - 0.24%         5.75%, 03/15/2022(f)   50   50
Grinding Media Inc / Moly-Cop AltaSteel         6.00%, 10/15/2022(f)   575   575
Ltd           6.13%, 01/15/2023(f)   757   765
7.38%, 12/15/2023(f)     100   107 7.50%, 03/15/2025(f)   1,148   1,192
Novelis Corp           7.75%, 03/15/2020(f)   100   108
5.88%, 09/30/2026(f)     2,035   2,097 Gates Global LLC / Gates Global Co        
6.25%, 08/15/2024(f)     660   691 6.00%, 07/15/2022(f)   1,120   1,144
      $   2,895 Koppers Inc        
Mining - 3.09%           6.00%, 02/15/2025(f)   204   215
Alcoa Nederland Holding BV           LSB Industries Inc        
6.75%, 09/30/2024(f)     543   593 8.50%, 08/01/2019(g)   200   201
Aleris International Inc               $   4,250
7.88%, 11/01/2020     300   300 Office & Business Equipment - 0.20%        
9.50%, 04/01/2021(f)     615   651 CDW LLC / CDW Finance Corp        
Barminco Finance Pty Ltd           5.00%, 09/01/2023   1,198   1,231
6.63%, 05/15/2022(f)     200   197 5.00%, 09/01/2025   420   427
Century Aluminum Co           5.50%, 12/01/2024   705   761
7.50%, 06/01/2021(f)     570   586     $   2,419
Constellium NV           Oil & Gas - 5.38%        
5.75%, 05/15/2024(f)     6,370   6,513 Aker BP ASA        
6.63%, 03/01/2025(f)     701   740 6.00%, 07/01/2022(f)   400   419
Eldorado Gold Corp           Alta Mesa Holdings LP / Alta Mesa Finance        
6.13%, 12/15/2020(f)     200   196 Services Corp        
Ferroglobe PLC / Globe Specialty Metals Inc         7.88%, 12/15/2024   100   110
9.38%, 03/01/2022(f)     200   218 Antero Resources Corp        
First Quantum Minerals Ltd           5.00%, 03/01/2025   40   41
7.00%, 02/15/2021(f)     810   838 5.13%, 12/01/2022   2,162   2,208
7.25%, 05/15/2022(f)     985   1,022 5.38%, 11/01/2021   1,225   1,254
FMG Resources August 2006 Pty Ltd         Ascent Resources Utica Holdings LLC / ARU        
4.75%, 05/15/2022(f)     893   907 Finance Corp        
5.13%, 05/15/2024(f)     642   650 10.00%, 04/01/2022(f)   975   1,074
9.75%, 03/01/2022(f)     1,290   1,423 Athabasca Oil Corp        
Freeport-McMoRan Inc           9.88%, 02/24/2022(f)   200   202
2.38%, 03/15/2018     805   805 Baytex Energy Corp        
3.10%, 03/15/2020     150   150 5.13%, 06/01/2021(f)   245   237
3.55%, 03/01/2022     1,485   1,473 5.63%, 06/01/2024(f)   293   275
3.88%, 03/15/2023     3,510   3,488 Bill Barrett Corp        
4.00%, 11/14/2021     620   627 7.00%, 10/15/2022   500   512
4.55%, 11/14/2024     100   102 California Resources Corp        
5.40%, 11/14/2034     1,703   1,776 8.00%, 12/15/2022(f)   886   744
5.45%, 03/15/2043     1,602   1,642 Callon Petroleum Co        
6.88%, 02/15/2023     100   110 6.13%, 10/01/2024   372   386

 

See accompanying notes.

90

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
    Principal           Principal    
BONDS (continued)   Amount (000's)     Value (000's) BONDS (continued)     Amount (000's) Value (000's)
Oil & Gas (continued)         Oil & Gas (continued)          
Calumet Specialty Products Partners LP /         Newfield Exploration Co (continued)        
Calumet Finance Corp         5.63%, 07/01/2024   $ 490 $ 524
11.50%, 01/15/2021(f) $ 50 $ 57 5.75%, 01/30/2022     150   160
Carrizo Oil & Gas Inc         Noble Holding International Ltd        
6.25%, 04/15/2023   386   399 5.25%, 03/15/2042     320   212
7.50%, 09/15/2020   299   305 6.05%, 03/01/2041     500   347
Chesapeake Energy Corp         6.20%, 08/01/2040     236   170
4.88%, 04/15/2022   665   638 7.70%, 04/01/2025     100   90
6.13%, 02/15/2021   806   826 Oasis Petroleum Inc          
6.63%, 08/15/2020   50   52 6.50%, 11/01/2021     1,101   1,124
8.00%, 12/15/2022(f)   303   325 6.88%, 03/15/2022     880   906
8.00%, 01/15/2025(f)   610   616 Parker Drilling Co          
8.00%, 06/15/2027(f)   1,195   1,188 6.75%, 07/15/2022     756   650
CNX Resources Corp         Parsley Energy LLC / Parsley Finance Corp        
5.88%, 04/15/2022   650   668 5.38%, 01/15/2025(f)     100   101
8.00%, 04/01/2023   100   106 6.25%, 06/01/2024(f)     50   53
Comstock Resources Inc         PBF Holding Co LLC / PBF Finance Corp        
10.00%, PIK 12.25%, 03/15/2020(g),(j)   150   155 7.00%, 11/15/2023     367   385
Continental Resources Inc/OK         7.25%, 06/15/2025     615   648
3.80%, 06/01/2024   855   838 PDC Energy Inc          
4.50%, 04/15/2023   1,091   1,104 6.13%, 09/15/2024     360   374
4.90%, 06/01/2044   660   658 Precision Drilling Corp          
5.00%, 09/15/2022   831   841 5.25%, 11/15/2024     1,409   1,373
Delek Logistics Partners LP         6.50%, 12/15/2021     493   503
6.75%, 05/15/2025(f)   636   649 7.75%, 12/15/2023     325   349
Diamond Offshore Drilling Inc         QEP Resources Inc          
4.88%, 11/01/2043   575   440 5.25%, 05/01/2023     142   145
7.88%, 08/15/2025   230   244 5.38%, 10/01/2022     468   483
Diamondback Energy Inc         Range Resources Corp          
4.75%, 11/01/2024   113   115 4.88%, 05/15/2025     516   501
Eclipse Resources Corp         5.00%, 08/15/2022     1,450   1,460
8.88%, 07/15/2023   100   104 5.00%, 03/15/2023     489   490
Energen Corp         5.75%, 06/01/2021     50   52
4.63%, 09/01/2021   200   203 Rowan Cos Inc          
Ensco PLC         4.88%, 06/01/2022     400   388
4.50%, 10/01/2024   100   86 5.85%, 01/15/2044     430   344
5.20%, 03/15/2025   296   258 7.38%, 06/15/2025     395   405
5.75%, 10/01/2044   550   393 RSP Permian Inc          
EP Energy LLC / Everest Acquisition Finance         6.63%, 10/01/2022     175   184
Inc         Sable Permian Resources Land LLC / AEPB        
6.38%, 06/15/2023   2,500   1,669 Finance Corp          
7.75%, 09/01/2022   665   489 7.38%, 11/01/2021(f)     200   162
8.00%, 11/29/2024(f)   304   320 13.00%, 11/30/2020(f)     100   115
8.00%, 02/15/2025(f)   905   715 Sanchez Energy Corp          
9.38%, 05/01/2024(f)   2,536   2,149 6.13%, 01/15/2023     1,445   1,261
Gulfport Energy Corp         7.75%, 06/15/2021     250   246
6.00%, 10/15/2024   302   304 Seven Generations Energy Ltd        
6.38%, 05/15/2025   100   102 6.88%, 06/30/2023(f)     350   373
Halcon Resources Corp         SM Energy Co          
6.75%, 02/15/2025(f)   624   657 5.00%, 01/15/2024     939   923
Hilcorp Energy I LP / Hilcorp Finance Co         5.63%, 06/01/2025     100   99
5.00%, 12/01/2024(f)   516   519 6.13%, 11/15/2022     914   949
Jonah Energy LLC / Jonah Energy Finance         6.50%, 11/15/2021     73   75
Corp         6.75%, 09/15/2026     100   104
7.25%, 10/15/2025(f)   100   101 Southwestern Energy Co          
Laredo Petroleum Inc         4.10%, 03/15/2022     150   148
5.63%, 01/15/2022   100   101 6.70%, 01/23/2025     100   102
Matador Resources Co         7.50%, 04/01/2026     100   105
6.88%, 04/15/2023   100   105 7.75%, 10/01/2027     500   523
MEG Energy Corp         Teine Energy Ltd          
6.38%, 01/30/2023(f)   4,499   3,869 6.88%, 09/30/2022(f)     400   414
6.50%, 01/15/2025(f)   245   239 Transocean Inc          
7.00%, 03/31/2024(f)   3,790   3,283 5.80%, 10/15/2022     197   199
Murphy Oil Corp         6.80%, 03/15/2038     954   818
4.45%, 12/01/2022   100   100 7.50%, 04/15/2031     190   181
5.75%, 08/15/2025   330   338 9.00%, 07/15/2023(f)     944   1,036
Nabors Industries Inc         Tullow Oil PLC          
4.63%, 09/15/2021   150   147 6.00%, 11/01/2020(f)     150   152
5.00%, 09/15/2020   50   50 Ultra Resources Inc          
5.10%, 09/15/2023   43   42 6.88%, 04/15/2022(f)     2,345   2,368
5.50%, 01/15/2023   533   533            
Newfield Exploration Co                    
5.38%, 01/01/2026   705   745            

 

See accompanying notes.

91

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
BONDS (continued)   Amount (000's)     Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Oil & Gas (continued)         Packaging & Containers (continued)        
Unit Corp         Crown Americas LLC / Crown Americas        
6.63%, 05/15/2021 $ 744 $ 751 Capital Corp VI        
Whiting Petroleum Corp         4.75%, 02/01/2026(f) $ 645 $ 648
5.75%, 03/15/2021   947   980 Flex Acquisition Co Inc        
6.25%, 04/01/2023   930   958 6.88%, 01/15/2025(f)   218   224
6.63%, 01/15/2026(f)   325   333 Graphic Packaging International LLC        
WildHorse Resource Development Corp         4.88%, 11/15/2022   300   318
6.88%, 02/01/2025   600   621 Owens-Brockway Glass Container Inc        
WPX Energy Inc         5.00%, 01/15/2022(f)   1,388   1,449
5.25%, 09/15/2024   695   704 5.38%, 01/15/2025(f)   200   210
6.00%, 01/15/2022   1,050   1,105 5.88%, 08/15/2023(f)   373   396
8.25%, 08/01/2023   100   115 6.38%, 08/15/2025(f)   83   92
    $   63,648 Plastipak Holdings Inc        
Oil & Gas Services - 0.70%         6.25%, 10/15/2025(f)   4,650   4,824
Archrock Partners LP / Archrock Partners         Reynolds Group Issuer Inc / Reynolds Group        
Finance Corp         Issuer LLC / Reynolds Group Issuer        
6.00%, 10/01/2022   286   290 (Luxembourg) S.A.        
Bristow Group Inc         5.13%, 07/15/2023(f)   2,635   2,706
6.25%, 10/15/2022   200   169 5.75%, 10/15/2020   1,609   1,637
CSI Compressco LP / CSI Compressco         6.88%, 02/15/2021   460   467
Finance Inc         7.00%, 07/15/2024(f)   100   106
7.25%, 08/15/2022   298   294 Sealed Air Corp        
Forum Energy Technologies Inc         5.13%, 12/01/2024(f)   350   370
6.25%, 10/01/2021   1,780   1,793 5.25%, 04/01/2023(f)   285   303
KCA Deutag UK Finance PLC         5.50%, 09/15/2025(f)   765   824
7.25%, 05/15/2021(f)   822   818 6.50%, 12/01/2020(f)   200   216
9.88%, 04/01/2022(f)   491   533     $   24,642
McDermott International Inc         Pharmaceuticals - 1.85%        
8.00%, 05/01/2021(f)   100   103 Endo Dac / Endo Finance LLC / Endo Finco        
Sea Trucks Group Ltd         Inc        
0.00%, 03/26/2018(a),(f)   683   246 5.88%, 10/15/2024(f)   200   203
SESI LLC         6.00%, 07/15/2023(f)   3,005   2,355
7.75%, 09/15/2024(f)   100   107 6.00%, 02/01/2025(f)   1,285   966
Transocean Phoenix 2 Ltd         Endo Finance LLC / Endo Finco Inc        
7.75%, 10/15/2024(f)   90   98 5.38%, 01/15/2023(f)   1,070   835
Transocean Proteus Ltd         Valeant Pharmaceuticals International        
6.25%, 12/01/2024(f)   1,279   1,346 6.75%, 08/15/2021(f)   643   636
Trinidad Drilling Ltd         7.25%, 07/15/2022(f)   650   643
6.63%, 02/15/2025(f)   246   241 Valeant Pharmaceuticals International Inc        
Weatherford International Ltd         5.38%, 03/15/2020(f)   602   598
4.50%, 04/15/2022   596   563 5.50%, 03/01/2023(f)   1,582   1,416
5.13%, 09/15/2020   500   513 5.50%, 11/01/2025(f)   1,145   1,154
6.50%, 08/01/2036   169   145 5.63%, 12/01/2021(f)   250   241
6.75%, 09/15/2040   50   44 5.88%, 05/15/2023(f)   3,229   2,917
7.00%, 03/15/2038   220   197 6.13%, 04/15/2025(f)   1,400   1,253
7.75%, 06/15/2021   150   159 6.50%, 03/15/2022(f)   935   980
8.25%, 06/15/2023   100   106 7.00%, 03/15/2024(f)   502   534
9.63%, 03/01/2019   500   535 7.50%, 07/15/2021(f)   473   475
    $   8,300 Vizient Inc        
Packaging & Containers - 2.08%         10.38%, 03/01/2024(f)   5,970   6,731
Ardagh Packaging Finance PLC / Ardagh             $   21,937
Holdings USA Inc         Pipelines - 3.38%        
4.25%, 09/15/2022(f)   925   930 American Midstream Partners LP / American        
6.00%, 02/15/2025(f)   1,590   1,642 Midstream Finance Corp        
7.25%, 05/15/2024(f)   575   618 8.50%, 12/15/2021(f)   450   464
Ball Corp         Antero Midstream Partners LP / Antero        
4.38%, 12/15/2020   510   523 Midstream Finance Corp        
5.00%, 03/15/2022   1,220   1,287 5.38%, 09/15/2024   1,075   1,107
5.25%, 07/01/2025   298   316 Blue Racer Midstream LLC / Blue Racer        
Berry Global Inc         Finance Corp        
5.13%, 07/15/2023   1,715   1,779 6.13%, 11/15/2022(f)   330   342
5.50%, 05/15/2022   100   103 Cheniere Corpus Christi Holdings LLC        
BWAY Holding Co         5.13%, 06/30/2027   1,180   1,218
5.50%, 04/15/2024(f)   1,389   1,439 5.88%, 03/31/2025   1,315   1,417
7.25%, 04/15/2025(f)   700   731 7.00%, 06/30/2024   580   660
Coveris Holdings SA         Cheniere Energy Partners LP        
7.88%, 11/01/2019(f)   100   100 5.25%, 10/01/2025(f)   2,593   2,641
Crown Americas LLC / Crown Americas         Crestwood Midstream Partners LP /        
Capital Corp V         Crestwood Midstream Finance Corp        
4.25%, 09/30/2026   395   384 5.75%, 04/01/2025   792   818
          6.25%, 04/01/2023   695   725

 

See accompanying notes.

92

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
BONDS (continued)   Amount (000's)     Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Pipelines (continued)         Pipelines (continued)        
DCP Midstream Operating LP         Williams Cos Inc/The (continued)        
3.88%, 03/15/2023 $ 708 $ 706 7.75%, 06/15/2031 $ 245 $ 309
4.75%, 09/30/2021(f)   221   230 7.88%, 09/01/2021   200   231
4.95%, 04/01/2022   354   369     $   39,937
5.35%, 03/15/2020(f)   150   156 Private Equity - 0.15%        
5.60%, 04/01/2044   820   852 Icahn Enterprises LP / Icahn Enterprises        
5.85%, 05/21/2043(f)   905   872 Finance Corp        
3 Month LIBOR + 7.70%         5.88%, 02/01/2022   920   937
6.45%, 11/03/2036(f)   460   507 6.00%, 08/01/2020   200   205
6.75%, 09/15/2037(f)   1,105   1,251 6.25%, 02/01/2022   387   398
8.13%, 08/16/2030   320   386 6.75%, 02/01/2024   257   267
9.75%, 03/15/2019(f)   600   643          
              $   1,807
Energy Transfer Equity LP         Real Estate - 0.09%        
5.50%, 06/01/2027   100   105 Crescent Communities LLC/Crescent        
5.88%, 01/15/2024   1,565   1,694 Ventures Inc        
7.50%, 10/15/2020   1,715   1,885 8.88%, 10/15/2021(f)   220   233
Genesis Energy LP / Genesis Energy Finance         Howard Hughes Corp/The        
Corp         5.38%, 03/15/2025(f)   100   101
5.63%, 06/15/2024   660   645 Kennedy-Wilson Inc        
6.75%, 08/01/2022   320   332 5.88%, 04/01/2024   100   103
Holly Energy Partners LP / Holly Energy         Realogy Group LLC / Realogy Co-Issuer        
Finance Corp         Corp        
6.00%, 08/01/2024(f)   368   385 4.50%, 04/15/2019(f)   550   556
Martin Midstream Partners LP / Martin         5.25%, 12/01/2021(f)   50   51
Midstream Finance Corp             $   1,044
7.25%, 02/15/2021   340   345 REITs - 2.69%        
NGPL PipeCo LLC                
4.38%, 08/15/2022(f)   200   202  CyrusOne LP / CyrusOne Finance Corp        
4.88%, 08/15/2027(f)   371   381 5.00%, 03/15/2024   302   308
          5.38%, 03/15/2027   342   356
Niska Gas Storage Ltd / Niska Gas Storage         Equinix Inc        
Canada Finance Corp         5.38%, 01/01/2022   404   419
6.50%, 04/01/2019   50   50 5.38%, 04/01/2023   300   308
NuStar Logistics LP         5.38%, 05/15/2027   285   299
4.75%, 02/01/2022   180   184 5.75%, 01/01/2025   755   797
4.80%, 09/01/2020   565   576 5.88%, 01/15/2026   863   917
5.63%, 04/28/2027   310   324 ESH Hospitality Inc        
6.75%, 02/01/2021   333   358 5.25%, 05/01/2025(f)   1,814   1,828
8.40%, 04/15/2018   115   116 Iron Mountain Inc        
PBF Logistics LP / PBF Logistics Finance         4.88%, 09/15/2027(f)   396   379
Corp         5.25%, 03/15/2028(f)   480   467
6.88%, 05/15/2023   232   241 5.75%, 08/15/2024   2,245   2,251
Rockies Express Pipeline LLC         6.00%, 08/15/2023   1,450   1,511
5.63%, 04/15/2020(f)   1,125   1,182          
6.00%, 01/15/2019(f)   265   271 Iron Mountain US Holdings Inc        
          5.38%, 06/01/2026(f)   250   250
6.85%, 07/15/2018(f)   265   270          
6.88%, 04/15/2040(f)   215   252 iStar Inc        
7.50%, 07/15/2038(f)   210   251 4.63%, 09/15/2020   150   152
          5.00%, 07/01/2019   100   100
 SemGroup Corp                  
7.25%, 03/15/2026(f)   430   445 5.25%, 09/15/2022   250   249
          6.00%, 04/01/2022   300   307
SemGroup Corp / Rose Rock Finance Corp         6.50%, 07/01/2021   500   516
5.63%, 07/15/2022   347   350 MGM Growth Properties Operating        
5.63%, 11/15/2023   1,795   1,770 Partnership LP / MGP Finance Co-Issuer Inc        
Summit Midstream Holdings LLC / Summit         5.63%, 05/01/2024   265   283
Midstream Finance Corp         MPT Operating Partnership LP / MPT Finance        
5.50%, 08/15/2022   514   519 Corp        
5.75%, 04/15/2025   1,822   1,836 5.00%, 10/15/2027   1,640   1,624
Tallgrass Energy Partners LP / Tallgrass         5.25%, 08/01/2026   1,385   1,427
Energy Finance Corp         5.50%, 05/01/2024   1,365   1,406
5.50%, 09/15/2024(f)   560   573          
5.50%, 01/15/2028(f)   265   264 6.38%, 03/01/2024   1,165   1,240
          QCP SNF West/Central/East/AL REIT LLC        
Targa Resources Partners LP / Targa         8.13%, 11/01/2023(f)   3,240   3,337
Resources Partners Finance Corp         RHP Hotel Properties LP / RHP Finance        
4.13%, 11/15/2019   365   366 Corp        
4.25%, 11/15/2023   1,335   1,315 5.00%, 04/15/2021   210   212
5.00%, 01/15/2028(f)   1,265   1,252          
          Sabra Health Care LP / Sabra Capital Corp        
5.13%, 02/01/2025   605   610 5.50%, 02/01/2021   1,615   1,657
5.25%, 05/01/2023   770   786 SBA Communications Corp        
5.38%, 02/01/2027   100   102 4.00%, 10/01/2022(f)   200   197
6.75%, 03/15/2024   1,065   1,137 4.88%, 07/15/2022   470   481
Williams Cos Inc/The         4.88%, 09/01/2024   373   371
3.70%, 01/15/2023   575   571          
5.75%, 06/24/2044   1,025   1,125          
7.50%, 01/15/2031   770   963          

 

See accompanying notes.

93

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
BONDS (continued)   Amount (000's) Value (000's) BONDS (continued)   Amount (000's) Value (000's)
REITs (continued)         Retail (continued)        
Starwood Property Trust Inc         QVC Inc        
3.63%, 02/01/2021(f) $ 500 $ 501 5.45%, 08/15/2034 $ 405 $ 400
5.00%, 12/15/2021   150   156 Rite Aid Corp        
Uniti Group LP / Uniti Fiber Holdings Inc /         9.25%, 03/15/2020   50   50
CSL Capital LLC         Sally Holdings LLC / Sally Capital Inc        
7.13%, 12/15/2024(f)   850   754 5.50%, 11/01/2023   50   50
Uniti Group LP / Uniti Group Finance Inc /         5.63%, 12/01/2025   275   274
CSL Capital LLC         Sonic Automotive Inc        
6.00%, 04/15/2023(f)   322   313 6.13%, 03/15/2027   125   124
8.25%, 10/15/2023   6,835   6,476 Staples Inc        
    $   31,849 8.50%, 09/15/2025(f)   780   754
Retail - 1.81%         Suburban Propane Partners LP/Suburban        
1011778 BC ULC / New Red Finance Inc         Energy Finance Corp        
4.25%, 05/15/2024(f)   3,351   3,292 5.50%, 06/01/2024   100   98
4.63%, 01/15/2022(f)   390   398 Yum! Brands Inc        
5.00%, 10/15/2025(f)   595   596 3.75%, 11/01/2021   510   516
Asbury Automotive Group Inc         3.88%, 11/01/2020   210   211
6.00%, 12/15/2024   100   104 6.88%, 11/15/2037   250   272
Caleres Inc             $   21,420
6.25%, 08/15/2023   310   326 Semiconductors - 0.65%        
Claire's Stores Inc         Amkor Technology Inc        
6.13%, 03/15/2020(f)   728   499 6.38%, 10/01/2022   720   741
Cumberland Farms Inc         Micron Technology Inc        
6.75%, 05/01/2025(f)   127   136 5.25%, 01/15/2024(f)   572   595
Dollar Tree Inc         5.50%, 02/01/2025   825   866
5.75%, 03/01/2023   1,730   1,808 5.63%, 01/15/2026(f)   330   347
DriveTime Automotive Group Inc /         NXP BV / NXP Funding LLC        
Bridgecrest Acceptance Corp         4.13%, 06/15/2020(f)   200   204
8.00%, 06/01/2021(f)   230   228 4.13%, 06/01/2021(f)   1,385   1,416
Ferrellgas LP / Ferrellgas Finance Corp         4.63%, 06/15/2022(f)   762   794
6.50%, 05/01/2021   300   291 4.63%, 06/01/2023(f)   100   104
6.75%, 01/15/2022   250   241 Qorvo Inc        
Ferrellgas Partners LP / Ferrellgas Partners         6.75%, 12/01/2023   294   313
Finance Corp         Sensata Technologies BV        
8.63%, 06/15/2020   500   445 5.00%, 10/01/2025(f)   596   618
FirstCash Inc         Sensata Technologies UK Financing Co PLC        
5.38%, 06/01/2024(f)   114   119 6.25%, 02/15/2026(f)   1,203   1,293
GameStop Corp         STATS ChipPAC Pte Ltd        
6.75%, 03/15/2021(f)   200   207 8.50%, 11/24/2020(f)   400   421
Gap Inc/The             $   7,712
5.95%, 04/12/2021   750   802 Software - 2.37%        
Golden Nugget Inc         Blackboard Inc        
6.75%, 10/15/2024(f)   1,161   1,200 9.75%, 10/15/2021(f)   200   182
8.75%, 10/01/2025(f)   100   107 BMC Software Finance Inc        
Group 1 Automotive Inc         8.13%, 07/15/2021(f)   500   501
5.00%, 06/01/2022   50   51 Boxer Parent Co Inc        
5.25%, 12/15/2023(f)   280   288 9.00%, PIK 9.75%, 10/15/2019(f),(g),(j)   50   50
KFC Holding Co/Pizza Hut Holdings         Camelot Finance SA        
LLC/Taco Bell of America LLC         7.88%, 10/15/2024(f)   835   889
4.75%, 06/01/2027(f)   1,090   1,082 CDK Global Inc        
5.00%, 06/01/2024(f)   100   101 3.80%, 10/15/2019   100   101
5.25%, 06/01/2026(f)   1,135   1,158 4.88%, 06/01/2027(f)   100   100
L Brands Inc         Change Healthcare Holdings LLC / Change        
5.63%, 02/15/2022   150   158 Healthcare Finance Inc        
5.63%, 10/15/2023   500   532 5.75%, 03/01/2025(f)   100   102
6.63%, 04/01/2021   100   108 CURO Financial Technologies Corp        
6.75%, 07/01/2036   450   453 12.00%, 03/01/2022(f)   365   405
6.88%, 11/01/2035   361   369 First Data Corp        
7.00%, 05/01/2020   200   215 5.00%, 01/15/2024(f)   2,370   2,432
8.50%, 06/15/2019   50   54 5.38%, 08/15/2023(f)   100   103
Neiman Marcus Group Ltd LLC         5.75%, 01/15/2024(f)   1,282   1,325
8.00%, 10/15/2021(f)   800   510 7.00%, 12/01/2023(f)   2,393   2,520
New Albertson's Inc         Genesys Telecommunications Laboratories        
6.63%, 06/01/2028   325   261 Inc/Greeneden Lux 3 Sarl        
7.75%, 06/15/2026   310   281 10.00%, 11/30/2024(f)   987   1,091
8.00%, 05/01/2031   300   268 Infor Software Parent LLC / Infor Software        
8.70%, 05/01/2030   165   155 Parent Inc        
Penske Automotive Group Inc         7.13%, PIK 7.88%, 05/01/2021(f),(g),(j)   1,758   1,793
5.50%, 05/15/2026   611   622 Infor US Inc        
PetSmart Inc         5.75%, 08/15/2020(f)   216   222
5.88%, 06/01/2025(f)   592   456 6.50%, 05/15/2022   937   966
7.13%, 03/15/2023(f)   805   506          
8.88%, 06/01/2025(f)   385   244          

 

See accompanying notes.

94

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
    Principal           Principal    
BONDS (continued)   Amount (000's)        Value (000's) BONDS (continued)     Amount (000's) Value (000's)
Software (continued)         Telecommunications (continued)        
Informatica LLC         Hughes Satellite Systems Corp (continued)        
7.13%, 07/15/2023(f) $ 375 $ 386 6.63%, 08/01/2026   $ 320 $ 338
j2 Cloud Services LLC / j2 Global Co-Obligor         7.63%, 06/15/2021     320   350
Inc         Intelsat Jackson Holdings SA          
6.00%, 07/15/2025(f)   1,124   1,188 5.50%, 08/01/2023     1,715   1,346
MSCI Inc         7.25%, 10/15/2020     852   743
4.75%, 08/01/2026(f)   385   393 7.50%, 04/01/2021     1,185   1,009
5.25%, 11/15/2024(f)   1,600   1,666 8.00%, 02/15/2024(f)     1,180   1,239
5.75%, 08/15/2025(f)   1,035   1,097 9.50%, 09/30/2022(f)     400   458
Nuance Communications Inc         Intelsat Luxembourg SA          
5.38%, 08/15/2020(f)   340   343 7.75%, 06/01/2021     700   317
5.63%, 12/15/2026   405   418 8.13%, 06/01/2023     565   242
6.00%, 07/01/2024   1,435   1,520 Koninklijke KPN NV          
Open Text Corp         7.00%, 03/28/2073(f)     100   113
5.63%, 01/15/2023(f)   235   245 USSW10 Index Spread + 5.33%        
5.88%, 06/01/2026(f)   1,979   2,083 Level 3 Financing Inc          
Quintiles IMS Inc         5.13%, 05/01/2023     1,197   1,200
4.88%, 05/15/2023(f)   100   103 5.25%, 03/15/2026     380   373
5.00%, 10/15/2026(f)   1,075   1,096 5.38%, 08/15/2022     420   426
Rackspace Hosting Inc         5.38%, 01/15/2024     1,502   1,495
8.63%, 11/15/2024(f)   2,180   2,319 5.38%, 05/01/2025     883   879
RP Crown Parent LLC         5.63%, 02/01/2023     100   101
7.38%, 10/15/2024(f)   697   733 6.13%, 01/15/2021     50   51
Solera LLC / Solera Finance Inc         Nokia OYJ          
10.50%, 03/01/2024(f)   615   690 3.38%, 06/12/2022     420   411
SS&C Technologies Holdings Inc         4.38%, 06/12/2027     220   214
5.88%, 07/15/2023   400   419 5.38%, 05/15/2019     50   51
Veritas US Inc / Veritas Bermuda Ltd         6.63%, 05/15/2039     216   237
10.50%, 02/01/2024(f)   500   509 Plantronics Inc          
    $   27,990 5.50%, 05/31/2023(f)     336   348
Telecommunications - 6.42%         Qwest Capital Funding Inc          
Anixter Inc         6.88%, 07/15/2028     379   335
5.13%, 10/01/2021   100   105 7.75%, 02/15/2031     305   275
C&W Senior Financing DAC         Qwest Corp          
6.88%, 09/15/2027(f)   100   105 6.88%, 09/15/2033     1,360   1,330
CenturyLink Inc         SoftBank Group Corp          
5.63%, 04/01/2020   300   304 4.50%, 04/15/2020(f)     1,883   1,914
5.80%, 03/15/2022   200   195 Sprint Capital Corp          
6.45%, 06/15/2021   100   102 6.88%, 11/15/2028     167   173
6.75%, 12/01/2023   100   97 6.90%, 05/01/2019     200   208
6.88%, 01/15/2028   4,870   4,505 8.75%, 03/15/2032     593   701
7.50%, 04/01/2024   100   101 Sprint Communications Inc          
7.65%, 03/15/2042   400   350 6.00%, 11/15/2022     559   556
Cincinnati Bell Inc         7.00%, 03/01/2020(f)     914   976
7.00%, 07/15/2024(f)   629   607 7.00%, 08/15/2020     474   500
Citizens Communications Co         9.00%, 11/15/2018(f)     510   533
7.13%, 03/15/2019   600   605 11.50%, 11/15/2021     374   453
CommScope Inc         Sprint Corp          
5.50%, 06/15/2024(f)   662   686 7.13%, 06/15/2024     3,843   3,898
CommScope Technologies LLC         7.25%, 09/15/2021     1,388   1,475
5.00%, 03/15/2027(f)   380   379 7.63%, 02/15/2025     832   863
6.00%, 06/15/2025(f)   1,370   1,442 7.88%, 09/15/2023     2,995   3,172
Embarq Corp         Telecom Italia Capital SA          
8.00%, 06/01/2036   4,984   4,822 6.00%, 09/30/2034     1,267   1,410
Frontier Communications Corp         6.38%, 11/15/2033     458   527
6.25%, 09/15/2021   875   717 7.20%, 07/18/2036     400   497
6.88%, 01/15/2025   100   63 7.72%, 06/04/2038     550   716
7.13%, 01/15/2023   490   332 Telefonaktiebolaget LM Ericsson        
7.63%, 04/15/2024   605   399 4.13%, 05/15/2022     100   100
8.13%, 10/01/2018   370   377 Telesat Canada / Telesat LLC          
8.50%, 04/15/2020   340   332 8.88%, 11/15/2024(f)     100   111
8.75%, 04/15/2022   150   117 T-Mobile USA Inc          
9.00%, 08/15/2031   2,268   1,480 4.50%, 02/01/2026     340   342
9.25%, 07/01/2021   756   680 4.75%, 02/01/2028     360   361
11.00%, 09/15/2025   6,029   4,710 6.00%, 03/01/2023     2,192   2,294
10.50%, 09/15/2022   719   594 6.00%, 04/15/2024     1,157   1,230
GTT Communications Inc         6.38%, 03/01/2025     1,542   1,640
7.88%, 12/31/2024(f)   6,120   6,548 6.50%, 01/15/2024     312   332
HC2 Holdings Inc         6.63%, 04/01/2023     773   803
11.00%, 12/01/2019(f)   180   185 6.84%, 04/28/2023     363   379
Hughes Satellite Systems Corp                    
5.25%, 08/01/2026   850   858            
6.50%, 06/15/2019   538   563            

 

See accompanying notes.

95

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
      Principal     SENIOR FLOATING RATE INTERESTS   Principal    
BONDS (continued)     Amount (000's)         Value (000's) (continued)   Amount (000's)   Value (000's)
Telecommunications (continued)           Automobile Parts & Equipment - 0.39%        
Trilogy International Partners LLC / Trilogy           Truck Hero Inc        
International Finance Inc           9.89%, 05/16/2025(k) $ 4,530 $ 4,575
8.88%, 05/01/2022(f)   $ 200 $ 204 US LIBOR + 4.00%        
ViaSat Inc                    
5.63%, 09/15/2025(f)     305   303 Commercial Services - 0.05%        
West Corp           ServiceMaster Co LLC/The        
5.38%, 07/15/2022(f)     100   100 4.07%, 11/08/2023(k)   621   624
Wind Tre SpA           US LIBOR + 2.50%        
5.00%, 01/20/2026(f)     1,985   1,802          
Windstream Services LLC / Windstream           Computers - 0.48%        
Finance Corp           Harland Clarke Holdings Corp        
6.38%, 08/01/2023(f)     1,389   781 6.44%, 11/03/2023(k)   346   350
7.75%, 10/15/2020     320   274 US LIBOR + 4.75%        
8.63%, 10/31/2025(f)     76   71 Optiv Security Inc        
      $   75,940 4.62%, 02/01/2024(k)   3,371   3,201
Textiles - 0.01%           US LIBOR + 3.25%        
Springs Industries Inc           8.62%, 01/13/2025(k)   1,690   1,545
6.25%, 06/01/2021     100   102 US LIBOR + 7.25%        
            Presidio LLC        
Transportation - 0.24%           4.44%, 02/02/2024(k)   353   355
Bluewater Holding BV           US LIBOR + 2.75%        
10.81%, PIK 10.81%, 12/10/2019(f),(g),(j)     201   203 TierPoint LLC        
CEVA Group PLC           8.82%, 05/05/2025(k)   280   281
9.00%, 09/01/2021(f)     500   481 US LIBOR + 7.25%        
Global Ship Lease Inc                 $ 5,732
9.88%, 11/15/2022(f)     500   512 Cosmetics & Personal Care - 0.32%        
Hornbeck Offshore Services Inc           Wellness Merger Sub Inc        
5.00%, 03/01/2021     400   233 10.45%, 06/27/2025(k)   3,770   3,761
5.88%, 04/01/2020     200   141          
Navios Maritime Holdings Inc / Navios           Electric - 0.07%        
Maritime Finance II US Inc           Calpine Corp        
7.38%, 01/15/2022(f)     100   82 4.20%, 01/15/2023(k)   583   585
Teekay Corp           US LIBOR + 2.50%        
8.50%, 01/15/2020     250   260 Vistra Operations Co LLC        
XPO Logistics Inc           4.31%, 12/13/2023(k)   227   228
6.13%, 09/01/2023(f)     155   164 US LIBOR + 2.75%        
6.50%, 06/15/2022(f)     705   734       $ 813
      $   2,810 Electronics - 0.16%        
Trucking & Leasing - 0.64%           Lully Finance LLC        
Fortress Transportation & Infrastructure           10.06%, 10/16/2023(k)   1,880   1,852
Investors LLC           US LIBOR + 8.50%        
6.75%, 03/15/2022(f)     400   419          
Park Aerospace Holdings Ltd           Entertainment - 0.11%        
4.50%, 03/15/2023(f)     732   699 Cowlitz Tribal Gaming Authority        
5.25%, 08/15/2022(f)     3,928   3,879 12.07%, 10/02/2020(k)   825   915
5.50%, 02/15/2024(f)     2,567   2,541 US LIBOR + 10.50%        
      $   7,538 SeaWorld Parks & Entertainment Inc        
TOTAL BONDS     $   1,035,280 4.69%, 04/02/2023(k)   416   415
SENIOR FLOATING RATE INTERESTS -     Principal     US LIBOR + 3.00%        
9.04 %   Amount (000's)       Value (000's)       $ 1,330
Advertising - 0.73%           Healthcare - Services - 2.08%        
Advantage Sales & Marketing Inc           BCPE Eagle Buyer LLC        
8.66%, 07/25/2022(k)   $ 1,415 $ 1,320 9.64%, 03/16/2025(k)   6,940   6,871
US LIBOR + 6.50%           US LIBOR + 8.00%        
Getty Images Inc           Envision Healthcare Corp        
5.19%, 10/03/2019(k)     7,690   7,279 4.57%, 12/01/2023(k)   530   532
US LIBOR + 3.50%           US LIBOR + 3.00%        
      $   8,599 Heartland Dental LLC        
            10.07%, 07/26/2024(k)   2,630   2,655
Aerospace & Defense - 0.04%                    
Jazz Acquisition Inc           US LIBOR + 8.50%        
8.44%, 06/19/2022(k)     530   498 Opal Acquisition Inc        
            5.69%, 11/20/2020(k)   3,361   3,251
US LIBOR + 6.75%                    
            US LIBOR + 4.00%        
Agriculture - 0.34%           Tennessee Merger Sub Inc        
            4.32%, 02/06/2024(k)   980   960
NVA Holdings Inc/United States                    
8.69%, 08/14/2022(k)     3,950   3,975 US LIBOR + 2.75%        
US LIBOR + 7.00%           US Renal Care Inc        
            9.69%, 11/17/2023(k)   10,340   10,366
            US LIBOR + 8.00%        
                  $ 24,635

 

See accompanying notes.

96

 

Schedule of Investments High Yield Fund I

January 31, 2018 (unaudited)

SENIOR FLOATING RATE INTERESTS   Principal     SENIOR FLOATING RATE INTERESTS Principal      
(continued)   Amount (000's)   Value (000's) (continued) Amount (000's)    Value (000's)  
Internet - 0.27%         Software (continued)          
MH Sub I LLC         Rackspace Hosting Inc          
9.09%, 09/15/2025(k) $ 3,200 $ 3,211   4.38%, 11/03/2023(k) $ 280 $ 282  
US LIBOR + 7.50%           US LIBOR + 3.00%          
                  $ 11,966  
Investment Companies - 0.32%         Telecommunications - 0.05%          
Masergy Holdings Inc         CenturyLink Inc          
10.19%, 12/16/2024(k)   3,700   3,742   4.32%, 01/31/2025(k)   655   645  
US LIBOR + 8.50%           US LIBOR + 2.75%          
 
Machinery - Diversified - 0.20%         TOTAL SENIOR FLOATING RATE INTERESTS   $ 106,903  
Engineered Machinery Holdings Inc         Total Investments     $ 1,166,828  
8.94%, 07/25/2025(k)   2,118   2,129              
          Other Assets and Liabilities - 1.38%     $ 16,281  
US LIBOR + 7.25%         TOTAL NET ASSETS - 100.00%     $ 1,183,109  
8.94%, 07/25/2025(k)   212   213              
US LIBOR + 7.25%                      
    $   2,342 (a) Non-income producing security          
Media - 0.10%         (b) Restricted Security. Please see Restricted Security Sub-Schedule for more  
Univision Communications Inc           information.          
4.32%, 03/15/2024(k)   1,209   1,209 (c) The value of these investments was determined using significant  
US LIBOR + 2.75%           unobservable inputs.          
          (d) Fair value of these investments is determined in good faith by the Manager  
Metal Fabrication & Hardware - 0.35%           under procedures established and periodically reviewed by the Board of  
Crosby US Acquisition Corp           Directors. Certain inputs used in the valuation may be unobservable;  
4.45%, 11/06/2020(k)   4,229   4,153   however, each security is evaluated individually for purposes of ASC 820  
US LIBOR + 3.00%           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  
Miscellaneous Manufacturers - 0.54%           totaled $12,828 or 1.08% of net assets.          
UTEX Industries Inc         (e) Affiliated Security. Security is either an affiliate (and registered under the  
5.57%, 08/04/2025(k)   4,638   4,576   Investment Company Act of 1940) or an affiliate as defined by the  
US LIBOR + 4.00%           Investment Company Act of 1940 (the Fund controls 5.0% or more of the  
8.82%, 05/22/2022(k)   1,820   1,766   outstanding voting shares of the security). Please see affiliated sub-  
US LIBOR + 7.25%           schedule for transactional information.          
    $   6,342 (f) Security exempt from registration under Rule 144A of the Securities Act of  
Packaging & Containers - 0.74%           1933. These securities may be resold in transactions exempt from  
Berlin Packaging LLC           registration, normally to qualified institutional buyers. At the end of the  
8.32%, 10/01/2022(k)   1,395   1,405   period, the value of these securities totaled $533,867 or 45.12% of net  
US LIBOR + 6.75%           assets.          
FPC Holdings Inc         (g) Certain variable rate securities are not based on a published reference  
5.69%, 11/15/2019(k)   6,660   6,639   rate and spread but are determined by the issuer or agent and are based  
US LIBOR + 4.00%           on current market conditions. These securities do not indicate a reference  
Reynolds Group Holdings Inc           rate and spread in their description.          
4.32%, 02/05/2023(k)   688   693 (h) Perpetual security. Perpetual securities pay an indefinite stream of  
US LIBOR + 2.75%           interest, but they may be called by the issuer at an earlier date.  
    $   8,737 (i) Rate shown is the rate in effect as of period end. The rate may be based on  
Pharmaceuticals - 0.42%           a fixed rate and may convert to a variable rate or floating rate in the  
Lanai Holdings III Inc           future.          
9.98%, 08/14/2023(k)   5,170   4,912 (j) Payment in kind; the issuer has the option of paying additional securities  
US LIBOR + 8.50%           in lieu of cash.          
          (k) Rate information disclosed is based on an average weighted rate as of  
Retail - 0.27%           January 31, 2018.          
Bass Pro Group LLC                      
6.57%, 09/25/2024(k)   389   391              
US LIBOR + 5.00%                      
General Nutrition Centers Inc           Portfolio Summary (unaudited)      
3.76%, 03/04/2018(k)   573   511 Sector       Percent  
US LIBOR + 2.50%         Consumer, Non-cyclical       19.85 %
PFS Holding Corp         Communications       17.62 %
5.08%, 01/31/2021(k)   3,354   2,348 Consumer, Cyclical       10.50 %
US LIBOR + 3.50%         Financial       10.41 %
    $   3,250 Energy       10.33 %
Software - 1.01%         Industrial       9.73 %
Evergreen Skills Lux Sarl         Basic Materials       7.61 %
6.32%, 04/23/2021(k)   6,840   6,689 Technology       6.22 %
US LIBOR + 4.75%         Utilities       3.13 %
9.82%, 04/28/2022(k)   3,787   3,401 Investment Companies       2.08 %
US LIBOR + 8.25%         Diversified       1.14 %
First Data Corp         Other Assets and Liabilities       1.38 %
3.81%, 07/08/2022(k)   1,584   1,594 TOTAL NET ASSETS       100.00 %
US LIBOR + 2.25%                      

 

See accompanying notes.

97

 

Schedule of Investments
High Yield Fund I
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales     January 31, 2018
    Value       Cost   Proceeds     Value
Principal Government Money Market Fund   $  — $   64,516 $ 39,905 $   24,611
    $  — $   64,516 $ 39,905 $   24,611
 
 
      Realized Gain/Loss     Realized Gain from     Change in Unrealized
    Income on Investments     Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 27 $   — $     — $ —
  $ 27 $   — $     — $ —

 

Amounts in thousands                          
 
 
Restricted Securities
Security Name     Acquisition Date   Cost   Value   Percent of Net Assets   
General Motors Co     01/31/2013 $ —   $   —   0.00 %
General Motors Co     01/31/2013   —       —   0.00 %
General Motors Co     01/31/2013   —       —   0.00 %
General Motors Co     01/31/2013   —       —   0.00 %
General Motors Co     04/11/2013   —       —   0.00 %
General Motors Co     04/11/2013   —       —   0.00 %
General Motors Co     01/31/2013   —       —   0.00 %
General Motors Co     04/11/2013   —       —   0.00 %
General Motors Co     04/11/2013   —       —   0.00 %
Goodman Networks Inc     06/01/2017   —       —   0.00 %
Goodman Networks Inc     06/01/2017   —       18   0.00 %
Neebo, Inc - Warrants     07/05/2012   —       —   0.00 %
Neebo, Inc - Warrants     07/05/2012   —       —   0.00 %
SportsNet New York     12/27/2017   4,068     4,130   0.35 %
Total               $ 4,148   0.35 %
 
Amounts in thousands.                          
 
 
Exchange Cleared Credit Default Swaps
 
Sell Protection                          
  Implied                        
  Credit Spread    (Pay)/             Unrealized      
  as of January    Receive Payment   Notional   Upfront   Appreciation/      
Reference Entity 31, 2018 (a) Fixed Rate Frequency Maturity Date  Amount (b)   Payments/(Receipts)    (Depreciation)   Fair Value (c)  
CDX. HY.29 N/A   5.00%%  Quarterly   10/20/2022 $17,500 $ 1,468 $ (4 ) $ 1,464  
Total           $   1,468 $ (4 ) $ 1,464  
 
Amounts in thousands.                          

 

(a) Implied credit spreads, represented in absolute terms, used in determining the market value of credit default swap agreements on corporate issues or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(b) The maximum potential payment amount that the seller of credit protection could be required to make if a credit event occurs as defined under the terms of that particular swap agreement is $17,500.

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

See accompanying notes.

98

 

Schedule of Investments
Income Fund
January 31, 2018 (unaudited)
 
 
COMMON STOCKS - 1.35% Shares Held Value (000's)     Principal    
Diversified Financial Services - 0.00%           BONDS (continued)   Amount (000's)     Value (000's)
Adelphia Recovery Trust (a),(b)   658,740 $   1 Banks (continued)        
            Cullen/Frost Bankers Inc        
Oil & Gas - 0.63%           4.50%, 03/17/2027 $ 7,000 $ 7,145
Linn Energy Inc (c)   258,490     10,210 Goldman Sachs Group Inc/The        
W&T Offshore Inc (c)   2,148,775     10,400 3.50%, 11/16/2026   9,000   8,871
      $   20,610 3.63%, 01/22/2023   4,000   4,069
Transportation - 0.72%           5.25%, 07/27/2021   13,000   13,965
Trailer Bridge Inc (a),(b),(c)   152,807     23,525 JPMorgan Chase & Co        
            3.25%, 09/23/2022   5,000   5,049
TOTAL COMMON STOCKS     $   44,136 3.63%, 05/13/2024   15,000   15,308
INVESTMENT COMPANIES - 2.99% Shares Held Value (000's) 3.90%, 07/15/2025   5,000   5,177
            7.90%, 04/29/2049(f),(g)   7,000   7,096
Money Market Funds - 2.99%                  3 Month LIBOR + 3.47%        
Principal Government Money Market Fund (d) 97,556,597     97,557        
            Morgan Stanley        
TOTAL INVESTMENT COMPANIES     $   97,557 2.65%, 01/27/2020   5,000   4,999
  Principal       3.95%, 04/23/2027   10,000   10,069
BONDS - 62.30% Amount (000's) Value (000's) 4.00%, 07/23/2025   5,000   5,161
Airlines - 0.26%           4.88%, 11/01/2022   2,000   2,133
United Airlines 2013-1 Class A Pass Through           5.50%, 07/28/2021   5,000   5,405
Trust           PNC Bank NA        
4.30%, 02/15/2027 $ 8,208   $ 8,618 2.95%, 01/30/2023   5,000   4,944
            2.95%, 02/23/2025   10,000   9,791
Apparel - 0.38%           3.10%, 10/25/2027   4,750   4,628
Under Armour Inc           PNC Financial Services Group Inc/The        
            6.75%, 07/29/2049(f),(g)   18,000   19,642
3.25%, 06/15/2026   14,250     12,470 3 Month LIBOR + 3.68%        
Automobile Floor Plan Asset Backed Securities - 1.80%       SunTrust Bank/Atlanta GA        
Ally Master Owner Trust           2.75%, 05/01/2023   15,000   14,664
1.99%, 06/15/2022   15,000     15,073 3.30%, 05/15/2026   5,000   4,858
1 Month LIBOR + 0.43%           SunTrust Banks Inc        
BMW Floorplan Master Owner Trust           2.70%, 01/27/2022   9,000   8,884
2.06%, 07/15/2020(e)   13,500     13,527 US Bancorp        
1 Month LIBOR + 0.50%           2.95%, 07/15/2022   5,000   4,990
Ford Credit Floorplan Master Owner Trust A           3.00%, 03/15/2022   2,000   2,011
2.46%, 02/15/2021   15,000     15,121 3.60%, 09/11/2024   9,500   9,697
1 Month LIBOR + 0.90%           4.13%, 05/24/2021   3,000   3,129
Mercedes-Benz Master Owner Trust           US Bank NA/Cincinnati OH        
1.94%, 04/15/2020(e)   15,000     15,010 2.80%, 01/27/2025   5,000   4,870
1 Month LIBOR + 0.38%           Wells Fargo & Co        
            3.07%, 01/24/2023   16,000   16,009
      $   58,731 7.98%, 12/31/2049(f),(g)   15,000   15,167
Automobile Manufacturers - 1.77%           3 Month LIBOR + 3.77%        
American Honda Finance Corp                    
1.60%, 02/16/2018(e)   10,000     10,000     $   320,886
1.72%, 11/19/2018   19,000     19,037 Beverages - 1.21%        
3 Month LIBOR + 0.28%           Anheuser-Busch InBev Finance Inc        
2.30%, 09/09/2026   4,750     4,408 3.65%, 02/01/2026   7,500   7,590
3.80%, 09/20/2021(e)   10,000     10,362 4.70%, 02/01/2036   11,500   12,692
Ford Motor Credit Co LLC           Anheuser-Busch InBev Worldwide Inc        
4.39%, 01/08/2026   9,500     9,703 2.50%, 07/15/2022   9,000   8,808
General Motors Co           7.75%, 01/15/2019   10,000   10,508
4.88%, 10/02/2023   4,000     4,249     $   39,598
      $   57,759 Biotechnology - 1.70%        
Banks - 9.82%           Amgen Inc        
Bank of America Corp           3.63%, 05/15/2022   4,500   4,616
2.88%, 04/24/2023(f)   15,000     14,867 3.88%, 11/15/2021   13,000   13,437
3 Month LIBOR + 1.02%           Celgene Corp        
3.88%, 08/01/2025   7,000     7,246 3.45%, 11/15/2027   5,000   4,889
5.40%, 12/31/2049(f),(g)   4,000     4,054 Gilead Sciences Inc        
3 Month LIBOR + 3.63%           3.50%, 02/01/2025   4,750   4,822
6.50%, 07/15/2018   2,000     2,039 3.65%, 03/01/2026   18,000   18,405
6.75%, 06/01/2028   2,000     2,485 4.40%, 12/01/2021   9,000   9,491
8.13%, 12/29/2049(f),(g)   10,000     10,190     $   55,660
3 Month LIBOR + 3.64%           Chemicals - 1.56%        
Bank of New York Mellon Corp/The           Airgas Inc        
2.20%, 08/16/2023   9,500     9,093 1.65%, 02/15/2018   13,500   13,499
2.60%, 08/17/2020   9,500     9,515 2.38%, 02/15/2020   7,000   6,976
2.80%, 05/04/2026   4,500     4,308 3.65%, 07/15/2024   6,750   6,900
3.00%, 10/30/2028   7,000     6,648 Westlake Chemical Corp        
Citigroup Inc           3.60%, 08/15/2026   11,500   11,446
3.88%, 03/26/2025   20,000     20,153 4.63%, 02/15/2021   9,250   9,481
4.45%, 09/29/2027   8,000     8,343 4.88%, 05/15/2023   2,500   2,572
4.50%, 01/14/2022   4,000     4,214     $   50,874

 

See accompanying notes.

99

 

     Schedule of Investments Income Fund January 31, 2018 (unaudited)

    Principal           Principal    
BONDS (continued)   Amount (000's)    Value (000's) BONDS (continued)     Amount (000's) Value (000's)
Commercial Services - 0.54%         Electric (continued)          
ERAC USA Finance LLC         Tucson Electric Power Co (continued)        
3.30%, 10/15/2022(e) $ 2,000 $ 2,001 5.15%, 11/15/2021   $ 3,000 $ 3,215
4.50%, 08/16/2021(e)   6,000   6,265            
7.00%, 10/15/2037(e)   7,000   9,230       $   210,666
          Electronics - 0.60%          
    $   17,496 Corning Inc          
Computers - 0.69%         2.90%, 05/15/2022     5,000   4,935
Apple Inc         4.25%, 08/15/2020     10,000   10,365
2.40%, 05/03/2023   13,000   12,647 4.75%, 03/15/2042     4,000   4,353
3.25%, 02/23/2026   10,000   9,986       $   19,653
    $   22,633 Environmental Control - 1.30%        
Credit Card Asset Backed Securities - 0.25%         Advanced Disposal Services Inc        
Cabela's Credit Card Master Note Trust         5.63%, 11/15/2024(e)     11,500   11,874
2.23%, 07/17/2023   8,000   8,086 Republic Services Inc          
1 Month LIBOR + 0.67%         3.20%, 03/15/2025     10,000   9,868
          3.55%, 06/01/2022     6,000   6,106
Diversified Financial Services - 1.05%         3.80%, 05/15/2018     2,000   2,010
GE Capital International Funding Co         5.00%, 03/01/2020     12,000   12,552
Unlimited Co               $   42,410
2.34%, 11/15/2020   1,659   1,636 Food - 0.60%          
Jefferies Finance LLC / JFIN Co-Issuer Corp         Kraft Heinz Foods Co          
7.38%, 04/01/2020(e)   3,750   3,825            
          3.50%, 07/15/2022     5,000   5,051
Jefferies Group LLC         3.95%, 07/15/2025     14,500   14,680
5.13%, 04/13/2018   5,000   5,028       $   19,731
5.13%, 01/20/2023   1,500   1,606 Gas - 0.06%          
6.25%, 01/15/2036   9,000   10,190 NiSource Inc          
8.50%, 07/15/2019   4,000   4,329 3.85%, 02/15/2023     2,000   2,057
Jefferies Group LLC / Jefferies Group Capital                    
Finance Inc         Healthcare - Services - 2.46%        
4.15%, 01/23/2030   6,000   5,852 Encompass Health Corp          
4.85%, 01/15/2027   1,750   1,838 5.75%, 11/01/2024     7,000   7,140
    $   34,304 5.75%, 09/15/2025     1,000   1,034
Electric - 6.45%         HCA Inc          
Black Hills Corp         5.88%, 05/01/2023     4,500   4,826
3.15%, 01/15/2027   7,500   7,167 7.50%, 02/15/2022     3,000   3,368
Entergy Louisiana LLC         7.50%, 11/06/2033     1,700   1,891
3.25%, 04/01/2028   8,000   7,854 Roche Holdings Inc          
Entergy Texas Inc         2.03%, 09/30/2019(e)     31,000   31,122
2.55%, 06/01/2021   14,500   14,261 3 Month LIBOR + 0.34%        
GenOn Americas Generation LLC         Surgery Center Holdings Inc          
0.00%, 10/01/2021(c)   12,500   11,969 6.75%, 07/01/2025(e)     3,000   2,891
GenOn Energy Inc         8.88%, 04/15/2021(e)     27,000   28,181
0.00%, 10/15/2020(c)   8,550   6,840            
                $   80,453
LG&E & KU Energy LLC         Housewares - 0.33%          
3.75%, 11/15/2020   5,000   5,122 Newell Brands Inc          
4.38%, 10/01/2021   5,000   5,229 3.85%, 04/01/2023     6,000   6,114
Louisville Gas & Electric Co         4.20%, 04/01/2026     4,500   4,587
3.30%, 10/01/2025   3,000   3,008            
Metropolitan Edison Co               $   10,701
3.50%, 03/15/2023(e)   9,000   9,085 Insurance - 1.89%          
Monongahela Power Co         Berkshire Hathaway Inc          
3.55%, 05/15/2027(e)   5,000   5,018 3.00%, 02/11/2023     5,000   5,035
Oncor Electric Delivery Co LLC         3.75%, 08/15/2021     5,000   5,196
2.95%, 04/01/2025   4,000   3,919 Fidelity National Financial Inc        
7.00%, 09/01/2022   17,000   19,828 5.50%, 09/01/2022     5,000   5,445
PacifiCorp         First American Financial Corp        
5.25%, 06/15/2035   5,000   5,955 4.30%, 02/01/2023     20,000   20,301
6.25%, 10/15/2037   2,000   2,663 4.60%, 11/15/2024     5,000   5,088
Solar Star Funding LLC         Prudential Financial Inc          
3.95%, 06/30/2035(e)   6,581   6,338 4.50%, 11/16/2021     2,000   2,117
5.38%, 06/30/2035(e)   14,753   15,889 5.38%, 06/21/2020     2,000   2,126
        7.38%, 06/15/2019     4,000   4,264
 Southwestern Electric Power Co         8.88%, 06/15/2068(f)     12,000   12,255
2.75%, 10/01/2026   10,000   9,442  3 Month LIBOR + 5.00%          
3.55%, 02/15/2022   12,000   12,204        
3.85%, 02/01/2048   7,000   6,932       $   61,827
Talen Energy Supply LLC         Internet - 0.44%          
4.60%, 12/15/2021   11,000   10,401 Amazon.com Inc          
          4.05%, 08/22/2047(e)     14,000   14,526
TransAlta Corp                    
4.50%, 11/15/2022   18,000   18,252            
6.90%, 05/15/2018   4,000   4,047 Iron & Steel - 1.02%          
Tucson Electric Power Co         Allegheny Technologies Inc          
3.05%, 03/15/2025   2,000   1,929 5.95%, 01/15/2021     17,000   17,553
3.85%, 03/15/2023   14,000   14,099 7.88%, 08/15/2023     14,250   15,667
                $   33,220

 

See accompanying notes.

100

 

     Schedule of Investments Income Fund January 31, 2018 (unaudited)

    Principal         Principal    
BONDS (continued)   Amount (000's)      Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Leisure Products & Services - 0.15%         Oil & Gas Services (continued)        
Royal Caribbean Cruises Ltd         Weatherford International Ltd        
7.25%, 03/15/2018 $ 5,000 $ 5,023 4.50%, 04/15/2022 $ 16,500 $ 15,592
          5.13%, 09/15/2020   14,000   14,350
Lodging - 0.13%             $   70,753
Boyd Gaming Corp         Other Asset Backed Securities - 2.16%        
6.88%, 05/15/2023   4,000   4,230 Drug Royalty II LP 2        
          3.48%, 07/15/2023(e)   5,919   5,891
Media - 2.21%         Drug Royalty III LP 1        
21st Century Fox America Inc         3.60%, 04/15/2027(e)   3,590   3,547
4.50%, 02/15/2021   5,000   5,277 3.86%, 04/15/2027(e)   3,191   3,191
6.40%, 12/15/2035   8,000   10,512 3 Month LIBOR + 2.50%        
Comcast Corp         3.98%, 04/15/2027(e)   4,162   4,143
2.85%, 01/15/2023   10,000   9,965 PFS Financing Corp        
3.13%, 07/15/2022   2,000   2,023 2.14%, 03/15/2021(e)   16,000   16,037
3.30%, 02/01/2027   10,000   9,863 1 Month LIBOR + 0.58%        
5.15%, 03/01/2020   2,000   2,111 2.18%, 04/15/2020(e)   9,000   9,008
NBCUniversal Enterprise Inc         1 Month LIBOR + 0.62%        
2.41%, 04/15/2018(e)   3,000   3,004 Trafigura Securitisation Finance PLC 2017-1        
3 Month LIBOR + 0.69%         2.41%, 12/15/2020(e)   16,000   16,116
Time Warner Cable LLC         1 Month LIBOR + 0.85%        
4.00%, 09/01/2021   2,000   2,039 Verizon Owner Trust 2017-3        
4.13%, 02/15/2021   2,000   2,045 1.83%, 04/20/2022(e)   12,500   12,520
5.00%, 02/01/2020   2,000   2,077 1 Month LIBOR + 0.27%        
6.55%, 05/01/2037   6,000   7,074     $   70,453
6.75%, 06/15/2039   5,500   6,533 Packaging & Containers - 0.28%        
7.30%, 07/01/2038   7,750   9,686 Sealed Air Corp        
    $   72,209 5.50%, 09/15/2025(e)   2,000   2,155
Miscellaneous Manufacturers - 0.42%         6.88%, 07/15/2033(e)   6,000   6,915
General Electric Co             $   9,070
2.59%, 03/15/2023   13,000   13,065 Pharmaceuticals - 0.42%        
3 Month LIBOR + 1.00%         AbbVie Inc        
5.30%, 02/11/2021   573   610 2.90%, 11/06/2022   13,750   13,628
    $   13,675          
Oil & Gas - 4.68%         Pipelines - 3.16%        
Andeavor         Buckeye Partners LP        
5.38%, 10/01/2022   8,750   9,017 3.95%, 12/01/2026   10,000   9,659
BG Energy Capital PLC         4.15%, 07/01/2023   10,000   10,134
4.00%, 10/15/2021(e)   11,500   11,965 4.35%, 10/15/2024   7,500   7,615
BP Capital Markets PLC         Columbia Pipeline Group Inc        
2.50%, 11/06/2022   3,000   2,953 4.50%, 06/01/2025   11,000   11,606
3.12%, 05/04/2026   7,000   6,914 El Paso Natural Gas Co LLC        
3.25%, 05/06/2022   4,000   4,071 7.50%, 11/15/2026   9,500   11,640
4.75%, 03/10/2019   14,000   14,378 NGPL PipeCo LLC        
Canadian Natural Resources Ltd         4.88%, 08/15/2027(e)   500   514
3.80%, 04/15/2024   7,000   7,109 Plains All American Pipeline LP / PAA        
Helmerich & Payne International Drilling Co         Finance Corp        
4.65%, 03/15/2025   7,000   7,352 4.50%, 12/15/2026   13,000   13,326
Nabors Industries Inc         Southeast Supply Header LLC        
5.00%, 09/15/2020   14,000   14,140 4.25%, 06/15/2024(e)   14,000   14,333
5.10%, 09/15/2023   5,000   4,862 Southern Natural Gas Co LLC        
5.50%, 01/15/2023   9,000   9,000 8.00%, 03/01/2032   4,000   5,408
Petro-Canada         Tennessee Gas Pipeline Co LLC        
9.25%, 10/15/2021   8,500   10,294 8.38%, 06/15/2032   2,000   2,596
Phillips 66         TransCanada PipeLines Ltd        
4.30%, 04/01/2022   9,000   9,456 6.10%, 06/01/2040   5,000   6,471
Rowan Cos Inc         7.25%, 08/15/2038   7,000   10,009
4.88%, 06/01/2022   8,000   7,760     $   103,311
Suncor Energy Inc         REITs - 7.33%        
4.00%, 11/15/2047   4,500   4,533 Alexandria Real Estate Equities Inc        
W&T Offshore Inc         3.90%, 06/15/2023   4,000   4,090
8.50%, PIK 10.00%, 06/15/2021(e),(h),(i)   5,447   4,494          
9.00%, PIK 10.75%, 05/15/2020(e),(h),(i)   6,108   5,986 4.30%, 01/15/2026   9,000   9,277
          4.60%, 04/01/2022   20,500   21,529
Whiting Petroleum Corp         CubeSmart LP        
5.75%, 03/15/2021   18,000   18,630 4.00%, 11/15/2025   5,000   5,058
    $   152,914 4.38%, 12/15/2023   8,000   8,366
Oil & Gas Services - 2.16%         4.80%, 07/15/2022   15,000   15,856
Archrock Partners LP / Archrock Partners         Duke Realty LP        
Finance Corp         3.25%, 06/30/2026   5,000   4,877
6.00%, 04/01/2021   24,000   24,300 3.88%, 10/15/2022   3,000   3,092
Schlumberger Holdings Corp         4.38%, 06/15/2022   4,000   4,199
3.63%, 12/21/2022(e)   6,500   6,648 HCP Inc        
4.00%, 12/21/2025(e)   9,500   9,863 2.63%, 02/01/2020   5,000   5,005

 

See accompanying notes.

101

 

Schedule of Investments
Income Fund
January 31, 2018 (unaudited)
 
 
    Principal     SENIOR FLOATING RATE INTERESTS -     Principal      
BONDS (continued)   Amount (000's)       Value (000's) 0.62 % Amount (000's) Value(000 's)
REITs (continued)         Pipelines - 0.28%            
HCP Inc (continued)         BCP Renaissance Parent LLC            
3.75%, 02/01/2019 $ 5,000 $ 5,051 5.77%, 09/19/2024(j)   $ 9,250 $ 9,360  
5.38%, 02/01/2021   468   499 US LIBOR + 4.00%            
Healthcare Realty Trust Inc                      
3.88%, 05/01/2025   5,000   5,004 Software - 0.34%            
 Hospitality Properties Trust          Ivanti Software Inc            
4.50%, 06/15/2023   5,000   5,166 10.58%, 01/20/2025 (j)     11,500   11,083  
4.65%, 03/15/2024   5,000   5,179 US LIBOR + 9.00%            
4.95%, 02/15/2027   5,000   5,177              
5.00%, 08/15/2022   14,000   14,785 TOTAL SENIOR FLOATING RATE INTERESTS $ 20,443  
Kimco Realty Corp         U.S. GOVERNMENT & GOVERNMENT     Principal      
6.88%, 10/01/2019   12,000   12,805 AGENCY OBLIGATIONS - 32.24%   Amount (000's) Value(000 's)
Omega Healthcare Investors Inc         Federal Home Loan Mortgage Corporation (FHLMC) - 4.88%  
4.75%, 01/15/2028   7,000   6,817 3.00%, 10/01/2042   $ 10,761 $ 10,605  
5.25%, 01/15/2026   7,500   7,637 3.00%, 10/01/2042     10,538   10,387  
Physicians Realty LP         3.00%, 11/01/2042     10,606   10,455  
4.30%, 03/15/2027   17,000   16,972 3.00%, 06/01/2043     13,086   12,898  
Simon Property Group LP         3.00%, 12/01/2046     19,757   19,393  
2.75%, 02/01/2023   7,000   6,909 3.50%, 10/01/2041     5,024   5,098  
4.38%, 03/01/2021   3,000   3,145 3.50%, 04/01/2042     7,678   7,792  
Ventas Realty LP         3.50%, 04/01/2042     5,832   5,919  
3.85%, 04/01/2027   21,000   20,933 3.50%, 04/01/2045     11,725   11,878  
Ventas Realty LP / Ventas Capital Corp         4.00%, 04/01/2039     4,341   4,534  
3.25%, 08/15/2022   8,000   8,000 4.00%, 02/01/2045     7,356   7,605  
4.00%, 04/30/2019   3,000   3,045 4.00%, 02/01/2046     13,080   13,523  
Welltower Inc         4.00%, 06/01/2046     12,928   13,393  
3.75%, 03/15/2023   3,000   3,064 4.50%, 06/01/2039     1,920   2,045  
4.50%, 01/15/2024   5,000   5,271 4.50%, 07/01/2039     5,673   6,046  
4.95%, 01/15/2021   3,000   3,166 4.50%, 12/01/2040     5,554   5,872  
6.13%, 04/15/2020   2,000   2,144 4.50%, 10/01/2041     7,104   7,513  
Weyerhaeuser Co         5.00%, 10/01/2038     871   906  
3.25%, 03/15/2023   5,000   5,016 5.00%, 08/01/2039     3,375   3,662  
4.70%, 03/15/2021   12,000   12,578 6.00%, 03/01/2031     24   27  
    $   239,712 6.00%, 05/01/2032     128   142  
Savings & Loans - 0.21%                 $ 159,693  
First Niagara Financial Group Inc         Federal National Mortgage Association (FNMA) - 14.32%      
7.25%, 12/15/2021   6,000   6,841 3.00%, 03/01/2042     8,496   8,374  
          3.00%, 03/01/2042     7,685   7,575  
Software - 1.30%         3.00%, 05/01/2042     9,254   9,122  
Oracle Corp         3.00%, 06/01/2042     8,460   8,339  
2.50%, 05/15/2022   24,000   23,740 3.00%, 06/01/2042     8,362   8,242  
2.95%, 05/15/2025   19,000   18,706 3.50%, 12/01/2040     5,831   5,921  
    $   42,446 3.50%, 01/01/2041     4,461   4,530  
Telecommunications - 1.51%         3.50%, 01/01/2041     4,686   4,758  
Qwest Corp         3.50%, 12/01/2041     3,993   4,055  
6.75%, 12/01/2021   19,000   20,330 3.50%, 01/01/2042     6,381   6,479  
Sprint Corp         3.50%, 03/01/2042     6,479   6,578  
7.88%, 09/15/2023   7,500   7,944 3.50%, 04/01/2042     8,967   9,106  
Sprint Spectrum Co LLC / Sprint Spectrum Co         3.50%, 02/01/2043     10,950   11,113  
II LLC / Sprint Spectrum Co III LLC         3.50%, 06/01/2043     10,977   11,135  
3.36%, 03/20/2023(e)   6,797   6,822 3.50%, 03/01/2045     11,851   12,020  
T-Mobile USA Inc         3.50%, 06/01/2045     16,638   16,856  
6.38%, 03/01/2025   13,500   14,361 3.50%, 07/01/2045     13,758   13,938  
    $   49,457 3.50%, 11/01/2045     16,274   16,476  
Transportation - 0.00%         3.50%, 05/01/2046     14,385   14,553  
Trailer Bridge Inc         3.50%, 06/01/2046     13,156   13,310  
0.00%, 11/15/2018(a),(b),(c)   12,000   — 4.00%, 03/01/2039     2,988   3,103  
          4.00%, 08/01/2040     2,767   2,873  
TOTAL BONDS   $   2,036,081 4.00%, 09/01/2040     5,763   6,013  
    Principal     4.00%, 11/01/2040     3,600   3,749  
CONVERTIBLE BONDS - 0.31%   Amount (000's)         Value (000's) 4.00%, 10/01/2041     4,597   4,769  
Insurance - 0.31%         4.00%, 10/01/2041     3,201   3,321  
AmTrust Financial Services Inc         4.00%, 11/01/2041     9,999   10,375  
2.75%, 12/15/2044   11,500   10,067 4.00%, 04/01/2042     6,170   6,401  
          4.00%, 08/01/2043     11,452   11,931  
          4.00%, 08/01/2043     9,425   9,816  
TOTAL CONVERTIBLE BONDS   $   10,067 4.00%, 11/01/2043     11,470   11,963  
          4.00%, 11/01/2043     9,240   9,616  
          4.00%, 01/01/2044     9,655   10,047  
          4.00%, 02/01/2044     10,944   11,403  
          4.00%, 07/01/2044     8,620   8,915  
          4.00%, 09/01/2044     8,461   8,750  
          4.00%, 11/01/2044     10,795   11,228  

 

See accompanying notes.

102

 

Schedule of Investments
Income Fund
January 31, 2018 (unaudited)
 
 
U.S. GOVERNMENT & GOVERNMENT   Principal     (e) Security exempt from registration under Rule 144A of the Securities Act of  
AGENCY OBLIGATIONS (continued) Amount (000's)   Value (000's)   1933. These securities may be resold in transactions exempt from    
Federal National Mortgage Association (FNMA) (continued)       registration, normally to qualified institutional buyers. At the end of the  
4.00%, 08/01/2046 $ 15,429 $ 16,051   period, the value of these securities totaled $338,296 or 10.35% of net  
4.00%, 01/01/2047   15,004   15,575   assets.    
4.50%, 08/01/2039   2,020   2,161 (f) Rate shown is the rate in effect as of period end. The rate may be based on  
4.50%, 05/01/2040   2,701   2,877   a fixed rate and may convert to a variable rate or floating rate in the  
4.50%, 08/01/2040   8,550   9,083   future.    
4.50%, 10/01/2040   5,653   6,004 (g) Perpetual security. Perpetual securities pay an indefinite stream of  
4.50%, 12/01/2040   6,762   7,203   interest, but they may be called by the issuer at an earlier date.    
4.50%, 08/01/2041   7,866   8,358 (h) Certain variable rate securities are not based on a published reference  
4.50%, 10/01/2043   5,549   5,900   rate and spread but are determined by the issuer or agent and are based  
4.50%, 05/01/2044   10,443   11,040   on current market conditions. These securities do not indicate a reference  
4.50%, 06/01/2046   11,385   12,007   rate and spread in their description.    
4.50%, 05/01/2047   15,804   16,677 (i) Payment in kind; the issuer has the option of paying additional securities  
4.50%, 05/01/2047   17,909   18,892   in lieu of cash.    
5.00%, 08/01/2035   1,568   1,692 (j) Rate information disclosed is based on an average weighted rate as of  
5.00%, 04/01/2040   2,709   2,939   January 31, 2018.    
5.00%, 06/01/2040   2,511   2,724        
5.50%, 02/01/2035   1,815   1,997        
6.00%, 04/01/2032   48   54   Portfolio Summary (unaudited)    
      $ 467,987 Sector   Percent  
U.S. Treasury - 13.04%         Financial 20.61 %
1.25%, 10/31/2019   15,000   14,783 Mortgage Securities 19.20 %
1.38%, 11/30/2018   15,000   14,936 Government 13.04 %
1.50%, 08/15/2026   15,000   13,610 Energy 10.91 %
1.63%, 04/30/2019   15,000   14,927 Consumer, Non-cyclical 6.93 %
1.63%, 07/31/2019   15,000   14,902 Utilities 6.51 %
1.63%, 06/30/2020   15,000   14,789 Asset Backed Securities 4.21 %
1.63%, 11/15/2022   15,000   14,402 Communications 4.16 %
1.75%, 05/15/2022   15,000   14,565 Industrial 3.32 %
1.75%, 05/15/2023   15,000   14,403 Consumer, Cyclical 3.02 %
2.00%, 11/15/2021   15,000   14,778 Investment Companies 2.99 %
2.25%, 11/15/2024   5,000   4,872 Basic Materials 2.58 %
2.25%, 08/15/2027   15,000   14,405 Technology 2.33 %
2.38%, 05/31/2018   15,000   15,042 Other Assets and Liabilities 0.19 %
2.50%, 05/15/2024   15,000   14,886 TOTAL NET ASSETS 100.00 %
2.63%, 11/15/2020   15,000   15,135        
2.75%, 11/15/2023   15,000   15,128        
2.75%, 11/15/2047   15,000   14,429        
2.88%, 05/15/2043   15,000   14,882        
2.88%, 08/15/2045   15,000   14,825        
3.00%, 11/15/2044   15,000   15,193        
3.00%, 11/15/2045   15,000   15,186        
3.13%, 05/15/2021   15,000   15,363        
3.13%, 08/15/2044   15,000   15,543        
3.38%, 05/15/2044   15,000   16,230        
3.50%, 02/15/2039   15,000   16,509        
3.63%, 02/15/2020   15,000   15,434        
3.63%, 02/15/2044   15,000   16,909        
3.75%, 11/15/2043   10,000   11,494        
4.38%, 02/15/2038   15,000   18,505        
      $ 426,065        
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY            
OBLIGATIONS     $ 1,053,745        
Total Investments     $ 3,262,029        
Other Assets and Liabilities - 0.19%     $ 6,088        
TOTAL NET ASSETS - 100.00%     $ 3,268,117        

 

(a)      The value of these investments was determined using significant unobservable inputs.
(b)      Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Certain inputs used in the valuation may be unobservable; however, each security is evaluated individually for purposes of ASC 820 which results in not all securities being identified as Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $23,526 or 0.72% of net assets.
(c)      Non-income producing security
(d)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.

See accompanying notes.

103

 

Schedule of Investments
Income Fund
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales     January 31, 2018
     Value     Cost   Proceeds     Value
Principal Government Money Market Fund   $ — $   200,482 $ 102,925 $   97,557
    $ — $   200,482 $ 102,925 $   97,557
 
 
      Realized Gain/Loss     Realized Gain from     Change in Unrealized
    Income on Investments     Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 114 $   — $     — $ —
  $ 114 $   — $     — $ —
Amounts in thousands                      

 

See accompanying notes.

104

 

     Schedule of Investments Inflation Protection Fund January 31, 2018 (unaudited)

INVESTMENT COMPANIES - 2.51% Shares Held Value (000's)     Principal      
Money Market Funds - 2.51%           BONDS (continued)   Amount (000's) Value (000's)
Principal Government Money Market Fund (a) 39,584,517 $   39,585 Other Asset Backed Securities (continued)            
            Long Beach Mortgage Loan Trust 2004-2            
TOTAL INVESTMENT COMPANIES     $   39,585 2.36%, 06/25/2034   $ 56   $ 55
  Principal       1 Month LIBOR + 0.80%            
BONDS - 5.28% Amount (000's) Value (000's)         $   97
Commercial Mortgage Backed Securities - 0.00%         Sovereign - 5.16%            
CD 2007-CD4 Commercial Mortgage Trust           Canadian Government Real Return Bond            
0.63%, 12/11/2049(b),(c),(d) $ 134   $ 1 4.25%, 12/01/2026   CAD 4,383     4,699
Commercial Mortgage Trust 2007-GG9           Italy Buoni Poliennali Del Tesoro            
0.22%, 03/10/2039(b),(c),(d)   2,668     — 1.25%, 10/27/2020   EUR 3,156     4,158
Ginnie Mae           1.65%, 04/23/2020     5,894     7,755
1.17%, 03/16/2047(b),(c)   311     9 Japanese Government CPI Linked Bond            
ML-CFC Commercial Mortgage Trust 2006-           0.10%, 09/10/2024   JPY 3,893,571     37,423
3           New Zealand Government Bond            
0.68%, 07/12/2046(b),(c),(d)   313     — 2.50%, 09/20/2040   NZD 3,392     2,754
      $   10 2.58%, 09/20/2035     7,175     6,007
Home Equity Asset Backed Securities - 0.00%         3.15%, 09/20/2030     20,758     18,527
Option One Mortgage Loan Trust 2005-1                   $   81,323
3.06%, 02/25/2035   23     9 TOTAL BONDS       $   83,134
1 Month LIBOR + 1.50%           U.S. GOVERNMENT & GOVERNMENT   Principal      
            AGENCY OBLIGATIONS - 90.97%   Amount (000's) Value (000's)
Mortgage Backed Securities - 0.11%           U.S. Treasury Inflation-Indexed Obligations - 90.97%      
Alternative Loan Trust 2006-OA6           0.13%, 04/15/2020(e)   $ 37,244 $   37,080
1.82%, 07/25/2046   39     28 0.13%, 04/15/2021     40,393     40,021
1 Month LIBOR + 0.26%           0.13%, 01/15/2022     97,919     96,889
Chase Mortgage Finance Trust Series 2007-           0.13%, 04/15/2022     94,059     92,689
A2           0.13%, 07/15/2022     108     107
3.67%, 07/25/2037(c)   59     58 0.13%, 01/15/2023     67,074     65,999
Fannie Mae REMIC Trust 2004-W5           0.13%, 07/15/2024     112,123     109,694
2.01%, 02/25/2047   26     26 0.13%, 07/15/2026     51,770     49,921
1 Month LIBOR + 0.45%           0.25%, 01/15/2025     100,948     98,908
Fannie Mae REMIC Trust 2005-W2           0.38%, 07/15/2023     19,486     19,447
1.76%, 05/25/2035   12     12 0.38%, 07/15/2025     36,886     36,502
1 Month LIBOR + 0.20%           0.38%, 01/15/2027     30,614     29,995
Freddie Mac REMICS           0.38%, 07/15/2027     6,444     6,324
1.96%, 09/15/2033   3     3 0.50%, 01/15/2028     24,040     23,778
1 Month LIBOR + 0.40%           0.63%, 07/15/2021     61,985     62,789
Impac CMB Trust Series 2004-5           0.63%, 01/15/2024     83,771     84,399
3.89%, 10/25/2034   17     17 0.63%, 01/15/2026     53,025     53,180
1 Month LIBOR + 2.33%           0.63%, 02/15/2043     14,106     13,604
Impac CMB Trust Series 2004-6           0.75%, 02/15/2042     52,854     52,600
2.54%, 10/25/2034   12     11 0.75%, 02/15/2045     43,010     42,577
1 Month LIBOR + 0.98%           0.88%, 02/15/2047     11,018     11,260
Impac CMB Trust Series 2005-1           1.00%, 02/15/2046     25,199     26,527
2.18%, 04/25/2035   97     90 1.13%, 01/15/2021     63,701     65,228
1 Month LIBOR + 0.62%           1.25%, 07/15/2020     14,195     14,600
Impac CMB Trust Series 2005-5           1.38%, 02/15/2044(e)     46,212     52,618
2.33%, 08/25/2035   20     12 1.75%, 01/15/2028     28,170     31,213
1 Month LIBOR + 0.77%           2.00%, 01/15/2026     10,048     11,155
Merrill Lynch Alternative Note Asset Trust           2.13%, 02/15/2040     17,776     22,833
Series 2007-A3           2.13%, 02/15/2041     13,820     17,876
1.77%, 04/25/2037   2,215     1,383 2.38%, 01/15/2025     16,438     18,501
1 Month LIBOR + 0.21%           2.38%, 01/15/2027     32,066     37,016
WaMu Mortgage Pass-Through Certificates           2.50%, 01/15/2029     29,454     35,206
Series 2005-AR2 Trust           3.38%, 04/15/2032     835     1,136
1.93%, 01/25/2045   55     54 3.63%, 04/15/2028     23,235     30,061
1 Month LIBOR + 0.37%           3.88%, 04/15/2029(e)     30,614     41,148
WaMu Mortgage Pass-Through Certificates                   $   1,432,881
Series 2006-AR9 Trust           TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY      
1.78%, 08/25/2046   11     1 OBLIGATIONS       $   1,432,881
1 Month LIBOR + 0.22%           TOTAL PURCHASED OPTIONS - 0.01%       $   126
      $   1,695 TOTAL PURCHASED INTEREST RATE SWAPTIONS -      
Other Asset Backed Securities - 0.01%           0.26 %     $   4,168
Argent Securities Trust 2006-W3           Total Investments       $   1,559,894
1.68%, 04/25/2036   29     13 Other Assets and Liabilities - 0.97%       $   15,204
1 Month LIBOR + 0.12%           TOTAL NET ASSETS - 100.00%       $   1,575,098
Countrywide Asset-Backed Certificates                        
2.69%, 12/25/2032   29     28              
1 Month LIBOR + 1.13%           (a) Affiliated Security. Security is either an affiliate (and registered under the
Fannie Mae REMIC Trust 2003-W16           Investment Company Act of 1940) or an affiliate as defined by the
1.71%, 11/25/2033   1     1 Investment Company Act of 1940 (the Fund controls 5.0% or more of the
1 Month LIBOR + 0.15%           outstanding voting shares of the security). Please see affiliated sub-
            schedule for transactional information.

 

See accompanying notes.

105

 

Schedule of Investments
Inflation Protection Fund
January 31, 2018 (unaudited)

(b)      Security is an Interest Only Strip.
(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.
(d)      Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $1 or 0.00% of net assets.
(e)      Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $1,283 or 0.08% of net assets.
  Portfolio Summary (unaudited)                                
Sector           Percent                            
Government           96.13 %                          
Investment Companies           2.51 %                          
Purchased Interest Rate Swaptions         0.26 %                          
Mortgage Securities           0.11 %                          
Purchased Options           0.01 %                          
Asset Backed Securities         0.01 %                          
Other Assets and Liabilities         0.97 %                          
TOTAL NET ASSETS         100.00 %                          
 
Affiliated Securities     October 31, 2017     Purchases   Sales         January 31, 2018  
         Value       Cost   Proceeds           Value  
Principal Government Money Market Fund $     —   $     76,579 $ 36,994     $     39,585  
    $     —   $     76,579 $ 36,994     $     39,585  
 
 
            Realized Gain/Loss     Realized Gain from     Change in Unrealized  
      Income   on Investments   Capital Gain Distributions     Gain/Loss  
Principal Government Money Market Fund $   50 $       —   $         —   $ —  
    $   50 $       —   $         —   $ —  
Amounts in thousands                                        
 
 
Options
Purchased Options     Contracts/ Notional         Expiration   Upfront           Unrealized  
Outstanding Counterparty   Shares Amount Exercise Price   Date Payments/(Receipts)       Fair Value       Appreciation/(Depreciation)   
Call - EUR versus USD     Deutsche Bank AG 1 EUR 6,350 EUR   1.24 02/02/2018 $ 44 $   16   $ (28 )
Put - EUR versus USD     Deutsche Bank AG 1 EUR 6,350 EUR   1.24 02/02/2018   47     15     (32 )
Put - GBP versus USD     Barclays Bank PLC 1 GBP 11,240 GBP   1.35 07/24/2018   108     94     (14 )
Total                       $ 199 $   125   $ (74 )
 
Written Options     Contracts/ Notional         Expiration   Upfront           Unrealized  
Outstanding Counterparty   Shares Amount Exercise Price   Date   Payments/(Receipts)      Fair Value       Appreciation/(Depreciation)   
Call - GBP versus USD  Barclays Bank PLC   1 GBP 11,240 GBP   1.47 07/24/2018 $ (120 ) $   (182 ) $ (62 )
Total                       $ (120 ) $   (182 ) $ (62 )
 
Amounts in thousands except contracts/shares.                                    
 
 
Interest Rate Swaptions
        Pay/                              
        Receive                              
Purchased Swaptions   Floating Rate   Floating    Notional Exercise Expiration    Upfront     Fair     Unrealized  
Outstanding Counterparty   Index Rate Amount     Rate Date Payments/(Receipts)     Value       Appreciation/(Depreciation)   
Put - 10 Year Barclays Bank PLC   6 Month Receive JPY  4,715,800     1.10%    06/30/2022   $642   $ 450   $ (192 )
Interest Rate Swap     LIBOR                                  
Put - 10 Year Deutsche Bank AG   3 Month Receive $ 52,470 2.95%    08/23/2022   2,397     2,499     102  
Interest Rate Swap     LIBOR                                  
Put - 30 Year Deutsche Bank AG   3 Month Receive 10,225 3.04%    06/18/2019   426     478     52  
Interest Rate Swap     LIBOR                                  
Put - 30 Year Deutsche Bank AG   3 Month Receive 10,165 3.54%    06/18/2019   194     189     (5 )
Interest Rate Swap     LIBOR                                  
Put - 30 Year Deutsche Bank AG   3 Month Receive 5,150 2.68%    01/13/2021   689     552     (137 )
Interest Rate Swap     LIBOR                                  
Total                       $ 4,348   $ 4,168   $ (180 )

 

See accompanying notes.

106

 

Schedule of Investments
Inflation Protection Fund
January 31, 2018 (unaudited)
 
 
Interest Rate Swaptions (continued)
      Pay/                                  
      Receive                                
Written Swaptions   Floating Rate Floating    Notional Exercise     Expiration    Upfront       Fair     Unrealized  
Outstanding Counterparty Index Rate   Amount Rate   Date    Payments/(Receipts)        Value       Appreciation/(Depreciation)  
Put - 10 Year Deutsche Bank AG 3 Month Pay $ 73,630 2.65%    08/23/2018    $(938 )   $ (1,851 ) $   (913 )
Interest Rate Swap   LIBOR                                    
Total               $   (938 )   $ (1,851 ) $   (913 )
 
Amounts in thousands.                                        
 
Futures Contracts
Description and Expiration Date   Type   Contracts Notional Amount   Value and Unrealized Appreciation/(Depreciation)  
90 Day Eurodollar; December 2018   Long   646 $   157,648   $             (482 )    
90 Day Eurodollar; December 2019   Short   646     157,148                 702      
90 Day Short Sterling; December 2019   Short   893     156,478                 78      
Canada 10 Year Bond; March 2018   Short   41     4,408                 148      
Euro Bund 10 Year Bund; March 2018   Short   45     8,873                 89      
Euro-Bobl 5 Year; March 2018   Long   210     34,012                 (228 )    
Euro-BTP; March 2018   Long   61     10,298                 34      
Japan 10 Year Bond TSE; March 2018   Short   26     35,800                 143      
Short Term Euro-BTP; March 2018   Short   70     9,842                 9      
US 10 Year Note; March 2018   Long   291     35,379                 (327 )    
US 10 Year Ultra Note; March 2018   Long   32     4,167                 (89 )    
US 2 Year Note; March 2018   Long   193     41,154                 (55 )    
US 5 Year Note; March 2018   Long   461     52,882                 (395 )    
US Ultra Bond; March 2018   Short   398     64,451                 1,457      
Total                   $             1,084      
 
Amounts in thousands except contracts.                                      
 
Foreign Currency Contracts
                        Unrealized Appreciation/(Depreciation)  
Counterparty   Settlement Date   Contracts to Accept     In Exchange For   Fair Value       Asset     Liability  
Barclays Bank PLC   02/14/2018 MXN   144,263,921 $ 7,419 $ 7,738   $   319     $   —  
Deutsche Bank AG   02/14/2018 EUR   16,202,500   19,767   20,130       379         (16 )
Goldman Sachs & Co   04/04/2018 MXN   157,637,803   7,969   8,388       419         —  
Morgan Stanley & Co   02/14/2018 EUR   6,617,500   7,974   8,221       247         —  
Morgan Stanley & Co   02/14/2018 SEK   130,891,076   15,699   16,626       927         —  
Royal Bank of Scotland PLC 04/04/2018 CAD   9,955,000   7,946   8,101       155         —  
Total                       $   2,446     $   (16 )
                        Unrealized Appreciation/(Depreciation)  
Counterparty   Settlement Date   Contracts to Deliver     In Exchange For   Fair Value       Asset     Liability  
Australia and New Zealand Banking 02/05/2018 NZD   2,924,717 $ 2,150 $ 2,155   $   —     $   (5 )
Group                                        
Australia and New Zealand Banking 03/05/2018 NZD   37,058,000   27,450   27,290       160         —  
Group                                        
Bank of America NA   02/05/2018 CAD   1,478,487   1,200   1,202       —         (2 )
Bank of America NA   02/05/2018 JPY   151,645,248   1,392   1,389       3         —  
Bank of America NA   02/14/2018 EUR   3,195,000   3,966   3,969       —         (3 )
Bank of America NA   03/05/2018 JPY   2,080,125,500   19,164   19,088       76         —  
Barclays Bank PLC   02/05/2018 EUR   1,704,143   2,126   2,116       10         —  
Barclays Bank PLC   03/05/2018 GBP   280,000   397   398       —         (1 )
Barclays Bank PLC   03/05/2018 JPY   2,080,125,500   19,067   19,088       —         (21 )
BNP Paribas   03/05/2018 CAD   5,823,000   4,741   4,736       5         —  
Citigroup Inc   02/05/2018 CAD   4,393,000   3,506   3,572       —         (66 )
Deutsche Bank AG   02/05/2018 JPY   4,023,503,000   36,101   36,862       —         (761 )
Deutsche Bank AG   02/14/2018 EUR   13,085,000   15,989   16,257       47         (315 )
Deutsche Bank AG   02/14/2018 MXN   139,188,070   7,420   7,465       —         (45 )
Deutsche Bank AG   02/14/2018 SEK   65,618,137   7,862   8,335       —         (473 )
Goldman Sachs & Co   02/05/2018 JPY   2,366,000   21   22       —         (1 )
Goldman Sachs & Co   04/04/2018 CAD   9,955,000   7,969   8,101       —         (132 )
HSBC Securities Inc   02/05/2018 EUR   26,124,000   31,484   32,440       —         (956 )
HSBC Securities Inc   03/05/2018 EUR   9,393,000   11,697   11,682       24         (9 )
Morgan Stanley & Co   02/05/2018 GBP   2,004,611   2,866   2,846       20         —  
Morgan Stanley & Co   02/14/2018 EUR   13,235,000   15,699   16,443       —         (744 )
Morgan Stanley & Co   02/14/2018 SEK   64,938,766   7,975   8,248       —         (273 )
National Australia Bank 02/05/2018 NZD   34,357,880   24,438   25,318       —         (880 )
Royal Bank of Scotland PLC 04/04/2018 MXN   155,907,246   7,945   8,296       —         (351 )
Total                       $   345   $ (5,038 )
 
Amounts in thousands except contracts.                                      

 

See accompanying notes.

107

 

Schedule of Investments
Inflation Protection Fund
January 31, 2018 (unaudited)
 
 
 
Interest Rate Swaps
    (Pay)/                                  
    Receive                                  
    Floating Fixed     Payment    Notional   Unrealized     Upfront     Fair Value  
Counterparty Floating Rate Index Rate Rate    Frequency  Maturity Date Amount    Appreciation/(Depreciation)      Payments/(Receipts)      Asset    Liability  
Barclays Bank US CPI Urban Receive 1.59 % Annual 09/13/2018 $ 34,806 $ 1,102   $ —   $ 1,102 $ —  
PLC Consumers                                    
  NAS(CPURNSA)                                    
Barclays Bank US CPI Urban Receive 2.07 % Annual 03/10/2018   20,405   1,133     —     1,133   —  
PLC Consumers                                    
  NAS(CPURNSA)                                    
Deutsche Bank Eurostat Eurozone Pay 1.97 % Annual 03/15/2047 EUR 3,135   (31 )   —     —   (31 )
AG HICP Ex Tobacco                                    
  Unrevised Series                                    
  NSA                                    
Deutsche Bank Eurostat Eurozone Receive 1.47 % Annual 03/15/2027   3,135   65     —     65   —  
AG HICP Ex Tobacco                                    
  Unrevised Series                                    
  NSA                                    
Total               $   2,269   $ —   $ 2,300 $ (31 )
 
Amounts in thousands.                                    
 
 
Exchange Cleared Interest Rate Swaps
    (Pay)/                                  
    Receive                                  
    Floating Fixed      Payment    Notional   Unrealized     Upfront            
Floating Rate Index Rate Rate     Frequency  Maturity Date Amount    Appreciation/(Depreciation)      Payments/(Receipts)     Fair Value  
3 Month LIBOR   Receive 2.17% Quarterly 08/24/2027 $ 2,800 $ 141   $ —   $     141  
3 Month LIBOR   Receive 2.24% Quarterly 01/19/2020   45,325   73     —         73  
3 Month LIBOR   Pay 1.88% Semiannual 11/15/2019   43,485   (309 )   1         (308 )
3 Month LIBOR   Pay 1.94%   Semiannual 11/24/2019   43,475   (272 )   1         (271 )
3 Month LIBOR   Pay 1.73%   Semiannual 08/31/2046   1,855   (110 )   (316 )       (426 )
6 Month GBP LIBOR Pay 1.54%   Semiannual 02/01/2028 GBP 12,570   (69 )   1         (68 )
6 Month GBP LIBOR Receive 1.57%   Semiannual 01/23/2048   9,365   396     12         408  
6 Month GBP LIBOR Receive 1.45%   Semiannual 01/24/2028   12,655   222     (5 )       217  
6 Month GBP LIBOR Receive 1.67%   Semiannual 02/01/2048   4,665   50     1         51  
Canada Bankers Acceptances 3 Pay 2.12%   Semiannual 01/17/2020 CAD 56,250   (77 )   —         (77 )
Month                                      
Euribor 6 Month   Receive 0.95%   Semiannual 01/15/2028 EUR 7,218   94     1         95  
Euribor 6 Month   Receive 1.52%   Semiannual 01/05/2048   2,745   27     1         28  
Euribor 6 Month   Receive 0.31%   Semiannual 01/08/2023   29,130   272     5         277  
Euribor 6 Month   Receive 1.49%   Semiannual 01/08/2048   2,745   49     3         52  
Euribor 6 Month   Receive 0.95%   Semiannual 01/15/2028   7,218   93     1         94  
Eurostat Eurozone HICP Ex Tobacco Receive 1.30 % Annual 09/29/2022   12,585   78     6         84  
Unrevised Series NSA                                    
Eurostat Eurozone HICP Ex Tobacco Pay 1.83 % Annual 05/15/2047   4,240   (196 )   (10 )       (206 )
Unrevised Series NSA                                    
HICP Ex Food and Energy Pay 2.00 % Annual 02/15/2048   9,045   103     1         104  
HICP Ex Food and Energy Pay 1.99 % Annual 01/15/2048   1,940   13     —         13  
HICP Ex Food and Energy Pay 1.97 % Annual 01/15/2048   1,940   (1 )   —         (1 )
HICP Ex Food and Energy Pay 1.29 % Annual 11/15/2022   25,705   (199 )   (10 )       (209 )
HICP Ex Food and Energy Pay 1.59 % Annual 01/15/2028   6,128   10     —         10  
HICP Ex Food and Energy Pay 1.59 % Annual 01/15/2028   6,128   10     —         10  
HICP Ex Food and Energy Receive 1.26 % Annual 08/15/2022   12,690   104     7         111  
ICE LIBOR GBP 6 Month Receive 1.52%   Semiannual 01/10/2048 GBP 4,775   288     3         291  
ICE LIBOR JPY 6 Month Pay 0.09%   Semiannual 11/08/2022 JPY 1,997,040   (36 )   (1 )       (37 )
ICE LIBOR JPY 6 Month Pay 0.09%   Semiannual 11/08/2022   1,997,040   (36 )   (1 )       (37 )
ICE LIBOR JPY 6 Month Receive 1.01%   Semiannual 01/30/2048   660,920   (40 )   —         (40 )
ICE LIBOR JPY 6 Month Pay 0.15%   Semiannual 01/30/2023   3,822,190   1     1         2  
ICE LIBOR JPY 6 Month Receive 0.27%   Semiannual 11/08/2027   955,100   58     2         60  
ICE LIBOR JPY 6 Month Receive 0.35%   Semiannual 01/11/2028   943,840   1     1         2  
ICE LIBOR USD 3 Month Receive 2.65%  Quarterly 11/15/2043 $ 4,190   181     —         181  
NZFM New Zealand Bank Bill 3 Receive 3.07%  Quarterly 09/08/2027 NZD 6,533   59     —         59  
Month FRA                                      
NZFM New Zealand Bank Bill 3 Receive 3.06%  Quarterly 09/08/2027   13,130   131     (1 )       130  
Month FRA                                      

 

See accompanying notes.

108

 

Schedule of Investments
Inflation Protection Fund
January 31, 2018 (unaudited)
 
 
Exchange Cleared Interest Rate Swaps (continued)
  (Pay)/                            
  Receive                            
  Floating Fixed          Payment     Notional   Unrealized     Upfront      
Floating Rate Index Rate Rate    Frequency  Maturity Date   Amount  Appreciation/(Depreciation)      Payments/(Receipts)    Fair Value   
NZFM New Zealand Bank Bill 3 Receive 3.07%       Quarterly 09/08/2027 NZD 6,467 $ 60   $ (1 ) $ 59  
Month FRA                              
UK RPI All Items NSA Pay 3.51 % Annual 02/15/2048 GBP 4,080   (22 )   85   63  
UK RPI All Items NSA Receive 3.51 % Annual 02/15/2048   4,040   7     (69 ) (62 )
UK RPI All Items NSA Pay 3.41 % Annual 02/15/2028   9,185   22     94   116  
UK RPI All Items NSA Receive 3.36 % Annual 02/15/2028   9,330   (40 )   —   (40 )
UK RPI All Items NSA Pay 3.50 % Annual 02/15/2048   2,075   9     —   9  
UK RPI All Items NSA Pay 3.21 % Annual 02/15/2023   61,130   191     (22 ) 169  
UK RPI All Items NSA Receive 3.33 % Annual 01/15/2023   16,640   (84 )   —   (84 )
UK RPI All Items NSA Pay 3.60 % Annual 11/15/2042   9,045   262     15   277  
UK RPI All Items NSA Receive 3.55 % Annual 11/15/2047   9,045   (290 )   (18 ) (308 )
UK RPI All Items NSA Pay 3.52 % Annual 02/15/2027   10,270   218     15   233  
UK RPI All Items NSA Pay 3.55 % Annual 11/15/2032   15,015   274     12   286  
UK RPI All Items NSA Pay 3.51 % Annual 01/15/2048   2,035   12     —   12  
UK RPI All Items NSA Pay 3.41 % Annual 01/15/2028   16,640   70     —   70  
UK RPI All Items NSA Pay 3.62 % Annual 02/15/2047   1,080   78     10   88  
UK RPI All Items NSA Receive 3.46 % Annual 11/15/2027   15,015   (205 )   (6 ) (211 )
US CPI Urban Consumers Receive 2.11 % Annual 11/09/2019 $ 78,405   163     2   165  
NAS(CPURNSA)                              
Total             $   1,834   $ (179 ) $ 1,655  
 
Amounts in thousands.                              

 

See accompanying notes.

109

 

     Schedule of Investments International Emerging Markets Fund January 31, 2018 (unaudited)

COMMON STOCKS - 96.94% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Automobile Manufacturers - 2.39%       Insurance (continued)      
Guangzhou Automobile Group Co Ltd 2,520,000 $ 5,680 Powszechny Zaklad Ubezpieczen SA 802,130 $ 10,964
Mahindra & Mahindra Ltd 528,856   6,332     $ 43,291
Maruti Suzuki India Ltd 93,646   13,982 Internet - 15.92%      
    $ 25,994 Alibaba Group Holding Ltd ADR(a) 268,676   54,888
Automobile Parts & Equipment - 1.23%       JD.com Inc ADR(a) 344,285   16,949
Motherson Sumi Systems Ltd 1,324,211   7,605 NCSoft Corp 14,631   6,052
Nexteer Automotive Group Ltd (a) 2,715,000   5,781 Tencent Holdings Ltd 1,228,400   72,583
    $ 13,386 Weibo Corp ADR(a) 86,442   11,200
Banks - 16.34%       YY Inc ADR(a) 87,121   11,584
Banco do Brasil SA 750,000   9,344     $ 173,256
Bank Negara Indonesia Persero Tbk PT 11,370,100   7,984 Iron & Steel - 4.14%      
China Construction Bank Corp 27,301,722   31,344 POSCO 49,482   17,650
CIMB Group Holdings Bhd 5,748,100   10,679 Tata Steel Ltd 494,437   5,474
Credicorp Ltd 38,703   8,965 Tata Steel Ltd - Rights (a) 78,627   240
Erste Group Bank AG (a) 221,171   11,140 Tata Steel Ltd - Rights (a) 39,313   55
Grupo Financiero Banorte SAB de CV 1,484,600   9,508 Vale SA 1,662,089   21,661
HDFC Bank Ltd 391,325   12,811     $ 45,080
Industrial & Commercial Bank of China Ltd 27,697,000   26,090 Lodging - 2.62%      
Kiatnakin Bank PCL 2,687,500   7,010 China Lodging Group Ltd ADR 32,926   4,922
Sberbank of Russia PJSC ADR 1,502,527   30,281 Galaxy Entertainment Group Ltd 1,367,000   12,059
Yes Bank Ltd 2,281,762   12,674 Melco Resorts & Entertainment Ltd ADR 386,620   11,514
    $ 177,830     $ 28,495
Chemicals - 3.10%       Machinery - Construction & Mining - 0.61%      
Hanwha Chemical Corp 314,792   10,372 United Tractors Tbk PT 2,307,300   6,691
IRPC PCL 20,517,300   4,811        
Kingboard Chemical Holdings Ltd 1,072,500   5,868 Media - 3.28%      
LG Chem Ltd 31,372   12,689 Naspers Ltd 125,540   35,753
    $ 33,740        
Coal - 2.07%       Mining - 2.08%      
Adaro Energy Tbk PT 25,450,700   4,656 Anglo American PLC 469,341   11,436
China Shenhua Energy Co Ltd 3,699,500   11,496 Hindalco Industries Ltd 2,775,500   11,153
Yanzhou Coal Mining Co Ltd 3,696,000   6,428     $ 22,589
    $ 22,580 Miscellaneous Manufacturers - 0.79%      
Commercial Services - 2.20%       Sunny Optical Technology Group Co Ltd 621,000   8,560
Adani Ports & Special Economic Zone Ltd 630,996   4,241        
CCR SA 1,167,751   5,745 Oil & Gas - 7.67%      
New Oriental Education & Technology Group 81,419   7,498 Bharat Petroleum Corp Ltd 743,657   5,756
Inc ADR       CNOOC Ltd 10,157,000   15,966
Qualicorp SA 669,100   6,427 LUKOIL PJSC ADR 246,188   16,267
    $ 23,911 MOL Hungarian Oil & Gas PLC 379,964   4,641
Diversified Financial Services - 4.09%       PTT PCL 692,900   10,879
Hana Financial Group Inc 240,176   11,704 Reliance Industries Ltd 1,159,822   17,500
Indiabulls Housing Finance Ltd 521,476   11,382 SK Innovation Co Ltd 65,268   12,498
KB Financial Group Inc 232,202   14,602     $ 83,507
Tisco Financial Group PCL 2,420,000   6,832 Pharmaceuticals - 0.77%      
    $ 44,520 Hypermarcas SA 737,600   8,414
Electric - 0.48%              
Enel Americas SA 22,111,851   5,178 Pipelines - 0.62%      
        Petronet LNG Ltd 1,672,310   6,696
Electronics - 0.72%              
Tripod Technology Corp 331,000   1,067 Retail - 2.48%      
Yageo Corp (a) 513,000   6,780 Lojas Renner SA 701,500   8,337
    $ 7,847 Magazine Luiza SA 367,654   9,769
Engineering & Construction - 0.51%       Wal-Mart de Mexico SAB de CV 3,537,100   8,849
Malaysia Airports Holdings Bhd 2,376,100   5,513     $ 26,955
        Semiconductors - 12.38%      
Food - 1.40%       Chipbond Technology Corp 2,843,000   6,560
Uni-President Enterprises Corp 3,612,000   8,671 Nanya Technology Corp 2,767,000   7,510
X5 Retail Group NV (a) 172,389   6,618 Samsung Electronics Co Ltd 25,088   58,639
    $ 15,289 SK Hynix Inc 67,414   4,628
Gas - 0.76%       Taiwan Semiconductor Manufacturing Co Ltd 6,572,685   57,441
GAIL India Ltd 130,040   979     $ 134,778
Indraprastha Gas Ltd 1,527,175   7,310 Telecommunications - 3.82%      
    $ 8,289 LG Uplus Corp 681,639   9,124
Holding Companies - Diversified - 0.49%       Mobile TeleSystems PJSC ADR 678,867   8,242
Sime Darby Bhd 6,789,100   5,322 SK Telecom Co Ltd 48,365   12,010
        TIM Participacoes SA 1,856,500   7,868
Insurance - 3.98%       Yangtze Optical Fibre and Cable Joint Stock 929,000   4,293
Cathay Financial Holding Co Ltd 4,278,000   8,000 Ltd Co (b)      
People's Insurance Co Group of China Ltd/The 15,130,000   8,621     $ 41,537
Ping An Insurance Group Co of China Ltd 1,333,500   15,706 TOTAL COMMON STOCKS   $ 1,055,001

 

See accompanying notes.

110

 

Schedule of Investments
International Emerging Markets Fund
January 31, 2018 (unaudited)
 
 
INVESTMENT COMPANIES - 1.04%   Shares Held Value (000's)                  
Money Market Funds - 1.04%                          
Principal Government Money Market Fund (c) 11,370,791 $ 11,371                  
 
TOTAL INVESTMENT COMPANIES     $ 11,371                  
PREFERRED STOCKS - 1.33%   Shares Held Value (000's)                  
Holding Companies - Diversified - 1.33%                          
Itausa - Investimentos Itau SA 0.06%   3,488,677 $ 14,511                  
 
TOTAL PREFERRED STOCKS     $ 14,511                  
Total Investments     $ 1,080,883                  
Other Assets and Liabilities - 0.69%     $ 7,478                  
TOTAL NET ASSETS - 100.00%     $ 1,088,361                  
 
 
(a) Non-income producing security                          
(b) Security exempt from registration under Rule 144A of the Securities Act of                  
  1933. These securities may be resold in transactions exempt from                  
  registration, normally to qualified institutional buyers. At the end of the                  
  period, the value of these securities totaled $4,293 or 0.39% of net assets.                  
(c) Affiliated Security. Security is either an affiliate (and registered under the                  
  Investment Company Act of 1940) or an affiliate as defined by the                  
  Investment Company Act of 1940 (the Fund controls 5.0% or more of the                  
  outstanding voting shares of the security). Please see affiliated sub-                  
  schedule for transactional information.                        
 
 
 
  Portfolio Summary (unaudited)                      
Country       Percent                  
China         28.83 %                
Korea, Republic Of       15.61 %                
India         11.44 %                
Taiwan, Province Of China       8.82 %                
Brazil         8.46 %                
Russian Federation       5.64 %                
South Africa       3.28 %                
Thailand       2.72 %                
Hong Kong       2.71 %                
Malaysia       1.98 %                
Indonesia       1.77 %                
Mexico       1.68 %                
United States       1.57 %                
United Kingdom       1.05 %                
Austria       1.02 %                
Poland       1.01 %                
Peru         0.82 %                
Chile         0.48 %                
Hungary       0.42 %                
Other Assets and Liabilities       0.69 %                
TOTAL NET ASSETS       100.00 %                
 
Affiliated Securities   October 31, 2017     Purchases   Sales     January 31, 2018
       Value       Cost   Proceeds     Value
Principal Government Money Market Fund $     —   $   49,495 $ 38,124 $   11,371
    $     —   $   49,495 $ 38,124 $   11,371
 
 
          Realized Gain/Loss   Realized Gain from     Change in Unrealized
      Income   on Investments   Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 15   $     — $     — $ —
    $ 15   $     — $     — $ —
Amounts in thousands                          

 

See accompanying notes.

111

 

Schedule of Investments International Fund I

January 31, 2018 (unaudited)

COMMON STOCKS - 95.59% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Aerospace & Defense - 0.52%       Distribution & Wholesale - 0.82%      
MTU Aero Engines AG 15,257 $ 2,735 Bunzl PLC 62,000 $ 1,813
        Toyota Tsusho Corp 62,000   2,520
Agriculture - 0.36%           $ 4,333
KT&G Corp 18,863   1,881 Diversified Financial Services - 1.45%      
        Partners Group Holding AG 7,068   5,492
Apparel - 0.55%       Shinhan Financial Group Co Ltd 43,000   2,135
Moncler SpA 87,000   2,867     $ 7,627
        Electrical Components & Equipment - 0.68%      
Automobile Manufacturers - 3.05%       Brother Industries Ltd 139,000   3,571
Daimler AG 28,055   2,569        
Geely Automobile Holdings Ltd 2,084,000   6,630 Electronics - 1.59%      
Suzuki Motor Corp 119,000   6,835 AAC Technologies Holdings Inc 370,007   6,131
    $ 16,034 Horiba Ltd 35,000   2,258
Automobile Parts & Equipment - 6.62%           $ 8,389
Brembo SpA 147,260   2,378 Engineering & Construction - 2.37%      
Cie Generale des Etablissements Michelin 21,000   3,360 COMSYS Holdings Corp 132,700   3,711
Cie Plastic Omnium SA 50,000   2,568 Kajima Corp 291,000   2,889
Faurecia 39,000   3,500 Kyowa Exeo Corp 114,300   2,967
Georg Fischer AG 1,850   2,678 Taisei Corp 57,200   2,920
Koito Manufacturing Co Ltd 97,100   6,859     $ 12,487
Minth Group Ltd 691,000   3,891 Entertainment - 1.92%      
Stanley Electric Co Ltd 56,000   2,279 Aristocrat Leisure Ltd 393,041   7,552
TS Tech Co Ltd 56,000   2,400 Kindred Group PLC 154,000   2,571
Valeo SA 62,550   4,925     $ 10,123
    $ 34,838 Food - 1.06%      
Banks - 10.97%       a2 Milk Co Ltd (a) 393,000   2,674
Agricultural Bank of China Ltd 3,966,000   2,427 X5 Retail Group NV (a) 75,000   2,879
Bank of China Ltd 3,600,000   2,158     $ 5,553
BNP Paribas SA 39,000   3,221 Forest Products & Paper - 1.05%      
China Construction Bank Corp 3,154,000   3,621 UPM-Kymmene OYJ 74,000   2,495
China Merchants Bank Co Ltd 1,442,500   7,043 West Fraser Timber Co Ltd 43,000   3,009
DBS Group Holdings Ltd 298,000   5,981     $ 5,504
Fukuoka Financial Group Inc 453,000   2,636 Gas - 0.45%      
HSBC Holdings PLC 315,000   3,365 ENN Energy Holdings Ltd 306,000   2,364
ING Groep NV 238,000   4,673        
KBC Group NV 67,116   6,453 Hand & Machine Tools - 0.55%      
Macquarie Group Ltd 29,446   2,444 SMC Corp/Japan 5,900   2,908
Sberbank of Russia PJSC ADR 380,000   7,658        
United Overseas Bank Ltd 289,000   6,032 Holding Companies - Diversified - 0.74%      
    $ 57,712 KOC Holding AS 383,000   1,864
Building Materials - 4.36%       Siam Cement PCL/The 130,000   2,039
Anhui Conch Cement Co Ltd 1,292,000   7,089     $ 3,903
CSR Ltd 980,000   3,968 Home Builders - 5.18%      
Sika AG 970   8,403 Barratt Developments PLC 257,000   2,135
Xinyi Glass Holdings Ltd (a) 2,304,000   3,491        
        Bellway PLC 80,421   3,791
    $ 22,951 Berkeley Group Holdings PLC 46,000   2,590
Chemicals - 5.45%       Daiwa House Industry Co Ltd 58,000   2,297
BASF SE 36,954   4,334 Haseko Corp 357,000   5,583
Covestro AG (b) 74,756   8,608        
        Iida Group Holdings Co Ltd 91,000   1,806
LG Chem Ltd 7,000   2,831 Persimmon PLC 135,000   4,799
Lotte Chemical Corp 11,400   4,482 Taylor Wimpey PLC 1,575,052   4,261
Nissan Chemical Industries Ltd 62,900   2,572     $ 27,262
Nitto Denko Corp 21,500   1,975 Insurance - 6.82%      
PTT Global Chemical PCL 1,269,400   3,898 Allianz SE 13,623   3,446
    $ 28,700 AXA SA 105,000   3,453
Coal - 1.24%       CNP Assurances 93,000   2,384
China Shenhua Energy Co Ltd 2,107,000   6,547 Legal & General Group PLC 1,139,530   4,377
        People's Insurance Co Group of China Ltd/The 4,400,000   2,507
Commercial Services - 3.67%       PICC Property & Casualty Co Ltd 1,410,000   2,917
Ashtead Group PLC 232,430   6,948 Ping An Insurance Group Co of China Ltd 623,000   7,338
Hays PLC 867,000   2,489 Prudential PLC 148,238   4,013
Intertek Group PLC 33,500   2,390 Sompo Holdings Inc 51,000   2,048
Kroton Educacional SA 408,000   2,077 Swiss Life Holding AG (a) 9,064   3,403
Localiza Rent a Car SA 326,000   2,636     $ 35,886
New Oriental Education & Technology Group 30,000   2,763 Internet - 7.13%      
Inc ADR       Alibaba Group Holding Ltd ADR(a) 34,000   6,946
    $ 19,303 Autohome Inc ADR 59,700   4,972
Computers - 3.20%       NCSoft Corp 15,976   6,608
Atos SE 31,082   4,902 Start Today Co Ltd 164,000   4,846
Capgemini SE 21,400   2,841 Tencent Holdings Ltd 165,200   9,761
Nomura Research Institute Ltd 81,200   3,749 YY Inc ADR(a) 33,000   4,388
Teleperformance 35,374   5,361     $ 37,521
    $ 16,853        

 

See accompanying notes.

112

 

Schedule of Investments International Fund I

January 31, 2018 (unaudited)

COMMON STOCKS (continued)   Shares Held   Value (000's) INVESTMENT COMPANIES - 6.06% Shares Held Value (000's)  
Iron & Steel - 1.40%         Money Market Funds - 6.06%        
Kumba Iron Ore Ltd   176,864 $ 5,349 Principal Government Money Market Fund (c) 31,906,981 $ 31,907  
Severstal PJSC   123,000   2,020            
      $ 7,369 TOTAL INVESTMENT COMPANIES   $ 31,907  
Leisure Products & Services - 0.50%         Total Investments   $ 534,890  
CVC Brasil Operadora e Agencia de Viagens   153,000   2,648 Other Assets and Liabilities - (1.65)%   $ (8,672 )
SA         TOTAL NET ASSETS - 100.00%   $ 526,218  
 
Machinery - Diversified - 0.92%                    
Yaskawa Electric Corp   93,300   4,829 (a) Non-income producing security        
          (b) Security exempt from registration under Rule 144A of the Securities Act of  
Metal Fabrication & Hardware - 0.92%           1933. These securities may be resold in transactions exempt from  
Catcher Technology Co Ltd   197,000   2,253   registration, normally to qualified institutional buyers. At the end of the  
MISUMI Group Inc   86,000   2,604   period, the value of these securities totaled $8,608 or 1.64% of net assets.  
      $ 4,857 (c) Affiliated Security. Security is either an affiliate (and registered under the  
Mining - 0.87%           Investment Company Act of 1940) or an affiliate as defined by the  
Boliden AB   63,000   2,287   Investment Company Act of 1940 (the Fund controls 5.0% or more of the  
Mineral Resources Ltd   150,000   2,263   outstanding voting shares of the security). Please see affiliated sub-  
      $ 4,550   schedule for transactional information.        
Miscellaneous Manufacturers - 0.70%                    
Sunny Optical Technology Group Co Ltd   266,700   3,676            
            Portfolio Summary (unaudited)      
Oil & Gas - 2.32%         Country     Percent  
PTT PCL   264,400   4,151 China       19.80 %
SK Innovation Co Ltd   14,000   2,681 Japan       18.69 %
Thai Oil PCL   782,000   2,558 United Kingdom     9.02 %
Tupras Turkiye Petrol Rafinerileri AS   91,406   2,804 France     7.57 %
      $ 12,194 United States     6.06 %
Packaging & Containers - 0.34%         Korea, Republic Of     5.38 %
Lee & Man Paper Manufacturing Ltd   1,500,000   1,762 Germany     5.22 %
          Switzerland     4.63 %
Pharmaceuticals - 1.03%         Australia     3.07 %
Richter Gedeon Nyrt   92,000   2,362 Taiwan, Province Of China     3.04 %
Sino Biopharmaceutical Ltd   1,669,000   3,061 Thailand     2.41 %
      $ 5,423 Russian Federation     2.38 %
Private Equity - 0.47%         Singapore     2.29 %
3i Group PLC   187,000   2,473 Hong Kong     1.58 %
          Brazil       1.40 %
Real Estate - 2.34%         Belgium     1.23 %
China Vanke Co Ltd   602,000   2,932 South Africa     1.02 %
Daito Trust Construction Co Ltd   21,500   3,768 Italy       1.00 %
Open House Co Ltd   95,000   5,585 Netherlands     0.89 %
      $ 12,285 Turkey     0.88 %
Retail - 1.49%         Spain       0.63 %
ANTA Sports Products Ltd   503,000   2,413 Canada     0.57 %
JD Sports Fashion PLC   408,000   2,121 Israel       0.52 %
Kering   6,500   3,293 New Zealand     0.51 %
      $ 7,827 Malta       0.49 %
Semiconductors - 6.07%         Finland     0.48 %
Infineon Technologies AG   117,000   3,407 Hungary     0.45 %
Parade Technologies Ltd   124,000   2,591 Sweden     0.44 %
Samsung Electronics Co Ltd   3,270   7,643 Other Assets and Liabilities     (1.65 )%
Taiwan Semiconductor Manufacturing Co Ltd   200,800   9,098 TOTAL NET ASSETS     100.00 %
ADR                    
Tokyo Electron Ltd   38,000   7,168            
Win Semiconductors Corp   228,565   2,042            
      $ 31,949            
Software - 3.05%                    
Amadeus IT Group SA   43,000   3,334            
NetEase Inc ADR   7,400   2,369            
Nexon Co Ltd (a)   80,000   2,673            
Temenos Group AG (a)   31,594   4,366            
TravelSky Technology Ltd   1,062,000   3,315            
      $ 16,057            
Telecommunications - 0.96%                    
1&1 Drillisch AG 28,000   2,329            
Nice Ltd ADR   30,000   2,733            
      $ 5,062            
Toys, Games & Hobbies - 0.41%                    
Bandai Namco Holdings Inc   66,300   2,170            
 
TOTAL COMMON STOCKS     $ 502,983            

 

See accompanying notes.

113

 

      Schedule of Investments            
International Fund I
January 31, 2018 (unaudited)
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018  
     Value   Cost   Proceeds     Value  
Principal Government Money Market Fund   $ — $   62,478 $ 30,571 $   31,907  
    $ — $   62,478 $ 30,571 $   31,907  
 
 
      Realized Gain/Loss   Realized Gain from     Change in Unrealized  
    Income on Investments   Capital Gain Distributions   Gain/Loss  
Principal Government Money Market Fund $ 38 $   — $     — $ —  
  $ 38 $   — $     — $ —  
Amounts in thousands                        
 
 
Futures Contracts
Description and Expiration Date   Type Contracts Notional Amount Value and Unrealized Appreciation/(Depreciation)  
eMini MSCI EAFE; March 2018   Long   153 $ 16,413 $     (106 )
S&P 500 Emini; March 2018   Long   50     7,065       (21 )
Total               $     (127 )
 
Amounts in thousands except contracts.                        

 

See accompanying notes.

114

 

     Schedule of Investments LargeCap Growth Fund January 31, 2018 (unaudited)

COMMON STOCKS - 98.56% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)  
Banks - 4.95%       Semiconductors - 5.40%        
Capital One Financial Corp 100,900 $ 10,489 Applied Materials Inc 377,074 $ 20,222  
Citizens Financial Group Inc 391,259   17,959 Broadcom Ltd 28,926   7,175  
SVB Financial Group (a) 66,699   16,445 Lam Research Corp 66,865   12,806  
    $ 44,893 Micron Technology Inc (a) 199,545   8,724  
Biotechnology - 2.67%             $ 48,927  
Alexion Pharmaceuticals Inc (a) 74,399   8,877 Software - 10.50%        
Vertex Pharmaceuticals Inc (a) 91,858   15,329 Activision Blizzard Inc 215,429   15,970  
    $ 24,206 Microsoft Corp 443,797   42,165  
Chemicals - 4.54%       Red Hat Inc (a) 76,610   10,065  
Air Products & Chemicals Inc 64,173   10,805 ServiceNow Inc (a) 98,712   14,695  
Chemours Co/The 178,917   9,235 Take-Two Interactive Software Inc (a) 97,330   12,329  
FMC Corp 113,228   10,341       $ 95,224  
Sherwin-Williams Co/The 25,801   10,762 Telecommunications - 1.40%        
    $ 41,143 Arista Networks Inc (a) 45,978   12,682  
Commercial Services - 6.23%                  
FleetCor Technologies Inc (a) 92,626   19,683 Transportation - 4.14%        
S&P Global Inc 96,676   17,508 FedEx Corp 53,923   14,154  
Square Inc (a) 216,385   10,151 Knight-Swift Transportation Holdings Inc 230,257   11,465  
Worldpay Inc (a) 114,000   9,155 XPO Logistics Inc (a) 126,306   11,928  
    $ 56,497       $ 37,547  
Computers - 3.51%       TOTAL COMMON STOCKS   $ 893,596  
Apple Inc 189,951   31,804 INVESTMENT COMPANIES - 1.04% Shares Held Value (000's)  
        Money Market Funds - 1.04%        
Cosmetics & Personal Care - 2.29%       Principal Government Money Market Fund (b) 9,448,378   9,448  
Estee Lauder Cos Inc/The 153,940   20,776            
        TOTAL INVESTMENT COMPANIES   $ 9,448  
Diversified Financial Services - 7.36%       Total Investments   $ 903,044  
Charles Schwab Corp/The 356,109   18,995 Other Assets and Liabilities - 0.40%   $ 3,634  
Mastercard Inc 119,008   20,112 TOTAL NET ASSETS - 100.00%   $ 906,678  
Visa Inc 222,633   27,658            
    $ 66,765            
Electrical Components & Equipment - 0.78%       (a) Non-income producing security        
Universal Display Corp 44,411   7,079 (b) Affiliated Security. Security is either an affiliate (and registered under the  
          Investment Company Act of 1940) or an affiliate as defined by the  
Healthcare - Products - 7.92%         Investment Company Act of 1940 (the Fund controls 5.0% or more of the  
Align Technology Inc (a) 34,700   9,091   outstanding voting shares of the security). Please see affiliated sub-  
Baxter International Inc 267,445   19,264   schedule for transactional information.        
IDEXX Laboratories Inc (a) 42,959   8,035            
Intuitive Surgical Inc (a) 48,741   21,040            
Thermo Fisher Scientific Inc 63,958   14,334   Portfolio Summary (unaudited)      
    $ 71,764 Sector       Percent  
Internet - 17.23%                  
Alibaba Group Holding Ltd ADR(a) 92,431   18,883 Technology     19.41 %
Alphabet Inc - A Shares (a) 35,022   41,403 Consumer, Non-cyclical     19.11 %
Amazon.com Inc (a) 30,371   44,065 Communications     18.63 %
Facebook Inc (a) 154,247   28,827 Industrial     12.43 %
Netflix Inc (a) 85,138   23,013 Financial     12.31 %
        Consumer, Cyclical     9.20 %
    $ 156,191 Basic Materials     4.54 %
Leisure Products & Services - 1.92%       Energy     2.93 %
Royal Caribbean Cruises Ltd 130,266   17,397 Investment Companies     1.04 %
        Other Assets and Liabilities     0.40 %
Lodging - 1.40%       TOTAL NET ASSETS     100.00 %
Wynn Resorts Ltd 76,795   12,716            
 
Machinery - Construction & Mining - 3.22%                  
Caterpillar Inc 179,284   29,184            
 
Machinery - Diversified - 4.29%                  
Cummins Inc 53,934   10,140            
Deere & Co 107,670   17,918            
Rockwell Automation Inc 55,048   10,860            
    $ 38,918            
Oil & Gas - 2.93%                  
Continental Resources Inc/OK (a) 190,465   10,577            
Diamondback Energy Inc (a) 127,604   16,014            
    $ 26,591            
Retail - 5.88%                  
Dollar Tree Inc (a) 165,411   19,022            
PVH Corp 84,746   13,143            
Urban Outfitters Inc (a) 299,940   10,231            
Walmart Inc 102,215   10,896            
    $ 53,292            

 

See accompanying notes.

115

 

Schedule of Investments
LargeCap Growth Fund
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales     January 31, 2018
     Value     Cost   Proceeds     Value
Principal Government Money Market Fund   $ — $   92,655 $ 83,207 $   9,448
    $ — $   92,655 $ 83,207 $   9,448
 
 
      Realized Gain/Loss     Realized Gain from     Change in Unrealized
    Income on Investments     Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 9 $   — $     — $ —
  $ 9 $   — $     — $ —
Amounts in thousands                      

 

See accompanying notes.

116

 

Schedule of Investments
LargeCap Growth Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS - 96.80% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)
Advertising - 0.02%       Biotechnology (continued)      
Interpublic Group of Cos Inc/The 25,289 $ 554 Charles River Laboratories International Inc 3,861 $ 407
Omnicom Group Inc 17,446   1,337 (a)      
    $ 1,891 Exelixis Inc (a) 20,737   629
Aerospace & Defense - 2.82%       Gilead Sciences Inc 66,914   5,607
Boeing Co/The 596,993   211,556 Illumina Inc (a) 11,500   2,675
General Dynamics Corp 13,733   3,055 Incyte Corp (a) 171,184   15,456
Harris Corp 2,830   451 Intercept Pharmaceuticals Inc (a) 1,255   78
HEICO Corp 3,481   280 Intrexon Corp (a) 2,755   36
HEICO Corp - Class A 5,821   383 Ionis Pharmaceuticals Inc (a) 8,682   456
Lockheed Martin Corp 11,683   4,146 Regeneron Pharmaceuticals Inc (a) 5,694   2,088
Northrop Grumman Corp 8,354   2,845 Seattle Genetics Inc (a) 6,728   352
Raytheon Co 5,561   1,162 Vertex Pharmaceuticals Inc (a) 423,083   70,600
Rockwell Collins Inc 12,117   1,678     $ 213,493
Spirit AeroSystems Holdings Inc 181,400   18,568 Building Materials - 0.05%      
    $ 244,124 Armstrong World Industries Inc (a) 4,257   267
Agriculture - 0.57%       Eagle Materials Inc 3,551   398
Altria Group Inc 98,913   6,958 Fortune Brands Home & Security Inc 11,367   806
Philip Morris International Inc 399,203   42,806 Lennox International Inc 2,823   615
    $ 49,764 Masco Corp 16,201   724
Airlines - 0.62%       Vulcan Materials Co 8,745   1,184
Alaska Air Group Inc 7,497   493     $ 3,994
American Airlines Group Inc 918,172   49,875 Chemicals - 0.99%      
Copa Holdings SA 913   126 Albemarle Corp 1,599   178
Southwest Airlines Co 52,545   3,195 Axalta Coating Systems Ltd (a) 15,499   488
    $ 53,689 Celanese Corp 6,155   666
Apparel - 0.22%       Chemours Co/The 14,005   723
Carter's Inc 4,177   503 DowDuPont Inc 57,667   4,358
Hanesbrands Inc 28,742   624 FMC Corp 9,781   893
Michael Kors Holdings Ltd (a) 2,126   140 Huntsman Corp 8,202   284
NIKE Inc 246,976   16,849 International Flavors & Fragrances Inc 5,733   862
Skechers U.S.A. Inc (a) 6,363   262 LyondellBasell Industries NV 15,474   1,854
VF Corp 12,500   1,014 Monsanto Co 35,431   4,316
    $ 19,392 NewMarket Corp 573   228
        Platform Specialty Products Corp (a) 10,100   118
Automobile Manufacturers - 0.57%              
Tesla Inc (a) 139,252   49,338 PPG Industries Inc 21,480   2,550
        Praxair Inc 20,587   3,325
Automobile Parts & Equipment - 0.05%       RPM International Inc 8,954   467
Allison Transmission Holdings Inc 11,171   494 Sherwin-Williams Co/The 151,657   63,257
        Univar Inc (a) 9,106   272
Aptiv PLC 13,859   1,315        
BorgWarner Inc 3,015   170 Versum Materials Inc 2,816   104
Delphi Technologies PLC 7,254   401 Westlake Chemical Corp 1,615   182
Lear Corp 4,490   867 WR Grace & Co 5,294   391
Visteon Corp (a) 2,917   379     $ 85,516
WABCO Holdings Inc (a) 4,160   642 Commercial Services - 5.68%      
    $ 4,268 Aramark 8,819   404
Banks - 0.68%       Automatic Data Processing Inc 23,182   2,866
Bank of the Ozarks 4,881   244 Booz Allen Hamilton Holding Corp 11,872   465
        Bright Horizons Family Solutions Inc (a) 4,559   448
Capital One Financial Corp 5,981   622        
East West Bancorp Inc 1,505   99 Cintas Corp 6,654   1,121
        CoreLogic Inc/United States (a) 5,411   256
Morgan Stanley 999,974   56,549 CoStar Group Inc (a) 2,839   983
Pinnacle Financial Partners Inc 1,757   111        
State Street Corp 4,185   461 Ecolab Inc 750,828   103,374
SVB Financial Group (a) 3,010   742 Euronet Worldwide Inc (a) 4,727   444
Western Alliance Bancorp (a) 4,693   275 FleetCor Technologies Inc (a) 531,735   112,993
    $ 59,103 Global Payments Inc 346,063   38,683
Beverages - 0.36%       H&R Block Inc 5,106   135
        IHS Markit Ltd (a) 17,345   828
Brown-Forman Corp - B Shares 16,670   1,155        
   KAR Auction Services Inc  11,538    629
Coca-Cola Co/The 227,178   10,811 Live Nation Entertainment Inc (a) 11,053   498
Constellation Brands Inc 15,244   3,346        
Dr Pepper Snapple Group Inc 13,783   1,645 MarketAxess Holdings Inc 2,669   524
Monster Beverage Corp (a) 40,143   2,739 Moody's Corp 12,405   2,007
PepsiCo Inc 98,180   11,811 Morningstar Inc 1,731   166
        PayPal Holdings Inc (a) 2,489,837   212,433
    $ 31,507 Quanta Services Inc (a) 3,964   153
Biotechnology - 2.47%       Robert Half International Inc 10,207   591
ACADIA Pharmaceuticals Inc (a) 6,793   203        
Alexion Pharmaceuticals Inc (a) 275,786   32,907 Rollins Inc 8,925   440
Alnylam Pharmaceuticals Inc (a) 211,887   27,541 S&P Global Inc 13,353   2,418
        Service Corp International/US 15,260   610
Amgen Inc 15,244   2,836 ServiceMaster Global Holdings Inc (a) 11,392   601
Biogen Inc (a) 126,698   44,067        
        Square Inc (a) 19,668   923
BioMarin Pharmaceutical Inc (a) 12,536   1,131        
Bioverativ Inc (a) 7,620   785 Total System Services Inc 14,562   1,294
        TransUnion (a) 12,821   761
Celgene Corp (a) 55,738   5,639        
        United Rentals Inc (a) 6,416   1,162

 

See accompanying notes.

117

 

Schedule of Investments
LargeCap Growth Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Commercial Services (continued)       Electronics - 3.29%      
Verisk Analytics Inc (a) 11,709 $ 1,171 Agilent Technologies Inc 6,541 $ 480
Western Union Co/The 36,886   767 Allegion PLC 7,851   676
WEX Inc (a) 2,589   401 Amphenol Corp 1,434,312   133,061
Worldpay Inc (a) 12,510   1,005 Coherent Inc (a) 2,126   552
    $ 491,554 Corning Inc 2,677   84
Computers - 2.89%       FLIR Systems Inc 7,058   361
Accenture PLC - Class A 49,095   7,890 Fortive Corp 1,857,145   141,180
Apple Inc 800,308   133,995 Gentex Corp 16,330   387
Cognizant Technology Solutions Corp 51,262   3,997 Honeywell International Inc 23,037   3,678
CSRA Inc 13,878   462 Mettler-Toledo International Inc (a) 1,923   1,299
Dell Technologies Inc Class V (a) 15,990   1,146 National Instruments Corp 7,872   393
DST Systems Inc 2,225   185 PerkinElmer Inc 2,388   191
DXC Technology Co 27,484   2,736 Sensata Technologies Holding NV (a) 7,070   398
Fortinet Inc (a) 12,514   576 Trimble Inc (a) 16,234   716
Genpact Ltd 2,692,312   91,377 Waters Corp (a) 5,800   1,251
International Business Machines Corp 30,138   4,934     $ 284,707
NCR Corp (a) 9,667   363 Entertainment - 0.02%      
NetApp Inc 18,468   1,136 Lions Gate Entertainment Corp - A shares 4,972   168
Western Digital Corp 21,260   1,892 Lions Gate Entertainment Corp - B shares 7,480   240
    $ 250,689 Six Flags Entertainment Corp 5,773   390
Consumer Products - 0.06%       Vail Resorts Inc 3,280   717
Avery Dennison Corp 6,232   764     $ 1,515
Church & Dwight Co Inc 18,620   910 Environmental Control - 0.40%      
Clorox Co/The 8,290   1,175 Waste Connections Inc 458,950   32,962
Kimberly-Clark Corp 15,627   1,828 Waste Management Inc 18,582   1,643
Spectrum Brands Holdings Inc 2,312   274     $ 34,605
    $ 4,951 Food - 0.12%      
Cosmetics & Personal Care - 1.46%       Blue Buffalo Pet Products Inc (a) 6,996   238
Colgate-Palmolive Co 7,045   523 Campbell Soup Co 9,981   465
Estee Lauder Cos Inc/The 927,089   125,120 General Mills Inc 47,290   2,766
Procter & Gamble Co/The 6,769   584 Hershey Co/The 9,478   1,046
    $ 126,227 Kellogg Co 17,173   1,170
Distribution & Wholesale - 0.04%       Kroger Co/The 25,064   761
Fastenal Co 22,020   1,210 Lamb Weston Holdings Inc 3,159   185
HD Supply Holdings Inc (a) 14,989   583 Pilgrim's Pride Corp (a) 5,953   165
LKQ Corp (a) 4,859   204 Sprouts Farmers Market Inc (a) 11,521   322
Pool Corp 3,272   443 Sysco Corp 49,978   3,142
WW Grainger Inc 3,695   996 TreeHouse Foods Inc (a) 1,961   92
    $ 3,436     $ 10,352
Diversified Financial Services - 5.35%       Forest Products & Paper - 0.01%      
Air Lease Corp 1,236   60 International Paper Co 19,186   1,206
Alliance Data Systems Corp 3,759   965        
Ameriprise Financial Inc 11,730   1,979 Gas - 0.34%      
BGC Partners Inc 7,531   108 Sempra Energy 278,437   29,798
Cboe Global Markets Inc 7,931   1,066        
Charles Schwab Corp/The 437,006   23,309 Hand & Machine Tools - 0.02%      
Credit Acceptance Corp (a) 870   287 Lincoln Electric Holdings Inc 5,073   495
Eaton Vance Corp 8,805   509 Snap-on Inc 938   160
Federated Investors Inc 3,568   124 Stanley Black & Decker Inc 7,813   1,299
Intercontinental Exchange Inc 650,089   48,002     $ 1,954
Invesco Ltd 5,827   210 Healthcare - Products - 8.55%      
Lazard Ltd 8,904   521 ABIOMED Inc (a) 3,159   742
Legg Mason Inc 2,866   122 Align Technology Inc (a) 6,007   1,574
LPL Financial Holdings Inc 6,817   407 Baxter International Inc 7,441   536
Mastercard Inc 71,922   12,155 Becton Dickinson and Co 385,364   93,621
Raymond James Financial Inc 2,908   280 Bio-Techne Corp 3,086   433
SEI Investments Co 10,215   768 Boston Scientific Corp (a) 70,838   1,981
T Rowe Price Group Inc 5,951   664 Bruker Corp 4,574   163
TD Ameritrade Holding Corp 582,624   32,505 Cooper Cos Inc/The 3,006   735
Visa Inc 2,734,138   339,663 Danaher Corp 1,485,722   150,474
    $ 463,704 Edwards Lifesciences Corp (a) 501,481   63,478
Electric - 0.00%       Henry Schein Inc (a) 11,968   906
NRG Energy Inc 4,150   108 Hill-Rom Holdings Inc 5,021   428
        IDEXX Laboratories Inc (a) 6,618   1,238
Electrical Components & Equipment - 0.02%       Intuitive Surgical Inc (a) 561,132   242,224
AMETEK Inc 4,030   308 Medtronic PLC 10,293   884
Emerson Electric Co 4,628   334 OPKO Health Inc (a) 2,560   11
Energizer Holdings Inc 5,753   335 Patterson Cos Inc 1,808   65
Hubbell Inc 3,185   433 ResMed Inc 10,628   1,071
Universal Display Corp 3,508   559 Stryker Corp 348,551   57,294
    $ 1,969 Teleflex Inc 725   201
        Thermo Fisher Scientific Inc 543,070   121,708

 

See accompanying notes.

118

 

Schedule of Investments
LargeCap Growth Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Healthcare - Products (continued)       Leisure Products & Services - 0.02%      
Varian Medical Systems Inc (a) 7,197 $ 918 Brunswick Corp/DE 5,705 $ 358
    $ 740,685 Harley-Davidson Inc 9,450   458
Healthcare - Services - 4.08%       Polaris Industries Inc 4,855   549
Aetna Inc 64,634   12,075     $ 1,365
Anthem Inc 194,299   48,157 Lodging - 0.65%      
Centene Corp (a) 106,532   11,425 Choice Hotels International Inc 3,526   290
Cigna Corp 524,754   109,332 Hilton Grand Vacations Inc (a) 6,917   311
HCA Healthcare Inc 150,875   15,263 Hilton Worldwide Holdings Inc 534,572   45,787
Humana Inc 102,357   28,847 Las Vegas Sands Corp 18,564   1,439
IQVIA Holdings Inc (a) 8,116   829 Marriott International Inc/MD 40,732   6,001
LifePoint Health Inc (a) 1,067   53 Wyndham Worldwide Corp 7,933   985
UnitedHealth Group Inc 535,687   126,840 Wynn Resorts Ltd 6,217   1,029
WellCare Health Plans Inc (a) 3,291   692     $ 55,842
    $ 353,513 Machinery - Construction & Mining - 0.77%      
Holding Companies - Diversified - 0.00%       BWX Technologies Inc 988,583   62,715
Leucadia National Corp 7,322   198 Caterpillar Inc 26,660   4,340
            $ 67,055
Home Builders - 0.03%       Machinery - Diversified - 2.22%      
DR Horton Inc 15,318   751 Cognex Corp 13,494   842
NVR Inc (a) 262   833 Cummins Inc 10,825   2,035
PulteGroup Inc 8,265   263 Deere & Co 16,479   2,742
Thor Industries Inc 4,128   564 Gardner Denver Holdings Inc (a) 5,608   194
Toll Brothers Inc 6,872   320 Graco Inc 13,961   653
    $ 2,731 IDEX Corp 5,845   839
Home Furnishings - 0.01%       Nordson Corp 4,686   674
Leggett & Platt Inc 8,592   399 Rockwell Automation Inc 6,578   1,298
Tempur Sealy International Inc (a) 1,657   99 Roper Technologies Inc 476,234   133,626
    $ 498 Wabtec Corp/DE 591,989   47,975
Housewares - 0.01%       Welbilt Inc (a) 11,246   251
Scotts Miracle-Gro Co/The 3,120   282 Xylem Inc/NY 7,823   565
Toro Co/The 9,057   594 Zebra Technologies Corp (a) 4,355   536
Tupperware Brands Corp 4,600   266     $ 192,230
    $ 1,142 Media - 1.26%      
Insurance - 0.44%       AMC Networks Inc (a) 4,374   226
Allstate Corp/The 10,676   1,055 Cable One Inc 406   287
American International Group Inc 5,694   364 CBS Corp 24,826   1,430
Aon PLC 18,306   2,603 Charter Communications Inc (a) 224,045   84,521
Arch Capital Group Ltd (a) 1,403   128 Comcast Corp - Class A 358,062   15,228
Arthur J Gallagher & Co 9,118   623 FactSet Research Systems Inc 2,910   584
Assurant Inc 1,370   125 Scripps Networks Interactive Inc 4,444   391
Erie Indemnity Co 1,750   208 Sirius XM Holdings Inc 113,678   695
Marsh & McLennan Cos Inc 39,525   3,301 Twenty-First Century Fox Inc - A Shares 2,699   100
Progressive Corp/The 48,155   2,605 Twenty-First Century Fox Inc - B Shares 3,767   137
RenaissanceRe Holdings Ltd 246   31 Walt Disney Co/The 54,637   5,937
Voya Financial Inc 1,238   64     $ 109,536
Willis Towers Watson PLC 166,260   26,680 Mining - 0.02%      
XL Group Ltd 6,548   241 Freeport-McMoRan Inc (a) 47,993   936
    $ 38,028 Royal Gold Inc 1,778   158
Internet - 22.03%       Southern Copper Corp 5,987   291
Alibaba Group Holding Ltd ADR(a) 988,198   201,879     $ 1,385
Alphabet Inc - A Shares (a) 195,804   231,483 Miscellaneous Manufacturers - 1.27%      
Alphabet Inc - C Shares (a) 223,070   260,978 3M Co 47,156   11,813
Amazon.com Inc (a) 358,260   519,796 AO Smith Corp 1,325,550   88,520
CDW Corp/DE 11,853   886 AptarGroup Inc 1,319   115
Dropbox Inc (a),(b),(c),(d) 52,984   620 Donaldson Co Inc 10,398   527
F5 Networks Inc (a) 5,291   765 Dover Corp 1,833   195
Facebook Inc (a) 1,703,945   318,451 General Electric Co 78,374   1,267
Flipkart Online Services Pvt Ltd (a),(b),(c),(d) 5,760   502 Hexcel Corp 5,122   350
GoDaddy Inc (a) 10,683   590 Illinois Tool Works Inc 29,870   5,188
IAC/InterActiveCorp (a) 5,944   862 Ingersoll-Rand PLC 9,833   930
Liberty Expedia Holdings Inc (a) 2,277   107 Parker-Hannifin Corp 5,923   1,193
Match Group Inc (a) 6,475   226     $ 110,098
Netflix Inc (a) 173,051   46,776 Oil & Gas - 0.05%      
Priceline Group Inc/The (a) 134,163   256,526 Antero Resources Corp (a) 10,109   196
Shopify Inc (a) 122,859   15,716 Apache Corp 2,393   107
Tencent Holdings Ltd ADR 850,900   50,348 Cabot Oil & Gas Corp 24,949   657
Twitter Inc (a) 4,762   123 Cimarex Energy Co 6,692   751
Uber Technologies Inc (a),(b),(c),(d) 3,929   135 Continental Resources Inc/OK (a) 3,668   204
VeriSign Inc (a) 6,903   793 Devon Energy Corp 4,249   176
    $ 1,907,562 Diamondback Energy Inc (a) 2,001   251
Iron & Steel - 0.00%              
Steel Dynamics Inc 3,154   143        

 

See accompanying notes.

119

 

Schedule of Investments
LargeCap Growth Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)
Oil & Gas (continued)       Retail (continued)      
EOG Resources Inc 2,806 $ 323 CarMax Inc (a) 14,014 $ 1,000
EQT Corp 3,125   170 Copart Inc (a) 16,244   716
Gulfport Energy Corp (a) 4,793   49 Costco Wholesale Corp 544,945   106,193
Newfield Exploration Co (a) 15,939   505 Darden Restaurants Inc 9,708   931
Parsley Energy Inc (a) 11,500   271 Dick's Sporting Goods Inc 5,675   179
RSP Permian Inc (a) 5,837   231 Dollar General Corp 678,607   69,978
    $ 3,891 Dollar Tree Inc (a) 37,149   4,272
Oil & Gas Services - 0.03%       Domino's Pizza Inc 3,395   736
Halliburton Co 43,307   2,326 Dunkin' Brands Group Inc 7,664   496
RPC Inc 6,202   125 Floor & Decor Holdings Inc (a) 3,207   150
    $ 2,451 Foot Locker Inc 1,825   90
Packaging & Containers - 0.04%       Gap Inc/The 3,723   124
Ardagh Group SA 2,350   47 Genuine Parts Co 4,622   481
Ball Corp 14,465   554 Home Depot Inc/The 98,075   19,703
Berry Global Group Inc (a) 9,749   577 L Brands Inc 3,716   186
Crown Holdings Inc (a) 7,227   419 Liberty Interactive Corp QVC Group (a) 22,695   638
Graphic Packaging Holding Co 17,546   283 Lowe's Cos Inc 85,360   8,940
Owens-Illinois Inc (a) 11,053   257 Lululemon Athletica Inc (a) 7,703   602
Packaging Corp of America 7,024   882 McDonald's Corp 41,352   7,077
Sealed Air Corp 7,235   343 Michaels Cos Inc/The (a) 8,591   231
Silgan Holdings Inc 6,291   188 MSC Industrial Direct Co Inc 2,139   201
    $ 3,550 Nordstrom Inc 9,555   471
Pharmaceuticals - 3.23%       Nu Skin Enterprises Inc 2,004   144
        O'Reilly Automotive Inc (a) 6,237   1,651
AbbVie Inc 114,611   12,862        
Agios Pharmaceuticals Inc (a) 2,699   213 Restaurant Brands International Inc 306,200   18,491
Akorn Inc (a) 7,157   231 Ross Stores Inc 607,644   50,064
Alkermes PLC (a) 10,716   613 Sally Beauty Holdings Inc (a) 4,117   68
AmerisourceBergen Corp 12,243   1,220 Starbucks Corp 642,575   36,504
Bristol-Myers Squibb Co 41,989   2,628 TJX Cos Inc/The 1,083,576   87,033
DexCom Inc (a) 1,017,022   59,191 Tractor Supply Co 10,188   777
Eli Lilly & Co 73,547   5,990 Walgreens Boots Alliance Inc 27,960   2,104
Express Scripts Holding Co (a) 6,608   523 Wendy's Co/The 15,083   244
Herbalife Ltd (a) 5,686   472 Williams-Sonoma Inc 2,112   108
Johnson & Johnson 31,732   4,385 Yum China Holdings Inc 24,478   1,136
McKesson Corp 1,143   193 Yum! Brands Inc 319,470   27,024
Merck & Co Inc 502,428   29,769     $ 450,513
Neurocrine Biosciences Inc (a) 6,145   525 Semiconductors - 1.27%      
Premier Inc (a) 3,042   99 Analog Devices Inc 18,932   1,739
TESARO Inc (a) 2,609   176 Applied Materials Inc 109,403   5,867
Zoetis Inc 2,089,685   160,341 ASML Holding NV - NY Reg Shares 83,400   16,927
    $ 279,431 Broadcom Ltd 20,937   5,193
Pipelines - 0.02%       Cypress Semiconductor Corp 5,874   102
        IPG Photonics Corp (a) 2,987   753
ONEOK Inc 26,802   1,577        
Williams Cos Inc/The 10,502   330 KLA-Tencor Corp 12,206   1,340
    $ 1,907 Lam Research Corp 20,709   3,966
Real Estate - 0.01%       Maxim Integrated Products Inc 123,582   7,538
CBRE Group Inc (a) 9,951   455 Microchip Technology Inc 17,365   1,653
        Micron Technology Inc (a) 98,531   4,308
        Microsemi Corp (a) 7,834   484
REITs - 2.23%              
   NVIDIA Corp  39,252     9,648
American Tower Corp 37,083   5,477 NXP Semiconductors NV (a) 10,029   1,207
Boston Properties Inc 1,787   221 ON Semiconductor Corp (a) 32,571   806
CoreSite Realty Corp 2,605   282 Qorvo Inc (a) 5,220   375
Crown Castle International Corp 432,757   48,802        
CubeSmart 9,761   269 Skyworks Solutions Inc 14,165   1,377
Digital Realty Trust Inc 8,062   903 Teradyne Inc 15,896   729
Douglas Emmett Inc 9,837   380 Texas Instruments Inc 245,513   26,926
Equinix Inc 4,023   1,831 Xilinx Inc 262,854   19,193
Equity LifeStyle Properties Inc 6,178   533     $ 110,131
Extra Space Storage Inc 7,708   644 Shipbuilding - 0.01%      
Federal Realty Investment Trust 2,177   263 Huntington Ingalls Industries Inc 3,051   725
Gaming and Leisure Properties Inc 5,437   198        
Hudson Pacific Properties Inc 1,893   61 Software - 13.27%      
Iron Mountain Inc 18,085   634 Activision Blizzard Inc 63,008   4,671
        Adobe Systems Inc (a) 725,504   144,927
Lamar Advertising Co 5,684   409 ANSYS Inc (a) 423,251   68,418
Outfront Media Inc 2,633   59 athenahealth Inc (a) 3,063   384
Public Storage 14,484   2,835 Atlassian Corp PLC (a) 7,746   418
 SBA Communications Corp (a)  727,073    126,874 Autodesk Inc (a) 8,701   1,006
Simon Property Group Inc 14,579   2,382 Black Knight Inc (a) 9,554   473
Taubman Centers Inc 2,092   129        
    $ 193,186 Broadridge Financial Solutions Inc 9,732   938
        Cadence Design Systems Inc (a) 22,632   1,015
Retail - 5.20%              
AutoZone Inc (a) 1,768   1,353 CDK Global Inc 10,676   761
Burlington Stores Inc (a) 3,424   417        

 

See accompanying notes.

120

 

Schedule of Investments LargeCap Growth Fund I

January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) CONVERTIBLE PREFERRED STOCKS        
Software (continued)       (continued)     Shares Held Value (000's)  
Cerner Corp (a)   21,461 $ 1,484 Internet (continued)          
Citrix Systems Inc (a) 11,768   1,092 Flipkart Online Services Pvt Ltd Series C 3,472 $ 303  
Dun & Bradstreet Corp/The 1,816   225 0.00% (a),(b),(c),(d)            
Electronic Arts Inc (a) 975,021   123,789 Flipkart Online Services Pvt Ltd Series E 6,455   562  
Fidelity National Information Services Inc 9,580   981 0.00% (a),(b),(c),(d)            
First Data Corp (a)   37,908   671 Uber Technologies Inc 0.00% (a),(b),(c),(d) 98,844   3,400  
Fiserv Inc (a)   18,646   2,626 Uber Technologies Inc 0.00% (a),(b),(c),(d) 322   11  
Guidewire Software Inc (a) 2,680   213 Uber Technologies Inc 0.00% (a),(b),(c),(d) 1,434   49  
Intuit Inc   978,253   164,248 Uber Technologies Inc 0.00% (a),(b),(c),(d) 1,502   52  
Jack Henry & Associates Inc 6,368   794 Uber Technologies Inc 0.00% (a),(b),(c),(d) 4   —  
Manhattan Associates Inc (a) 5,734   303 Uber Technologies Inc 0.00% (a),(b),(c),(d) 209,464   7,205  
Microsoft Corp   2,773,134   263,475 Uber Technologies Inc 0.00% (a),(b),(c),(d) 862   30  
MSCI Inc   6,561   913 Uber Technologies Inc 0.00% (a),(b),(c),(d) 357   12  
Oracle Corp   29,337   1,513 Uber Technologies Inc 0.00% (a),(b),(c),(d) 560   19  
Paychex Inc   24,491   1,672 Uber Technologies Inc 0.00% (a),(b),(c),(d) 397   14  
Red Hat Inc (a)   445,571   58,539           $ 32,868  
salesforce.com Inc (a) 1,776,692   202,383 TOTAL CONVERTIBLE PREFERRED STOCKS $ 32,868  
ServiceNow Inc (a)   253,318   37,712 PREFERRED STOCKS - 0.11% Shares Held Value (000's)  
Splunk Inc (a)   10,816   999 Internet - 0.04%          
SS&C Technologies Holdings Inc 13,986   703 Flipkart Online Services Pvt Ltd Series G 29,246   3,462  
Synopsys Inc (a)   2,169   201 0.00% (a),(b),(c),(d)            
Take-Two Interactive Software Inc (a) 9,038   1,145                
Tyler Technologies Inc (a) 2,728   550 Software - 0.07%          
Ultimate Software Group Inc/The (a) 2,082   485 Magic Leap Inc 0.00% (a),(b),(c),(d) 168,788   4,557  
Veeva Systems Inc (a) 8,870   558 Magic Leap Inc 0.00% (a),(c),(d) 48,744   1,316  
VMware Inc (a)   287,457   35,584                
Workday Inc (a)   196,679   23,579           $ 5,873  
          TOTAL PREFERRED STOCKS   $ 9,335  
      $ 1,149,448 Total Investments     $ 8,645,310  
Telecommunications - 0.48%       Other Assets and Liabilities - 0.18%   $ 15,535  
Arista Networks Inc (a) 4,241   1,170                
CommScope Holding Co Inc (a) 7,283   281 TOTAL NET ASSETS - 100.00%   $ 8,660,845  
Motorola Solutions Inc 1,936   192                
Switch Inc   7,556   123 (a) Non-income producing security        
T-Mobile US Inc (a)   481,812   31,366 (b) The value of these investments was determined using significant  
Verizon Communications Inc 146,960   7,946   unobservable inputs.        
Zayo Group Holdings Inc (a) 13,075   480 (c) Restricted Security. Please see Restricted Security Sub-Schedule for more  
      $ 41,558   information.          
Textiles - 0.00%         (d) Fair value of these investments is determined in good faith by the Manager  
Mohawk Industries Inc (a) 504   142   under procedures established and periodically reviewed by the Board of  
            Directors. Certain inputs used in the valuation may be unobservable;  
Toys, Games & Hobbies - 0.01%         however, each security is evaluated individually for purposes of ASC 820  
Hasbro Inc   6,774   641   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  
Transportation - 0.28%         totaled $43,460 or 0.50% of net assets.        
CH Robinson Worldwide Inc 10,806   988 (e) Affiliated Security. Security is either an affiliate (and registered under the  
CSX Corp   39,650   2,251   Investment Company Act of 1940) or an affiliate as defined by the  
Expeditors International of Washington Inc 10,379   674   Investment Company Act of 1940 (the Fund controls 5.0% or more of the  
FedEx Corp   21,735   5,705   outstanding voting shares of the security). Please see affiliated sub-  
JB Hunt Transport Services Inc 6,612   799   schedule for transactional information.      
Landstar System Inc   3,878   431                
Old Dominion Freight Line Inc 3,422   501                
Union Pacific Corp   60,546   8,083                
United Parcel Service Inc 35,734   4,550     Portfolio Summary (unaudited)      
XPO Logistics Inc (a) 6,621   625 Sector           Percent  
      $ 24,607 Consumer, Non-cyclical       26.60 %
Water - 0.19%         Communications       24.21 %
American Water Works Co Inc 194,400   16,168 Technology         17.48 %
          Industrial         11.19 %
TOTAL COMMON STOCKS   $ 8,383,669 Financial         8.71 %
INVESTMENT COMPANIES - 2.53% Shares Held   Value (000's) Consumer, Cyclical       7.45 %
Money Market Funds - 2.53%       Investment Companies       2.53 %
Principal Government Money Market Fund (e) 219,437,971   219,438 Basic Materials         1.02 %
          Utilities         0.53 %
TOTAL INVESTMENT COMPANIES   $ 219,438 Energy         0.10 %
          Diversified         0.00 %
CONVERTIBLE PREFERRED STOCKS -       Other Assets and Liabilities     0.18 %
0.38%   Shares Held   Value (000's)                
Internet - 0.38%         TOTAL NET ASSETS       100.00 %
Airbnb Inc - Series D 0.00% (a),(b),(c),(d) 121,527 $ 14,225                
Airbnb Inc - Series E 0.00% (a),(b),(c),(d) 29,361   3,437                
Dropbox Inc 0.00% (a),(b),(c),(d) 254,085   3,378                
Flipkart Online Services Pvt Ltd Series A 1,967   171                
0.00% (a),(b),(c),(d)                        

 

See accompanying notes.

121

 

Schedule of Investments
LargeCap Growth Fund I
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018  
    Value     Cost Proceeds     Value  
Principal Government Money Market Fund $   — $   503,409 $ 283,971 $   219,438  
  $   — $   503,409 $ 283,971 $   219,438  
 
 
      Realized Gain/Loss   Realized Gain from   Change in Unrealized  
    Income on Investments   Capital Gain Distributions   Gain/Loss  
Principal Government Money Market Fund $ 263 $   — $     — $ —  
  $ 263 $   — $     — $ —  
Amounts in thousands                        
 
 
Restricted Securities
Security Name   Acquisition Date       Cost   Value   Percent of Net Assets  
Airbnb Inc - Series D     04/16/2014     $ 4,948 $ 14,225   0.16 %
Airbnb Inc - Series E     07/14/2015       2,733   3,437   0.04 %
Dropbox Inc     01/30/2014       4,854   3,378   0.04 %
Dropbox Inc     11/07/2014       1,012   620   0.01 %
Flipkart Online Services Pvt Ltd     03/19/2015       657   502   0.01 %
Flipkart Online Services Pvt Ltd Series A     03/19/2015       224   171   0.00 %
Flipkart Online Services Pvt Ltd Series C     03/19/2015       396   303   0.00 %
Flipkart Online Services Pvt Ltd Series E     03/19/2015       736   562   0.01 %
Flipkart Online Services Pvt Ltd Series G     12/17/2014       3,502   3,462   0.04 %
Magic Leap Inc     10/12/2017       1,316   1,316   0.02 %
Magic Leap Inc     01/20/2016       3,888   4,557   0.05 %
Uber Technologies Inc   12/05/2014-01/16/2018     6,979   7,205   0.08 %
Uber Technologies Inc     01/16/2018       50   52   0.00 %
Uber Technologies Inc     01/16/2018       42   30   0.00 %
Uber Technologies Inc     01/16/2018       12   12   0.00 %
Uber Technologies Inc     01/16/2018       13   14   0.00 %
Uber Technologies Inc     01/16/2018       47   49   0.00 %
Uber Technologies Inc     01/16/2018       11   11   0.00 %
Uber Technologies Inc     12/03/2015       4,821   3,400   0.04 %
Uber Technologies Inc     01/16/2018       130   135   0.00 %
Uber Technologies Inc     01/16/2018       18   19   0.00 %
Uber Technologies Inc     01/16/2018       —   —   0.00 %
Total               $ 43,460   0.50 %
 
Amounts in thousands.                        
 
 
Futures Contracts
Description and Expiration Date   Type Contracts Notional Amount Value and Unrealized Appreciation/(Depreciation)  
S&P 500 Emini; March 2018   Long   1,569 $ 221,684 $     7,629  
Total               $     7,629  
 
Amounts in thousands except contracts.                        

 

See accompanying notes.

122

 

     Schedule of Investments LargeCap S&P 500 Index Fund January 31, 2018 (unaudited)

COMMON STOCKS - 98.17% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Advertising - 0.11%       Beverages (continued)      
Interpublic Group of Cos Inc/The 93,236 $ 2,041 Coca-Cola Co/The 920,000 $ 43,783
Omnicom Group Inc 55,310   4,239 Constellation Brands Inc 41,333   9,071
    $ 6,280 Dr Pepper Snapple Group Inc 43,315   5,170
Aerospace & Defense - 2.68%       Molson Coors Brewing Co 44,330   3,725
Arconic Inc 101,622   3,055 Monster Beverage Corp (a) 98,774   6,739
Boeing Co/The 134,319   47,599 PepsiCo Inc 341,202   41,046
General Dynamics Corp 66,622   14,822     $ 112,790
Harris Corp 28,599   4,558 Biotechnology - 2.22%      
L3 Technologies Inc 18,749   3,983 Alexion Pharmaceuticals Inc (a) 53,601   6,396
Lockheed Martin Corp 59,851   21,238 Amgen Inc 174,162   32,403
Northrop Grumman Corp 41,767   14,223 Biogen Inc (a) 50,728   17,644
Raytheon Co 69,359   14,492 Celgene Corp (a) 188,894   19,109
Rockwell Collins Inc 39,059   5,409 Gilead Sciences Inc 313,401   26,263
TransDigm Group Inc 11,595   3,675 Illumina Inc (a) 35,030   8,149
United Technologies Corp 178,182   24,591 Incyte Corp (a) 42,025   3,794
    $ 157,645 Regeneron Pharmaceuticals Inc (a) 18,484   6,777
Agriculture - 1.32%       Vertex Pharmaceuticals Inc (a) 60,678   10,125
Altria Group Inc 457,815   32,203     $ 130,660
Archer-Daniels-Midland Co 134,176   5,763 Building Materials - 0.38%      
Philip Morris International Inc 372,631   39,957 Fortune Brands Home & Security Inc 36,950   2,621
    $ 77,923 Johnson Controls International plc 222,031   8,688
Airlines - 0.48%       Martin Marietta Materials Inc 15,083   3,441
Alaska Air Group Inc 29,521   1,941 Masco Corp 75,470   3,371
American Airlines Group Inc 102,173   5,550 Vulcan Materials Co 31,735   4,297
Delta Air Lines Inc 157,372   8,934     $ 22,418
Southwest Airlines Co 130,977   7,963 Chemicals - 1.98%      
United Continental Holdings Inc (a) 60,415   4,097 Air Products & Chemicals Inc 52,293   8,805
    $ 28,485 Albemarle Corp 26,511   2,958
Apparel - 0.59%       CF Industries Holdings Inc 55,961   2,375
Hanesbrands Inc 87,471   1,900 DowDuPont Inc 561,412   42,432
Michael Kors Holdings Ltd (a) 36,487   2,408 Eastman Chemical Co 34,485   3,420
NIKE Inc 315,244   21,506 FMC Corp 32,212   2,942
Ralph Lauren Corp 13,290   1,519 International Flavors & Fragrances Inc 18,948   2,848
Under Armour Inc - Class A (a) 44,417   616 LyondellBasell Industries NV 77,604   9,300
Under Armour Inc - Class C (a) 44,227   568 Monsanto Co 105,403   12,838
VF Corp 78,688   6,385 Mosaic Co/The 84,216   2,299
    $ 34,902 PPG Industries Inc 61,054   7,249
Automobile Manufacturers - 0.50%       Praxair Inc 68,691   11,093
Ford Motor Co 936,039   10,268 Sherwin-Williams Co/The 19,744   8,235
General Motors Co 306,707   13,008     $ 116,794
PACCAR Inc 84,358   6,290 Commercial Services - 1.73%      
    $ 29,566 Automatic Data Processing Inc 106,402   13,154
Automobile Parts & Equipment - 0.18%       Cintas Corp 20,659   3,480
Aptiv PLC 63,781   6,052 Ecolab Inc 62,385   8,589
BorgWarner Inc 47,550   2,675 Equifax Inc 28,810   3,599
Goodyear Tire & Rubber Co/The 59,099   2,058 Gartner Inc (a) 21,749   3,017
    $ 10,785 Global Payments Inc 38,182   4,268
Banks - 8.00%       H&R Block Inc 50,157   1,331
        IHS Markit Ltd (a) 87,156   4,160
Bank of America Corp 2,327,343   74,475        
Bank of New York Mellon Corp/The 245,684   13,930 Moody's Corp 39,889   6,454
BB&T Corp 189,279   10,446 Nielsen Holdings PLC 80,325   3,005
        PayPal Holdings Inc (a) 271,061   23,127
Capital One Financial Corp 116,300   12,091 Quanta Services Inc (a) 37,121   1,429
Citigroup Inc 634,351   49,784        
Citizens Financial Group Inc 118,039   5,418 Robert Half International Inc 30,074   1,741
Comerica Inc 41,725   3,973 S&P Global Inc 61,181   11,080
Fifth Third Bancorp 169,283   5,603 Total System Services Inc 40,139   3,567
        United Rentals Inc (a) 20,277   3,672
Goldman Sachs Group Inc/The 84,164   22,547 Verisk Analytics Inc (a) 37,288   3,731
Huntington Bancshares Inc/OH 259,342   4,196        
JPMorgan Chase & Co 832,459   96,290 Western Union Co/The 110,194   2,291
KeyCorp 258,011   5,521     $ 101,695
M&T Bank Corp 36,113   6,890 Computers - 5.32%      
Morgan Stanley 333,990   18,887 Accenture PLC - Class A 148,269   23,827
Northern Trust Corp 51,529   5,431 Apple Inc 1,231,829   206,245
PNC Financial Services Group Inc/The 114,155   18,039 Cognizant Technology Solutions Corp 141,468   11,032
Regions Financial Corp 278,301   5,352 CSRA Inc 39,294   1,308
State Street Corp 88,972   9,802 DXC Technology Co 68,442   6,813
SunTrust Banks Inc 114,211   8,075 Hewlett Packard Enterprise Co 382,674   6,276
US Bancorp 378,239   21,613 HP Inc 400,728   9,345
Wells Fargo & Co 1,063,289   69,943 International Business Machines Corp 206,569   33,815
Zions Bancorporation 47,923   2,589 NetApp Inc 64,720   3,980
    $ 470,895 Seagate Technology PLC 69,414   3,832
Beverages - 1.92%       Western Digital Corp 70,966   6,314
Brown-Forman Corp - B Shares 46,981   3,256     $ 312,787

 

See accompanying notes.

123

 

     Schedule of Investments LargeCap S&P 500 Index Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Consumer Products - 0.34%       Electronics (continued)      
Avery Dennison Corp 21,206 $ 2,602 Amphenol Corp 73,258 $ 6,796
Church & Dwight Co Inc 59,962   2,929 Corning Inc 208,504   6,509
Clorox Co/The 30,935   4,383 FLIR Systems Inc 33,247   1,703
Kimberly-Clark Corp 84,394   9,874 Fortive Corp 73,380   5,578
    $ 19,788 Garmin Ltd 26,623   1,676
Cosmetics & Personal Care - 1.32%       Honeywell International Inc 182,778   29,184
Colgate-Palmolive Co 210,676   15,641 Mettler-Toledo International Inc (a) 6,138   4,145
Coty Inc 113,286   2,222 PerkinElmer Inc 26,443   2,120
Estee Lauder Cos Inc/The 53,712   7,249 TE Connectivity Ltd 84,365   8,650
Procter & Gamble Co/The 611,345   52,783 Waters Corp (a) 19,082   4,114
    $ 77,895     $ 78,107
Distribution & Wholesale - 0.17%       Engineering & Construction - 0.07%      
Fastenal Co 68,951   3,790 Fluor Corp 33,559   2,037
LKQ Corp (a) 74,146   3,116 Jacobs Engineering Group Inc 28,903   2,008
WW Grainger Inc 12,442   3,355     $ 4,045
    $ 10,261 Environmental Control - 0.23%      
Diversified Financial Services - 3.67%       Republic Services Inc 54,527   3,751
Affiliated Managers Group Inc 13,336   2,662 Stericycle Inc (a) 20,483   1,544
Alliance Data Systems Corp 11,533   2,960 Waste Management Inc 95,843   8,475
American Express Co 172,848   17,181     $ 13,770
Ameriprise Financial Inc 35,493   5,988 Food - 1.30%      
BlackRock Inc 29,621   16,641 Campbell Soup Co 46,146   2,148
Cboe Global Markets Inc 27,221   3,658 Conagra Brands Inc 98,007   3,724
Charles Schwab Corp/The 286,253   15,269 General Mills Inc 136,356   7,976
CME Group Inc 81,643   12,531 Hershey Co/The 33,846   3,734
Discover Financial Services 87,182   6,957 Hormel Foods Corp 64,585   2,217
E*TRADE Financial Corp (a) 64,944   3,422 JM Smucker Co/The 27,251   3,458
Franklin Resources Inc 78,408   3,325 Kellogg Co 59,678   4,065
Intercontinental Exchange Inc 140,359   10,364 Kraft Heinz Co/The 143,244   11,229
Invesco Ltd 97,667   3,529 Kroger Co/The 213,415   6,479
Mastercard Inc 222,841   37,660 McCormick & Co Inc/MD 28,728   3,125
Nasdaq Inc 27,916   2,259 Mondelez International Inc 358,535   15,919
Navient Corp 63,102   899 Sysco Corp 115,011   7,231
Raymond James Financial Inc 30,834   2,972 Tyson Foods Inc 71,399   5,434
Synchrony Financial 176,494   7,003     $ 76,739
T Rowe Price Group Inc 58,135   6,490 Forest Products & Paper - 0.11%      
Visa Inc 435,087   54,051 International Paper Co 99,063   6,227
    $ 215,821        
Electric - 2.44%       Gas - 0.14%      
AES Corp/VA 158,439   1,832 NiSource Inc 80,804   1,994
Alliant Energy Corp 55,471   2,205 Sempra Energy 60,239   6,447
Ameren Corp 58,213   3,297     $ 8,441
American Electric Power Co Inc 118,002   8,116 Hand & Machine Tools - 0.14%      
CenterPoint Energy Inc 103,412   2,914 Snap-on Inc 13,678   2,343
CMS Energy Corp 67,661   3,028 Stanley Black & Decker Inc 36,794   6,116
Consolidated Edison Inc 74,392   5,978     $ 8,459
Dominion Energy Inc 154,396   11,802 Healthcare - Products - 3.19%      
DTE Energy Co 43,039   4,547 Abbott Laboratories 417,606   25,958
Duke Energy Corp 167,917   13,181 Align Technology Inc (a) 17,314   4,536
Edison International 78,169   4,888 Baxter International Inc 120,268   8,663
Entergy Corp 43,246   3,403 Becton Dickinson and Co 63,576   15,445
Eversource Energy 76,028   4,797 Boston Scientific Corp (a) 329,458   9,212
Exelon Corp 230,345   8,871 Cooper Cos Inc/The 11,745   2,874
FirstEnergy Corp 106,731   3,511 Danaher Corp 146,863   14,874
NextEra Energy Inc 112,859   17,879 DENTSPLY SIRONA Inc 55,105   3,351
NRG Energy Inc 72,170   1,877 Edwards Lifesciences Corp (a) 50,772   6,427
PG&E Corp 123,037   5,220 Henry Schein Inc (a) 37,657   2,850
Pinnacle West Capital Corp 26,807   2,143 Hologic Inc (a) 66,142   2,824
PPL Corp 163,908   5,224 IDEXX Laboratories Inc (a) 20,927   3,914
Public Service Enterprise Group Inc 121,409   6,297 Intuitive Surgical Inc (a) 26,884   11,605
SCANA Corp 34,217   1,391 Medtronic PLC 324,755   27,893
Southern Co/The 240,791   10,862 Patterson Cos Inc 19,762   709
WEC Energy Group Inc 75,714   4,868 ResMed Inc 34,046   3,432
Xcel Energy Inc 121,823   5,560 Stryker Corp 77,219   12,693
    $ 143,691 Thermo Fisher Scientific Inc 96,208   21,561
Electrical Components & Equipment - 0.29%       Varian Medical Systems Inc (a) 21,981   2,803
Acuity Brands Inc 10,115   1,562 Zimmer Biomet Holdings Inc 48,577   6,175
AMETEK Inc 55,450   4,231     $ 187,799
Emerson Electric Co 153,986   11,122 Healthcare - Services - 2.31%      
    $ 16,915 Aetna Inc 78,239   14,617
Electronics - 1.33%       Anthem Inc 61,603   15,268
Agilent Technologies Inc 77,213   5,670 Centene Corp (a) 41,381   4,438
Allegion PLC 22,789   1,962 Cigna Corp 59,154   12,325

 

See accompanying notes.

124

 

     Schedule of Investments LargeCap S&P 500 Index Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Healthcare - Services (continued)       Leisure Products & Services (continued)      
DaVita Inc (a) 36,320 $ 2,834 Royal Caribbean Cruises Ltd 41,092 $ 5,488
Envision Healthcare Corp (a) 29,027   1,045     $ 17,048
HCA Healthcare Inc 67,956   6,874 Lodging - 0.44%      
Humana Inc 34,276   9,660 Hilton Worldwide Holdings Inc 48,516   4,155
IQVIA Holdings Inc (a) 34,931   3,570 Marriott International Inc/MD 73,475   10,826
Laboratory Corp of America Holdings (a) 24,425   4,262 MGM Resorts International 122,245   4,456
Quest Diagnostics Inc 32,701   3,460 Wyndham Worldwide Corp 24,310   3,018
UnitedHealth Group Inc 232,500   55,051 Wynn Resorts Ltd 19,236   3,185
Universal Health Services Inc 21,025   2,555     $ 25,640
    $ 135,959 Machinery - Construction & Mining - 0.39%      
Holding Companies - Diversified - 0.03%       Caterpillar Inc 142,738   23,235
Leucadia National Corp 75,220   2,036        
        Machinery - Diversified - 0.63%      
Home Builders - 0.16%       Cummins Inc 37,431   7,037
DR Horton Inc 81,881   4,016 Deere & Co 76,743   12,772
Lennar Corp - A Shares 49,064   3,074 Flowserve Corp 31,343   1,420
PulteGroup Inc 64,887   2,066 Rockwell Automation Inc 30,831   6,083
    $ 9,156 Roper Technologies Inc 24,560   6,891
Home Furnishings - 0.08%       Xylem Inc/NY 43,090   3,114
Leggett & Platt Inc 31,626   1,471     $ 37,317
Whirlpool Corp 17,243   3,128 Media - 2.58%      
    $ 4,599 CBS Corp 86,990   5,012
Housewares - 0.05%       Charter Communications Inc (a) 46,525   17,552
Newell Brands Inc 117,585   3,109 Comcast Corp - Class A 1,119,069   47,594
        Discovery Communications Inc - A Shares (a) 36,948   926
Insurance - 4.14%       Discovery Communications Inc - C Shares (a) 48,758   1,163
Aflac Inc 94,325   8,319 DISH Network Corp (a) 54,683   2,565
Allstate Corp/The 86,090   8,503 News Corp - A Shares 91,888   1,572
American International Group Inc 215,679   13,786 News Corp - B Shares 29,216   510
Aon PLC 59,956   8,524 Scripps Networks Interactive Inc 23,048   2,028
Arthur J Gallagher & Co 43,378   2,964 Time Warner Inc 186,801   17,811
Assurant Inc 12,910   1,181 Twenty-First Century Fox Inc - A Shares 252,879   9,331
Berkshire Hathaway Inc - Class B (a) 461,705   98,980 Twenty-First Century Fox Inc - B Shares 105,370   3,845
Brighthouse Financial Inc (a) 22,988   1,477 Viacom Inc - B Shares 84,650   2,829
Chubb Ltd 111,377   17,392 Walt Disney Co/The 362,355   39,377
Cincinnati Financial Corp 35,822   2,755     $ 152,115
Everest Re Group Ltd 9,854   2,264 Mining - 0.20%      
Hartford Financial Services Group Inc/The 85,585   5,029 Freeport-McMoRan Inc (a) 322,996   6,298
Lincoln National Corp 52,502   4,347 Newmont Mining Corp 127,958   5,184
Loews Corp 66,221   3,420     $ 11,482
Marsh & McLennan Cos Inc 122,445   10,227 Miscellaneous Manufacturers - 1.97%      
MetLife Inc 252,469   12,136 3M Co 143,177   35,866
Progressive Corp/The 139,538   7,549 AO Smith Corp 34,984   2,336
Prudential Financial Inc 101,727   12,087 Dover Corp 37,377   3,970
Torchmark Corp 25,759   2,340 Eaton Corp PLC 105,709   8,876
Travelers Cos Inc/The 65,665   9,845 General Electric Co 2,080,613   33,644
Unum Group 53,836   2,864 Illinois Tool Works Inc 73,978   12,848
Willis Towers Watson PLC 31,680   5,084 Ingersoll-Rand PLC 59,948   5,673
XL Group Ltd 61,423   2,263 Parker-Hannifin Corp 31,965   6,438
    $ 243,336 Pentair PLC 39,622   2,833
Internet - 8.30%       Textron Inc 63,200   3,708
Alphabet Inc - A Shares (a) 71,508   84,538     $ 116,192
Alphabet Inc - C Shares (a) 72,424   84,732 Office & Business Equipment - 0.03%      
Amazon.com Inc (a) 95,959   139,226 Xerox Corp 51,219   1,748
eBay Inc (a) 233,071   9,458        
Expedia Inc 29,494   3,775 Oil & Gas - 4.75%      
F5 Networks Inc (a) 15,017   2,171 Anadarko Petroleum Corp 131,275   7,883
Facebook Inc (a) 572,164   106,932 Andeavor 34,433   3,724
Netflix Inc (a) 103,822   28,063 Apache Corp 91,394   4,101
Priceline Group Inc/The (a) 11,702   22,375 Cabot Oil & Gas Corp 110,962   2,924
Symantec Corp 148,747   4,050 Chesapeake Energy Corp (a) 218,012   763
TripAdvisor Inc (a) 26,014   902 Chevron Corp 455,699   57,122
VeriSign Inc (a) 20,338   2,337 Cimarex Energy Co 22,855   2,564
    $ 488,559 Concho Resources Inc (a) 35,680   5,617
Iron & Steel - 0.09%       ConocoPhillips 286,830   16,869
Nucor Corp 76,274   5,107 Devon Energy Corp 126,082   5,216
        EOG Resources Inc 138,727   15,954
Leisure Products & Services - 0.29%       EQT Corp 58,739   3,189
Carnival Corp 97,846   7,007 Exxon Mobil Corp 1,016,608   88,750
Harley-Davidson Inc 40,378   1,956 Helmerich & Payne Inc 26,057   1,877
Norwegian Cruise Line Holdings Ltd (a) 42,754   2,597 Hess Corp 64,801   3,273
        Marathon Oil Corp 203,852   3,708
        Marathon Petroleum Corp 117,180   8,117

 

See accompanying notes.

125

 

     Schedule of Investments LargeCap S&P 500 Index Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)
Oil & Gas (continued)       REITs (continued)      
Newfield Exploration Co (a) 47,791 $ 1,513 SL Green Realty Corp 23,576 $ 2,370
Noble Energy Inc 116,748   3,563 UDR Inc 64,196   2,345
Occidental Petroleum Corp 183,599   13,764 Ventas Inc 85,447   4,782
Phillips 66 103,086   10,556 Vornado Realty Trust 41,366   2,965
Pioneer Natural Resources Co 40,827   7,468 Welltower Inc 88,856   5,329
Range Resources Corp 54,174   772 Weyerhaeuser Co 181,099   6,798
Valero Energy Corp 104,985   10,075     $ 152,017
    $ 279,362 Retail - 5.56%      
Oil & Gas Services - 0.78%       Advance Auto Parts Inc 17,729   2,074
Baker Hughes a GE Co 102,728   3,303 AutoZone Inc (a) 6,597   5,050
Halliburton Co 209,341   11,242 Best Buy Co Inc 61,018   4,458
National Oilwell Varco Inc 91,180   3,344 CarMax Inc (a) 43,745   3,122
Schlumberger Ltd 332,353   24,455 Chipotle Mexican Grill Inc (a) 5,962   1,936
TechnipFMC PLC 105,191   3,414 Costco Wholesale Corp 104,844   20,431
    $ 45,758 CVS Health Corp 243,038   19,125
Packaging & Containers - 0.21%       Darden Restaurants Inc 29,672   2,844
Ball Corp 83,986   3,215 Dollar General Corp 62,503   6,445
Packaging Corp of America 22,637   2,844 Dollar Tree Inc (a) 56,884   6,542
Sealed Air Corp 43,279   2,049 Foot Locker Inc 29,750   1,462
WestRock Co 61,087   4,070 Gap Inc/The 52,245   1,737
    $ 12,178 Genuine Parts Co 35,175   3,661
Pharmaceuticals - 5.57%       Home Depot Inc/The 280,168   56,286
AbbVie Inc 382,456   42,919 Kohl's Corp 40,446   2,620
Allergan PLC 79,795   14,384 L Brands Inc 59,248   2,968
AmerisourceBergen Corp 38,718   3,859 Lowe's Cos Inc 199,808   20,926
Bristol-Myers Squibb Co 392,679   24,582 Macy's Inc 73,080   1,896
Cardinal Health Inc 75,480   5,419 McDonald's Corp 191,262   32,732
Eli Lilly & Co 232,452   18,933 Nordstrom Inc 27,980   1,380
Express Scripts Holding Co (a) 135,885   10,759 O'Reilly Automotive Inc (a) 20,401   5,400
Johnson & Johnson 644,552   89,071 PVH Corp 18,576   2,881
McKesson Corp 50,018   8,447 Ross Stores Inc 92,512   7,622
Merck & Co Inc 656,223   38,881 Signet Jewelers Ltd 14,506   767
Mylan NV (a) 128,665   5,513 Starbucks Corp 341,359   19,393
Perrigo Co PLC 31,425   2,848 Tapestry Inc 68,228   3,209
Pfizer Inc 1,430,097   52,971 Target Corp 130,415   9,810
Zoetis Inc 116,910   8,970 Tiffany & Co 24,496   2,612
    $ 327,556 TJX Cos Inc/The 152,655   12,261
Pipelines - 0.35%       Tractor Supply Co 30,125   2,297
        Ulta Beauty Inc (a) 14,003   3,110
Kinder Morgan Inc/DE 460,788   8,285        
ONEOK Inc 98,391   5,791 Walgreens Boots Alliance Inc 208,302   15,677
Williams Cos Inc/The 198,354   6,227 Walmart Inc 351,179   37,436
    $ 20,303 Yum! Brands Inc 80,852   6,839
Real Estate - 0.06%           $ 327,009
CBRE Group Inc (a) 72,485   3,312 Savings & Loans - 0.03%      
        People's United Financial Inc 83,073   1,634
REITs - 2.58%              
Alexandria Real Estate Equities Inc 22,965   2,979 Semiconductors - 3.88%      
        Advanced Micro Devices Inc (a) 196,754   2,703
American Tower Corp 102,891   15,197        
Apartment Investment & Management Co 37,673   1,576 Analog Devices Inc 88,444   8,126
AvalonBay Communities Inc 33,130   5,645 Applied Materials Inc 255,872   13,722
Boston Properties Inc 37,024   4,580 Broadcom Ltd 97,551   24,196
Crown Castle International Corp 97,472   10,992 Intel Corp 1,122,829   54,053
Digital Realty Trust Inc 49,290   5,518 KLA-Tencor Corp 37,598   4,128
Duke Realty Corp 85,446   2,257 Lam Research Corp 38,855   7,442
Equinix Inc 18,771   8,544 Microchip Technology Inc 56,118   5,344
        Micron Technology Inc (a) 276,690   12,097
Equity Residential 88,168   5,432        
Essex Property Trust Inc 15,845   3,692 NVIDIA Corp 145,393   35,738
        Qorvo Inc (a) 30,535   2,192
Extra Space Storage Inc 30,209   2,522        
Federal Realty Investment Trust 17,405   2,103 QUALCOMM Inc 353,683   24,139
GGP Inc 149,793   3,450 Skyworks Solutions Inc 44,083   4,285
HCP Inc 112,548   2,710 Texas Instruments Inc 236,457   25,932
Host Hotels & Resorts Inc 177,554   3,686 Xilinx Inc 60,209   4,396
Iron Mountain Inc 67,521   2,365     $ 228,493
Kimco Realty Corp 102,124   1,625 Shipbuilding - 0.04%      
Macerich Co/The 26,006   1,679 Huntington Ingalls Industries Inc 10,895   2,588
Mid-America Apartment Communities Inc 27,261   2,600        
Prologis Inc 127,657   8,312 Software - 5.85%      
Public Storage 35,911   7,030 Activision Blizzard Inc 181,404   13,447
Realty Income Corp 67,606   3,596 Adobe Systems Inc (a) 118,269   23,625
Regency Centers Corp 35,501   2,233 Akamai Technologies Inc (a) 40,583   2,719
SBA Communications Corp (a) 28,202   4,921 ANSYS Inc (a) 20,360   3,291
Simon Property Group Inc 74,577   12,184 Autodesk Inc (a) 52,589   6,080
        CA Inc 75,313   2,700

 

See accompanying notes.

126

 

     Schedule of Investments LargeCap S&P 500 Index Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's)   Portfolio Summary (unaudited)    
Software (continued)         Sector Percent  
Cadence Design Systems Inc (a) 67,744 $ 3,039   Consumer, Non-cyclical 21.31 %
Cerner Corp (a) 75,766   5,238   Financial 18.48 %
Citrix Systems Inc (a) 34,343   3,186   Technology 14.99 %
Electronic Arts Inc (a) 73,878   9,380   Communications 13.84 %
Fidelity National Information Services Inc 80,102   8,199   Industrial 9.98 %
Fiserv Inc (a) 49,999   7,042   Consumer, Cyclical 8.64 %
Intuit Inc 58,270   9,784   Energy 5.88 %
Microsoft Corp 1,850,890   175,853   Utilities 2.64 %
Oracle Corp 730,953   37,710   Basic Materials 2.38 %
Paychex Inc 76,727   5,237   Investment Companies 1.86 %
Red Hat Inc (a) 42,453   5,577   Diversified 0.03 %
salesforce.com Inc (a) 164,630   18,753   Other Assets and Liabilities (0.03 )%
Synopsys Inc (a) 36,045   3,338   TOTAL NET ASSETS 100.00 %
    $ 344,198        
Telecommunications - 2.85%              
AT&T Inc 1,473,113   55,168        
CenturyLink Inc 233,393   4,157        
Cisco Systems Inc 1,186,078   49,270        
Juniper Networks Inc 89,953   2,352        
Motorola Solutions Inc 38,867   3,866        
Verizon Communications Inc 978,725   52,919        
    $ 167,732        
Textiles - 0.07%              
Mohawk Industries Inc (a) 15,161   4,261        
 
Toys, Games & Hobbies - 0.07%              
Hasbro Inc 27,194   2,572        
Mattel Inc 82,468   1,306        
    $ 3,878        
Transportation - 1.62%              
CH Robinson Worldwide Inc 33,447   3,059        
CSX Corp 214,423   12,173        
Expeditors International of Washington Inc 42,634   2,769        
FedEx Corp 59,189   15,536        
JB Hunt Transport Services Inc 20,539   2,482        
Kansas City Southern 24,842   2,810        
Norfolk Southern Corp 68,654   10,359        
Union Pacific Corp 188,859   25,213        
United Parcel Service Inc 164,839   20,987        
    $ 95,388        
Water - 0.06%              
American Water Works Co Inc 42,796   3,559        
 
TOTAL COMMON STOCKS   $ 5,777,447        
INVESTMENT COMPANIES - 1.86% Shares Held   Value (000's)        
Exchange Traded Funds - 0.24%              
iShares Core S&P 500 ETF 50,000   14,207        
 
Money Market Funds - 1.62%              
Principal Government Money Market Fund (b) 95,351,678   95,352        
 
TOTAL INVESTMENT COMPANIES   $ 109,559        
Total Investments   $ 5,887,006        
Other Assets and Liabilities - (0.03)%   $ (1,977 )      
TOTAL NET ASSETS - 100.00%   $ 5,885,029        

 

(a)      Non-income producing security
(b)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.

See accompanying notes.

127

 

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
     Value     Cost   Proceeds     Value
Principal Government Money Market Fund   $ — $   289,672 $ 194,320 $   95,352
    $ — $   289,672 $ 194,320 $   95,352
 
 
      Realized Gain/Loss   Realized Gain from     Change in Unrealized
    Income on Investments   Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 114 $   — $     — $ —
  $ 114 $   — $     — $ —
Amounts in thousands                      
 
 
Futures Contracts
Description and Expiration Date   Type Contracts Notional Amount Value and Unrealized Appreciation/(Depreciation)
S&P 500 Emini; March 2018   Long   649 $ 91,697 $     2,582
Total               $     2,582
 
Amounts in thousands except contracts.                      

 

See accompanying notes.

128

 

     Schedule of Investments LargeCap Value Fund January 31, 2018 (unaudited)

COMMON STOCKS - 99.89% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Aerospace & Defense - 3.15%       Insurance (continued)      
L3 Technologies Inc 39,800 $ 8,456 Unum Group 187,000 $ 9,947
Lockheed Martin Corp 23,600   8,374     $ 59,920
Raytheon Co 28,700   5,997 Iron & Steel - 0.88%      
    $ 22,827 Nucor Corp 63,100   4,225
Airlines - 0.64%       Reliance Steel & Aluminum Co 24,525   2,148
Copa Holdings SA 33,500   4,634     $ 6,373
        Lodging - 0.35%      
Apparel - 0.38%       Extended Stay America Inc 126,300   2,555
Michael Kors Holdings Ltd (a) 42,300   2,792        
        Machinery - Diversified - 2.80%      
Automobile Parts & Equipment - 1.01%       Cummins Inc 88,600   16,657
Allison Transmission Holdings Inc 50,200   2,221 Rockwell Automation Inc 18,300   3,610
Lear Corp 26,400   5,099     $ 20,267
    $ 7,320 Media - 3.61%      
Banks - 13.71%       Comcast Corp - Class A 304,200   12,938
Bank of America Corp 723,800   23,161 Time Warner Inc 138,600   13,215
Citigroup Inc 36,200   2,841     $ 26,153
Citizens Financial Group Inc 145,400   6,674 Miscellaneous Manufacturers - 0.37%      
Comerica Inc 163,900   15,606 Crane Co 27,100   2,708
JPMorgan Chase & Co 305,100   35,291        
TCF Financial Corp 117,700   2,525 Office & Business Equipment - 0.76%      
Wells Fargo & Co 202,200   13,301 Xerox Corp 160,800   5,488
    $ 99,399        
Biotechnology - 2.27%       Oil & Gas - 11.10%      
Biogen Inc (a) 11,900   4,139 Chevron Corp 196,300   24,606
Gilead Sciences Inc 147,100   12,327 ConocoPhillips 296,000   17,408
    $ 16,466 Exxon Mobil Corp 154,900   13,523
Chemicals - 1.66%       Phillips 66 74,400   7,618
Huntsman Corp 348,800   12,058 Valero Energy Corp 180,500   17,323
            $ 80,478
Computers - 1.94%       Oil & Gas Services - 0.80%      
DXC Technology Co 36,000   3,584 Halliburton Co 108,300   5,816
HP Inc 450,600   10,508        
    $ 14,092 Packaging & Containers - 0.43%      
Cosmetics & Personal Care - 2.83%       Owens-Illinois Inc (a) 134,900   3,133
Colgate-Palmolive Co 205,500   15,256        
Procter & Gamble Co/The 61,000   5,267 Pharmaceuticals - 6.83%      
    $ 20,523 Johnson & Johnson 227,800   31,480
Diversified Financial Services - 5.62%       McKesson Corp 24,600   4,154
Ameriprise Financial Inc 41,900   7,068 Pfizer Inc 373,700   13,842
BGC Partners Inc 349,100   4,996     $ 49,476
Lazard Ltd 206,500   12,095 Real Estate - 0.56%      
Mastercard Inc 44,600   7,537 CBRE Group Inc (a) 89,531   4,091
Synchrony Financial 227,800   9,039        
    $ 40,735 REITs - 3.91%      
Electric - 3.83%       Annaly Capital Management Inc 374,172   3,944
CenterPoint Energy Inc 145,400   4,097 Camden Property Trust 56,800   4,917
Consolidated Edison Inc 48,000   3,857 Liberty Property Trust 84,800   3,511
Entergy Corp 156,700   12,331 Prologis Inc 245,400   15,978
NextEra Energy Inc 47,200   7,478     $ 28,350
    $ 27,763 Retail - 4.49%      
Environmental Control - 2.06%       CVS Health Corp 101,400   7,979
Waste Management Inc 168,500   14,901 Liberty Interactive Corp QVC Group (a) 154,000   4,326
        Target Corp 52,700   3,964
Food - 1.61%       Walmart Inc 152,400   16,246
Ingredion Inc 55,800   8,015     $ 32,515
Pinnacle Foods Inc 59,200   3,667 Semiconductors - 0.67%      
    $ 11,682 Intel Corp 100,400   4,833
Healthcare - Products - 1.41%              
Baxter International Inc 141,500   10,192 Software - 2.16%      
        Oracle Corp 176,915   9,127
Healthcare - Services - 3.42%       VMware Inc (a) 52,700   6,524
Anthem Inc 60,600   15,020     $ 15,651
Cigna Corp 24,900   5,188 Telecommunications - 5.45%      
Humana Inc 16,200   4,565 AT&T Inc 74,800   2,801
    $ 24,773 Cisco Systems Inc 648,600   26,943
Insurance - 8.27%       Verizon Communications Inc 180,100   9,738
Aflac Inc 60,900   5,371     $ 39,482
Allstate Corp/The 52,000   5,136 Transportation - 0.91%      
Berkshire Hathaway Inc - Class B (a) 109,100   23,389 Norfolk Southern Corp 43,600   6,578
Prudential Financial Inc 98,000   11,644        
Reinsurance Group of America Inc 28,300   4,433 TOTAL COMMON STOCKS   $ 724,024

 

See accompanying notes.

129

 

Schedule of Investments
LargeCap Value Fund
January 31, 2018 (unaudited)
 
 
INVESTMENT COMPANIES - 0.25%   Shares Held Value (000's)                  
Money Market Funds - 0.25%                          
Principal Government Money Market Fund (b) 1,806,775 $ 1,807                  
 
TOTAL INVESTMENT COMPANIES     $ 1,807                  
Total Investments     $ 725,831                  
Other Assets and Liabilities - (0.14)%     $ (1,049 )                
TOTAL NET ASSETS - 100.00%     $ 724,782                  
 
 
(a) Non-income producing security                          
(b) Affiliated Security. Security is either an affiliate (and registered under the                  
  Investment Company Act of 1940) or an affiliate as defined by the                  
  Investment Company Act of 1940 (the Fund controls 5.0% or more of the                  
  outstanding voting shares of the security). Please see affiliated sub-                  
  schedule for transactional information.                        
 
 
 
  Portfolio Summary (unaudited)                      
Sector         Percent                  
Financial       32.07 %                
Consumer, Non-cyclical       18.37 %                
Energy       11.90 %                
Industrial       9.72 %                
Communications       9.06 %                
Consumer, Cyclical       6.87 %                
Technology       5.53 %                
Utilities       3.83 %                
Basic Materials       2.54 %                
Investment Companies       0.25 %                
Other Assets and Liabilities       (0.14 )%                
TOTAL NET ASSETS       100.00 %                
 
Affiliated Securities   October 31, 2017     Purchases   Sales     January 31, 2018
       Value       Cost   Proceeds     Value
Principal Government Money Market Fund $     —   $   26,205 $ 24,398 $   1,807
    $     —   $   26,205 $ 24,398 $   1,807
 
 
          Realized Gain/Loss     Realized Gain from     Change in Unrealized
      Income   on Investments     Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 4   $     — $     — $ —
    $ 4   $     — $     — $ —
Amounts in thousands                          

 

See accompanying notes.

130

 

Schedule of Investments
LargeCap Value Fund III
January 31, 2018 (unaudited)
 
 
COMMON STOCKS - 96.38% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)
Advertising - 0.00%       Banks (continued)      
Interpublic Group of Cos Inc/The 2,482 $ 54 Northern Trust Corp 5,123 $ 540
        PacWest Bancorp 4,776   250
Aerospace & Defense - 3.83%       Pinnacle Financial Partners Inc 1,671   106
Boeing Co/The 67,125   23,787 PNC Financial Services Group Inc/The 73,246   11,575
General Dynamics Corp 168,374   37,460 Prosperity Bancshares Inc 2,430   184
Harris Corp 2,166   345 Regions Financial Corp 71,207   1,369
L3 Technologies Inc 1,888   401 State Street Corp 8,711   960
Lockheed Martin Corp 1,406   499 SunTrust Banks Inc 23,918   1,691
Orbital ATK Inc 2,143   283 Synovus Financial Corp 4,638   234
Raytheon Co 7,010   1,465 TCF Financial Corp 6,950   149
Spirit AeroSystems Holdings Inc 4,139   424 US Bancorp 374,428   21,394
Teledyne Technologies Inc (a) 1,344   257 Webster Financial Corp 3,199   181
United Technologies Corp 192,774   26,604 Wells Fargo & Co 939,436   61,796
    $ 91,525 Western Alliance Bancorp (a) 319,071   18,717
Agriculture - 2.27%       Zions Bancorporation 7,187   388
Altria Group Inc 329,947   23,208     $ 342,025
Archer-Daniels-Midland Co 27,587   1,185 Beverages - 1.36%      
Bunge Ltd 4,803   382 Brown-Forman Corp - A Shares 324   22
Philip Morris International Inc 274,781   29,465 Brown-Forman Corp - B Shares 416   29
    $ 54,240 Coca-Cola Co/The 38,183   1,817
Airlines - 0.11%       Dr Pepper Snapple Group Inc 83,118   9,920
Alaska Air Group Inc 814   54 Molson Coors Brewing Co 5,952   500
American Airlines Group Inc 6,027   327 PepsiCo Inc 167,944   20,204
Copa Holdings SA 1,233   171     $ 32,492
Delta Air Lines Inc 23,844   1,354 Biotechnology - 0.22%      
JetBlue Airways Corp (a) 10,946   228 Alexion Pharmaceuticals Inc (a) 1,379   165
Spirit Airlines Inc (a) 2,428   102 Alnylam Pharmaceuticals Inc (a) 366   48
United Continental Holdings Inc (a) 6,594   447 Amgen Inc 17,363   3,230
    $ 2,683 Biogen Inc (a) 418   145
Apparel - 0.46%       Bio-Rad Laboratories Inc (a) 755   195
Michael Kors Holdings Ltd (a) 4,873   321 Gilead Sciences Inc 12,290   1,030
Ralph Lauren Corp 2,076   237 Intrexon Corp (a) 537   7
Skechers U.S.A. Inc (a) 3,199   132 Juno Therapeutics Inc (a) 2,264   194
VF Corp 126,356   10,253 United Therapeutics Corp (a) 1,411   182
    $ 10,943     $ 5,196
Automobile Manufacturers - 0.18%       Building Materials - 1.14%      
Ford Motor Co 138,026   1,514 Fortune Brands Home & Security Inc 791   56
General Motors Co 45,100   1,913 Johnson Controls International plc 678,453   26,548
PACCAR Inc 13,065   974 Lennox International Inc 224   49
    $ 4,401 Masco Corp 4,204   188
Automobile Parts & Equipment - 0.04%       Owens Corning 4,056   377
Adient PLC 3,399   220 USG Corp (a) 3,257   126
BorgWarner Inc 6,765   381 Vulcan Materials Co 218   29
Goodyear Tire & Rubber Co/The 8,338   290     $ 27,373
Lear Corp 551   107 Chemicals - 3.02%      
    $ 998 Air Products & Chemicals Inc 177,885   29,951
Banks - 14.30%       Albemarle Corp 2,988   333
Associated Banc-Corp 6,181   153 Ashland Global Holdings Inc 2,127   154
Bank of America Corp 2,227,600   71,282 Cabot Corp 2,324   157
Bank of Hawaii Corp 1,577   132 Celanese Corp 1,965   213
Bank of New York Mellon Corp/The 40,221   2,281 CF Industries Holdings Inc 7,820   332
Bank of the Ozarks 2,704   135 DowDuPont Inc 255,068   19,278
BankUnited Inc 4,189   172 Eastman Chemical Co 5,019   498
BB&T Corp 390,793   21,568 Huntsman Corp 3,984   138
BOK Financial Corp 1,134   110 LyondellBasell Industries NV 6,468   775
Capital One Financial Corp 20,685   2,150 Mosaic Co/The 11,972   327
CIT Group Inc 5,064   257 Olin Corp 5,956   222
Citigroup Inc 391,897   30,757 Platform Specialty Products Corp (a) 5,237   61
Citizens Financial Group Inc 29,173   1,339 PPG Industries Inc 916   109
Comerica Inc 4,247   404 Praxair Inc 1,308   211
Commerce Bancshares Inc/MO 3,467   203 RPM International Inc 679   36
Cullen/Frost Bankers Inc 2,175   231 Sherwin-Williams Co/The 45,840   19,120
East West Bancorp Inc 4,961   327 Versum Materials Inc 3,542   130
Fifth Third Bancorp 40,947   1,355 Westlake Chemical Corp 773   87
First Hawaiian Inc 2,512   73     $ 72,132
First Horizon National Corp 10,940   217 Coal - 0.00%      
FNB Corp/PA 11,368   163 CONSOL Energy Inc (a) 1,684   55
Goldman Sachs Group Inc/The 8,629   2,312        
Huntington Bancshares Inc/OH 69,638   1,127 Commercial Services - 0.87%      
JPMorgan Chase & Co 708,675   81,972 Aramark 5,161   236
KeyCorp 61,645   1,319 Booz Allen Hamilton Holding Corp 484,177   18,970
M&T Bank Corp 3,468   662 CoreLogic Inc/United States (a) 1,575   75
Morgan Stanley 31,646   1,790 Graham Holdings Co 190   113

 

See accompanying notes.

131

 

Schedule of Investments
LargeCap Value Fund III
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Commercial Services (continued)       Electric (continued)      
H&R Block Inc 6,654 $ 177 Calpine Corp (a) 15,173 $ 229
IHS Markit Ltd (a) 4,022   192 CenterPoint Energy Inc 16,011   451
ManpowerGroup Inc 2,487   327 CMS Energy Corp 10,060   450
Morningstar Inc 309   30 Consolidated Edison Inc 14,795   1,189
Nielsen Holdings PLC 12,095   452 Dominion Energy Inc 15,732   1,203
Quanta Services Inc (a) 4,117   158 DTE Energy Co 4,356   460
WEX Inc (a) 344   53 Duke Energy Corp 26,333   2,067
    $ 20,783 Edison International 7,782   487
Computers - 1.91%       Entergy Corp 6,560   516
Accenture PLC - Class A 126,830   20,382 Eversource Energy 7,774   491
Amdocs Ltd 291,104   19,911 Exelon Corp 288,611   11,114
DST Systems Inc 2,056   171 FirstEnergy Corp 16,376   539
Hewlett Packard Enterprise Co 39,716   651 Great Plains Energy Inc 8,654   269
HP Inc 66,521   1,551 Hawaiian Electric Industries Inc 4,907   168
International Business Machines Corp 6,503   1,065 NextEra Energy Inc 136,428   21,613
Leidos Holdings Inc 5,053   336 NRG Energy Inc 9,733   253
NetApp Inc 5,706   351 OGE Energy Corp 7,554   243
Teradata Corp (a) 4,582   186 PG&E Corp 12,539   532
Western Digital Corp 11,303   1,006 Pinnacle West Capital Corp 4,160   333
    $ 45,610 PPL Corp 16,784   535
Consumer Products - 0.04%       Public Service Enterprise Group Inc 23,514   1,220
Avery Dennison Corp 314   38 Southern Co/The 24,428   1,102
Clorox Co/The 2,526   358 Vistra Energy Corp (a) 10,575   206
Kimberly-Clark Corp 4,962   581 WEC Energy Group Inc 286,486   18,421
    $ 977 Westar Energy Inc 5,466   282
Cosmetics & Personal Care - 1.15%       Xcel Energy Inc 12,451   568
Colgate-Palmolive Co 298,259   22,143     $ 76,938
Edgewell Personal Care Co (a) 2,090   118 Electrical Components & Equipment - 0.08%      
Procter & Gamble Co/The 59,613   5,147 Acuity Brands Inc 580   90
    $ 27,408 AMETEK Inc 9,030   689
Distribution & Wholesale - 0.02%       Emerson Electric Co 13,515   976
LKQ Corp (a) 9,400   395 Hubbell Inc 872   118
WESCO International Inc (a) 1,839   125     $ 1,873
WW Grainger Inc 189   51 Electronics - 1.03%      
    $ 571 Agilent Technologies Inc 5,944   436
        Arrow Electronics Inc (a) 2,992   243
Diversified Financial Services - 2.30%              
Affiliated Managers Group Inc 1,973   394 Avnet Inc 4,158   177
Air Lease Corp 3,390   165 Corning Inc 19,759   617
Ally Financial Inc 15,858   472 FLIR Systems Inc 2,364   121
American Express Co 230,327   22,894 Fortive Corp 3,769   287
Ameriprise Financial Inc 3,449   582 Garmin Ltd 4,455   280
BGC Partners Inc 8,234   118 Gentex Corp 4,282   101
BlackRock Inc 3,050   1,713 Honeywell International Inc 133,047   21,244
Charles Schwab Corp/The 5,915   315 Jabil Inc 5,999   153
        Keysight Technologies Inc (a) 6,231   291
CME Group Inc 8,305   1,275        
Credit Acceptance Corp (a) 126   42 National Instruments Corp 982   49
Discover Financial Services 19,251   1,536 PerkinElmer Inc 3,309   265
E*TRADE Financial Corp (a) 9,296   490 Sensata Technologies Holding NV (a) 3,124   176
        Trimble Inc (a) 1,979   87
Federated Investors Inc 3,405   118        
FNF Group 9,527   371     $ 24,527
Franklin Resources Inc 11,869   503 Energy - Alternate Sources - 0.01%      
Interactive Brokers Group Inc - A Shares 2,653   170 First Solar Inc (a) 2,856   192
Intercontinental Exchange Inc 267,268   19,735        
Invesco Ltd 12,218   441 Engineering & Construction - 0.03%      
Lazard Ltd 1,059   62 AECOM (a) 5,552   217
Legg Mason Inc 2,860   122 Fluor Corp 4,802   292
Nasdaq Inc 3,989   323 Jacobs Engineering Group Inc 4,494   312
Navient Corp 11,453   163     $ 821
OneMain Holdings Inc (a) 3,057   100 Entertainment - 0.02%      
Raymond James Financial Inc 3,461   334 Cinemark Holdings Inc 3,734   137
Santander Consumer USA Holdings Inc 6,939   120 Dolby Laboratories Inc 1,963   126
SLM Corp (a) 16,411   188 Lions Gate Entertainment Corp - A shares 1,412   48
Synchrony Financial 41,334   1,640 Lions Gate Entertainment Corp - B shares 2,056   66
T Rowe Price Group Inc 4,874   544     $ 377
TD Ameritrade Holding Corp 1,397   78 Environmental Control - 0.04%      
    $ 55,008 Republic Services Inc 9,927   683
Electric - 3.22%       Stericycle Inc (a) 2,800   211
ALLETE Inc 132,055   9,566 Waste Management Inc 1,875   166
Alliant Energy Corp 8,130   323     $ 1,060
Ameren Corp 8,871   502 Food - 1.89%      
American Electric Power Co Inc 21,408   1,473 Campbell Soup Co 2,394   111
Avangrid Inc 2,733   133 Conagra Brands Inc 13,383   509
        Flowers Foods Inc 6,738   132

 

See accompanying notes.

132

 

Schedule of Investments
LargeCap Value Fund III
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Food (continued)       Healthcare - Services (continued)      
General Mills Inc 332,548 $ 19,451 WellCare Health Plans Inc (a) 266 $ 56
Hain Celestial Group Inc/The (a) 3,467   132     $ 53,362
Hershey Co/The 633   70 Holding Companies - Diversified - 0.01%      
Hormel Foods Corp 534,460   18,348 Leucadia National Corp 9,384   254
Ingredion Inc 2,496   359        
JM Smucker Co/The 3,761   477 Home Builders - 0.06%      
Kellogg Co 462   31 CalAtlantic Group Inc 3,090   173
Kraft Heinz Co/The 14,735   1,155 DR Horton Inc 7,836   384
Kroger Co/The 26,358   800 Lennar Corp - A Shares 7,039   441
Lamb Weston Holdings Inc 3,936   231 Lennar Corp - B Shares 989   50
Mondelez International Inc 35,970   1,597 PulteGroup Inc 7,341   234
Pilgrim's Pride Corp (a) 851   24 Toll Brothers Inc 3,216   150
Pinnacle Foods Inc 4,113   255     $ 1,432
Post Holdings Inc (a) 2,247   170 Home Furnishings - 0.02%      
Safeway, Inc. - CVR - Casa Ley (a),(b),(c) 16,993   — Leggett & Platt Inc 1,157   54
Safeway, Inc. - CVR - Property Development 16,993   — Tempur Sealy International Inc (a) 1,154   69
Centers (a),(b),(c)       Whirlpool Corp 2,241   406
Seaboard Corp 13   56     $ 529
TreeHouse Foods Inc (a) 1,464   69        
        Insurance - 4.66%      
Tyson Foods Inc 14,082   1,072 Aflac Inc 19,797   1,746
US Foods Holding Corp (a) 7,228   232        
        Allstate Corp/The 13,934   1,376
    $ 45,281 American Financial Group Inc/OH 2,644   300
Forest Products & Paper - 0.01%       American International Group Inc 412,983   26,398
Domtar Corp 2,480   127 American National Insurance Co 524   66
International Paper Co 1,829   115 Arthur J Gallagher & Co 282,624   19,309
    $ 242 Assurant Inc 1,788   164
Gas - 0.08%       Assured Guaranty Ltd 4,787   170
Atmos Energy Corp 3,676   305 Athene Holding Ltd (a) 4,259   214
National Fuel Gas Co 3,442   192 Berkshire Hathaway Inc - Class B (a) 47,198   10,118
NiSource Inc 12,147   300 Brighthouse Financial Inc (a) 3,025   194
Sempra Energy 6,154   658 Brown & Brown Inc 4,379   230
UGI Corp 6,678   306 Chubb Ltd 135,103   21,097
Vectren Corp 3,299   200 Cincinnati Financial Corp 5,232   402
    $ 1,961 CNA Financial Corp 1,505   81
Hand & Machine Tools - 0.06%       Erie Indemnity Co 408   48
Regal Beloit Corp 1,827   142 Everest Re Group Ltd 1,445   332
Snap-on Inc 1,787   306 First American Financial Corp 4,137   244
Stanley Black & Decker Inc 5,647   939 Hanover Insurance Group Inc/The 1,684   191
    $ 1,387 Hartford Financial Services Group Inc/The 8,690   511
Healthcare - Products - 4.37%       Lincoln National Corp 14,159   1,172
Abbott Laboratories 400,202   24,877 Loews Corp 9,612   496
Baxter International Inc 17,717   1,276 Markel Corp (a) 451   518
Becton Dickinson and Co 86,225   20,947 Mercury General Corp 1,431   70
Bruker Corp 3,038   108 MetLife Inc 40,745   1,959
Cooper Cos Inc/The 490   120 Old Republic International Corp 9,922   213
Danaher Corp 22,073   2,235 ProAssurance Corp 1,925   105
DENTSPLY SIRONA Inc 7,675   467 Prudential Financial Inc 19,086   2,268
Hill-Rom Holdings Inc 464   40 Reinsurance Group of America Inc 2,359   369
Hologic Inc (a) 4,482   191 Torchmark Corp 4,156   378
Medtronic PLC 597,733   51,339 Travelers Cos Inc/The 12,985   1,947
OPKO Health Inc (a) 9,679   43 Unum Group 8,134   433
Patterson Cos Inc 2,970   107 Willis Towers Watson PLC 3,097   497
QIAGEN NV (a) 5,516   185 WR Berkley Corp 3,588   262
STERIS PLC 3,077   280 XL Group Ltd 477,000   17,573
Teleflex Inc 1,308   363     $ 111,451
Thermo Fisher Scientific Inc 5,373   1,204 Internet - 1.01%      
Zimmer Biomet Holdings Inc 4,945   629 Alphabet Inc - A Shares (a) 18,421   21,778
    $ 104,411 eBay Inc (a) 40,645   1,649
Healthcare - Services - 2.23%       Liberty Expedia Holdings Inc (a) 2,014   94
Aetna Inc 8,164   1,525 Liberty Ventures (a) 3,053   180
Anthem Inc 113,560   28,146 Twitter Inc (a) 15,245   394
Centene Corp (a) 6,651   713     $ 24,095
Cigna Corp 93,210   19,420 Iron & Steel - 0.06%      
DaVita Inc (a) 5,367   419 Nucor Corp 11,190   749
HCA Healthcare Inc 6,503   658 Reliance Steel & Aluminum Co 2,545   223
Humana Inc 966   272 Steel Dynamics Inc 7,020   319
IQVIA Holdings Inc (a) 3,450   353 United States Steel Corp 6,257   234
Laboratory Corp of America Holdings (a) 4,258   743     $ 1,525
MEDNAX Inc (a) 3,399   179 Leisure Products & Services - 0.09%      
Quest Diagnostics Inc 4,816   510 Brunswick Corp/DE 771   48
Universal Health Services Inc 3,030   368 Carnival Corp 9,982   715
        Harley-Davidson Inc 1,699   82
        Norwegian Cruise Line Holdings Ltd (a) 6,346   386

 

See accompanying notes.

133

 

Schedule of Investments LargeCap Value Fund III

January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Leisure Products & Services (continued)       Miscellaneous Manufacturers (continued)      
Royal Caribbean Cruises Ltd 6,683 $ 893 Trinity Industries Inc 5,265 $ 182
    $ 2,124     $ 27,519
Lodging - 0.03%       Office & Business Equipment - 0.01%      
Extended Stay America Inc 3,829   78 Xerox Corp 7,742   264
Hilton Worldwide Holdings Inc 642   55        
Hyatt Hotels Corp 1,914   156 Oil & Gas - 9.67%      
MGM Resorts International 11,342   413 Anadarko Petroleum Corp 13,418   806
    $ 702 Andeavor 8,116   878
Machinery - Construction & Mining - 0.03%       Antero Resources Corp (a) 4,582   89
Caterpillar Inc 2,880   469 Apache Corp 8,846   397
Oshkosh Corp 2,840   257 BP PLC ADR 761,880   32,601
    $ 726 Cabot Oil & Gas Corp 5,008   132
Machinery - Diversified - 0.07%       Centennial Resource Development Inc/DE (a) 4,862   99
AGCO Corp 2,484   180 Chesapeake Energy Corp (a) 32,551   114
Cummins Inc 4,711   886 Chevron Corp 393,048   49,269
IDEX Corp 451   65 Cimarex Energy Co 413   46
Roper Technologies Inc 888   249 CNX Resources Corp (a) 8,592   120
Xylem Inc/NY 3,296   238 Concho Resources Inc (a) 3,611   569
    $ 1,618 ConocoPhillips 556,560   32,731
        Continental Resources Inc/OK (a) 2,030   113
Media - 3.05%              
Charter Communications Inc (a) 1,475   556 Devon Energy Corp 23,814   985
 Comcast Corp - Class A  754,174    32,075 Diamondback Energy Inc (a) 2,674   336
Discovery Communications Inc - A Shares (a) 5,180   130 Energen Corp (a) 3,566   186
Discovery Communications Inc - C Shares (a) 6,848   163 EOG Resources Inc 197,513   22,715
DISH Network Corp (a) 1,756   82 EQT Corp 7,020   381
        Extraction Oil & Gas Inc (a) 4,357   62
John Wiley & Sons Inc 1,955   124        
Liberty Broadband Corp - A Shares (a) 1,035   98 Exxon Mobil Corp 144,510   12,616
        Gulfport Energy Corp (a) 6,335   64
Liberty Media Corp-Liberty Formula One - C 6,555   247        
Shares (a)       Helmerich & Payne Inc 3,740   269
Liberty Media Corp-Liberty SiriusXM - A 3,306   149 Hess Corp 9,443   477
Shares (a)       HollyFrontier Corp 6,405   307
        Kosmos Energy Ltd (a) 10,118   70
Liberty Media Corp-Liberty SiriusXM - C 6,339   284        
Shares (a)       Marathon Oil Corp 20,804   378
News Corp - A Shares 14,481   248 Marathon Petroleum Corp 20,992   1,454
News Corp - B Shares 5,773   101 Murphy Oil Corp 6,138   197
        Murphy USA Inc (a) 1,355   116
Scripps Networks Interactive Inc 1,600   141        
Sirius XM Holdings Inc 7,324   45 Nabors Industries Ltd 10,377   81
TEGNA Inc 8,338   121 Noble Energy Inc 16,557   505
Time Warner Inc 26,812   2,556 Occidental Petroleum Corp 302,415   22,672
        Parsley Energy Inc (a) 2,887   68
Twenty-First Century Fox Inc - A Shares 653,757   24,124        
Twenty-First Century Fox Inc - B Shares 10,199   372 Patterson-UTI Energy Inc 7,621   180
Viacom Inc - A Shares 647   25 PBF Energy Inc 4,441   144
Viacom Inc - B Shares 11,992   401 Phillips 66 248,794   25,476
Walt Disney Co/The 101,457   11,025 Pioneer Natural Resources Co 4,142   758
        QEP Resources Inc (a) 9,451   89
    $ 73,067        
Metal Fabrication & Hardware - 0.01%       Range Resources Corp 8,379   119
        RSP Permian Inc (a) 511,485   20,296
Timken Co/The 2,577   136        
   SM Energy Co  4,079    95
Valmont Industries Inc 901   147 Southwestern Energy Co (a) 21,088   89
    $ 283 Transocean Ltd (a) 13,359   144
Mining - 0.09%       Valero Energy Corp 18,138   1,741
Alcoa Corp (a) 6,489   338        
        Whiting Petroleum Corp (a) 3,452   96
Freeport-McMoRan Inc (a) 38,306   747        
        WPX Energy Inc (a) 13,838   204
Newmont Mining Corp 18,372   744        
Royal Gold Inc 1,397   124     $ 231,334
Southern Copper Corp 562   27 Oil & Gas Services - 0.86%      
Tahoe Resources Inc 13,412   59 Halliburton Co 325,698   17,490
    $ 2,039 National Oilwell Varco Inc 12,902   473
        Oceaneering International Inc 3,663   76
Miscellaneous Manufacturers - 1.15%       RPC Inc 1,176   24
AptarGroup Inc 1,678   147 Schlumberger Ltd 34,110   2,510
Carlisle Cos Inc 2,277   260        
Colfax Corp (a) 3,163   127     $ 20,573
Crane Co 1,951   195 Packaging & Containers - 0.05%      
Donaldson Co Inc 919   47 Ball Corp 5,462   209
        Crown Holdings Inc (a) 1,654   96
Dover Corp 3,382   359 Owens-Illinois Inc (a) 2,058   48
Eaton Corp PLC 16,743   1,406        
General Electric Co 1,398,257   22,609 Sealed Air Corp 3,203   152
Hexcel Corp 1,276   87 Sonoco Products Co 3,563   193
Ingersoll-Rand PLC 5,897   558 WestRock Co 9,004   600
ITT Inc 3,373   189     $ 1,298
Parker-Hannifin Corp 1,582   319 Pharmaceuticals - 7.09%      
        Agios Pharmaceuticals Inc (a) 78   6
Pentair PLC 5,849   418 Akorn Inc (a) 567   18
Textron Inc 10,507   616        
        Allergan PLC 8,237   1,485

 

See accompanying notes.

134

 

Schedule of Investments LargeCap Value Fund III

January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)
Pharmaceuticals (continued)       REITs (continued)      
Bristol-Myers Squibb Co 30,741 $ 1,925 Omega Healthcare Investors Inc 7,069 $ 191
Cardinal Health Inc 244,250   17,534 Outfront Media Inc 5,389   121
Express Scripts Holding Co (a) 228,796   18,116 Paramount Group Inc 8,238   124
Johnson & Johnson 457,879   63,275 Park Hotels & Resorts Inc 5,909   171
McKesson Corp 7,360   1,243 Piedmont Office Realty Trust Inc 6,545   128
Merck & Co Inc 314,229   18,618 Prologis Inc 20,108   1,309
Mylan NV (a) 20,093   861 Public Storage 88,874   17,398
Perrigo Co PLC 4,630   420 Rayonier Inc 4,899   159
Pfizer Inc 864,073   32,005 Realty Income Corp 9,681   515
Premier Inc (a) 2,226   72 Regency Centers Corp 5,178   326
Sanofi ADR 316,818   13,918 Retail Properties of America Inc 9,176   111
    $ 169,496 Senior Housing Properties Trust 9,195   159
Pipelines - 0.08%       Simon Property Group Inc 117,184   19,144
Cheniere Energy Inc (a) 2,447   138 SL Green Realty Corp 3,330   335
Kinder Morgan Inc/DE 47,178   848 Starwood Property Trust Inc 10,150   207
Targa Resources Corp 7,333   352 STORE Capital Corp 6,931   170
Williams Cos Inc/The 17,313   544 Sun Communities Inc 2,648   235
    $ 1,882 Two Harbors Investment Corp 8,169   120
Real Estate - 0.03%       UDR Inc 9,462   346
CBRE Group Inc (a) 6,218   284 Ventas Inc 14,915   835
Jones Lang LaSalle Inc 1,713   268 VEREIT Inc 35,199   253
Realogy Holdings Corp 5,484   151 Vornado Realty Trust 6,033   432
    $ 703 Weingarten Realty Investors 4,972   147
REITs - 2.35%       Welltower Inc 14,185   851
AGNC Investment Corp 14,898   280 Weyerhaeuser Co 28,953   1,087
Alexandria Real Estate Equities Inc 3,338   433 WP Carey Inc 3,923   254
American Campus Communities Inc 4,583   176     $ 56,226
American Homes 4 Rent 9,411   196 Retail - 6.24%      
Annaly Capital Management Inc 41,273   435 Advance Auto Parts Inc 1,817   213
Apartment Investment & Management Co 5,642   236 AutoNation Inc (a) 2,336   141
Apple Hospitality REIT Inc 8,705   170 AutoZone Inc (a) 288   220
AvalonBay Communities Inc 3,374   575 Bed Bath & Beyond Inc 5,173   119
Boston Properties Inc 3,186   394 Best Buy Co Inc 10,353   756
Brandywine Realty Trust 7,136   128 Burlington Stores Inc (a) 1,196   146
Brixmor Property Group Inc 12,044   195 Casey's General Stores Inc 1,306   158
Camden Property Trust 3,184   276 CVS Health Corp 607,279   47,787
Chimera Investment Corp 8,332   142 Dick's Sporting Goods Inc 1,095   34
Colony NorthStar Inc 18,729   168 Dollar General Corp 304,850   31,436
Columbia Property Trust Inc 4,924   108 Dollar Tree Inc (a) 1,574   181
CoreCivic Inc 4,941   115 Foot Locker Inc 4,201   206
Corporate Office Properties Trust 4,319   118 GameStop Corp 3,676   62
CubeSmart 3,055   84 Gap Inc/The 8,420   280
DCT Industrial Trust Inc 3,563   211 Genuine Parts Co 3,222   335
Digital Realty Trust Inc 1,175   131 Home Depot Inc/The 102,100   20,512
Douglas Emmett Inc 1,624   63 Kohl's Corp 6,044   391
Duke Realty Corp 12,892   340 L Brands Inc 7,048   353
Empire State Realty Trust Inc 5,939   116 Liberty Interactive Corp QVC Group (a) 6,740   189
EPR Properties 2,630   155 Lowe's Cos Inc 324,752   34,011
Equity Residential 8,738   538 Macy's Inc 11,043   287
Essex Property Trust Inc 2,287   533 Michaels Cos Inc/The (a) 1,704   46
Extra Space Storage Inc 967   81 MSC Industrial Direct Co Inc 1,251   117
Federal Realty Investment Trust 1,663   201 Nu Skin Enterprises Inc 1,487   107
Forest City Realty Trust Inc 9,600   225 Penske Automotive Group Inc 1,514   79
Gaming and Leisure Properties Inc 5,440   198 PVH Corp 2,756   427
HCP Inc 16,775   404 Rite Aid Corp (a) 20,100   44
Healthcare Trust of America Inc 6,875   190 Sally Beauty Holdings Inc (a) 3,184   53
Highwoods Properties Inc 4,047   194 Signet Jewelers Ltd 2,270   120
Hospitality Properties Trust 6,536   186 Tapestry Inc 8,195   386
Host Hotels & Resorts Inc 25,727   534 Target Corp 20,048   1,508
Hudson Pacific Properties Inc 5,445   174 Tiffany & Co 3,804   406
Iron Mountain Inc 2,045   72 Urban Outfitters Inc (a) 3,573   122
Kilroy Realty Corp 3,364   240 Walgreens Boots Alliance Inc 28,689   2,159
Kimco Realty Corp 14,550   231 Walmart Inc 51,198   5,458
Lamar Advertising Co 714   51 Williams-Sonoma Inc 2,658   136
Liberty Property Trust 5,650   234 World Fuel Services Corp 3,113   87
Life Storage Inc 1,878   156 Yum China Holdings Inc 4,218   196
Macerich Co/The 4,550   294     $ 149,268
Medical Properties Trust Inc 14,125   185 Savings & Loans - 0.02%      
MFA Financial Inc 15,824   113 New York Community Bancorp Inc 17,133   243
Mid-America Apartment Communities Inc 4,043   386 People's United Financial Inc 12,253   241
National Retail Properties Inc 5,569   221 TFS Financial Corp 1,783   26
New Residential Investment Corp 12,290   212     $ 510

 

See accompanying notes.

135

 

Schedule of Investments
LargeCap Value Fund III
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) INVESTMENT COMPANIES - 3.34% Shares Held Value (000's)  
Semiconductors - 3.66%       Money Market Funds - 3.34%        
Broadcom Ltd 69,475 $ 17,232 Principal Government Money Market Fund (d) 79,885,234 $ 79,885  
Intel Corp 162,650   7,830            
Lam Research Corp 51,545   9,872 TOTAL INVESTMENT COMPANIES   $ 79,885  
Marvell Technology Group Ltd 13,740   320 Total Investments   $ 2,385,225  
Micron Technology Inc (a) 15,403   673 Other Assets and Liabilities - 0.28%   $ 6,755  
Microsemi Corp (a) 823   51 TOTAL NET ASSETS - 100.00%   $ 2,391,980  
NXP Semiconductors NV (a) 3,639   438            
ON Semiconductor Corp (a) 1,261   31            
Qorvo Inc (a) 2,051   147 (a) Non-income producing security        
QUALCOMM Inc 432,037   29,487 (b) The value of these investments was determined using significant  
Teradyne Inc 724   33   unobservable inputs.        
Texas Instruments Inc 195,849   21,479 (c) Fair value of these investments is determined in good faith by the Manager  
Xilinx Inc 327   24   under procedures established and periodically reviewed by the Board of  
    $ 87,617   Directors. Certain inputs used in the valuation may be unobservable;  
Shipbuilding - 0.00%         however, each security is evaluated individually for purposes of ASC 820  
Huntington Ingalls Industries Inc 395   94   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  
Software - 3.88%         totaled $0 or 0.00% of net assets.        
Akamai Technologies Inc (a) 5,663   379 (d) Affiliated Security. Security is either an affiliate (and registered under the  
Autodesk Inc (a) 917   106   Investment Company Act of 1940) or an affiliate as defined by the  
CA Inc 10,953   393   Investment Company Act of 1940 (the Fund controls 5.0% or more of the  
Dun & Bradstreet Corp/The 1,022   126   outstanding voting shares of the security). Please see affiliated sub-  
Fidelity National Information Services Inc 3,472   355   schedule for transactional information.        
Guidewire Software Inc (a) 1,671   133            
Microsoft Corp 408,800   38,840            
Nuance Communications Inc (a) 9,909   177            
Oracle Corp 1,001,121   51,648   Portfolio Summary (unaudited)      
SS&C Technologies Holdings Inc 904   46 Sector       Percent  
Synopsys Inc (a) 4,860   450 Financial     23.66 %
Zynga Inc (a) 31,859   114 Consumer, Non-cyclical     21.49 %
    $ 92,767 Energy     10.62 %
Telecommunications - 3.94%       Technology     9.46 %
ARRIS International PLC (a) 6,200   157 Industrial     9.34 %
AT&T Inc 1,075,012   40,259 Communications     8.00 %
CenturyLink Inc 23,567   420 Consumer, Cyclical     7.30 %
Cisco Systems Inc 170,582   7,086 Investment Companies     3.34 %
CommScope Holding Co Inc (a) 3,163   122 Utilities     3.32 %
EchoStar Corp (a) 1,637   100 Basic Materials     3.18 %
Juniper Networks Inc 12,745   333 Diversified     0.01 %
LogMeIn Inc 715   90 Other Assets and Liabilities     0.28 %
Motorola Solutions Inc 202,853   20,176 TOTAL NET ASSETS     100.00 %
Sprint Corp (a) 20,674   110            
Switch Inc 1,688   27            
Telephone & Data Systems Inc 3,179   87            
T-Mobile US Inc (a) 4,621   301            
United States Cellular Corp (a) 459   17            
Verizon Communications Inc 460,812   24,916            
    $ 94,201            
Textiles - 0.03%                  
Mohawk Industries Inc (a) 2,252   633            
 
Toys, Games & Hobbies - 0.00%                  
Hasbro Inc 1,097   104            
 
Transportation - 1.82%                  
CSX Corp 2,166   123            
Expeditors International of Washington Inc 2,234   145            
FedEx Corp 78,000   20,473            
Genesee & Wyoming Inc (a) 2,191   175            
Kansas City Southern 3,725   421            
Kirby Corp (a) 1,828   137            
Norfolk Southern Corp 10,911   1,646            
Old Dominion Freight Line Inc 1,001   147            
Ryder System Inc 1,908   166            
Union Pacific Corp 150,211   20,054            
XPO Logistics Inc (a) 1,195   113            
    $ 43,600            
Water - 0.02%                  
American Water Works Co Inc 6,016   500            
 
TOTAL COMMON STOCKS   $ 2,305,340            

 

See accompanying notes.

136

 

Schedule of Investments
LargeCap Value Fund III
January 31, 2018 (unaudited)
 
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
     Value     Cost   Proceeds     Value
Principal Government Money Market Fund   $ — $   281,056 $ 201,171 $   79,885
    $ — $   281,056 $ 201,171 $   79,885
 
 
      Realized Gain/Loss   Realized Gain from     Change in Unrealized
    Income on Investments   Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 151 $   — $     — $ —
  $ 151 $   — $     — $ —
Amounts in thousands                      
 
 
Futures Contracts
Description and Expiration Date   Type Contracts Notional Amount Value and Unrealized Appreciation/(Depreciation)
S&P 500 Emini; March 2018   Long   613 $ 86,611 $     3,908
Total               $     3,908
 
Amounts in thousands except contracts.                      

 

See accompanying notes.

137

 

     Schedule of Investments MidCap Fund January 31, 2018 (unaudited)

COMMON STOCKS - 99.86% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Aerospace & Defense - 3.61%       Lodging - 0.44%      
TransDigm Group Inc 1,864,211 $ 590,787 Hilton Worldwide Holdings Inc 833,842 $ 71,419
 
Banks - 1.23%       Machinery - Diversified - 2.18%      
First Republic Bank/CA 152,039   13,615 Roper Technologies Inc 1,270,212   356,409
M&T Bank Corp 982,928   187,523        
    $ 201,138 Media - 5.82%      
Beverages - 0.46%       Liberty Broadband Corp - A Shares (a) 757,632   71,702
Brown-Forman Corp - B Shares 1,084,571   75,161 Liberty Broadband Corp - C Shares (a) 2,127,632   203,295
        Liberty Global PLC - A Shares (a) 753,960   28,183
Building Materials - 2.71%       Liberty Global PLC - C Shares (a) 6,172,517   220,729
Martin Marietta Materials Inc 1,345,386   306,977 Liberty Media Corp-Liberty Braves - A Shares 148,589   3,507
        (a)      
Vulcan Materials Co 1,002,795   135,778        
    $ 442,755 Liberty Media Corp-Liberty Braves - C Shares 668,493   15,716
        (a)      
Chemicals - 4.51%              
Air Products & Chemicals Inc 2,441,600   411,092 Liberty Media Corp-Liberty Formula One - A 462,222   16,492
Axalta Coating Systems Ltd (a) 1,264,623   39,836 Shares (a)      
Sherwin-Williams Co/The 686,821   286,480 Liberty Media Corp-Liberty Formula One - C 4,970,109   187,324
        Shares (a)      
    $ 737,408        
        Liberty Media Corp-Liberty SiriusXM - A 1,110,077   49,965
Commercial Services - 14.79%       Shares (a)      
AMERCO 220,694   80,571        
    Liberty Media Corp-Liberty SiriusXM - C  3,471,511    155,558
Brookfield Business Partners LP 469,135   18,278 Shares  (a)  
Ecolab Inc 693,212   95,441        
Gartner Inc (a) 2,087,088   289,563     $ 952,471
IHS Markit Ltd (a) 5,617,426   268,120 Miscellaneous Manufacturers - 1.55%      
        Colfax Corp (a),(b) 6,333,461   253,465
KAR Auction Services Inc 928,530   50,642        
Live Nation Entertainment Inc (a) 3,361,826   151,484        
Macquarie Infrastructure Corp 1,968,036   130,579 Private Equity - 6.33%      
Moody's Corp 3,240,749   524,321 Brookfield Asset Management Inc 17,535,449   734,209
S&P Global Inc 2,058,947   372,875 Kennedy-Wilson Holdings Inc 1,934,810   34,343
TransUnion (a) 2,665,633   158,232 KKR & Co LP 6,115,749   147,267
Verisk Analytics Inc (a) 2,793,545   279,494 Onex Corp 1,599,853   119,608
    $ 2,419,600     $ 1,035,427
Distribution & Wholesale - 0.96%       Real Estate - 3.00%      
Fastenal Co 1,503,843   82,651 Brookfield Property Partners LP 2,352,782   51,408
HD Supply Holdings Inc (a) 1,899,663   73,878 CBRE Group Inc (a) 6,687,430   305,549
        Howard Hughes Corp/The (a) 1,069,374   134,698
    $ 156,529        
Diversified Financial Services - 1.75%           $ 491,655
FNF Group 7,342,830   286,223 REITs - 5.79%      
        Equinix Inc 369,875   168,364
      Forest City Realty Trust Inc 5,407,417   126,912
 Electric - 2.32%       SBA Communications Corp (a) 3,742,649   653,092
Brookfield Infrastructure Partners LP 7,214,317   309,638        
Brookfield Renewable Partners LP 2,090,097   69,893     $ 948,368
    $ 379,531 Retail - 14.49%      
 Electronics - 0.29%       CarMax Inc (a) 6,378,109   455,206
Sensata Technologies  Holding NV (a) 852,841   47,972 Copart Inc (a) 4,741,264   208,947
        Dollar General Corp 1,062,354   109,550
        Dollar Tree Inc (a) 2,782,267   319,961
Healthcare - Products - 1.73%       O'Reilly Automotive Inc (a) 1,772,689   469,213
DENTSPLY SIRONA Inc 4,658,045   283,256        
        Restaurant Brands International Inc 6,733,672   406,646
Holding Companies - Diversified - 0.19%       Ross Stores Inc 4,878,639   401,951
Leucadia National Corp 1,145,621   31,012     $ 2,371,474
        Semiconductors - 1.42%      
Home Builders - 1.29%       Microchip Technology Inc 2,449,805   233,270
Lennar Corp - A Shares 2,057,573   128,928        
Lennar Corp - B Shares 38,541   1,952 Software - 6.30%      
NVR Inc (a) 25,270   80,312 Autodesk Inc (a) 2,986,536   345,303
        Black Knight Inc (a) 2,254,972   111,621
    $ 211,192        
Insurance - 11.53%       CDK Global Inc 1,095,729   78,115
Alleghany Corp (a) 78,749   49,431 Fidelity National Information Services Inc 2,318,189   237,290
Aon PLC 3,971,599   564,642 Intuit Inc 1,199,324   201,367
Arch Capital Group Ltd (a) 1,637,527   148,917 MSCI Inc 413,707   57,600
Brown & Brown Inc 2,504,039   131,412     $ 1,031,296
Loews Corp 3,902,352   201,556 Telecommunications - 0.75%      
Markel Corp (a) 464,989   533,663 EchoStar Corp (a) 621,151   37,927
Progressive Corp/The 3,144,012   170,091 Motorola Solutions Inc 859,317   85,468
Trisura Group Ltd (a) 102,584   2,095     $ 123,395
White Mountains Insurance Group Ltd 101,432   85,193 Textiles - 1.43%      
    $ 1,887,000 Mohawk Industries Inc (a) 832,013   233,846
Internet - 2.99%              
Liberty Expedia Holdings Inc (a) 1,626,613   76,272 TOTAL COMMON STOCKS   $ 16,341,458
Liberty Ventures (a) 2,488,508   146,648        
VeriSign Inc (a) 2,318,827   266,479        
    $ 489,399        

 

See accompanying notes.

138

 

            Schedule of Investments        
            MidCap Fund        
            January 31, 2018 (unaudited)        
 
 
INVESTMENT COMPANIES - 0.01%   Shares Held Value(000 's)            
Money Market Funds - 0.01%                        
Principal Government Money Market Fund (b) 1,278,004   $ 1,278              
 
TOTAL INVESTMENT COMPANIES       $ 1,278              
Total Investments     $ 16,342,736              
Other Assets and Liabilities - 0.13%       $ 20,479              
TOTAL NET ASSETS - 100.00%     $ 16,363,215              
 
 
(a) Non-income producing security                        
(b) Affiliated Security. Security is either an affiliate (and registered under the              
  Investment Company Act of 1940) or an affiliate as defined by the              
  Investment Company Act of 1940 (the Fund controls 5.0% or more of the              
  outstanding voting shares of the security). Please see affiliated sub-              
  schedule for transactional information.                      
 
 
 
  Portfolio Summary (unaudited)                    
Sector           Percent              
Financial         29.63 %            
Consumer, Cyclical         18.61 %            
Consumer, Non-cyclical         16.98 %            
Industrial         10.34 %            
Communications         9.56 %            
Technology         7.72 %            
Basic Materials         4.51 %            
Utilities         2.32 %            
Diversified         0.19 %            
Investment Companies         0.01 %            
Other Assets and Liabilities         0.13 %            
TOTAL NET ASSETS         100.00 %            
 
Affiliated Securities   October 31, 2017     Purchases   Sales   January 31, 2018
       Value     Cost   Proceeds   Value
Colfax Corp $       265,848   $ — $ 1,575 $ 253,465
Principal Government Money Market Fund       —     126,666   125,388   1,278
    $       265,848   $ 126,666 $ 126,963 $ 254,743

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Colfax Corp $ — $ (854 ) $ — $ (9,954 )
Principal Government Money Market Fund   21   —     —   —  
  $ 21 $ (854 ) $ — $ (9,954 )
Amounts in thousands                    

 

See accompanying notes.

139

 

     Schedule of Investments MidCap Growth Fund January 31, 2018 (unaudited)

COMMON STOCKS - 97.77% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)  
Automobile Parts & Equipment - 1.84%       Leisure Products & Services (continued)        
Aptiv PLC 36,611 $ 3,474 Polaris Industries Inc 15,661 $ 1,770  
        Royal Caribbean Cruises Ltd 31,622   4,223  
Banks - 3.50%             $ 8,797  
SVB Financial Group (a) 11,395   2,809 Lodging - 1.05%        
Zions Bancorporation 70,254   3,796 Wynn Resorts Ltd 11,974   1,983  
    $ 6,605            
Biotechnology - 3.76%       Machinery - Construction & Mining - 1.07%        
Illumina Inc (a) 17,284   4,021 Terex Corp 42,779   2,012  
Vertex Pharmaceuticals Inc (a) 18,507   3,088            
    $ 7,109 Machinery - Diversified - 3.08%        
Building Materials - 1.31%       Deere & Co 19,895   3,311  
Owens Corning 26,519   2,466 Middleby Corp/The (a) 18,424   2,510  
              $ 5,821  
Chemicals - 4.69%       Miscellaneous Manufacturers - 1.67%        
Celanese Corp 37,153   4,018 John Bean Technologies Corp 27,712   3,152  
FMC Corp 30,286   2,766            
Olin Corp 55,352   2,064 Oil & Gas - 1.28%        
    $ 8,848 Cabot Oil & Gas Corp 91,629   2,414  
Commercial Services - 12.51%                  
Brink's Co/The 49,827   4,155 Pharmaceuticals - 4.63%        
CoStar Group Inc (a) 8,763   3,033 Aerie Pharmaceuticals Inc (a) 42,952   2,356  
Global Payments Inc 29,349   3,281 Neurocrine Biosciences Inc (a) 30,598   2,615  
Moody's Corp 14,825   2,398 Zoetis Inc 49,145   3,771  
On Assignment Inc (a) 39,711   3,041       $ 8,742  
Square Inc (a) 71,973   3,376 Retail - 3.85%        
TransUnion (a) 72,904   4,328 Darden Restaurants Inc 24,682   2,366  
    $ 23,612 Tractor Supply Co 28,525   2,175  
Distribution & Wholesale - 1.89%       Yum China Holdings Inc 58,707   2,723  
G-III Apparel Group Ltd (a) 95,631   3,572       $ 7,264  
        Semiconductors - 5.73%        
Diversified Financial Services - 4.03%       Applied Materials Inc 51,812   2,779  
Ameriprise Financial Inc 24,537   4,139 Lam Research Corp 11,528   2,208  
E*TRADE Financial Corp (a) 65,932   3,475 Microchip Technology Inc 31,035   2,955  
    $ 7,614 Teradyne Inc 62,889   2,883  
Electrical Components & Equipment - 2.84%             $ 10,825  
AMETEK Inc 58,348   4,452 Software - 9.09%        
Universal Display Corp 5,668   904 2U Inc (a) 43,805   3,253  
    $ 5,356 ServiceNow Inc (a) 51,126   7,611  
Electronics - 6.43%       Splunk Inc (a) 26,977   2,492  
Agilent Technologies Inc 25,400   1,865 Take-Two Interactive Software Inc (a) 30,069   3,809  
Coherent Inc (a) 6,687   1,735       $ 17,165  
FLIR Systems Inc 46,656   2,389 Textiles - 1.88%        
Mettler-Toledo International Inc (a) 2,800   1,891 Mohawk Industries Inc (a) 12,642   3,553  
Trimble Inc (a) 96,590   4,260            
    $ 12,140 TOTAL COMMON STOCKS   $ 184,586  
Entertainment - 2.18%       INVESTMENT COMPANIES - 2.24% Shares Held Value (000's)  
Dolby Laboratories Inc 29,400   1,891 Money Market Funds - 2.24%        
Vail Resorts Inc 10,156   2,220 Principal Government Money Market Fund (b) 4,233,979   4,234  
    $ 4,111            
Hand & Machine Tools - 2.97%       TOTAL INVESTMENT COMPANIES   $ 4,234  
Kennametal Inc 54,059   2,637 Total Investments   $ 188,820  
Stanley Black & Decker Inc 17,893   2,974 Other Assets and Liabilities - (0.01)%   $ (21 )
    $ 5,611 TOTAL NET ASSETS - 100.00%   $ 188,799  
Healthcare - Products - 1.95%                  
IDEXX Laboratories Inc (a) 19,690   3,683            
        (a) Non-income producing security        
Healthcare - Services - 3.89%       (b) Affiliated Security. Security is either an affiliate (and registered under the  
Centene Corp (a) 25,475   2,732   Investment Company Act of 1940) or an affiliate as defined by the  
WellCare Health Plans Inc (a) 21,931   4,614   Investment Company Act of 1940 (the Fund controls 5.0% or more of the  
    $ 7,346   outstanding voting shares of the security). Please see affiliated sub-  
Home Builders - 1.69%         schedule for transactional information.        
DR Horton Inc 65,055   3,191            
 
Insurance - 2.62%                  
MGIC Investment Corp (a) 151,508   2,246            
Progressive Corp/The 49,803   2,694            
    $ 4,940            
Internet - 1.68%                  
IAC/InterActiveCorp (a) 21,935   3,180            
 
Leisure Products & Services - 4.66%                  
Norwegian Cruise Line Holdings Ltd (a) 46,171   2,804            

 

See accompanying notes.

140

 

Schedule of Investments
MidCap Growth Fund
January 31, 2018 (unaudited)
 
 
Portfolio Summary (unaudited)                    
Sector   Percent                  
Consumer, Non-cyclical   26.75 %                
Industrial   19.36 %                
Consumer, Cyclical   19.04 %                
Technology   14.82 %                
Financial   10.15 %                
Basic Materials   4.69 %                
Investment Companies   2.24 %                
Communications   1.68 %                
Energy   1.28 %                
Other Assets and Liabilities   (0.01 )%                
TOTAL NET ASSETS   100.00 %                
 
Affiliated Securities October 31, 2017     Purchases   Sales     January 31, 2018
   Value       Cost   Proceeds     Value
Principal Government Money Market Fund $ —   $   14,063 $ 9,829 $   4,234
  $ —   $   14,063 $ 9,829 $   4,234
 
 
    Realized Gain/Loss     Realized Gain from     Change in Unrealized
  Income on Investments     Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 4 $     — $     — $ —
$ 4 $     — $     — $ —
Amounts in thousands                      

 

See accompanying notes.

141

 

Schedule of Investments MidCap Growth Fund III

January 31, 2018 (unaudited)

COMMON STOCKS - 95.55% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Advertising - 0.12%       Building Materials (continued)      
Interpublic Group of Cos Inc/The 14,377 $ 314 Vulcan Materials Co 5,367 $ 727
Omnicom Group Inc 13,905   1,066     $ 14,497
    $ 1,380 Chemicals - 2.46%      
Aerospace & Defense - 0.59%       Albemarle Corp 59,479   6,638
Harris Corp 29,880   4,762 Axalta Coating Systems Ltd (a) 12,067   380
HEICO Corp 2,015   162 Celanese Corp 5,480   593
HEICO Corp - Class A 3,713   245 Chemours Co/The 8,102   418
Rockwell Collins Inc 7,118   986 FMC Corp 8,007   731
TransDigm Group Inc 2,121   672 Huntsman Corp 145,890   5,044
    $ 6,827 International Flavors & Fragrances Inc 4,825   725
Airlines - 0.79%       Platform Specialty Products Corp (a) 6,488   76
Alaska Air Group Inc 5,718   376 RPM International Inc 6,997   365
American Airlines Group Inc 8,210   446 Sherwin-Williams Co/The 12,400   5,172
Copa Holdings SA 320   44 Univar Inc (a) 262,807   7,847
Delta Air Lines Inc 67,121   3,810 Versum Materials Inc 547   20
Southwest Airlines Co 73,100   4,445 Westlake Chemical Corp 1,121   126
    $ 9,121 WR Grace & Co 3,942   291
Apparel - 0.16%           $ 28,426
Carter's Inc 2,884   347 Commercial Services - 7.69%      
Hanesbrands Inc 15,818   343 Aramark 4,526   207
Michael Kors Holdings Ltd (a) 2,524   167 Booz Allen Hamilton Holding Corp 8,201   321
Skechers U.S.A. Inc (a) 3,803   157 Bright Horizons Family Solutions Inc (a) 3,276   322
VF Corp 10,597   860 Cintas Corp 5,657   953
    $ 1,874 CoreLogic Inc/United States (a) 3,326   158
Automobile Parts & Equipment - 1.90%       CoStar Group Inc (a) 1,553   537
Allison Transmission Holdings Inc 7,628   337 Equifax Inc 5,225   653
Aptiv PLC 49,464   4,693 Euronet Worldwide Inc (a) 95,427   8,957
BorgWarner Inc 3,235   182 FleetCor Technologies Inc (a) 5,753   1,223
Delphi Technologies PLC 5,369   297 Gartner Inc (a) 58,927   8,176
Lear Corp 3,815   737 Global Payments Inc 9,529   1,065
Visteon Corp (a) 1,990   259 H&R Block Inc 2,647   70
WABCO Holdings Inc (a) 100,111   15,456 IHS Markit Ltd (a) 123,153   5,878
    $ 21,961 KAR Auction Services Inc 8,052   439
        Live Nation Entertainment Inc (a) 8,115   366
Banks - 2.22%              
Bank of the Ozarks 3,180   159 MarketAxess Holdings Inc 45,971   9,021
East West Bancorp Inc 142,703   9,405 Moody's Corp 42,729   6,913
First Republic Bank/CA 60,249   5,395 Morningstar Inc 1,018   98
        Quanta Services Inc (a) 2,504   96
Pinnacle Financial Partners Inc 1,271   81        
Signature Bank/New York NY (a) 1,389   214 Robert Half International Inc 7,287   422
SVB Financial Group (a) 1,701   419 Service Corp International/US 10,956   438
 Synovus Financial Corp  89,441    4,507 ServiceMaster Global Holdings Inc (a) 8,139   429
Western Alliance Bancorp (a) 92,631   5,434 Square Inc (a) 156,557   7,344
    $ 25,614 Total System Services Inc 12,216   1,086
        TransUnion (a) 149,255   8,860
Beverages - 1.38%       United Rentals Inc (a) 41,135   7,450
Brown-Forman Corp - A Shares 2,986   206 Verisk Analytics Inc (a) 108,875   10,893
Brown-Forman Corp - B Shares 10,165   704        
     WEX Inc (a)  1,876    290
Constellation Brands Inc 26,400   5,794 Western Union Co/The 20,165    419
Dr Pepper Snapple Group Inc 11,209   1,338 Worldpay Inc (a) 71,627   5,752
Monster Beverage Corp (a) 115,441   7,877        
    $ 15,919     $ 88,836
Biotechnology - 2.46%       Computers - 2.44%      
ACADIA Pharmaceuticals Inc (a) 5,521   165 CSRA Inc 9,852   328
        Dell Technologies Inc Class V (a) 8,997   645
Alnylam Pharmaceuticals Inc (a) 4,194   545        
BioMarin Pharmaceutical Inc (a) 49,311   4,449 DST Systems Inc 713   59
Bioverativ Inc (a) 6,062   625 DXC Technology Co 60,106   5,983
        EPAM Systems Inc (a) 69,865   8,208
Charles River Laboratories International Inc 41,630   4,389 Fortinet Inc (a) 8,805   405
(a)              
Exelixis Inc (a) 16,238   492 Genpact Ltd 9,501   322
        Mercury Systems Inc (a) 117,972   5,665
Illumina Inc (a) 59,019   13,730        
        NCR Corp (a) 6,734   253
Incyte Corp (a) 36,265   3,275        
Intercept Pharmaceuticals Inc (a) 991   62 NetApp Inc 15,672   964
Intrexon Corp (a) 2,455   32 Seagate Technology PLC 91,118   5,030
Ionis Pharmaceuticals Inc (a) 6,906   363 Western Digital Corp 4,029   359
Seattle Genetics Inc (a) 5,376   281     $ 28,221
    $ 28,408 Consumer Products - 0.20%      
Building Materials - 1.25%       Avery Dennison Corp 5,596   686
Armstrong World Industries Inc (a) 2,799   175 Church & Dwight Co Inc 10,926   534
Eagle Materials Inc 2,689   301 Clorox Co/The 6,751   957
Fortune Brands Home & Security Inc 64,885   4,602 Spectrum Brands Holdings Inc 1,410   167
Lennox International Inc 1,547   337     $ 2,344
Martin Marietta Materials Inc 33,836   7,721 Distribution & Wholesale - 3.73%      
Masco Corp 14,195   634 Fastenal Co 161,436   8,872
        HD Supply Holdings Inc (a) 10,909   424

 

See accompanying notes.

142

 

Schedule of Investments
MidCap Growth Fund III
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Distribution & Wholesale (continued)       Forest Products & Paper - 0.09%      
LKQ Corp (a) 236,202 $ 9,928 International Paper Co 16,430 $ 1,033
Pool Corp 111,766   15,116        
Watsco Inc 43,868   7,887 Hand & Machine Tools - 0.06%      
WW Grainger Inc 3,060   825 Lincoln Electric Holdings Inc 3,484   340
    $ 43,052 Snap-on Inc 1,197   205
Diversified Financial Services - 2.91%       Stanley Black & Decker Inc 687   114
Affiliated Managers Group Inc 47,289   9,440     $ 659
Air Lease Corp 570   28 Healthcare - Products - 6.82%      
Alliance Data Systems Corp 37,644   9,662 ABIOMED Inc (a) 27,974   6,574
Ameriprise Financial Inc 61,299   10,341 Align Technology Inc (a) 51,432   13,475
BGC Partners Inc 3,514   50 Bio-Techne Corp 2,065   290
Cboe Global Markets Inc 4,838   650 Bruker Corp 2,120   76
Credit Acceptance Corp (a) 578   191 Cooper Cos Inc/The 33,225   8,129
Eaton Vance Corp 6,342   367 Edwards Lifesciences Corp (a) 152,018   19,242
Federated Investors Inc 1,590   55 Henry Schein Inc (a) 133,463   10,100
Invesco Ltd 6,483   234 Hill-Rom Holdings Inc 3,439   294
Lazard Ltd 6,005   352 Hologic Inc (a) 6,905   295
Legg Mason Inc 1,187   51 IDEXX Laboratories Inc (a) 68,884   12,884
LPL Financial Holdings Inc 4,997   298 Intuitive Surgical Inc (a) 12,417   5,360
Raymond James Financial Inc 3,197   308 OPKO Health Inc (a) 2,016   9
SEI Investments Co 8,655   650 Patterson Cos Inc 443   16
T Rowe Price Group Inc 3,162   353 QIAGEN NV (a) 3,262   109
TD Ameritrade Holding Corp 9,917   553 ResMed Inc 6,119   617
    $ 33,583 Teleflex Inc 322   89
Electric - 0.01%       Varian Medical Systems Inc (a) 6,401   816
NRG Energy Inc 3,268   85 West Pharmaceutical Services Inc 4,115   412
            $ 78,787
Electrical Components & Equipment - 0.36%       Healthcare - Services - 2.10%      
Acuity Brands Inc 20,270   3,130 Acadia Healthcare Co Inc (a) 124,285   4,236
AMETEK Inc 1,636   125 Centene Corp (a) 47,182   5,060
Energizer Holdings Inc 3,540   206 Cigna Corp 22,704   4,730
Hubbell Inc 2,130   290 ICON PLC (a) 82,790   9,067
Universal Display Corp 2,326   371 IQVIA Holdings Inc (a) 4,582   468
    $ 4,122 LifePoint Health Inc (a) 349   17
Electronics - 4.78%       WellCare Health Plans Inc (a) 3,182   670
Agilent Technologies Inc 3,441   253     $ 24,248
Allegion PLC 48,871   4,208 Holding Companies - Diversified - 0.02%      
Amphenol Corp 61,214   5,679 Leucadia National Corp 9,185   249
Coherent Inc (a) 37,151   9,642        
FLIR Systems Inc 83,557   4,279 Home Builders - 0.94%      
Fortive Corp 138,619   10,537 DR Horton Inc 13,125   644
Gentex Corp 11,275   267 Lennar Corp - A Shares 138,400   8,672
Keysight Technologies Inc (a) 108,113   5,051 NVR Inc (a) 226   718
Mettler-Toledo International Inc (a) 5,899   3,984 PulteGroup Inc 8,074   257
National Instruments Corp 4,686   234 Thor Industries Inc 3,001   410
PerkinElmer Inc 3,285   263 Toll Brothers Inc 4,573   213
Sensata Technologies Holding NV (a) 3,763   212     $ 10,914
Trimble Inc (a) 225,084   9,926 Home Furnishings - 0.04%      
Waters Corp (a) 3,344   721 Leggett & Platt Inc 6,332   294
    $ 55,256 Tempur Sealy International Inc (a) 1,201   72
Entertainment - 1.50%       Whirlpool Corp 250   45
Lions Gate Entertainment Corp - A shares 86,024   2,912     $ 411
Lions Gate Entertainment Corp - B shares 66,836   2,138 Housewares - 0.07%      
Six Flags Entertainment Corp 4,100   277 Scotts Miracle-Gro Co/The 2,330   210
Vail Resorts Inc 54,961   12,012 Toro Co/The 6,342   417
    $ 17,339 Tupperware Brands Corp 3,154   182
Environmental Control - 1.01%           $ 809
Waste Connections Inc 161,700   11,613 Insurance - 0.93%      
        Arch Capital Group Ltd (a) 721   66
Food - 0.78%       Arthur J Gallagher & Co 8,263   565
Blue Buffalo Pet Products Inc (a) 67,271   2,285 Assurant Inc 655   60
Campbell Soup Co 8,603   400 Erie Indemnity Co 1,017   121
Hain Celestial Group Inc/The (a) 97,458   3,717 Progressive Corp/The 180,180   9,747
Hershey Co/The 7,739   854 RenaissanceRe Holdings Ltd 176   22
Kellogg Co 9,891   674 Voya Financial Inc 467   24
Lamb Weston Holdings Inc 3,154   185 XL Group Ltd 3,489   129
McCormick & Co Inc/MD 5,270   573     $ 10,734
Pilgrim's Pride Corp (a) 2,978   83 Internet - 1.95%      
Sprouts Farmers Market Inc (a) 7,517   210 CDW Corp/DE 127,309   9,521
TreeHouse Foods Inc (a) 995   47 Expedia Inc 5,385   689
    $ 9,028 F5 Networks Inc (a) 4,617   668
        GoDaddy Inc (a) 7,585   419
        GrubHub Inc (a) 112,925   8,159

 

See accompanying notes.

143

 

Schedule of Investments
MidCap Growth Fund III
January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Internet (continued)       Oil & Gas (continued)      
IAC/InterActiveCorp (a) 5,140 $ 745 Continental Resources Inc/OK (a) 2,388 $ 133
Liberty Expedia Holdings Inc (a) 1,093   51 Devon Energy Corp 3,962   164
Match Group Inc (a) 3,117   109 Diamondback Energy Inc (a) 130,402   16,366
Palo Alto Networks Inc (a) 3,904   616 EQT Corp 1,404   76
Symantec Corp 26,821   731 Gulfport Energy Corp (a) 1,902   19
Twitter Inc (a) 1,822   47 Newfield Exploration Co (a) 11,628   368
VeriSign Inc (a) 5,893   677 Parsley Energy Inc (a) 8,810   208
Zillow Group Inc - A Shares (a) 2,539   114 RSP Permian Inc (a) 115,064   4,566
    $ 22,546     $ 22,982
Iron & Steel - 0.02%       Oil & Gas Services - 0.01%      
Steel Dynamics Inc 4,414   200 RPC Inc 3,665   74
 
Leisure Products & Services - 1.19%       Packaging & Containers - 0.57%      
Brunswick Corp/DE 54,554   3,425 Ardagh Group SA 1,174   24
Harley-Davidson Inc 5,384   261 Ball Corp 108,583   4,156
Polaris Industries Inc 4,228   478 Berry Global Group Inc (a) 9,157   542
Royal Caribbean Cruises Ltd 71,902   9,602 Crown Holdings Inc (a) 7,185   417
    $ 13,766 Graphic Packaging Holding Co 13,052   211
Lodging - 1.29%       Owens-Illinois Inc (a) 7,756   180
Choice Hotels International Inc 2,282   187 Packaging Corp of America 6,121   769
Extended Stay America Inc 7,143   144 Sealed Air Corp 4,018   190
Hilton Grand Vacations Inc (a) 4,554   205 Silgan Holdings Inc 4,615   138
Hilton Worldwide Holdings Inc 8,381   718     $ 6,627
ILG Inc 168,500   5,293 Pharmaceuticals - 1.38%      
MGM Resorts International 190,300   6,936 Agios Pharmaceuticals Inc (a) 2,474   195
Wyndham Worldwide Corp 6,562   815 Akorn Inc (a) 4,749   153
Wynn Resorts Ltd 3,507   581 Alkermes PLC (a) 8,515   487
    $ 14,879 AmerisourceBergen Corp 6,972   695
Machinery - Construction & Mining - 0.61%       DexCom Inc (a) 4,777   278
BWX Technologies Inc 5,645   358 Herbalife Ltd (a) 3,724   309
Oshkosh Corp 74,235   6,735 Jazz Pharmaceuticals PLC (a) 26,762   3,900
    $ 7,093 Neurocrine Biosciences Inc (a) 4,909   420
Machinery - Diversified - 2.78%       Premier Inc (a) 915   30
Cognex Corp 81,107   5,059 TESARO Inc (a) 2,066   139
Cummins Inc 3,860   726 Zoetis Inc 121,381   9,313
Gardner Denver Holdings Inc (a) 3,837   133     $ 15,919
Graco Inc 188,869   8,839 Pipelines - 0.17%      
IDEX Corp 3,119   447 Cheniere Energy Inc (a) 5,882   333
Middleby Corp/The (a) 63,661   8,675 ONEOK Inc 22,422   1,320
Nordson Corp 2,504   360 Williams Cos Inc/The 8,963   281
Rockwell Automation Inc 27,058   5,338     $ 1,934
Roper Technologies Inc 5,962   1,673 Real Estate - 0.03%      
Welbilt Inc (a) 7,692   171 CBRE Group Inc (a) 8,384   383
Xylem Inc/NY 4,073   294        
Zebra Technologies Corp (a) 2,921   360 REITs - 1.50%      
    $ 32,075 Boston Properties Inc 1,494   185
Media - 1.80%       CoreSite Realty Corp 1,906   206
AMC Networks Inc (a) 2,989   154 Crown Castle International Corp 35,457   3,999
Cable One Inc 13,466   9,507 CubeSmart 6,870   189
FactSet Research Systems Inc 1,679   337 CyrusOne Inc 4,450   257
Scripps Networks Interactive Inc 3,955   348 Digital Realty Trust Inc 6,836   765
Sirius XM Holdings Inc 1,713,985   10,473 Douglas Emmett Inc 7,234   280
    $ 20,819 Equity LifeStyle Properties Inc 4,573   395
Mining - 0.06%       Extra Space Storage Inc 6,329   528
Freeport-McMoRan Inc (a) 21,328   416 Federal Realty Investment Trust 1,856   224
Royal Gold Inc 1,372   122 Gaming and Leisure Properties Inc 3,625   132
Southern Copper Corp 4,314   209 Hudson Pacific Properties Inc 906   29
    $ 747 Iron Mountain Inc 14,912   522
Miscellaneous Manufacturers - 2.11%       Lamar Advertising Co 4,165   300
AO Smith Corp 245,165   16,372 Outfront Media Inc 1,098   25
        SBA Communications Corp (a) 52,825   9,218
AptarGroup Inc 917   80        
Donaldson Co Inc 7,202   365 Tanger Factory Outlet Centers Inc 349   9
Dover Corp 722   77 Taubman Centers Inc 1,644   101
Hexcel Corp 76,685   5,242     $ 17,364
Ingersoll-Rand PLC 8,478   802 Retail - 8.31%      
Parker-Hannifin Corp 7,305   1,471 Advance Auto Parts Inc 835   98
        AutoZone Inc (a) 1,472   1,127
 Oil & Gas - 1.99%   $ 24,409 Beacon Roofing Supply Inc (a) 117,420   7,104
Antero Resources Corp (a) 6,977   136 Burlington Stores Inc (a) 156,225   19,014
        CarMax Inc (a) 8,016   572
Apache Corp 2,738   123        
Cabot Oil & Gas Corp 14,238   375 Casey's General Stores Inc 63,415   7,680
Chesapeake Energy Corp (a) 5,798   20 Chipotle Mexican Grill Inc (a) 1,109   360
Cimarex Energy Co 3,818   428        

 

See accompanying notes.

144

 

Schedule of Investments
MidCap Growth Fund III
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)  
Retail (continued)       Software (continued)        
Copart Inc (a) 15,079 $ 665 PTC Inc (a) 62,837 $ 4,567  
Darden Restaurants Inc 8,308   796 Red Hat Inc (a) 54,493   7,159  
Dick's Sporting Goods Inc 4,267   134 ServiceNow Inc (a) 108,139   16,099  
Dollar General Corp 67,633   6,974 Splunk Inc (a) 74,290   6,862  
Dollar Tree Inc (a) 54,906   6,314 SS&C Technologies Holdings Inc 6,945   349  
Domino's Pizza Inc 34,803   7,547 Synopsys Inc (a) 140,848   13,043  
Dunkin' Brands Group Inc 5,510   356 Tableau Software Inc (a) 50,715   3,896  
Floor & Decor Holdings Inc (a) 1,821   85 Take-Two Interactive Software Inc (a) 7,780   985  
Foot Locker Inc 943   46 Tyler Technologies Inc (a) 71,799   14,468  
Gap Inc/The 4,286   143 Ultimate Software Group Inc/The (a) 61,621   14,351  
Genuine Parts Co 2,353   245 Veeva Systems Inc (a) 102,225   6,426  
L Brands Inc 1,661   83 Workday Inc (a) 5,847   701  
Liberty Interactive Corp QVC Group (a) 344,683   9,683     $ 136,081  
Lululemon Athletica Inc (a) 107,878   8,437 Telecommunications - 0.44%        
Michaels Cos Inc/The (a) 5,751   155 Arista Networks Inc (a) 2,319   640  
MSC Industrial Direct Co Inc 1,277   120 CommScope Holding Co Inc (a) 5,359   207  
Nordstrom Inc 7,127   351 LogMeIn Inc 1,893   238  
Nu Skin Enterprises Inc 902   65 Motorola Solutions Inc 669   66  
Ollie's Bargain Outlet Holdings Inc (a) 140,000   7,777 Switch Inc 3,327   54  
O'Reilly Automotive Inc (a) 21,388   5,661 Zayo Group Holdings Inc (a) 106,902   3,924  
Ross Stores Inc 22,804   1,879     $ 5,129  
Sally Beauty Holdings Inc (a) 3,013   50 Textiles - 0.01%        
Tapestry Inc 2,074   98 Mohawk Industries Inc (a) 521   146  
Tractor Supply Co 8,636   659          
Ulta Beauty Inc (a) 2,563   569 Toys, Games & Hobbies - 0.03%        
Wendy's Co/The 10,810   175 Hasbro Inc 3,747   354  
Williams-Sonoma Inc 1,369   70          
Yum China Holdings Inc 20,073   931 Transportation - 1.95%        
    $ 96,023 CH Robinson Worldwide Inc 55,548   5,080  
Semiconductors - 5.70%       Expeditors International of Washington Inc 9,333   606  
Advanced Micro Devices Inc (a) 384,109   5,277 JB Hunt Transport Services Inc 88,765   10,726  
Analog Devices Inc 16,061   1,476 Landstar System Inc 2,561   284  
Cavium Inc (a) 3,768   334 Old Dominion Freight Line Inc 37,191   5,447  
Cypress Semiconductor Corp 1,545   27 XPO Logistics Inc (a) 3,824   361  
IPG Photonics Corp (a) 27,562   6,944     $ 22,504  
KLA-Tencor Corp 10,232   1,123 TOTAL COMMON STOCKS   $ 1,103,992  
Lam Research Corp 9,917   1,899 INVESTMENT COMPANIES - 4.27% Shares Held Value (000's)  
Maxim Integrated Products Inc 73,874   4,507 Money Market Funds - 4.27%        
Microchip Technology Inc 177,593   16,910 Principal Government Money Market Fund (b) 49,298,172   49,298  
Micron Technology Inc (a) 82,815   3,621          
Microsemi Corp (a) 70,077   4,330          
        TOTAL INVESTMENT COMPANIES   $ 49,298  
Monolithic Power Systems Inc 68,790   8,194 Total Investments   $ 1,153,290  
NVIDIA Corp 31,748   7,804 Other Assets and Liabilities - 0.18%   $ 2,051  
ON Semiconductor Corp (a) 28,763   712          
Qorvo Inc (a) 2,892   208 TOTAL NET ASSETS - 100.00%   $ 1,155,341  
Skyworks Solutions Inc 11,745   1,142          
Teradyne Inc 14,179   650 (a) Non-income producing security        
Xilinx Inc 10,332   754 (b) Affiliated Security. Security is either an affiliate (and registered under the  
    $ 65,912 Investment Company Act of 1940) or an affiliate as defined by the  
Shipbuilding - 0.06%       Investment Company Act of 1940 (the Fund controls 5.0% or more of the  
Huntington Ingalls Industries Inc 2,844   676 outstanding voting shares of the security). Please see affiliated sub-  
        schedule for transactional information.        
Software - 11.78%                
ANSYS Inc (a) 5,778   934          
athenahealth Inc (a) 2,205   276          
Atlassian Corp PLC (a) 5,404   292 Portfolio Summary (unaudited)      
Autodesk Inc (a) 51,751   5,983 Sector     Percent  
Black Knight Inc (a) 6,563   325 Consumer, Non-cyclical     22.93 %
Broadridge Financial Solutions Inc 117,492   11,327 Consumer, Cyclical     19.96 %
Cadence Design Systems Inc (a) 19,444   872 Technology     19.80 %
CDK Global Inc 5,607   400 Industrial     16.13 %
Cerner Corp (a) 18,424   1,274 Financial     7.59 %
Citrix Systems Inc (a) 6,627   615 Communications     4.31 %
Dun & Bradstreet Corp/The 1,019   126 Investment Companies     4.27 %
Electronic Arts Inc (a) 68,604   8,710 Basic Materials     2.63 %
Fidelity National Information Services Inc 11,884   1,216 Energy     2.17 %
First Data Corp (a) 20,825   369 Diversified     0.02 %
Fiserv Inc (a) 81,933   11,540 Utilities     0.01 %
Guidewire Software Inc (a) 1,860   148 Other Assets and Liabilities     0.18 %
Jack Henry & Associates Inc 5,382   671 TOTAL NET ASSETS     100.00 %
Manhattan Associates Inc (a) 4,067   215          
MSCI Inc 3,897   543          
Paychex Inc 19,620   1,339          

 

See accompanying notes.

145

 

Schedule of Investments
MidCap Growth Fund III
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
     Value     Cost   Proceeds     Value
Principal Government Money Market Fund   $ — $   96,037 $ 46,739 $   49,298
    $ — $   96,037 $ 46,739 $   49,298
 
 
      Realized Gain/Loss   Realized Gain from     Change in Unrealized
    Income on Investments   Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 59 $   — $     — $ —
  $ 59 $   — $     — $ —
Amounts in thousands                      
 
 
Futures Contracts
Description and Expiration Date   Type Contracts Notional Amount Value and Unrealized Appreciation/(Depreciation)
S&P Mid 400 Emini; March 2018   Long   258 $ 50,418 $     698
Total               $     698
 
Amounts in thousands except contracts.                      

 

See accompanying notes.

146

 

     Schedule of Investments MidCap S&P 400 Index Fund January 31, 2018 (unaudited)

COMMON STOCKS - 98.74% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Aerospace & Defense - 1.39%       Chemicals (continued)      
Curtiss-Wright Corp 34,609 $ 4,522 NewMarket Corp 7,251 $ 2,883
Esterline Technologies Corp (a) 20,693   1,522 Olin Corp 130,390   4,861
KLX Inc (a) 40,329   2,850 PolyOne Corp 63,373   2,754
Orbital ATK Inc 45,242   5,967 RPM International Inc 104,728   5,467
Teledyne Technologies Inc (a) 27,791   5,306 Sensient Technologies Corp 34,096   2,450
    $ 20,167 Valvoline Inc 158,913   3,917
Airlines - 0.36%       Versum Materials Inc 85,325   3,140
JetBlue Airways Corp (a) 251,476   5,246     $ 41,877
        Commercial Services - 3.77%      
Apparel - 0.75%       Aaron's Inc 48,837   1,997
Carter's Inc 37,116   4,465 Adtalem Global Education Inc (a) 47,579   2,189
Deckers Outdoor Corp (a) 25,065   2,149 Avis Budget Group Inc (a) 56,195   2,527
Skechers U.S.A. Inc (a) 105,032   4,326 Brink's Co/The 39,590   3,302
    $ 10,940 CoreLogic Inc/United States (a) 64,604   3,060
Automobile Parts & Equipment - 0.63%       Deluxe Corp 37,741   2,803
Cooper Tire & Rubber Co 40,212   1,572 Graham Holdings Co 3,629   2,157
Dana Inc 113,618   3,748 Live Nation Entertainment Inc (a) 105,083   4,735
Delphi Technologies PLC 69,759   3,853 ManpowerGroup Inc 51,975   6,829
    $ 9,173 MarketAxess Holdings Inc 29,478   5,784
Banks - 8.27%       Rollins Inc 75,218   3,711
Associated Banc-Corp 118,555   2,934 Sabre Corp 163,573   3,397
BancorpSouth Bank 65,885   2,210 Service Corp International/US 147,027   5,877
Bank of Hawaii Corp 33,315   2,787 Sotheby's (a) 29,236   1,542
Bank of the Ozarks 95,235   4,757 WEX Inc (a) 31,298   4,845
Cathay General Bancorp 59,581   2,606     $ 54,755
Chemical Financial Corp 55,815   3,260 Computers - 2.58%      
Commerce Bancshares Inc/MO 73,649   4,309 3D Systems Corp (a) 89,298   914
Cullen/Frost Bankers Inc 45,081   4,797 Convergys Corp 72,477   1,687
East West Bancorp Inc 113,360   7,472 Diebold Nixdorf Inc 59,239   1,093
First Horizon National Corp 254,565   5,056 DST Systems Inc 47,229   3,937
FNB Corp/PA 253,499   3,638 Fortinet Inc (a) 117,292   5,400
Fulton Financial Corp 137,343   2,500 Leidos Holdings Inc 111,527   7,428
Hancock Holding Co 66,804   3,587 MAXIMUS Inc 51,083   3,483
Home BancShares Inc/AR 123,977   2,977 NCR Corp (a) 95,523   3,583
International Bancshares Corp 42,493   1,763 NetScout Systems Inc (a) 68,343   1,948
MB Financial Inc 65,747   2,813 Science Applications International Corp 33,913   2,599
PacWest Bancorp 101,121   5,302 Teradata Corp (a) 94,897   3,843
Pinnacle Financial Partners Inc 57,850   3,662 VeriFone Systems Inc (a) 87,995   1,556
Prosperity Bancshares Inc 54,498   4,131     $ 37,471
Signature Bank/New York NY (a) 42,103   6,484 Consumer Products - 0.14%      
SVB Financial Group (a) 41,364   10,198 Helen of Troy Ltd (a) 21,384   1,992
Synovus Financial Corp 93,774   4,725        
TCF Financial Corp 134,842   2,892 Cosmetics & Personal Care - 0.23%      
Texas Capital Bancshares Inc (a) 38,921   3,690 Avon Products Inc (a) 345,077   842
Trustmark Corp 53,126   1,689 Edgewell Personal Care Co (a) 43,934   2,481
UMB Financial Corp 34,416   2,622     $ 3,323
Umpqua Holdings Corp 172,705   3,739 Distribution & Wholesale - 0.59%      
United Bankshares Inc/WV 82,340   3,030 Pool Corp 31,504   4,261
Valley National Bancorp 207,203   2,605 Watsco Inc 23,931   4,302
Webster Financial Corp 72,211   4,089     $ 8,563
Wintrust Financial Corp 43,857   3,767 Diversified Financial Services - 2.42%      
    $ 120,091 Eaton Vance Corp 92,605   5,353
Beverages - 0.09%       Federated Investors Inc 74,380   2,579
Boston Beer Co Inc/The (a) 6,796   1,290 Interactive Brokers Group Inc - A Shares 55,962   3,581
        Janus Henderson Group PLC 141,460   5,571
Biotechnology - 1.46%       Legg Mason Inc 67,057   2,858
Bio-Rad Laboratories Inc (a) 15,854   4,099 SEI Investments Co 102,506   7,703
Bioverativ Inc (a) 84,826   8,742 SLM Corp (a) 338,720   3,875
Charles River Laboratories International Inc 37,145   3,916 Stifel Financial Corp 53,696   3,626
(a)           $ 35,146
United Therapeutics Corp (a) 33,891   4,372 Electric - 2.29%      
    $ 21,129 Black Hills Corp 41,946   2,330
Building Materials - 1.15%       Great Plains Energy Inc 169,134   5,264
Cree Inc (a) 76,964   2,656 Hawaiian Electric Industries Inc 85,317   2,910
Eagle Materials Inc 38,135   4,273 IDACORP Inc 39,519   3,410
Lennox International Inc 29,487   6,426 MDU Resources Group Inc 153,171   4,056
Louisiana-Pacific Corp (a) 113,619   3,364 NorthWestern Corp 38,111   2,071
    $ 16,719 OGE Energy Corp 156,622   5,043
Chemicals - 2.88%       PNM Resources Inc 62,470   2,380
Ashland Global Holdings Inc 48,737   3,538 Westar Energy Inc 111,401   5,755
Cabot Corp 48,586   3,286     $ 33,219
Chemours Co/The 145,218   7,496 Electrical Components & Equipment - 1.24%      
Minerals Technologies Inc 27,736   2,085 Belden Inc 33,076   2,804

 

See accompanying notes.

147

 

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Electrical Components & Equipment (continued)     Hand & Machine Tools (continued)      
Energizer Holdings Inc 47,635 $ 2,773 Lincoln Electric Holdings Inc 48,478 $ 4,730
EnerSys 33,037   2,323 Regal Beloit Corp 34,747   2,707
Hubbell Inc 42,902   5,832     $ 10,537
Littelfuse Inc 19,433   4,224 Healthcare - Products - 3.50%      
    $ 17,956 ABIOMED Inc (a) 32,944   7,742
Electronics - 3.81%       Bio-Techne Corp 29,381   4,122
Arrow Electronics Inc (a) 68,996   5,612 Globus Medical Inc (a) 56,851   2,617
Avnet Inc 94,840   4,031 Halyard Health Inc (a) 36,697   1,791
Coherent Inc (a) 19,318   5,013 Hill-Rom Holdings Inc 51,621   4,405
Gentex Corp 222,658   5,272 LivaNova PLC (a) 34,005   2,909
Jabil Inc 138,537   3,523 Masimo Corp (a) 37,282   3,514
Keysight Technologies Inc (a) 145,378   6,792 NuVasive Inc (a) 39,972   1,953
Knowles Corp (a) 70,123   1,069 STERIS PLC 66,704   6,065
National Instruments Corp 84,082   4,199 Teleflex Inc 35,330   9,813
SYNNEX Corp 22,881   2,808 West Pharmaceutical Services Inc 58,235   5,835
Tech Data Corp (a) 27,226   2,730     $ 50,766
Trimble Inc (a) 197,450   8,708 Healthcare - Services - 1.73%      
Vishay Intertechnology Inc 103,425   2,270 Acadia Healthcare Co Inc (a) 64,059   2,183
Woodward Inc 43,223   3,351 Encompass Health Corp 77,435   4,098
    $ 55,378 LifePoint Health Inc (a) 30,913   1,528
Energy - Alternate Sources - 0.30%       MEDNAX Inc (a) 73,450   3,879
First Solar Inc (a) 63,884   4,291 Molina Healthcare Inc (a) 34,478   3,150
        Syneos Health Inc (a) 44,190   1,695
Engineering & Construction - 1.08%       Tenet Healthcare Corp (a) 63,330   1,196
AECOM (a) 123,619   4,835 WellCare Health Plans Inc (a) 34,917   7,346
Dycom Industries Inc (a) 24,265   2,832     $ 25,075
EMCOR Group Inc 46,126   3,749 Home Builders - 1.84%      
Granite Construction Inc 31,254   2,084 CalAtlantic Group Inc 59,706   3,351
KBR Inc 109,861   2,235 KB Home 66,015   2,081
    $ 15,735 NVR Inc (a) 2,728   8,670
Entertainment - 0.87%       Thor Industries Inc 38,434   5,252
Churchill Downs Inc 10,162   2,632 Toll Brothers Inc 115,427   5,377
Cinemark Holdings Inc 83,121   3,059 TRI Pointe Group Inc (a) 117,980   1,924
International Speedway Corp 19,180   890     $ 26,655
Scientific Games Corp (a) 41,478   1,935 Home Furnishings - 0.15%      
Six Flags Entertainment Corp 61,112   4,128 Tempur Sealy International Inc (a) 36,117   2,154
    $ 12,644        
Environmental Control - 0.30%       Housewares - 0.74%      
Clean Harbors Inc (a) 40,632   2,248 Scotts Miracle-Gro Co/The 32,067   2,895
MSA Safety Inc 26,546   2,079 Toro Co/The 84,519   5,548
    $ 4,327 Tupperware Brands Corp 39,908   2,305
Food - 2.76%           $ 10,748
Dean Foods Co 71,424   741 Insurance - 4.30%      
Flowers Foods Inc 144,664   2,837 Alleghany Corp (a) 12,108   7,600
Hain Celestial Group Inc/The (a) 81,400   3,104 American Financial Group Inc/OH 53,902   6,109
Ingredion Inc 56,363   8,096 Aspen Insurance Holdings Ltd 46,592   1,740
Lamb Weston Holdings Inc 114,637   6,718 Brown & Brown Inc 90,745   4,762
Lancaster Colony Corp 15,281   1,962 CNO Financial Group Inc 131,571   3,236
Post Holdings Inc (a) 51,855   3,924 First American Financial Corp 86,834   5,129
Sanderson Farms Inc 15,697   1,992 Genworth Financial Inc (a) 391,462   1,198
Snyder's-Lance Inc 67,259   3,361 Hanover Insurance Group Inc/The 33,239   3,761
Sprouts Farmers Market Inc (a) 97,059   2,711 Kemper Corp 38,334   2,486
Tootsie Roll Industries Inc 14,919   534 Mercury General Corp 28,640   1,402
TreeHouse Foods Inc (a) 44,872   2,116 Old Republic International Corp 192,412   4,135
United Natural Foods Inc (a) 39,853   1,897 Primerica Inc 34,704   3,505
    $ 39,993 Reinsurance Group of America Inc 50,511   7,913
Forest Products & Paper - 0.17%       RenaissanceRe Holdings Ltd 31,394   3,992
Domtar Corp 49,168   2,525 WR Berkley Corp 75,461   5,507
            $ 62,475
Gas - 2.26%       Internet - 0.12%      
Atmos Energy Corp 86,912   7,205 Cars.com Inc (a) 56,131   1,667
National Fuel Gas Co 67,119   3,742        
New Jersey Resources Corp 68,126   2,643 Iron & Steel - 1.74%      
ONE Gas Inc 40,992   2,904 Allegheny Technologies Inc (a) 98,709   2,661
Southwest Gas Holdings Inc 37,434   2,754 Carpenter Technology Corp 36,717   1,887
UGI Corp 135,797   6,215 Commercial Metals Co 90,849   2,184
Vectren Corp 65,096   3,947 Reliance Steel & Aluminum Co 57,185   5,009
WGL Holdings Inc 40,274   3,392 Steel Dynamics Inc 185,836   8,437
    $ 32,802 United States Steel Corp 136,981   5,125
Hand & Machine Tools - 0.73%           $ 25,303
Kennametal Inc 63,562   3,100 Leisure Products & Services - 0.65%      
        Brunswick Corp/DE 68,773   4,318

 

See accompanying notes.

148

 

     Schedule of Investments MidCap S&P 400 Index Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Leisure Products & Services (continued)       Oil & Gas Services - 0.64%      
Polaris Industries Inc 45,617 $ 5,155 Core Laboratories NV 34,594 $ 3,954
    $ 9,473 Dril-Quip Inc (a) 29,693   1,534
Lodging - 0.18%       NOW Inc (a) 84,440   995
ILG Inc 82,694   2,597 Oceaneering International Inc 77,070   1,594
        Superior Energy Services Inc (a) 120,057   1,255
Machinery - Construction & Mining - 0.57%           $ 9,332
Oshkosh Corp 58,952   5,348 Packaging & Containers - 0.93%      
Terex Corp 62,658   2,946 Bemis Co Inc 71,216   3,329
    $ 8,294 Greif Inc - Class A 20,261   1,198
Machinery - Diversified - 2.98%       Owens-Illinois Inc (a) 127,829   2,968
AGCO Corp 51,717   3,756 Silgan Holdings Inc 57,996   1,733
Cognex Corp 135,815   8,471 Sonoco Products Co 77,952   4,234
Graco Inc 132,061   6,180     $ 13,462
IDEX Corp 59,920   8,597 Pharmaceuticals - 0.86%      
Nordson Corp 39,817   5,723 Akorn Inc (a) 73,566   2,370
Wabtec Corp/DE 67,006   5,430 Catalent Inc (a) 104,198   4,849
Zebra Technologies Corp (a) 41,715   5,138 Endo International PLC (a) 157,608   1,089
    $ 43,295 Mallinckrodt PLC (a) 74,509   1,346
Media - 1.36%       Owens & Minor Inc 48,036   1,012
AMC Networks Inc (a) 39,510   2,038 Prestige Brands Holdings Inc (a) 41,597   1,740
Cable One Inc 3,679   2,598     $ 12,406
FactSet Research Systems Inc 30,673   6,156 Real Estate - 0.38%      
John Wiley & Sons Inc 34,953   2,216 Jones Lang LaSalle Inc 35,579   5,563
Meredith Corp 31,022   2,052        
New York Times Co/The 98,729   2,295 REITs - 8.08%      
TEGNA Inc 168,709   2,441 Alexander & Baldwin Inc 52,915   1,403
    $ 19,796 American Campus Communities Inc 106,994   4,115
Metal Fabrication & Hardware - 0.51%       Camden Property Trust 72,674   6,291
Timken Co/The 53,569   2,815 CoreCivic Inc 92,703   2,152
Valmont Industries Inc 17,731   2,901 CoreSite Realty Corp 26,816   2,905
Worthington Industries Inc 35,063   1,639 Corporate Office Properties Trust 78,120   2,133
    $ 7,355 Cousins Properties Inc 329,388   2,964
Mining - 0.45%       CyrusOne Inc 71,596   4,130
Compass Minerals International Inc 26,529   1,934 DCT Industrial Trust Inc 73,041   4,323
Royal Gold Inc 51,332   4,569 Douglas Emmett Inc 124,975   4,833
    $ 6,503 Education Realty Trust Inc 59,410   1,962
Miscellaneous Manufacturers - 1.85%       EPR Properties 50,260   2,968
AptarGroup Inc 48,855   4,271 First Industrial Realty Trust Inc 93,990   2,900
Carlisle Cos Inc 48,619   5,553 GEO Group Inc/The 97,273   2,193
Crane Co 39,564   3,954 Healthcare Realty Trust Inc 97,947   2,926
Donaldson Co Inc 101,882   5,161 Highwoods Properties Inc 80,975   3,877
ITT Inc 69,015   3,865 Hospitality Properties Trust 128,894   3,662
Trinity Industries Inc 119,040   4,103 JBG SMITH Properties 73,233   2,472
        Kilroy Realty Corp 77,157   5,503
    $ 26,907 Lamar Advertising Co 65,887   4,744
Office & Business Equipment - 0.14%       LaSalle Hotel Properties 88,794   2,712
Pitney Bowes Inc 146,445   2,066 Liberty Property Trust 115,615   4,788
        Life Storage Inc 36,496   3,033
Office Furnishings - 0.22%       Mack-Cali Realty Corp 70,463   1,414
Herman Miller Inc 46,881   1,899 Medical Properties Trust Inc 285,599   3,736
HNI Corp 34,058   1,324 National Retail Properties Inc 119,250   4,732
    $ 3,223 Omega Healthcare Investors Inc 155,342   4,200
Oil & Gas - 3.53%       Potlatch Corp 31,848   1,685
Callon Petroleum Co (a) 158,293   1,797 Quality Care Properties Inc (a) 73,572   993
CNX Resources Corp (a) 162,417   2,275        
Diamond Offshore Drilling Inc (a) 50,581   894 Rayonier Inc 101,117   3,282
Energen Corp (a) 76,227   3,981 Sabra Health Care REIT Inc 139,781   2,530
        Senior Housing Properties Trust 186,367   3,230
Ensco PLC 341,957   2,018 Tanger Factory Outlet Centers Inc 74,135   1,867
Gulfport Energy Corp (a) 129,227   1,314        
        Taubman Centers Inc 47,615   2,935
HollyFrontier Corp 139,034   6,668 Uniti Group Inc 129,342   2,047
Matador Resources Co (a) 75,695   2,453        
        Urban Edge Properties 83,013   1,941
Murphy Oil Corp 127,223   4,084 Washington Prime Group Inc 145,687   959
Murphy USA Inc (a) 25,379   2,165        
        Weingarten Realty Investors 93,663   2,768
Nabors Industries Ltd 249,080   1,953     $ 117,308
Patterson-UTI Energy Inc 174,457   4,121 Retail - 4.95%      
PBF Energy Inc 86,298   2,790 American Eagle Outfitters Inc 131,911   2,374
QEP Resources Inc (a) 188,957   1,769        
        AutoNation Inc (a) 46,514   2,801
Rowan Cos PLC (a) 89,106   1,312        
 SM Energy Co  80,538    1,881 Bed Bath & Beyond Inc 112,341   2,593
 Southwestern Energy Co (a)  401,881    1,704        
    Big Lots Inc 33,293   2,024
Transocean Ltd (a) 328,029   3,539 Brinker International Inc 36,305   1,319
        Buffalo Wild Wings Inc (a) 12,166   1,910
WPX Energy Inc (a) 312,026   4,596        
        Casey's General Stores Inc 29,990   3,632
    $ 51,314 Cheesecake Factory Inc/The 33,394   1,643

 

See accompanying notes.

149

 

     Schedule of Investments MidCap S&P 400 Index Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)  
Retail (continued)       Transportation (continued)        
Copart Inc (a) 157,718 $ 6,951 Werner Enterprises Inc 35,172 $ 1,431  
Cracker Barrel Old Country Store Inc 18,820   3,321       $ 28,570  
Dick's Sporting Goods Inc 64,855   2,040 Trucking & Leasing - 0.15%        
Dillard's Inc 16,475   1,113 GATX Corp 30,038   2,137  
Domino's Pizza Inc 34,299   7,438            
Dunkin' Brands Group Inc 70,837   4,580 Water - 0.35%        
GameStop Corp 79,452   1,336 Aqua America Inc 139,359   5,046  
Jack in the Box Inc 23,076   2,100            
Michaels Cos Inc/The (a) 86,583   2,326 TOTAL COMMON STOCKS   $ 1,433,658  
MSC Industrial Direct Co Inc 34,933   3,279 INVESTMENT COMPANIES - 1.43% Shares Held Value (000's)  
Nu Skin Enterprises Inc 38,815   2,788 Exchange Traded Funds - 0.83%        
Office Depot Inc 404,777   1,315 iShares Core S&P Mid-Cap ETF 61,400   11,975  
Papa John's International Inc 20,061   1,302            
Sally Beauty Holdings Inc (a) 100,728   1,673            
        Money Market Funds - 0.60%        
Texas Roadhouse Inc 51,304   3,013 Principal Government Money Market Fund (b) 8,739,571   8,740  
Urban Outfitters Inc (a) 62,823   2,143            
Wendy's Co/The 142,461   2,305 TOTAL INVESTMENT COMPANIES   $ 20,715  
Williams-Sonoma Inc 60,954   3,123 Total Investments   $ 1,454,373  
World Fuel Services Corp 53,032   1,479 Other Assets and Liabilities - (0.17)%   $ (2,404 )
    $ 71,921 TOTAL NET ASSETS - 100.00%   $ 1,451,969  
Savings & Loans - 0.84%                  
New York Community Bancorp Inc 383,552   5,431            
Sterling Bancorp/DE 176,232   4,362 (a) Non-income producing security        
Washington Federal Inc 68,384   2,455 (b) Affiliated Security. Security is either an affiliate (and registered under the  
    $ 12,248   Investment Company Act of 1940) or an affiliate as defined by the  
Semiconductors - 2.93%         Investment Company Act of 1940 (the Fund controls 5.0% or more of the  
Cirrus Logic Inc (a) 49,930   2,475   outstanding voting shares of the security). Please see affiliated sub-  
Cypress Semiconductor Corp 261,685   4,524   schedule for transactional information.        
Integrated Device Technology Inc (a) 104,179   3,115            
IPG Photonics Corp (a) 29,436   7,416            
Microsemi Corp (a) 92,225   5,699            
MKS Instruments Inc 42,583   4,356   Portfolio Summary (unaudited)      
Monolithic Power Systems Inc 29,955   3,568 Sector       Percent  
Silicon Laboratories Inc (a) 33,384   3,212 Financial     24.29 %
Synaptics Inc (a) 26,689   1,157 Industrial     18.66 %
Teradyne Inc 153,842   7,052 Consumer, Non-cyclical     14.54 %
    $ 42,574 Consumer, Cyclical     11.93 %
Software - 6.21%       Technology     11.86 %
ACI Worldwide Inc (a) 92,997   2,180 Basic Materials     5.24 %
Acxiom Corp (a) 62,127   1,682 Utilities     4.90 %
Allscripts Healthcare Solutions Inc (a) 141,702   2,113 Energy     4.47 %
Blackbaud Inc 37,715   3,614 Communications     2.85 %
Broadridge Financial Solutions Inc 91,408   8,813 Investment Companies     1.43 %
CDK Global Inc 103,010   7,343 Other Assets and Liabilities     (0.17 )%
CommVault Systems Inc (a) 33,685   1,797 TOTAL NET ASSETS     100.00 %
Dun & Bradstreet Corp/The 28,985   3,586            
Fair Isaac Corp 23,521   4,061            
j2 Global Inc 37,965   3,037            
Jack Henry & Associates Inc 60,573   7,551            
Manhattan Associates Inc (a) 54,057   2,855            
Medidata Solutions Inc (a) 45,848   3,123            
MSCI Inc 70,631   9,834            
PTC Inc (a) 90,667   6,590            
Take-Two Interactive Software Inc (a) 89,449   11,330            
Tyler Technologies Inc (a) 27,402   5,522            
Ultimate Software Group Inc/The (a) 22,260   5,184            
    $ 90,215            
Telecommunications - 1.37%                  
ARRIS International PLC (a) 138,435   3,502            
Ciena Corp (a) 111,906   2,381            
InterDigital Inc/PA 27,222   2,125            
LogMeIn Inc 41,317   5,198            
Plantronics Inc 25,933   1,530            
Telephone & Data Systems Inc 71,947   1,973            
ViaSat Inc (a) 42,475   3,212            
    $ 19,921            
Transportation - 1.97%                  
Genesee & Wyoming Inc (a) 48,367   3,862            
Kirby Corp (a) 42,135   3,156            
Knight-Swift Transportation Holdings Inc 100,474   5,003            
Landstar System Inc 32,881   3,651            
Old Dominion Freight Line Inc 53,622   7,853            
Ryder System Inc 41,524   3,614            

 

See accompanying notes.

150

 

      Schedule of Investments            
MidCap S&P 400 Index Fund
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018  
     Value     Cost   Proceeds     Value  
Principal Government Money Market Fund   $ — $   46,701 $ 37,961 $   8,740  
    $ — $   46,701 $ 37,961 $   8,740  
 
 
      Realized Gain/Loss   Realized Gain from     Change in Unrealized  
    Income on Investments   Capital Gain Distributions   Gain/Loss  
Principal Government Money Market Fund $ 17 $   — $     — $ —  
  $ 17 $   — $     — $ —  
Amounts in thousands                        
 
 
Futures Contracts
Description and Expiration Date   Type Contracts Notional Amount Value and Unrealized Appreciation/(Depreciation)  
S&P Mid 400 Emini; March 2018   Long   39 $   7,621 $     (64 )
Total               $     (64 )
 
Amounts in thousands except contracts.                        

 

See accompanying notes.

151

 

Schedule of Investments MidCap Value Fund I

January 31, 2018 (unaudited)

COMMON STOCKS - 96.81% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Advertising - 0.70%       Beverages - 0.05%      
Interpublic Group of Cos Inc/The 335,534 $ 7,345 Brown-Forman Corp - A Shares 146 $ 10
        Brown-Forman Corp - B Shares 745   52
Aerospace & Defense - 0.19%       Molson Coors Brewing Co 5,202   437
Arconic Inc 12,176   366     $ 499
Harris Corp 1,780   284 Biotechnology - 0.39%      
L3 Technologies Inc 2,668   567 Alnylam Pharmaceuticals Inc (a) 658   86
Orbital ATK Inc 1,829   241 Bio-Rad Laboratories Inc (a) 5,448   1,408
Spirit AeroSystems Holdings Inc 3,441   352 Intrexon Corp (a) 387   5
Teledyne Technologies Inc (a) 1,162   222 Juno Therapeutics Inc (a) 1,763   151
    $ 2,032 United Therapeutics Corp (a) 18,414   2,376
Agriculture - 1.90%           $ 4,026
Archer-Daniels-Midland Co 455,427   19,561 Building Materials - 0.91%      
Bunge Ltd 3,561   282 Fortune Brands Home & Security Inc 212   15
    $ 19,843 Lennox International Inc 56   12
Airlines - 0.36%       Martin Marietta Materials Inc 117   27
Alaska Air Group Inc 426   28 Masco Corp 3,621   162
American Airlines Group Inc 15,416   838 Owens Corning 98,120   9,122
Copa Holdings SA 1,715   237 USG Corp (a) 2,362   91
JetBlue Airways Corp (a) 8,822   184 Vulcan Materials Co 183   25
Spirit Airlines Inc (a) 37,240   1,568     $ 9,454
United Continental Holdings Inc (a) 13,451   912 Chemicals - 2.78%      
    $ 3,767 Albemarle Corp 4,123   460
Apparel - 1.31%       Ashland Global Holdings Inc 1,599   116
Michael Kors Holdings Ltd (a) 18,736   1,236 Cabot Corp 9,218   624
Ralph Lauren Corp 2,650   303 Celanese Corp 81,898   8,859
Skechers U.S.A. Inc (a) 21,561   888 CF Industries Holdings Inc 7,189   305
VF Corp 139,186   11,294 Eastman Chemical Co 100,720   9,989
    $ 13,721 FMC Corp 11,185   1,022
Automobile Manufacturers - 1.19%       GCP Applied Technologies Inc (a) 1,349   45
PACCAR Inc 167,034   12,454 Huntsman Corp 4,389   152
        Ingevity Corp (a) 2,605   189
Automobile Parts & Equipment - 1.18%       International Flavors & Fragrances Inc 33,010   4,961
Adient PLC 1,890   122 Mosaic Co/The 7,058   193
BorgWarner Inc 207,126   11,653 Olin Corp 3,313   123
Goodyear Tire & Rubber Co/The 4,954   173 Platform Specialty Products Corp (a) 3,115   36
Lear Corp 2,029   392 RPM International Inc 1,267   66
    $ 12,340 Valvoline Inc 5,276   130
Banks - 5.58%       Versum Materials Inc 2,548   94
Associated Banc-Corp 4,293   106 Westlake Chemical Corp 14,418   1,623
Bank of Hawaii Corp 16,950   1,418     $ 28,987
Bank of the Ozarks 1,304   65 Coal - 0.02%      
BankUnited Inc 35,874   1,473 CONSOL Energy Inc (a) 6,645   215
BOK Financial Corp 744   72        
CIT Group Inc 2,636   134 Commercial Services - 1.53%      
Citizens Financial Group Inc 321,382   14,751 Aramark 2,807   129
Comerica Inc 23,566   2,244 Booz Allen Hamilton Holding Corp 8,896   349
Commerce Bancshares Inc/MO 24,599   1,439 CoreLogic Inc/United States (a) 953   45
Cullen/Frost Bankers Inc 1,562   166 Graham Holdings Co 129   77
East West Bancorp Inc 2,713   179 H&R Block Inc 19,456   516
Fifth Third Bancorp 20,559   680 IHS Markit Ltd (a) 16,223   774
First Hawaiian Inc 14,354   415 Macquarie Infrastructure Corp 2,092   139
First Horizon National Corp 8,013   159 ManpowerGroup Inc 4,191   551
First Republic Bank/CA 634   57 Morningstar Inc 132   13
FNB Corp/PA 8,572   123 Nielsen Holdings PLC 9,715   363
Huntington Bancshares Inc/OH 32,138   520 Quanta Services Inc (a) 324,264   12,481
KeyCorp 31,284   669 Sabre Corp 1,217   25
M&T Bank Corp 2,846   543 United Rentals Inc (a) 2,680   485
Northern Trust Corp 5,849   616 WEX Inc (a) 220   34
PacWest Bancorp 4,516   237     $ 15,981
Pinnacle Financial Partners Inc 1,329   84 Computers - 3.58%      
Popular Inc 88,737   3,606 Amdocs Ltd 3,618   248
Prosperity Bancshares Inc 1,788   136 Conduent Inc (a) 4,976   82
Regions Financial Corp 47,941   922 DST Systems Inc 1,431   119
Signature Bank/New York NY (a) 2,264   348 DXC Technology Co 111,100   11,060
SunTrust Banks Inc 260,475   18,416 Hewlett Packard Enterprise Co 660,090   10,825
SVB Financial Group (a) 272   67 Leidos Holdings Inc 12,922   860
Synovus Financial Corp 89,335   4,502 MAXIMUS Inc 118,173   8,057
TCF Financial Corp 88,193   1,892 NetApp Inc 33,376   2,053
Webster Financial Corp 2,406   136 Teradata Corp (a) 3,220   130
Western Alliance Bancorp (a) 31,760   1,863 Western Digital Corp 44,283   3,941
Zions Bancorporation 3,971   215     $ 37,375
    $ 58,253 Consumer Products - 0.74%      
        Avery Dennison Corp 55,635   6,825

 

See accompanying notes.

152

 

Schedule of Investments
MidCap Value Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Consumer Products (continued)       Electronics (continued)      
Clorox Co/The 6,081 $ 862 Avnet Inc 3,101 $ 132
    $ 7,687 Flex Ltd (a) 627,600   11,303
Cosmetics & Personal Care - 0.03%       FLIR Systems Inc 1,297   66
Coty Inc 9,336   183 Fortive Corp 16,473   1,252
Edgewell Personal Care Co (a) 1,522   86 Garmin Ltd 2,408   152
    $ 269 Gentex Corp 2,017   48
Distribution & Wholesale - 0.17%       Jabil Inc 23,654   601
LKQ Corp (a) 7,894   332 Keysight Technologies Inc (a) 220,899   10,320
WESCO International Inc (a) 17,130   1,167 National Instruments Corp 583   29
WW Grainger Inc 869   235 PerkinElmer Inc 3,043   244
    $ 1,734 Sensata Technologies Holding NV (a) 1,676   94
        Trimble Inc (a) 23,481   1,036
Diversified Financial Services - 3.28%              
Affiliated Managers Group Inc 3,304   659     $ 29,171
Air Lease Corp 8,009   389 Energy - Alternate Sources - 0.01%      
Ally Financial Inc 13,900   414 First Solar Inc (a) 2,100   141
Ameriprise Financial Inc 743   125        
BGC Partners Inc 5,375   77 Engineering & Construction - 0.20%      
Credit Acceptance Corp (a) 64   21 AECOM (a) 4,601   180
Discover Financial Services 28,244   2,254 Fluor Corp 7,577   460
E*TRADE Financial Corp (a) 217,930   11,485 Jacobs Engineering Group Inc 21,537   1,496
Federated Investors Inc 2,151   75     $ 2,136
FNF Group 273,270   10,652 Entertainment - 1.08%      
Granite Point Mortgage Trust Inc 12,760   220 Cinemark Holdings Inc 292,099   10,749
Interactive Brokers Group Inc - A Shares 1,952   125 Dolby Laboratories Inc 1,410   91
Invesco Ltd 8,491   306 International Game Technology PLC 3,054   89
Lazard Ltd 1,638   96 Lions Gate Entertainment Corp - A shares 784   26
Legg Mason Inc 1,891   81 Lions Gate Entertainment Corp - B shares 1,271   41
Nasdaq Inc 3,380   273 Madison Square Garden Co/The (a) 1,470   317
Navient Corp 7,695   110     $ 11,313
OneMain Holdings Inc (a) 2,017   66 Environmental Control - 0.82%      
Raymond James Financial Inc 3,143   303 Clean Harbors Inc (a) 454   25
Santander Consumer USA Holdings Inc 4,476   77 Republic Services Inc 121,318   8,347
SLM Corp (a) 36,790   421 Stericycle Inc (a) 2,639   199
Synchrony Financial 111,503   4,425     $ 8,571
T Rowe Price Group Inc 13,861   1,548 Food - 3.76%      
TD Ameritrade Holding Corp 544   30 Campbell Soup Co 1,223   57
    $ 34,232 Conagra Brands Inc 20,915   795
Electric - 3.93%       Flowers Foods Inc 4,795   94
AES Corp/VA 13,278   154 Hain Celestial Group Inc/The (a) 2,646   101
Alliant Energy Corp 166,601   6,623 Hershey Co/The 789   87
Ameren Corp 20,245   1,146 Hormel Foods Corp 140,771   4,833
Avangrid Inc 1,459   71 Ingredion Inc 78,084   11,216
Calpine Corp (a) 9,258   140 JM Smucker Co/The 3,588   455
CenterPoint Energy Inc 34,174   963 Kellogg Co 369   25
CMS Energy Corp 5,619   251 Kroger Co/The 240,000   7,286
Consolidated Edison Inc 11,521   926 Lamb Weston Holdings Inc 4,800   282
DTE Energy Co 84,070   8,881 Pilgrim's Pride Corp (a) 6,644   184
Edison International 20,002   1,251 Pinnacle Foods Inc 6,283   389
Entergy Corp 5,689   448 Post Holdings Inc (a) 1,692   128
Eversource Energy 9,069   572 Safeway, Inc. - CVR - Casa Ley (a),(b),(c) 86,307   —
FirstEnergy Corp 57,111   1,879 Safeway, Inc. - CVR - Property Development 86,307   —
Great Plains Energy Inc 8,250   257 Centers (a),(b),(c)      
Hawaiian Electric Industries Inc 22,002   750 Seaboard Corp 8   35
MDU Resources Group Inc 26,868   711 Sysco Corp 193,314   12,154
NRG Energy Inc 84,946   2,210 TreeHouse Foods Inc (a) 1,034   49
OGE Energy Corp 7,023   226 Tyson Foods Inc 11,253   856
Pinnacle West Capital Corp 8,473   677 US Foods Holding Corp (a) 6,667   214
PPL Corp 64,926   2,069     $ 39,240
Public Service Enterprise Group Inc 14,550   755 Forest Products & Paper - 0.04%      
SCANA Corp 7,294   297 Domtar Corp 7,383   380
Vistra Energy Corp (a) 13,695   267 International Paper Co 753   47
WEC Energy Group Inc 9,925   638     $ 427
Westar Energy Inc 2,848   147 Gas - 0.50%      
Xcel Energy Inc 192,361   8,779 Atmos Energy Corp 2,057   170
    $ 41,088 National Fuel Gas Co 43,823   2,443
Electrical Components & Equipment - 0.81%       NiSource Inc 10,456   258
Acuity Brands Inc 540   83 Sempra Energy 5,052   541
AMETEK Inc 5,706   435 UGI Corp 3,473   159
Hubbell Inc 58,680   7,978 Vectren Corp 26,788   1,624
    $ 8,496     $ 5,195
Electronics - 2.79%       Hand & Machine Tools - 0.40%      
Agilent Technologies Inc 38,702   2,842 Kennametal Inc 21,449   1,046
Arrow Electronics Inc (a) 12,933   1,052        

 

See accompanying notes.

153

 

Schedule of Investments
MidCap Value Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Hand & Machine Tools (continued)       Insurance (continued)      
Lincoln Electric Holdings Inc 300 $ 29 Genworth Financial Inc (a) 79,590 $ 244
Regal Beloit Corp 1,307   102 Hanover Insurance Group Inc/The 40,469   4,579
Snap-on Inc 1,487   255 Hartford Financial Services Group Inc/The 7,131   419
Stanley Black & Decker Inc 16,413   2,728 Lincoln National Corp 9,477   785
    $ 4,160 Loews Corp 5,583   288
Healthcare - Products - 2.39%       Markel Corp (a) 9,543   10,952
Bruker Corp 1,669   59 Marsh & McLennan Cos Inc 66,470   5,552
Cooper Cos Inc/The 15,389   3,765 Mercury General Corp 13,659   669
DENTSPLY SIRONA Inc 4,520   275 Old Republic International Corp 6,945   149
Hill-Rom Holdings Inc 109   9 ProAssurance Corp 21,828   1,194
Hologic Inc (a) 278,595   11,896 Reinsurance Group of America Inc 2,143   336
OPKO Health Inc (a) 7,515   34 Torchmark Corp 12,589   1,144
Patterson Cos Inc 8,213   295 Unum Group 7,745   412
QIAGEN NV (a) 12,203   409 Validus Holdings Ltd 2,571   174
STERIS PLC 52,393   4,763 Voya Financial Inc 3,405   177
Teleflex Inc 9,747   2,707 Willis Towers Watson PLC 2,539   407
Zimmer Biomet Holdings Inc 5,505   700 WR Berkley Corp 177,153   12,929
    $ 24,912 XL Group Ltd 12,979   478
Healthcare - Services - 2.79%           $ 109,258
Acadia Healthcare Co Inc (a) 2,008   68 Internet - 0.18%      
Brookdale Senior Living Inc (a) 60,456   575 FireEye Inc (a) 4,695   71
Centene Corp (a) 12,456   1,336 Liberty Expedia Holdings Inc (a) 1,327   62
DaVita Inc (a) 37,545   2,930 Liberty Ventures (a) 2,207   130
Envision Healthcare Corp (a) 3,083   111 Twitter Inc (a) 62,418   1,611
HCA Healthcare Inc 97,100   9,823 Zillow Group Inc - A Shares (a) 493   22
IQVIA Holdings Inc (a) 1,105   113     $ 1,896
Laboratory Corp of America Holdings (a) 2,966   517 Iron & Steel - 1.71%      
LifePoint Health Inc (a) 794   39 Nucor Corp 17,488   1,171
MEDNAX Inc (a) 2,332   123 Reliance Steel & Aluminum Co 185,113   16,214
Quest Diagnostics Inc 123,636   13,083 Steel Dynamics Inc 4,825   219
Universal Health Services Inc 2,631   320 United States Steel Corp 5,948   223
WellCare Health Plans Inc (a) 394   83     $ 17,827
    $ 29,121 Leisure Products & Services - 0.31%      
Holding Companies - Diversified - 0.17%       Brunswick Corp/DE 763   48
Leucadia National Corp 66,751   1,807 Harley-Davidson Inc 917   45
        Norwegian Cruise Line Holdings Ltd (a) 41,845   2,541
Home Builders - 0.17%       Royal Caribbean Cruises Ltd 4,816   643
CalAtlantic Group Inc 2,243   126     $ 3,277
DR Horton Inc 5,051   248 Lodging - 0.27%      
Lennar Corp - A Shares 5,871   368 Choice Hotels International Inc 12,995   1,067
Lennar Corp - B Shares 555   28 Extended Stay America Inc 2,499   51
PulteGroup Inc 27,175   865 Hilton Worldwide Holdings Inc 6,254   536
Toll Brothers Inc 3,120   145 Hyatt Hotels Corp 10,682   868
    $ 1,780 MGM Resorts International 9,309   339
Home Furnishings - 0.03%           $ 2,861
Leggett & Platt Inc 520   24 Machinery - Construction & Mining - 0.09%      
Tempur Sealy International Inc (a) 802   48 Oshkosh Corp 9,807   889
Whirlpool Corp 1,301   236 Terex Corp 2,165   102
    $ 308     $ 991
Housewares - 0.03%       Machinery - Diversified - 2.16%      
Newell Brands Inc 9,793   259 AGCO Corp 141,452   10,272
Scotts Miracle-Gro Co/The 91   8 Cummins Inc 17,067   3,209
Tupperware Brands Corp 650   38 IDEX Corp 103   15
    $ 305 Roper Technologies Inc 5,268   1,478
Insurance - 10.46%       Wabtec Corp/DE 1,159   94
Aflac Inc 175,642   15,492 Xylem Inc/NY 104,081   7,521
Alleghany Corp (a) 23,634   14,835     $ 22,589
Allstate Corp/The 75,000   7,408 Media - 1.27%      
American Financial Group Inc/OH 82,979   9,404 CBS Corp 179,300   10,329
American National Insurance Co 6,162   779 Discovery Communications Inc - A Shares (a) 3,991   100
Arch Capital Group Ltd (a) 11,132   1,012 Discovery Communications Inc - C Shares (a) 5,288   126
Arthur J Gallagher & Co 183,921   12,566 John Wiley & Sons Inc 1,313   83
Aspen Insurance Holdings Ltd 40,259   1,504 Liberty Broadband Corp - A Shares (a) 3,239   307
Assurant Inc 1,236   113 Liberty Broadband Corp - C Shares (a) 2,088   200
Assured Guaranty Ltd 33,148   1,180 Liberty Media Corp-Liberty Formula One - C 3,753   141
Athene Holding Ltd (a) 24,823   1,245 Shares (a)      
Axis Capital Holdings Ltd 30,022   1,517 Liberty Media Corp-Liberty SiriusXM - A 2,377   107
Brown & Brown Inc 3,990   209 Shares (a)      
Cincinnati Financial Corp 3,085   237 Liberty Media Corp-Liberty SiriusXM - C 3,590   161
CNA Financial Corp 912   49 Shares (a)      
Erie Indemnity Co 227   27 News Corp - A Shares 7,657   131
Everest Re Group Ltd 2,466   567 News Corp - B Shares 3,782   66
First American Financial Corp 3,834   226        

 

See accompanying notes.

154

 

Schedule of Investments
MidCap Value Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Media (continued)       Oil & Gas (continued)      
Scripps Networks Interactive Inc 1,557 $ 137 Transocean Ltd (a) 49,741 $ 537
Sirius XM Holdings Inc 1,514   9 Whiting Petroleum Corp (a) 2,494   70
TEGNA Inc 6,014   87 WPX Energy Inc (a) 28,618   421
Tribune Media Co 2,291   98     $ 61,000
Viacom Inc - A Shares 399   16 Oil & Gas Services - 0.10%      
Viacom Inc - B Shares 35,825   1,197 Baker Hughes a GE Co 20,917   672
    $ 13,295 National Oilwell Varco Inc 7,630   280
Metal Fabrication & Hardware - 0.05%       Oceaneering International Inc 2,706   56
Timken Co/The 7,069   371 RPC Inc 441   9
Valmont Industries Inc 691   114     $ 1,017
    $ 485 Packaging & Containers - 2.13%      
Mining - 0.73%       Ardagh Group SA 244   5
Alcoa Corp (a) 23,103   1,201 Ball Corp 3,110   119
Freeport-McMoRan Inc (a) 162,823   3,176 Bemis Co Inc 27,854   1,302
Newmont Mining Corp 60,227   2,440 Crown Holdings Inc (a) 185,097   10,745
Royal Gold Inc 1,050   93 Graphic Packaging Holding Co 2,396   39
Southern Copper Corp 7,123   346 Owens-Illinois Inc (a) 928   22
Tahoe Resources Inc 89,394   392 Packaging Corp of America 65,000   8,166
    $ 7,648 Sealed Air Corp 1,763   83
Miscellaneous Manufacturers - 4.79%       Sonoco Products Co 22,588   1,226
AptarGroup Inc 87,151   7,619 WestRock Co 7,302   487
Carlisle Cos Inc 4,217   482     $ 22,194
Colfax Corp (a) 177,715   7,111 Pharmaceuticals - 1.45%      
Crane Co 9,636   962 Agios Pharmaceuticals Inc (a) 82   7
Donaldson Co Inc 658   33 Akorn Inc (a) 117   4
Dover Corp 2,775   295 Cardinal Health Inc 15,857   1,138
Hexcel Corp 914   62 Endo International PLC (a) 5,694   39
Ingersoll-Rand PLC 145,202   13,741 Mallinckrodt PLC (a) 2,441   44
ITT Inc 2,475   139 Mylan NV (a) 64,988   2,784
Parker-Hannifin Corp 24,230   4,881 Perrigo Co PLC 115,088   10,430
Pentair PLC 4,221   302 Premier Inc (a) 22,033   715
Textron Inc 222,615   13,061     $ 15,161
Trinity Industries Inc 39,166   1,350 Pipelines - 0.18%      
    $ 50,038 Cheniere Energy Inc (a) 9,161   518
Office & Business Equipment - 0.03%       Targa Resources Corp 16,873   810
Pitney Bowes Inc 5,004   71 Williams Cos Inc/The 16,370   514
Xerox Corp 6,313   215     $ 1,842
    $ 286 Real Estate - 0.26%      
Oil & Gas - 5.84%       CBRE Group Inc (a) 28,370   1,296
Andeavor 6,108   661 Howard Hughes Corp/The (a) 1,741   219
Antero Resources Corp (a) 3,355   65 Jones Lang LaSalle Inc 6,867   1,074
Apache Corp 19,735   886 Realogy Holdings Corp 4,464   123
Cabot Oil & Gas Corp 67,701   1,784     $ 2,712
Centennial Resource Development Inc/DE (a) 3,517   72 REITs - 5.09%      
Chesapeake Energy Corp (a) 23,019   81 AGNC Investment Corp 14,084   265
Cimarex Energy Co 59,402   6,664 Alexandria Real Estate Equities Inc 1,900   246
CNX Resources Corp (a) 6,197   87 American Campus Communities Inc 3,566   137
Concho Resources Inc (a) 5,817   916 American Homes 4 Rent 6,615   138
Continental Resources Inc/OK (a) 1,392   77 Annaly Capital Management Inc 36,573   385
Devon Energy Corp 314,770   13,022 Apartment Investment & Management Co 3,135   131
Diamondback Energy Inc (a) 13,147   1,650 Apple Hospitality REIT Inc 6,184   121
Energen Corp (a) 126,305   6,597 AvalonBay Communities Inc 17,584   2,996
EQT Corp 7,033   382 Boston Properties Inc 4,677   579
Gulfport Energy Corp (a) 91,189   927 Brandywine Realty Trust 17,427   313
Helmerich & Payne Inc 3,664   264 Brixmor Property Group Inc 8,707   141
Hess Corp 5,679   287 Camden Property Trust 20,693   1,791
HollyFrontier Corp 43,021   2,063 Chimera Investment Corp 5,600   95
Kosmos Energy Ltd (a) 6,600   46 Colony NorthStar Inc 14,235   128
Marathon Oil Corp 19,055   347 Columbia Property Trust Inc 70,073   1,534
Marathon Petroleum Corp 50,929   3,528 CoreCivic Inc 14,664   340
Murphy Oil Corp 4,452   143 Corporate Office Properties Trust 3,010   82
Murphy USA Inc (a) 951   81 CubeSmart 1,968   54
Nabors Industries Ltd 31,851   250 DCT Industrial Trust Inc 6,189   366
Noble Energy Inc 14,756   450 DDR Corp 94,545   768
Parsley Energy Inc (a) 328,104   7,743 Digital Realty Trust Inc 3,634   407
Patterson-UTI Energy Inc 64,459   1,522 Douglas Emmett Inc 1,959   76
PBF Energy Inc 3,093   100 Duke Realty Corp 11,567   306
PDC Energy Inc (a) 155,071   8,040 Empire State Realty Trust Inc 4,013   78
QEP Resources Inc (a) 61,611   577 EPR Properties 22,577   1,333
Range Resources Corp 6,195   88 Equity Commonwealth (a) 3,338   100
RSP Permian Inc (a) 1,829   73 Essex Property Trust Inc 4,161   970
SM Energy Co 2,987   70 Extra Space Storage Inc 1,199   100
Southwestern Energy Co (a) 101,294   429        

 

See accompanying notes.

155

 

Schedule of Investments
MidCap Value Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held Value(000 's) COMMON STOCKS (continued) Shares Held   Value (000's)
REITs (continued)         Retail (continued)      
Federal Realty Investment Trust 881 $ 106   MSC Industrial Direct Co Inc 7,087 $ 665
Forest City Realty Trust Inc 6,973   164   Nu Skin Enterprises Inc 1,036   74
Gaming and Leisure Properties Inc 6,066   221   Penske Automotive Group Inc 1,050   55
GGP Inc 12,358   285   PVH Corp 2,061   320
HCP Inc 10,167   245   Sally Beauty Holdings Inc (a) 2,305   38
Healthcare Trust of America Inc 5,315   147   Signet Jewelers Ltd 1,642   87
Highwoods Properties Inc 29,153   1,396   Tapestry Inc 21,049   990
Hospitality Properties Trust 68,355   1,942   Tiffany & Co 101,457   10,820
Host Hotels & Resorts Inc 23,461   487   Urban Outfitters Inc (a) 2,427   83
Hudson Pacific Properties Inc 3,894   125   Williams-Sonoma Inc 1,909   98
Invitation Homes Inc 5,842   131   World Fuel Services Corp 51,213   1,428
Iron Mountain Inc 701   25   Yum China Holdings Inc 19,751   916
JBG SMITH Properties 2,320   78       $ 50,160
Kilroy Realty Corp 1,936   138   Savings & Loans - 0.04%      
Kimco Realty Corp 8,297   132   New York Community Bancorp Inc 9,555   135
Lamar Advertising Co 135,177   9,733   People's United Financial Inc 10,972   216
Liberty Property Trust 30,587   1,267   TFS Financial Corp 1,366   20
Life Storage Inc 1,338   111       $ 371
Macerich Co/The 2,747   177   Semiconductors - 0.84%      
Medical Properties Trust Inc 10,335   135   Cypress Semiconductor Corp 7,760   134
MFA Financial Inc 11,272   81   KLA-Tencor Corp 40,226   4,417
Mid-America Apartment Communities Inc 2,278   217   Marvell Technology Group Ltd 83,437   1,947
National Retail Properties Inc 238,411   9,460   Microsemi Corp (a) 949   59
New Residential Investment Corp 8,696   150   ON Semiconductor Corp (a) 3,517   87
Omega Healthcare Investors Inc 5,200   141   Qorvo Inc (a) 1,219   87
Outfront Media Inc 3,675   82   Teradyne Inc 44,785   2,052
Paramount Group Inc 43,104   647   Xilinx Inc 321   24
Park Hotels & Resorts Inc 45,133   1,305       $ 8,807
Piedmont Office Realty Trust Inc 4,493   88   Shipbuilding - 0.01%      
Prologis Inc 27,004   1,758   Huntington Ingalls Industries Inc 474   113
Quality Care Properties Inc (a) 48,850   659          
Rayonier Inc 3,656   119   Software - 3.39%      
Realty Income Corp 5,666   301   Akamai Technologies Inc (a) 4,927   330
Regency Centers Corp 4,328   272   ANSYS Inc (a) 2,950   477
Retail Properties of America Inc 90,004   1,085   Autodesk Inc (a) 6,789   785
Sabra Health Care REIT Inc 13,195   239   Black Knight Inc (a) 111,390   5,514
Senior Housing Properties Trust 22,866   397   CA Inc 6,334   227
SL Green Realty Corp 2,690   270   Dun & Bradstreet Corp/The 5,171   640
Starwood Property Trust Inc 7,147   146   Fidelity National Information Services Inc 114,122   11,681
STORE Capital Corp 4,937   121   Guidewire Software Inc (a) 1,201   95
Sun Communities Inc 6,482   576   Nuance Communications Inc (a) 421,894   7,514
Tanger Factory Outlet Centers Inc 2,514   63   SS&C Technologies Holdings Inc 278   14
Taubman Centers Inc 835   51   Synopsys Inc (a) 87,273   8,083
Two Harbors Investment Corp 5,345   79   Zynga Inc (a) 21,070   75
UDR Inc 10,469   383       $ 35,435
Ventas Inc 10,398   582   Telecommunications - 1.97%      
VEREIT Inc 19,630   141   ARRIS International PLC (a) 260,990   6,603
Vornado Realty Trust 6,318   453   CenturyLink Inc 24,798   442
Weingarten Realty Investors 3,546   105   CommScope Holding Co Inc (a) 2,637   102
Welltower Inc 10,275   616   EchoStar Corp (a) 1,214   74
Weyerhaeuser Co 28,547   1,071   Juniper Networks Inc 47,220   1,235
WP Carey Inc 6,752   438   LogMeIn Inc 2,107   265
    $ 53,121   Motorola Solutions Inc 115,977   11,535
Retail - 4.80%         Switch Inc 499   8
Advance Auto Parts Inc 4,957   580   Telephone & Data Systems Inc 10,461   287
AutoNation Inc (a) 162,650   9,794   United States Cellular Corp (a) 341   12
AutoZone Inc (a) 247   189          
              $ 20,563
Bed Bath & Beyond Inc 42,983   992   Textiles - 0.44%      
Best Buy Co Inc 17,891   1,308   Mohawk Industries Inc (a) 16,459   4,626
Burlington Stores Inc (a) 11,384   1,385          
Casey's General Stores Inc 990   120   Toys, Games & Hobbies - 0.98%      
Darden Restaurants Inc 96,900   9,288   Hasbro Inc 107,951   10,209
Dick's Sporting Goods Inc 7,737   244          
Dollar General Corp 11,467   1,183   Transportation - 1.27%      
Dollar Tree Inc (a) 785   90          
          Expeditors International of Washington Inc 2,023   131
Foot Locker Inc 24,932   1,225   Genesee & Wyoming Inc (a) 1,630   130
GameStop Corp 2,694   45   Kansas City Southern 5,609   634
Gap Inc/The 16,707   555   Kirby Corp (a) 1,411   106
Genuine Parts Co 2,832   295   Landstar System Inc 69,800   7,751
Kohl's Corp 26,467   1,714   Old Dominion Freight Line Inc 29,473   4,317
L Brands Inc 28,373   1,422   Ryder System Inc 1,423   124
Liberty Interactive Corp QVC Group (a) 55,317   1,554          
Macy's Inc 69,421   1,802          
Michaels Cos Inc/The (a) 29,811   801          

 

See accompanying notes.

156

 

      Schedule of Investments
      MidCap Value Fund I
      January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's)
Transportation (continued)      
XPO Logistics Inc (a) 627 $ 59
    $ 13,252
Water - 0.16%      
American Water Works Co Inc 3,579   298
Aqua America Inc 37,862   1,371
    $ 1,669
TOTAL COMMON STOCKS   $ 1,011,088
INVESTMENT COMPANIES - 2.90% Shares Held   Value (000's)
Money Market Funds - 2.90%      
Principal Government Money Market Fund (d) 30,324,689   30,325
 
TOTAL INVESTMENT COMPANIES   $ 30,325
Total Investments   $ 1,041,413
Other Assets and Liabilities - 0.29%   $ 3,000
TOTAL NET ASSETS - 100.00%   $ 1,044,413

 

(a)      Non-income producing security
(b)      The value of these investments was determined using significant unobservable inputs.
(c)      Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Certain inputs used in the valuation may be unobservable; however, each security is evaluated individually for purposes of ASC 820 which results in not all securities being identified as Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $0 or 0.00% of net assets.
(d)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)                      
Sector     Percent                  
Financial     24.71 %                
Industrial     16.62 %                
Consumer, Non-cyclical     15.03 %                
Consumer, Cyclical     12.32 %                
Technology     7.84 %                
Energy     6.15 %                
Basic Materials     5.26 %                
Utilities     4.59 %                
Communications     4.12 %                
Investment Companies     2.90 %                
Diversified     0.17 %                
Other Assets and Liabilities     0.29 %                
TOTAL NET ASSETS     100.00 %                
 
Affiliated Securities October 31, 2017     Purchases   Sales   January 31, 2018
  Value       Cost   Proceeds     Value
Principal Government Money Market Fund $   —   $   95,506 $ 65,181 $   30,325
  $   —   $   95,506 $ 65,181 $   30,325
 
 
      Realized Gain/Loss Realized Gain from     Change in Unrealized
  Income   on Investments Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 42 $       — $     — $ —
$ 42 $       — $     — $ —
Amounts in thousands                        
 
 
Futures Contracts
Description and Expiration Date Type   Contracts Notional Amount   Value and Unrealized Appreciation/(Depreciation)
S&P Mid 400 Emini; March 2018 Long       169 $ 33,026   $     21
Total                 $     21
 
Amounts in thousands except contracts.                        

 

See accompanying notes.

157

 

Schedule of Investments
MidCap Value Fund III
January 31, 2018 (unaudited)
 
 
COMMON STOCKS - 96.87% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Advertising - 0.00%       Beverages - 0.87%      
Interpublic Group of Cos Inc/The 1,851 $ 41 Brown-Forman Corp - A Shares 223 $ 15
        Brown-Forman Corp - B Shares 1,143   79
Aerospace & Defense - 1.82%       Coca-Cola European Partners PLC 274,800   11,036
Arconic Inc 13,157   396 Molson Coors Brewing Co 7,981   671
Harris Corp 2,730   435     $ 11,801
L3 Technologies Inc 2,388   507 Biotechnology - 0.05%      
Orbital ATK Inc 2,807   370 Alnylam Pharmaceuticals Inc (a) 441   57
Spirit AeroSystems Holdings Inc 221,782   22,702 Bio-Rad Laboratories Inc (a) 826   214
Teledyne Technologies Inc (a) 1,782   340 Intrexon Corp (a) 636   8
    $ 24,750 Juno Therapeutics Inc (a) 2,705   232
Agriculture - 0.03%       United Therapeutics Corp (a) 1,696   219
Bunge Ltd 4,298   341     $ 730
        Building Materials - 3.96%      
Airlines - 0.59%       CRH PLC ADR 146,854   5,491
Alaska Air Group Inc 654   43 Fortune Brands Home & Security Inc 327   23
American Airlines Group Inc 7,588   412 Johnson Controls International plc 357,534   13,990
Copa Holdings SA 47,526   6,575 Lennox International Inc 82   18
JetBlue Airways Corp (a) 13,534   282 Martin Marietta Materials Inc 184   42
Spirit Airlines Inc (a) 2,808   118 Masco Corp 5,554   248
United Continental Holdings Inc (a) 8,302   563 Owens Corning 365,812   34,010
    $ 7,993 USG Corp (a) 3,622   140
Apparel - 1.32%       Vulcan Materials Co 280   38
Hanesbrands Inc 545,145   11,841     $ 54,000
Michael Kors Holdings Ltd (a) 82,247   5,428 Chemicals - 4.18%      
Ralph Lauren Corp 2,860   327 Albemarle Corp 3,685   411
Skechers U.S.A. Inc (a) 3,321   137 Ashland Global Holdings Inc 2,453   178
VF Corp 2,589   210 Axalta Coating Systems Ltd (a) 483,300   15,224
    $ 17,943 Cabot Corp 2,425   164
Automobile Manufacturers - 0.08%       Celanese Corp 81,085   8,770
PACCAR Inc 14,164   1,056 CF Industries Holdings Inc 10,308   437
        Eastman Chemical Co 85,226   8,453
Automobile Parts & Equipment - 1.32%       Huntsman Corp 289,632   10,013
Adient PLC 138,000   8,942 Mosaic Co/The 10,827   296
BorgWarner Inc 8,807   496 Olin Corp 5,082   189
Goodyear Tire & Rubber Co/The 7,598   265 Platform Specialty Products Corp (a) 4,776   56
Lear Corp 42,902   8,286 RPM International Inc 1,945   101
    $ 17,989 Valvoline Inc 8,095   200
Banks - 9.04%       Versum Materials Inc 339,308   12,487
Associated Banc-Corp 6,589   163 Westlake Chemical Corp 710   80
Bank of Hawaii Corp 1,776   149     $ 57,059
Bank of the Ozarks 2,001   100 Coal - 0.00%      
BankUnited Inc 4,509   185 CONSOL Energy Inc (a) 1,506   49
BOK Financial Corp 1,142   110        
Capital One Financial Corp 141,095   14,668 Commercial Services - 2.10%      
CIT Group Inc 4,045   205 Aramark 112,805   5,167
Citizens Financial Group Inc 231,041   10,605 Booz Allen Hamilton Holding Corp 455   18
Comerica Inc 196,747   18,734 CoreLogic Inc/United States (a) 1,462   69
Commerce Bancshares Inc/MO 3,968   232 Graham Holdings Co 197   117
Cullen/Frost Bankers Inc 2,395   255 H&R Block Inc 7,387   196
East West Bancorp Inc 92,863   6,120 IHS Markit Ltd (a) 5,095   243
Fifth Third Bancorp 446,406   14,776 Macquarie Infrastructure Corp 3,210   213
First Hawaiian Inc 2,526   73 ManpowerGroup Inc 3,223   424
First Horizon National Corp 12,294   244 Morningstar Inc 202   19
First Republic Bank/CA 973   87 Nielsen Holdings PLC 314,205   11,755
FNB Corp/PA 658,551   9,450 Quanta Services Inc (a) 4,734   182
Huntington Bancshares Inc/OH 49,305   798 Sabre Corp 1,867   39
KeyCorp 750,194   16,054 Total System Services Inc 114,522   10,177
M&T Bank Corp 4,366   833 WEX Inc (a) 338   52
Northern Trust Corp 8,973   946     $ 28,671
PacWest Bancorp 6,928   363 Computers - 0.60%      
Pinnacle Financial Partners Inc 2,040   129 Amdocs Ltd 4,430   303
Prosperity Bancshares Inc 2,730   207 Conduent Inc (a) 7,633   125
Regions Financial Corp 52,499   1,010 DST Systems Inc 2,198   183
Signature Bank/New York NY (a) 682   105 DXC Technology Co 58,000   5,774
SunTrust Banks Inc 14,689   1,039 Leidos Holdings Inc 7,246   483
SVB Financial Group (a) 415   102 NetApp Inc 2,512   155
Synovus Financial Corp 5,053   255 Teradata Corp (a) 4,938   200
TCF Financial Corp 182,168   3,908 Western Digital Corp 10,667   949
Valley National Bancorp 465,191   5,847     $ 8,172
Webster Financial Corp 3,691   209 Consumer Products - 0.01%      
Western Alliance Bancorp (a) 105,264   6,175 Avery Dennison Corp 836   102
Zions Bancorporation 170,091   9,190 Clorox Co/The 583   83
    $ 123,326     $ 185

 

See accompanying notes.

158

 

Schedule of Investments
MidCap Value Fund III
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Cosmetics & Personal Care - 0.03%       Electronics (continued)      
Coty Inc 14,404 $ 282 Gentex Corp 3,092 $ 73
Edgewell Personal Care Co (a) 2,334   132 Jabil Inc 6,816   173
    $ 414 Keysight Technologies Inc (a) 5,691   266
Distribution & Wholesale - 0.70%       National Instruments Corp 894   45
LKQ Corp (a) 223,112   9,377 PerkinElmer Inc 4,672   375
WESCO International Inc (a) 2,050   140 Sensata Technologies Holding NV (a) 2,573   145
WW Grainger Inc 305   82 Trimble Inc (a) 1,598   70
    $ 9,599     $ 8,355
Diversified Financial Services - 5.56%       Energy - Alternate Sources - 0.02%      
Affiliated Managers Group Inc 1,709   341 First Solar Inc (a) 3,222   216
Air Lease Corp 3,803   185        
Ally Financial Inc 21,324   635 Engineering & Construction - 0.07%      
Ameriprise Financial Inc 1,139   192 AECOM (a) 7,059   276
BGC Partners Inc 228,847   3,275 Fluor Corp 4,308   261
Credit Acceptance Corp (a) 97   32 Jacobs Engineering Group Inc 5,871   408
Discover Financial Services 140,280   11,194     $ 945
E*TRADE Financial Corp (a) 8,329   439 Entertainment - 0.44%      
Federated Investors Inc 3,302   114 Cinemark Holdings Inc 4,293   158
FNF Group 235,495   9,180 Dolby Laboratories Inc 2,164   139
Interactive Brokers Group Inc - A Shares 2,996   192 International Game Technology PLC 4,686   136
Invesco Ltd 10,545   381 Lions Gate Entertainment Corp - A shares 1,201   41
Lazard Ltd 156,813   9,184 Lions Gate Entertainment Corp - B shares 1,948   62
Legg Mason Inc 2,900   124 Madison Square Garden Co/The (a) 721   156
Nasdaq Inc 5,186   420 SeaWorld Entertainment Inc (a) 348,118   5,309
Navient Corp 779,945   11,114     $ 6,001
OneMain Holdings Inc (a) 3,092   101 Environmental Control - 0.95%      
Raymond James Financial Inc 4,823   465 Clean Harbors Inc (a) 697   39
Santander Consumer USA Holdings Inc 6,871   118 Republic Services Inc 7,078   487
SLM Corp (a) 1,099,774   12,581 Stericycle Inc (a) 3,282   247
Synchrony Financial 374,542   14,862 Waste Management Inc 138,500   12,247
T Rowe Price Group Inc 6,138   685     $ 13,020
TD Ameritrade Holding Corp 836   47 Food - 1.49%      
    $ 75,861 Campbell Soup Co 1,878   87
Electric - 6.13%       Conagra Brands Inc 12,003   456
AES Corp/VA 20,367   235 Flowers Foods Inc 7,356   144
Alliant Energy Corp 7,135   284 Hain Celestial Group Inc/The (a) 4,059   155
Ameren Corp 137,101   7,764 Hershey Co/The 441   49
Avangrid Inc 2,238   109 Hormel Foods Corp 13,149   451
Calpine Corp (a) 14,202   214 Ingredion Inc 94,206   13,532
CenterPoint Energy Inc 387,583   10,922 JM Smucker Co/The 25,687   3,260
CMS Energy Corp 8,620   386 Kellogg Co 566   38
Consolidated Edison Inc 183,509   14,747 Lamb Weston Holdings Inc 5,570   326
DTE Energy Co 5,520   583 Pilgrim's Pride Corp (a) 511   14
Edison International 14,685   918 Pinnacle Foods Inc 3,641   225
Entergy Corp 167,730   13,199 Post Holdings Inc (a) 2,598   197
Eversource Energy 13,914   878 Safeway, Inc. - CVR - Casa Ley (a),(b),(c) 8,276   —
FirstEnergy Corp 22,246   732 Safeway, Inc. - CVR - Property Development 8,276   —
Great Plains Energy Inc 12,655   394 Centers (a),(b),(c)      
Hawaiian Electric Industries Inc 4,234   144 Seaboard Corp 11   48
MDU Resources Group Inc 7,673   203 TreeHouse Foods Inc (a) 1,587   75
NRG Energy Inc 14,183   369 Tyson Foods Inc 12,218   930
OGE Energy Corp 10,774   347 US Foods Holding Corp (a) 10,227   329
Pinnacle West Capital Corp 124,896   9,985     $ 20,316
PPL Corp 21,137   674 Forest Products & Paper - 0.02%      
Public Service Enterprise Group Inc 22,320   1,158 Domtar Corp 2,474   127
SCANA Corp 5,164   210 International Paper Co 1,156   73
Vistra Energy Corp (a) 9,535   186        
            $ 200
WEC Energy Group Inc 14,062   904 Gas - 0.53%      
Westar Energy Inc 4,370   226 Atmos Energy Corp 65,257   5,410
Xcel Energy Inc 391,700   17,877 National Fuel Gas Co 3,177   177
    $ 83,648 NiSource Inc 16,039   396
Electrical Components & Equipment - 0.64%       Sempra Energy 7,751   829
Acuity Brands Inc 829   128 UGI Corp 5,328   244
AMETEK Inc 109,854   8,382 Vectren Corp 3,264   198
Hubbell Inc 1,249   170     $ 7,254
    $ 8,680 Hand & Machine Tools - 1.69%      
Electronics - 0.61%       Regal Beloit Corp 45,306   3,529
Agilent Technologies Inc 84,235   6,185 Snap-on Inc 2,282   391
Arrow Electronics Inc (a) 3,865   314        
        Stanley Black & Decker Inc 115,215   19,152
Avnet Inc 4,757   202     $ 23,072
FLIR Systems Inc 1,990   102 Healthcare - Products - 1.27%      
Fortive Corp 2,261   172 Bruker Corp 2,560   91
Garmin Ltd 3,697   233 Cooper Cos Inc/The 810   198

 

See accompanying notes.

159

 

Schedule of Investments
MidCap Value Fund III
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Healthcare - Products (continued)       Insurance (continued)      
DENTSPLY SIRONA Inc 6,937 $ 422 Unum Group 250,615 $ 13,330
Hill-Rom Holdings Inc 168   14 Voya Financial Inc 5,224   271
Hologic Inc (a) 3,678   157 Willis Towers Watson PLC 115,313   18,504
OPKO Health Inc (a) 11,534   52 WR Berkley Corp 2,937   214
Patterson Cos Inc 399,035   14,321 XL Group Ltd 179,493   6,613
QIAGEN NV (a) 7,517   252     $ 70,918
STERIS PLC 4,256   387 Internet - 0.07%      
Teleflex Inc 1,156   321 FireEye Inc (a) 7,203   109
Zimmer Biomet Holdings Inc 8,445   1,074 Liberty Expedia Holdings Inc (a) 2,037   95
    $ 17,289 Liberty Ventures (a) 3,387   199
Healthcare - Services - 4.39%       Twitter Inc (a) 19,284   498
Acadia Healthcare Co Inc (a) 3,084   105 Zillow Group Inc - A Shares (a) 758   34
Brookdale Senior Living Inc (a) 7,225   69     $ 935
Centene Corp (a) 128,406   13,770 Iron & Steel - 0.78%      
Cigna Corp 111,747   23,283 Nucor Corp 147,248   9,860
DaVita Inc (a) 7,065   551 Reliance Steel & Aluminum Co 2,169   190
Envision Healthcare Corp (a) 4,731   170 Steel Dynamics Inc 6,121   278
IQVIA Holdings Inc (a) 1,697   173 United States Steel Corp 9,126   341
Laboratory Corp of America Holdings (a) 69,650   12,154     $ 10,669
LifePoint Health Inc (a) 1,218   60 Leisure Products & Services - 2.81%      
MEDNAX Inc (a) 3,581   189 Brunswick Corp/DE 742   47
Quest Diagnostics Inc 82,519   8,733 Harley-Davidson Inc 1,407   68
Universal Health Services Inc 4,037   491 Norwegian Cruise Line Holdings Ltd (a) 258,485   15,700
WellCare Health Plans Inc (a) 604   127 Royal Caribbean Cruises Ltd 168,704   22,531
    $ 59,875     $ 38,346
Holding Companies - Diversified - 0.03%       Lodging - 0.56%      
Leucadia National Corp 13,583   368 Extended Stay America Inc 337,736   6,833
        Hilton Worldwide Holdings Inc 806   69
Home Builders - 0.13%       Hyatt Hotels Corp 2,043   166
CalAtlantic Group Inc 3,444   193 MGM Resorts International 14,280   520
DR Horton Inc 7,749   380     $ 7,588
Lennar Corp - A Shares 9,008   565 Machinery - Construction & Mining - 0.04%      
Lennar Corp - B Shares 853   43 Oshkosh Corp 3,738   339
PulteGroup Inc 10,178   324 Terex Corp 3,321   156
Toll Brothers Inc 4,786   223     $ 495
    $ 1,728 Machinery - Diversified - 1.21%      
Home Furnishings - 1.17%       AGCO Corp 2,842   206
Leggett & Platt Inc 798   37 Cummins Inc 83,998   15,792
Tempur Sealy International Inc (a) 1,231   73        
        IDEX Corp 156   22
Whirlpool Corp 87,127   15,807 Roper Technologies Inc 488   137
    $ 15,917 Wabtec Corp/DE 1,779   144
Housewares - 0.03%       Xylem Inc/NY 2,623   190
Newell Brands Inc 15,024   397     $ 16,491
Scotts Miracle-Gro Co/The 139   13 Media - 1.85%      
    $ 410 Discovery Communications Inc - A Shares (a) 6,125   153
Insurance - 5.20%       Discovery Communications Inc - C Shares (a) 8,115   194
Alleghany Corp (a) 457   287 John Wiley & Sons Inc 2,014   128
American Financial Group Inc/OH 3,819   433 Liberty Broadband Corp - A Shares (a) 1,117   106
American National Insurance Co 448   57 Liberty Broadband Corp - C Shares (a) 3,204   306
Arch Capital Group Ltd (a) 3,271   298 Liberty Media Corp-Liberty Formula One - C 5,757   217
Arthur J Gallagher & Co 1,721   118 Shares (a)      
Assurant Inc 1,898   174 Liberty Media Corp-Liberty SiriusXM - A 3,644   164
Assured Guaranty Ltd 5,134   183 Shares (a)      
Athene Holding Ltd (a) 4,640   233 Liberty Media Corp-Liberty SiriusXM - C 5,507   247
Axis Capital Holdings Ltd 3,425   173 Shares (a)      
Brown & Brown Inc 6,121   321 Meredith Corp 146,103   9,663
Cincinnati Financial Corp 4,735   364 News Corp - A Shares 11,745   201
CNA Financial Corp 1,399   76 News Corp - B Shares 5,801   101
Erie Indemnity Co 348   41 Scripps Networks Interactive Inc 149,188   13,127
Everest Re Group Ltd 1,253   288 Sirius XM Holdings Inc 2,326   14
First American Financial Corp 45,181   2,669 TEGNA Inc 9,226   133
Hanover Insurance Group Inc/The 1,815   205 Tribune Media Co 3,515   150
Hartford Financial Services Group Inc/The 10,941   643 Viacom Inc - A Shares 612   24
Lincoln National Corp 78,062   6,463 Viacom Inc - B Shares 10,838   362
Loews Corp 8,565   442     $ 25,290
Markel Corp (a) 420   482        
        Metal Fabrication & Hardware - 0.02%      
Mercury General Corp 1,306   64 Timken Co/The 2,898   152
MGIC Investment Corp (a) 110,000   1,630        
        Valmont Industries Inc 999   164
Old Republic International Corp 10,654   229     $ 316
ProAssurance Corp 2,143   117 Mining - 0.60%      
Reinsurance Group of America Inc 98,789   15,475 Alcoa Corp (a) 8,917   464
Torchmark Corp 5,737   521 Freeport-McMoRan Inc (a) 352,126   6,867
        Newmont Mining Corp 16,478   667

 

See accompanying notes.

160

 

Schedule of Investments
MidCap Value Fund III
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Mining (continued)       Packaging & Containers (continued)      
Royal Gold Inc 1,613 $ 144 Crown Holdings Inc (a) 3,076 $ 179
Southern Copper Corp 359   17 Graphic Packaging Holding Co 3,673   59
Tahoe Resources Inc 12,307   54 Owens-Illinois Inc (a) 331,022   7,686
    $ 8,213 Sealed Air Corp 2,704   128
Miscellaneous Manufacturers - 1.66%       Sonoco Products Co 3,884   211
AptarGroup Inc 1,857   162 WestRock Co 85,803   5,717
Carlisle Cos Inc 2,966   339     $ 14,338
Colfax Corp (a) 3,616   145 Pharmaceuticals - 1.19%      
Crane Co 60,003   5,997 Agios Pharmaceuticals Inc (a) 117   9
Donaldson Co Inc 306   15 Akorn Inc (a) 182   6
Dover Corp 4,259   452 Cardinal Health Inc 205,041   14,720
Hexcel Corp 1,402   96 Endo International PLC (a) 8,742   60
Ingersoll-Rand PLC 146,154   13,831 Mallinckrodt PLC (a) 3,744   68
ITT Inc 3,799   213 Mylan NV (a) 22,284   955
Parker-Hannifin Corp 1,086   219 Perrigo Co PLC 4,063   368
Pentair PLC 5,111   365 Premier Inc (a) 1,590   52
Textron Inc 11,223   658     $ 16,238
Trinity Industries Inc 6,115   211 Pipelines - 0.51%      
    $ 22,703 Cheniere Energy Inc (a) 2,133   121
Office & Business Equipment - 0.35%       ONEOK Inc 100,100   5,892
Pitney Bowes Inc 7,675   108 Targa Resources Corp 6,504   312
Xerox Corp 137,585   4,696 Williams Cos Inc/The 21,801   684
    $ 4,804     $ 7,009
Oil & Gas - 7.44%       Real Estate - 0.37%      
Andeavor 107,269   11,602 CBRE Group Inc (a) 97,469   4,453
Antero Resources Corp (a) 5,146   100 Jones Lang LaSalle Inc 2,427   380
Apache Corp 17,367   779 Realogy Holdings Corp 5,958   164
Cabot Oil & Gas Corp 4,189   110     $ 4,997
Centennial Resource Development Inc/DE (a) 5,395   110 REITs - 6.99%      
Chesapeake Energy Corp (a) 1,158,210   4,054 AGNC Investment Corp 21,607   406
Cimarex Energy Co 189   21 Alexandria Real Estate Equities Inc 2,916   378
CNX Resources Corp (a) 9,506   133 American Campus Communities Inc 5,470   210
Concho Resources Inc (a) 6,577   1,036 American Homes 4 Rent 10,148   211
Continental Resources Inc/OK (a) 2,135   119 Annaly Capital Management Inc 474,105   4,997
Devon Energy Corp 827,057   34,215 Apartment Investment & Management Co 4,810   201
Diamondback Energy Inc (a) 2,337   293 Apple Hospitality REIT Inc 9,493   185
Energen Corp (a) 3,998   209 AvalonBay Communities Inc 4,247   724
EQT Corp 6,265   340 Boston Properties Inc 4,030   499
Gulfport Energy Corp (a) 6,542   67 Brandywine Realty Trust 7,878   141
Helmerich & Payne Inc 5,623   405 Brixmor Property Group Inc 13,358   217
Hess Corp 8,713   440 Camden Property Trust 63,125   5,464
HollyFrontier Corp 71,871   3,447 Chimera Investment Corp 8,591   146
Kosmos Energy Ltd (a) 10,123   70 Colony NorthStar Inc 21,838   196
Marathon Oil Corp 26,194   477 Columbia Property Trust Inc 5,327   117
Marathon Petroleum Corp 194,139   13,448 CoreCivic Inc 5,482   127
Murphy Oil Corp 6,829   219 Corporate Office Properties Trust 4,621   126
Murphy USA Inc (a) 1,459   125 CubeSmart 3,024   83
Nabors Industries Ltd 12,320   97 DCT Industrial Trust Inc 3,923   232
Noble Energy Inc 22,638   691 DDR Corp 13,062   106
Parsley Energy Inc (a) 2,460   58 Digital Realty Trust Inc 1,478   165
Patterson-UTI Energy Inc 282,667   6,677 Douglas Emmett Inc 3,006   116
PBF Energy Inc 53,744   1,737 Duke Realty Corp 407,945   10,774
QEP Resources Inc (a) 10,423   98 Empire State Realty Trust Inc 6,160   120
Range Resources Corp 9,504   135 EPR Properties 2,835   167
RSP Permian Inc (a) 2,808   111 Equity Commonwealth (a) 5,119   153
SM Energy Co 4,584   107 Equity LifeStyle Properties Inc 108,500   9,366
Southwestern Energy Co (a) 22,529   96 Essex Property Trust Inc 2,948   687
Transocean Ltd (a) 15,876   171 Extra Space Storage Inc 1,840   154
Vermilion Energy Inc 509,900   19,274 Federal Realty Investment Trust 1,347   163
Whiting Petroleum Corp (a) 3,826   107 Forest City Realty Trust Inc 10,698   251
WPX Energy Inc (a) 15,981   235 Gaming and Leisure Properties Inc 8,222   300
    $ 101,413 GGP Inc 18,961   437
Oil & Gas Services - 0.07%       HCP Inc 14,402   347
Baker Hughes a GE Co 13,095   421 Healthcare Trust of America Inc 8,155   225
National Oilwell Varco Inc 11,707   429 Highwoods Properties Inc 70,156   3,359
Oceaneering International Inc 4,150   86 Hospitality Properties Trust 7,181   204
RPC Inc 676   14 Host Hotels & Resorts Inc 33,752   701
    $ 950 Hudson Pacific Properties Inc 5,973   191
Packaging & Containers - 1.05%       Invitation Homes Inc 8,968   202
Ardagh Group SA 375   8 Iron Mountain Inc 1,075   38
Ball Corp 4,771   183 Kilroy Realty Corp 2,972   212
Bemis Co Inc 3,580   167 Kimco Realty Corp 12,730   203
        Lamar Advertising Co 272   20

 

See accompanying notes.

161

 

Schedule of Investments MidCap Value Fund III

January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)  
REITs (continued)       Savings & Loans (continued)        
Liberty Property Trust 155,764 $ 6,450 TFS Financial Corp 2,098 $ 31  
Life Storage Inc 2,054   171     $ 14,516  
Macerich Co/The 4,216   272 Semiconductors - 1.90%        
Medical Properties Trust Inc 15,856   207 Cypress Semiconductor Corp 11,904   206  
MFA Financial Inc 17,299   124 Lam Research Corp 29,600   5,669  
Mid-America Apartment Communities Inc 50,296   4,796 Marvell Technology Group Ltd 12,302   287  
National Retail Properties Inc 8,037   319 Microchip Technology Inc 202,833   19,314  
New Residential Investment Corp 217,340   3,758 Microsemi Corp (a) 1,455   90  
Omega Healthcare Investors Inc 7,982   216 ON Semiconductor Corp (a) 3,246   80  
Outfront Media Inc 5,642   126 Qorvo Inc (a) 1,871   134  
Paramount Group Inc 9,232   139 Teradyne Inc 1,855   85  
Park Hotels & Resorts Inc 224,952   6,503 Xilinx Inc 416   30  
Piedmont Office Realty Trust Inc 6,897   135     $ 25,895  
Prologis Inc 331,258   21,568 Shipbuilding - 0.01%        
Rayonier Inc 5,612   182 Huntington Ingalls Industries Inc 619   147  
Realty Income Corp 8,692   462          
Regency Centers Corp 6,641   418 Software - 2.52%        
Retail Properties of America Inc 10,434   126 Akamai Technologies Inc (a) 7,560   507  
Senior Housing Properties Trust 10,329   179 Autodesk Inc (a) 1,165   135  
SL Green Realty Corp 4,128   415 Black Knight Inc (a) 88,648   4,388  
Starwood Property Trust Inc 10,967   224 CA Inc 9,716   348  
STORE Capital Corp 7,573   186 Dun & Bradstreet Corp/The 1,066   132  
Sun Communities Inc 3,458   307 Fidelity National Information Services Inc 6,479   663  
Tanger Factory Outlet Centers Inc 3,860   97 Guidewire Software Inc (a) 1,843   147  
Taubman Centers Inc 1,283   79 Micro Focus International PLC ADR 205,500   6,214  
Two Harbors Investment Corp 8,200   121 Nuance Communications Inc (a) 11,342   202  
UDR Inc 8,182   299 SS&C Technologies Holdings Inc 426   21  
Ventas Inc 15,951   893 Synopsys Inc (a) 231,638   21,452  
VEREIT Inc 30,114   217 Zynga Inc (a) 32,320   116  
Vornado Realty Trust 5,294   379     $ 34,325  
Weingarten Realty Investors 5,440   161 Telecommunications - 0.16%        
Welltower Inc 15,765   945 ARRIS International PLC (a) 6,996   177  
Weyerhaeuser Co 32,211   1,209 CenturyLink Inc 38,043   678  
WP Carey Inc 5,300   343 CommScope Holding Co Inc (a) 4,046   156  
    $ 95,347 EchoStar Corp (a) 1,864   114  
Retail - 4.83%       Juniper Networks Inc 16,369   428  
Advance Auto Parts Inc 81,496   9,535 LogMeIn Inc 592   75  
AutoNation Inc (a) 2,533   153 Motorola Solutions Inc 4,568   454  
AutoZone Inc (a) 255   195 Switch Inc 766   12  
Bed Bath & Beyond Inc 5,873   136 Telephone & Data Systems Inc 3,822   105  
Best Buy Co Inc 147,289   10,761 United States Cellular Corp (a) 528   19  
Burlington Stores Inc (a) 894   109          
            $ 2,218  
Casey's General Stores Inc 1,519   184 Textiles - 0.05%        
Dick's Sporting Goods Inc 1,048   33 Mohawk Industries Inc (a) 2,488   699  
Dollar General Corp 171,153   17,649          
Dollar Tree Inc (a) 1,203   138          
        Toys, Games & Hobbies - 0.01%        
Foot Locker Inc 5,754   283 Hasbro Inc 847   80  
GameStop Corp 4,132   69          
Gap Inc/The 11,281   375 Transportation - 1.64%        
Genuine Parts Co 2,748   286 Expeditors International of Washington Inc 3,106   202  
Kohl's Corp 7,912   513 Genesee & Wyoming Inc (a) 2,500   200  
L Brands Inc 283,307   14,191 Golar LNG Ltd 482,406   13,165  
Liberty Interactive Corp QVC Group (a) 258,365   7,257          
        Kansas City Southern 4,756   538  
Macy's Inc 14,756   383 Kirby Corp (a) 2,166   162  
Michaels Cos Inc/The (a) 1,549   42          
        Old Dominion Freight Line Inc 1,388   203  
MSC Industrial Direct Co Inc 1,279   120 Ryder System Inc 90,124   7,843  
Nu Skin Enterprises Inc 1,592   114 XPO Logistics Inc (a) 964   91  
Penske Automotive Group Inc 1,612   84     $ 22,404  
PVH Corp 2,394   371 Water - 0.05%        
Sally Beauty Holdings Inc (a) 3,537   59          
        American Water Works Co Inc 5,492   457  
Signet Jewelers Ltd 2,520   133 Aqua America Inc 5,480   198  
Tapestry Inc 7,301   343     $ 655  
Tiffany & Co 4,987   532          
Urban Outfitters Inc (a) 42,423   1,447 TOTAL COMMON STOCKS   $ 1,321,076  
Williams-Sonoma Inc 2,929   150 INVESTMENT COMPANIES - 3.17% Shares Held   Value (000's)  
World Fuel Services Corp 3,087   86 Money Market Funds - 3.17%        
        Principal Government Money Market Fund (d) 43,301,855   43,302  
Yum China Holdings Inc 1,549   72          
    $ 65,803          
Savings & Loans - 1.06%       TOTAL INVESTMENT COMPANIES   $ 43,302  
New York Community Bancorp Inc 999,621   14,154 Total Investments   $ 1,364,378  
People's United Financial Inc 16,832   331 Other Assets and Liabilities - (0.04)%   $ (502 )
        TOTAL NET ASSETS - 100.00%   $ 1,363,876  

 

See accompanying notes.

162

 

Schedule of Investments
MidCap Value Fund III
January 31, 2018 (unaudited)

(a)      Non-income producing security
(b)      The value of these investments was determined using significant unobservable inputs.
(c)      Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Certain inputs used in the valuation may be unobservable; however, each security is evaluated individually for purposes of ASC 820 which results in not all securities being identified as Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $0 or 0.00% of net assets.
(d)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)                      
Sector     Percent                  
Financial     28.22 %                
Industrial     15.38 %                
Consumer, Cyclical     14.04 %                
Consumer, Non-cyclical     11.43 %                
Energy     8.04 %                
Utilities     6.71 %                
Basic Materials     5.57 %                
Technology     5.37 %                
Investment Companies     3.17 %                
Communications     2.08 %                
Diversified     0.03 %                
Other Assets and Liabilities     (0.04 )%                
TOTAL NET ASSETS     100.00 %                
 
Affiliated Securities October 31, 2017     Purchases   Sales   January 31, 2018
     Value       Cost   Proceeds     Value
Principal Government Money Market Fund $   —   $   106,477 $ 63,175 $   43,302
  $   —   $   106,477 $ 63,175 $   43,302
 
 
      Realized Gain/Loss Realized Gain from     Change in Unrealized
  Income   on Investments Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 61 $       — $     — $ —
$ 61 $       — $     — $ —
Amounts in thousands                        
 
 
Futures Contracts
Description and Expiration Date Type   Contracts Notional Amount   Value and Unrealized Appreciation/(Depreciation)
S&P Mid 400 Emini; March 2018 Long       229 $ 44,751   $     626
Total                 $     626
 
Amounts in thousands except contracts.                        

 

See accompanying notes.

163

 

Schedule of Investments
Money Market Fund
January 31, 2018 (unaudited)
 
 
INVESTMENT COMPANIES - 4.11%   Shares Held Value (000's)     Principal    
Money Market Funds - 4.11%           MUNICIPAL BONDS (continued)   Amount (000's)   Value (000's)
Deutsche Government Money Market Series   5,350,000 $   5,350 Colorado (continued)        
Goldman Sachs Financial Square Funds -   4,600,000     4,600 County of Kit Carson CO (credit support from        
Government Fund           Wells Fargo)        
Morgan Stanley Institutional Liquidity Funds -   4,580,000     4,580 1.50%, 02/07/2018(b),(c) $ 710 $ 710
Government Portfolio                 $ 15,220
STIT-Government & Agency Portfolio   4,570,000     4,570 Illinois - 1.87%        
      $   19,100 Memorial Health System/IL (credit support        
TOTAL INVESTMENT COMPANIES     $   19,100 from JP Morgan Chase & Co)        
    Principal       1.50%, 02/07/2018(b),(c)   8,700   8,700
BONDS - 7.40%   Amount (000's) Value (000's)          
Automobile Asset Backed Securities - 2.80%           Maryland - 1.70%        
AmeriCredit Automobile Receivables Trust           City of Baltimore MD (credit support from        
2017-3           State Street Bank & Trust)        
1.40%, 08/20/2018 $ 333   $ 333 1.48%, 02/07/2018(b),(c)   7,915   7,915
AmeriCredit Automobile Receivables Trust                    
2017-4           Minnesota - 0.82%        
1.45%, 11/19/2018   1,447     1,447 City of St Paul MN (credit support from        
Capital Auto Receivables Asset Trust 2017-1           Wells Fargo)        
1.40%, 11/20/2018(a)   825     825 1.48%, 02/07/2018(b),(c)   3,800   3,800
CarMax Auto Owner Trust 2017-3                    
1.35%, 08/15/2018   983     983 Oklahoma - 0.43%        
Drive Auto Receivables Trust           Oklahoma University Hospital (credit support        
1.45%, 11/15/2018   673     673 from Bank of America)        
Enterprise Fleet Financing LLC           1.55%, 02/07/2018(b),(c)   2,000   2,000
1.50%, 07/20/2018(a)   934     934          
Ford Credit Auto Owner Trust 2017-C           TOTAL MUNICIPAL BONDS     $ 41,369
1.47%, 11/15/2018   1,004     1,004     Principal    
GM Financial Automobile Leasing Trust           COMMERCIAL PAPER - 71.35%   Amount (000's)   Value (000's)
2017-3           Agriculture - 3.01%        
1.35%, 09/20/2018   1,404     1,404 Archer-Daniels-Midland Co        
GM Financial Consumer Automobile           1.50%, 02/01/2018(a) $ 5,000 $ 5,000
Receivables Trust 2017-3           1.50%, 02/07/2018(a)   5,000   4,999
1.39%, 10/16/2018(a)   1,343     1,343 Philip Morris International Inc        
Santander Drive Auto Receivables Trust 2017-           1.43%, 02/02/2018(a)   4,000   4,000
3                 $ 13,999
1.40%, 10/15/2018   774     774 Automobile Manufacturers - 3.66%        
Santander Drive Auto Receivables Trust 2018-           BMW US Capital LLC (credit support from        
1           BMW AG)        
1.83%, 02/15/2019   3,300     3,300 1.43%, 02/07/2018(a),(c)   2,000   1,999
      $   13,020 1.51%, 02/12/2018(a),(c)   3,000   2,999
Diversified Financial Services - 2.64%           Nissan Motor Acceptance Corp        
Corporate Finance Managers Inc           1.55%, 02/02/2018(a)   5,000   5,000
1.60%, 02/07/2018(b)   3,275     3,275 Toyota Motor Credit Corp        
MetLife Inc           1.54%, 02/05/2018   5,000   4,999
1.67%, 08/17/2018   9,000     9,000 1.61%, 02/20/2018   2,000   1,998
      $   12,275       $ 16,995
Insurance - 1.72%           Banks - 27.11%        
New York Life Global Funding Company           Bank of Nova Scotia/The        
1.38%, 07/20/2018   8,000     8,000 1.69%, 02/02/2018(a),(d)   3,500   3,500
            1.70%, 03/19/2018(a),(d)   4,500   4,490
Other Asset Backed Securities - 0.24%           1.75%, 05/09/2018(a),(d)   3,500   3,483
Dell Equipment Finance Trust 2017-1           Bank of Tokyo-Mitsubishi UFJ Ltd/New York        
1.35%, 05/22/2018(a)   263     263 NY        
John Deere Owner Trust 2017-B           1.65%, 03/13/2018   3,000   2,994
1.35%, 07/16/2018   842     843 Barclays Bank PLC        
      $   1,106 1.75%, 03/22/2018   3,000   2,993
TOTAL BONDS     $   34,401 CAFCO LLC        
    Principal       1.67%, 02/01/2018(a)   854   854
MUNICIPAL BONDS - 8.90%   Amount (000's) Value (000's) Credit Suisse AG/New York NY        
California - 0.80%           1.75%, 04/24/2018   4,000   3,984
Kern Water Bank Authority (credit support           1.80%, 05/08/2018   1,000   995
from Wells Fargo)           DBS Bank Ltd        
1.50%, 02/07/2018(b),(c) $ 3,734 $   3,734 1.48%, 02/13/2018(a),(d)   4,000   3,998
            1.60%, 03/06/2018(a),(d)   3,500   3,495
Colorado - 3.28%           1.79%, 05/22/2018(a),(d)   4,000   3,978
City of Colorado Springs CO Utilities System           ING U.S. Funding (credit support from ING        
Revenue (credit support from Mizuho Bank           Bank)        
LTD)           1.73%, 05/01/2018(c)   5,000   4,979
1.50%, 02/07/2018(b),(c)   7,000     7,000 1.75%, 05/11/2018(c)   2,900   2,886
Colorado Housing & Finance           Manhattan Asset Funding Co LLC        
Authority (credit support from Federal Home           1.41%, 02/01/2018(a)   5,000   5,000
Loan Bank)           1.54%, 02/20/2018(a)   860   859
1.50%, 02/07/2018(b),(c)   7,510     7,510 1.55%, 02/14/2018(a)   4,500   4,497

 

See accompanying notes.

164

 

Schedule of Investments
Money Market Fund
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
COMMERCIAL PAPER (continued)   Amount (000's)   Value (000's) COMMERCIAL PAPER (continued)   Amount (000's)   Value (000's)
Banks (continued)         Diversified Financial Services (continued)        
Mitsubishi UFJ Trust & Banking Corp/NY         JP Morgan Securities LLC        
1.65%, 02/27/2018(a) $ 4,000 $ 3,995 1.65%, 03/14/2018 $ 4,000 $ 3,993
Mizuho Bank Ltd/NY         1.80%, 05/02/2018   5,000   4,978
1.58%, 02/01/2018(a)   5,000   5,000 Liberty Street Funding LLC        
1.64%, 03/07/2018(a)   4,000   3,994 1.45%, 02/07/2018(a)   4,000   3,999
Natixis SA/New York NY         1.53%, 02/28/2018(a)   4,000   3,995
1.32%, 02/01/2018   8,000   8,000 1.76%, 05/09/2018(a)   3,000   2,986
Oversea-Chinese Banking Corp Ltd         National Rural Utilities Cooperative Finance        
1.50%, 02/26/2018(a),(d)   5,000   4,995 Corp        
Royal Bank of Canada         1.48%, 02/06/2018   1,500   1,500
1.50%, 02/12/2018(d)   5,000   4,998 1.57%, 03/05/2018   5,000   4,993
1.58%, 03/12/2018(d)   5,000   4,991 1.57%, 03/08/2018   4,000   3,994
Sheffield Receivables Co LLC         Nieuw Amsterdam Receivables Corp        
1.41%, 02/01/2018(a)   5,000   5,000 1.52%, 02/21/2018(a)   4,000   3,997
1.60%, 02/22/2018(a)   3,000   2,997 1.70%, 02/22/2018(a)   3,000   2,997
1.65%, 02/21/2018(a)   4,000   3,996 1.70%, 04/16/2018(a)   4,000   3,986
Skandinaviska Enskilda Banken AB         Ontario Teachers' Finance Trust (credit        
1.64%, 02/07/2018(a),(d)   1,250   1,250 support from Ontario Teachers Pension Plan        
Societe Generale SA         Board)        
1.72%, 03/05/2018(a),(d)   4,000   3,994 1.50%, 03/02/2018(a),(c)   5,000   4,994
1.75%, 03/05/2018(a),(d)   930   929 Regency Markets No. 1 LLC        
Standard Chartered Bank/New York         1.53%, 02/26/2018(a)   2,000   1,998
1.73%, 03/29/2018(a)   5,000   4,987 River Fuel Trust No 1 (credit support from        
1.73%, 04/03/2018(a)   3,000   2,991 Bank of Nova Scotia)        
1.78%, 03/26/2018(a)   4,000   3,990 1.63%, 02/28/2018(a),(c)   5,000   4,994
Sumitomo Mitsui Banking Corp         Thunder Bay Funding LLC        
1.52%, 02/15/2018(a),(d)   4,000   3,998 1.70%, 03/14/2018(a)   2,530   2,525
1.60%, 03/08/2018(a),(d)   900   899 1.71%, 04/10/2018(a)   2,440   2,432
United Overseas Bank Ltd               $ 122,034
1.48%, 02/09/2018(a),(d)   2,000   1,999 Gas - 2.37%        
      $ 125,988 ONE Gas Inc        
Beverages - 0.70%         1.53%, 02/13/2018(a)   3,000   2,998
Brown-Forman Corp         1.54%, 02/08/2018(a)   4,000   3,999
1.55%, 02/14/2018(a)   1,240   1,239 1.55%, 02/08/2018(a)   4,000   3,999
1.60%, 03/01/2018(a)   2,000   1,998       $ 10,996
      $ 3,237 Machinery - Construction & Mining - 1.33%    
Diversified Financial Services - 26.26%         Caterpillar Financial Services Corp (credit        
Anglesea Funding LLC         support from Caterpillar Inc)        
1.53%, 02/06/2018(a)   4,300   4,299 1.65%, 02/16/2018(c)   4,000   3,997
AXA Financial Inc (credit support from AXA         1.65%, 03/20/2018(c)   1,500   1,497
SA)         1.65%, 04/02/2018(c)   700   698
1.45%, 02/12/2018(a),(c)   1,700   1,699       $ 6,192
1.70%, 03/22/2018(a),(c)   750   748 Miscellaneous Manufacturers - 0.86%        
1.71%, 03/19/2018(a),(c)   4,000   3,991 General Electric Co        
1.72%, 03/16/2018(a),(c)   2,800   2,794 1.68%, 03/29/2018   4,000   3,990
Collateralized Commercial Paper Co LLC                  
1.75%, 04/26/2018   4,000   3,984 Pharmaceuticals - 1.59%        
Collateralized Commercial Paper II Co LLC         Novartis Finance Corp (credit support from        
1.80%, 04/25/2018(a)   4,000   3,983 Novartis AG)        
CRC Funding         1.46%, 02/07/2018(a),(c)   2,790   2,789
1.46%, 02/02/2018(a)   2,300   2,300 Sanofi        
1.48%, 02/16/2018(a)   5,000   4,997 1.61%, 03/28/2018(a)   4,600   4,589
1.70%, 04/11/2018(a)   3,000   2,990       $ 7,378
DCAT LLC         REITs - 1.42%        
1.54%, 02/05/2018   5,000   4,999 Simon Property Group LP        
1.63%, 02/15/2018   4,000   3,997 1.58%, 03/20/2018(a)   4,000   3,992
1.63%, 02/20/2018   680   679 1.60%, 03/21/2018(a)   2,600   2,594
1.70%, 03/12/2018   1,100   1,098       $ 6,586
Fairway Finance Co LLC         Retail - 1.07%        
1.46%, 02/06/2018(a)   4,000   3,999  Wal-Mart Stores Inc        
1.62%, 02/09/2018(a)   5,000   4,998 1.48%, 02/13/2018 (a)   5,000   4,998
1.64%, 02/15/2018(a)   2,225   2,224          
Gotham Funding Corp         Telecommunications - 1.97%        
1.55%, 02/09/2018(a)   850   850  Telstra Corp Ltd        
1.55%, 02/09/2018(a)   650   650 1.46%, 02/05/2018 (a)   4,400   4,399
1.58%, 02/06/2018(a)   4,000   3,999 1.72%, 04/19/2018(a)   2,200   2,192
1.70%, 02/23/2018(a)   4,000   3,996 1.75%, 04/19/2018(a)   2,600   2,590
1.80%, 03/28/2018(a)   400   399          
                $ 9,181
          TOTAL COMMERCIAL PAPER     $ 331,574

 

See accompanying notes.

165

 

            Schedule of Investments  
            Money Market Fund  
            January 31, 2018 (unaudited)  
 
 
      Principal        
CERTIFICATE OF DEPOSIT - 1.40%     Amount (000's) Value (000's)  
Banks - 1.40%              
Citibank NA              
1.45%, 02/16/2018   $ 2,000   $ 2,000  
1.67%, 04/06/2018     4,500     4,500  
        $   6,500  
TOTAL CERTIFICATE OF DEPOSIT       $   6,500  
      Maturity        
REPURCHASE AGREEMENTS - 6.89%     Amount (000's) Value (000's)  
Banks - 6.89%              
Barclays Capital Repurchase Agreement; $   16,001 $   16,000  
1.35% dated 01/31/2018 maturing              
02/01/2018 (collateralized by US              
Government Securities; $16,320,059;              
0.00%-1.88%; dated 11/15/18-08/15/27)              
Merrill Lynch Repurchase Agreement; 1.35%     16,001     16,000  
dated 01/31/2018 maturing 02/01/2018              
(collateralized by US Government              
Securities; $16,320,281; 0.00%-7.25%;              
dated 02/01/18-09/15/65)              
        $   32,000  
TOTAL REPURCHASE AGREEMENTS       $   32,000  
Total Investments       $   464,944  
Other Assets and Liabilities - (0.05)%       $   (225 )
TOTAL NET ASSETS - 100.00%       $   464,719  

 

(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 $246,725 or 53.09% of net assets.
(b)      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.
(c)      Credit support indicates investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution, or government agency.
(d)      Security issued by foreign bank and denominated in USD.
Portfolio Summary (unaudited)
Sector Percent  
Financial 67.44 %
Insured 8.90 %
Consumer, Non-cyclical 5.30 %
Consumer, Cyclical 4.73 %
Investment Companies 4.11 %
Asset Backed Securities 3.04 %
Utilities 2.37 %
Industrial 2.19 %
Communications 1.97 %
Other Assets and Liabilities (0.05 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

166

 

Schedule of Investments
Overseas Fund
January 31, 2018 (unaudited)
 
 
COMMON STOCKS - 94.41% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)
Advertising - 0.05%       Banks (continued)      
Publicis Groupe SA 10,479 $ 724 Concordia Financial Group Ltd 101,100 $ 616
WPP PLC 72,076   1,306 Credit Agricole SA 70,815   1,335
    $ 2,030 Credit Suisse Group AG (a) 1,922,336   37,180
Aerospace & Defense - 1.89%       Danske Bank A/S 46,623   1,893
Airbus SE 406,405   46,736 Deutsche Bank AG 104,878   1,930
BAE Systems PLC 179,049   1,511 DNB ASA 60,792   1,236
Cobham PLC (a) 10,762,300   19,986 Erste Group Bank AG (a) 560,006   28,208
Kawasaki Heavy Industries Ltd 12,400   513 Hang Seng Bank Ltd 43,200   1,026
Rolls-Royce Holdings PLC (a) 131,265   1,629 HSBC Holdings PLC 1,019,955   10,882
    $ 70,375 ING Groep NV 1,656,689   32,529
Agriculture - 3.23%       Intesa Sanpaolo SpA 838,577   3,295
British American Tobacco PLC 934,864   63,895 Intesa Sanpaolo SpA 77,175   295
Golden Agri-Resources Ltd 584,200   169 Japan Post Bank Co Ltd 33,400   452
Imperial Brands PLC 750,496   30,885 KBC Group NV 15,604   1,500
Japan Tobacco Inc 765,800   25,379 Lloyds Banking Group PLC 31,639,971   31,260
    $ 120,328 Mediobanca Banca di Credito Finanziario SpA 1,671,442   20,328
Airlines - 1.22%       Mitsubishi UFJ Financial Group Inc 690,500   5,221
Deutsche Lufthansa AG 6,810   243 Mizrahi Tefahot Bank Ltd 11,540   225
easyJet PLC 13,147   310 Mizuho Financial Group Inc 1,396,600   2,648
International Consolidated Airlines Group SA 17,666   160 National Australia Bank Ltd 136,275   3,192
Japan Airlines Co Ltd 1,176,400   44,454 Natixis SA 77,896   709
Singapore Airlines Ltd 44,600   384 Nordea Bank AB 188,944   2,333
    $ 45,551 Oversea-Chinese Banking Corp Ltd 62,200   612
Apparel - 0.73%       Resona Holdings Inc 3,281,400   19,872
        Royal Bank of Scotland Group PLC (a) 222,171   909
Gildan Activewear Inc 793,840   26,997        
Yue Yuen Industrial Holdings Ltd 61,000   276 Skandinaviska Enskilda Banken AB 76,878   972
    $ 27,273 Societe Generale SA 38,938   2,263
        Sumitomo Mitsui Financial Group Inc 644,200   29,012
Automobile Manufacturers - 1.47%       Sumitomo Mitsui Trust Holdings Inc 17,007   708
Bayerische Motoren Werke AG 18,778   2,145 Svenska Handelsbanken AB 77,288   1,125
Daimler AG 54,607   5,001 Swedbank AB 45,833   1,172
Fiat Chrysler Automobiles NV (a) 1,173,084   28,352        
        UBS Group AG (a) 227,637   4,621
Honda Motor Co Ltd 97,300   3,431 UniCredit SpA 2,126,513   46,885
Isuzu Motors Ltd 29,600   501 United Overseas Bank Ltd 1,564,600   32,658
Mazda Motor Corp 47,000   662 Westpac Banking Corp 172,247   4,292
Nissan Motor Co Ltd 131,200   1,405        
Peugeot SA 31,636   711     $ 536,008
Renault SA 10,901   1,197 Beverages - 1.23%      
Subaru Corp 20,200   673 Coca-Cola Amatil Ltd 45,741   309
Toyota Motor Corp 147,910   10,191 Coca-Cola Bottlers Japan Holdings Inc 5,100   181
Volkswagen AG 2,685   596 Coca-Cola European Partners PLC 585,400   23,510
    $ 54,865 Diageo PLC 581,102   20,915
        Kirin Holdings Co Ltd 35,900   899
Automobile Parts & Equipment - 0.17%           $ 45,814
Aisin Seiki Co Ltd 7,400   433        
Bridgestone Corp 36,700   1,791 Building Materials - 1.35%      
Cie Generale des Etablissements Michelin 9,715   1,554 Asahi Glass Co Ltd 16,600   731
JTEKT Corp 18,400   330 Cie de Saint-Gobain 218,741   12,706
NGK Spark Plug Co Ltd 4,500   119 CRH PLC 548,138   20,361
NOK Corp 2,800   65 Fletcher Building Ltd 57,596   332
        LafargeHolcim Ltd (a) 23,096   1,413
Nokian Renkaat OYJ 6,266   317        
Sumitomo Electric Industries Ltd 42,500   728 Sumitomo Osaka Cement Co Ltd 3,041,100   14,317
Sumitomo Rubber Industries Ltd 14,300   279 Taiheiyo Cement Corp 9,900   420
Toyota Industries Corp 9,300   608     $ 50,280
Yokohama Rubber Co Ltd/The 9,800   250 Chemicals - 6.00%      
    $ 6,474 Air Liquide SA 214,493   28,924
Banks - 14.39%       Akzo Nobel NV 433,481   40,571
ABN AMRO Group NV (b) 26,313   891 BASF SE 498,659   58,482
Australia & New Zealand Banking Group Ltd 149,057   3,424 Daicel Corp 23,100   281
Banco Bilbao Vizcaya Argentaria SA 338,359   3,175 Givaudan SA 3,218   7,746
Banco de Sabadell SA 11,006,351   26,160 JSR Corp 15,800   375
Banco Santander SA 819,709   6,086 Kaneka Corp 23,000   214
        Linde AG (a) 344,102   84,495
Bank Leumi Le-Israel BM 41,926   257        
Bank of East Asia Ltd/The 101,400   438 Mitsubishi Chemical Holdings Corp 80,300   876
Bank of Ireland Group PLC (a) 1,346,700   13,150 Mitsubishi Gas Chemical Co Inc 7,300   207
Bank of Kyoto Ltd/The 5,100   287 Mitsui Chemicals Inc 15,200   479
Bank of Queensland Ltd 32,420   323 Solvay SA 4,231   613
Barclays PLC 23,475,043   66,761 Teijin Ltd 7,700   171
BNP Paribas SA 342,892   28,320     $ 223,434
BOC Hong Kong Holdings Ltd 136,300   695 Commercial Services - 1.45%      
CaixaBank SA 2,890,211   15,590 Abertis Infraestructuras SA 38,986   946
        AerCap Holdings NV (a) 5,747   311
Canadian Imperial Bank of Commerce 51,436   5,096        
Chiba Bank Ltd/The 57,000   496 Atlantia SpA 18,794   622
CIMB Group Holdings Bhd 13,010,300   24,170 Babcock International Group PLC 1,692,170   16,483
Commonwealth Bank of Australia 114,982   7,295 China Merchants Port Holdings Co Ltd 4,912,151   12,952

 

See accompanying notes.

167

 

Schedule of Investments
Overseas Fund
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Commercial Services (continued)       Engineering & Construction (continued)      
Cielo SA 2,551,700 $ 21,536 CK Infrastructure Holdings Ltd 54,500 $ 485
Dai Nippon Printing Co Ltd 21,400   478 Kajima Corp 74,000   735
Randstad Holding NV 9,859   696 Obayashi Corp 53,600   647
    $ 54,024 Taisei Corp 17,000   868
Computers - 0.01%       Vinci SA 28,451   3,075
Nomura Research Institute Ltd 7,000   323     $ 21,834
        Entertainment - 0.02%      
Distribution & Wholesale - 1.05%       Tabcorp Holdings Ltd 158,041   658
ITOCHU Corp 84,800   1,669        
Li & Fung Ltd 490,000   250 Environmental Control - 0.00%      
Marubeni Corp 93,500   703 Kurita Water Industries Ltd 2,700   89
Mitsubishi Corp 85,600   2,399        
Mitsui & Co Ltd 96,700   1,701 Food - 0.81%      
Rexel SA 25,105   452 Aryzta AG (a) 768,493   20,690
Sumitomo Corp 1,795,400   31,044 Carrefour SA 29,369   701
Toyota Tsusho Corp 17,500   711 ICA Gruppen AB 6,659   260
    $ 38,929 J Sainsbury PLC 135,931   489
Diversified Financial Services - 0.86%       Koninklijke Ahold Delhaize NV 75,365   1,684
Daiwa Securities Group Inc 95,000   684 Nestle SA 64,067   5,534
Deutsche Boerse AG 109,100   14,021 Toyo Suisan Kaisha Ltd 4,700   191
Julius Baer Group Ltd (a) 12,041   827 Wm Morrison Supermarkets PLC 185,086   583
Mebuki Financial Group Inc 82,860   378     $ 30,132
Mitsubishi UFJ Lease & Finance Co Ltd 37,000   240 Forest Products & Paper - 0.05%      
Nomura Holdings Inc 210,400   1,374 Mondi PLC 30,393   810
ORIX Corp 76,900   1,440 UPM-Kymmene OYJ 30,345   1,023
Samsung Securities Co Ltd 316,332   12,895     $ 1,833
    $ 31,859 Gas - 0.41%      
Electric - 3.85%       Centrica PLC 314,117   596
AusNet Services 149,403   204 National Grid PLC 1,094,597   12,542
Chubu Electric Power Co Inc 53,200   670 Osaka Gas Co Ltd 31,000   617
CLP Holdings Ltd 93,500   953 Snam SpA 115,028   559
EDP - Energias de Portugal SA 196,707   690 Tokyo Gas Co Ltd 32,100   766
Electric Power Development Co Ltd 12,100   345     $ 15,080
Electricite de France SA 47,794   657 Hand & Machine Tools - 0.70%      
Endesa SA 26,287   590 Fuji Electric Co Ltd 3,176,000   26,222
Enel SpA 4,744,539   30,163        
Engie SA 2,274,983   39,504 Healthcare - Services - 0.01%      
Fortum OYJ 921,362   19,980 Healthscope Ltd 143,681   224
HK Electric Investments & HK Electric 219,000   202        
Investments Ltd (b)       Holding Companies - Diversified - 0.12%      
Iberdrola SA 327,550   2,666 Bollore SA 35,489   206
Innogy SE (b) 11,492   438 CK Hutchison Holdings Ltd 153,000   2,064
Kansai Electric Power Co Inc/The 58,200   725 Industrivarden AB 6,771   180
Kyushu Electric Power Co Inc 12,000   132 Jardine Matheson Holdings Ltd 12,233   777
Mercury NZ Ltd 36,304   92 NWS Holdings Ltd 128,000   249
Meridian Energy Ltd 106,060   227 Swire Pacific Ltd 41,000   409
Power Assets Holdings Ltd 78,000   693 Wharf Holdings Ltd/The 100,000   407
Red Electrica Corp SA 255,464   5,389     $ 4,292
Sembcorp Industries Ltd 79,600   206 Home Builders - 0.08%      
SSE PLC 1,980,283   36,725 Barratt Developments PLC 54,312   451
Terna Rete Elettrica Nazionale SpA 116,447   701 Berkeley Group Holdings PLC 10,722   604
Tohoku Electric Power Co Inc 37,400   484 Iida Group Holdings Co Ltd 7,900   157
Tokyo Electric Power Co Holdings Inc (a) 119,600   486 Persimmon PLC 12,771   454
Uniper SE 16,657   497 Sekisui House Ltd 33,200   610
    $ 143,419 Taylor Wimpey PLC 270,798   732
Electrical Components & Equipment - 1.59%           $ 3,008
Schneider Electric SE (a) 632,042   59,221 Insurance - 6.45%      
        Aegon NV 109,689   750
Electronics - 0.92%       Ageas 15,595   825
Koninklijke Philips NV 795,951   32,443 Allianz SE 27,965   7,073
Kyocera Corp 18,200   1,215 AMP Ltd 147,533   623
Nippon Electric Glass Co Ltd 6,900   285 Assicurazioni Generali SpA 77,719   1,542
Yokogawa Electric Corp 6,600   141 Aviva PLC 6,545,054   47,748
    $ 34,084 AXA SA 120,643   3,968
Engineering & Construction - 0.59%       Baloise Holding AG 4,040   661
ACS Actividades de Construccion y Servicios 19,935   797 CNP Assurances 14,204   364
SA       Dai-ichi Life Holdings Inc 54,800   1,156
ACS Actividades de Construccion y Servicios 19,534   10 Gjensidige Forsikring ASA 16,550   312
SA - Rights (a)       Insurance Australia Group Ltd 157,174   915
Balfour Beatty PLC 3,550,430   14,247 Japan Post Holdings Co Ltd 91,600   1,095
Boskalis Westminster 7,536   301 Legal & General Group PLC 370,562   1,423
Bouygues SA 12,045   669 Manulife Financial Corp 1,390,100   29,497
        Mapfre SA 89,203   317

 

See accompanying notes.

168

 

Schedule of Investments
Overseas Fund
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Insurance (continued)       Mining - 0.65%      
MS&AD Insurance Group Holdings Inc 27,500 $ 939 Anglo American PLC 75,951 $ 1,841
Muenchener Rueckversicherungs-Gesellschaft 121,817   28,660 Antofagasta PLC 16,315   216
AG in Muenchen       BHP Billiton PLC 760,121   16,928
NN Group NV 18,945   894 Mitsubishi Materials Corp 9,200   343
Old Mutual PLC 306,808   1,018 Rio Tinto PLC 70,269   3,911
Prudential PLC 1,449,205   39,230 South32 Ltd 293,087   900
QBE Insurance Group Ltd 69,441   602     $ 24,139
Sampo Oyj 27,809   1,616 Miscellaneous Manufacturers - 0.76%      
SCOR SE 14,298   640 Alfa Laval AB 750,034   19,684
Sompo Holdings Inc 306,300   12,299 FUJIFILM Holdings Corp 23,100   890
Standard Life Aberdeen PLC 166,680   1,008 Orica Ltd 10,700   165
Suncorp Group Ltd 65,423   719 Siemens AG 43,134   6,548
Swiss Life Holding AG (a) 2,021   759 Smiths Group PLC 16,368   372
Swiss Re AG 15,957   1,574 Toshiba Corp (a) 269,000   770
T&D Holdings Inc 43,300   776     $ 28,429
Tokio Marine Holdings Inc 34,300   1,622 Office & Business Equipment - 0.08%      
UnipolSai Assicurazioni SpA 81,968   212 Canon Inc 60,300   2,406
XL Group Ltd 453,000   16,689 Konica Minolta Inc 39,400   394
Zurich Insurance Group AG 99,898   32,861     $ 2,800
    $ 240,387 Oil & Gas - 7.52%      
Internet - 1.73%       BP PLC 8,195,285   58,468
Baidu Inc ADR(a) 179,997   44,445 Caltex Australia Ltd 7,553   211
SBI Holdings Inc/Japan 16,700   406 CNOOC Ltd 9,155,000   14,390
Trend Micro Inc/Japan 360,900   19,536 Ecopetrol SA ADR 1,629,300   30,745
    $ 64,387 Encana Corp 3,146,029   38,903
Investment Companies - 0.04%       Eni SpA 1,625,340   29,260
BGP Holdings PLC (a),(c),(d) 738,711   — Idemitsu Kosan Co Ltd 11,100   417
Eurazeo SA 1,796   189 Inpex Corp 1,739,800   22,690
EXOR NV 8,974   694 JXTG Holdings Inc 173,410   1,155
Groupe Bruxelles Lambert SA 6,677   786 Neste Oyj 10,611   734
    $ 1,669 OMV AG 12,187   785
Iron & Steel - 0.11%       Repsol SA 81,038   1,525
ArcelorMittal (a) 18,970   687 Royal Dutch Shell PLC - A Shares 291,673   10,226
Fortescue Metals Group Ltd 128,851   512 Royal Dutch Shell PLC - B Shares 1,737,001   61,616
Hitachi Metals Ltd 17,700   241 Showa Shell Sekiyu KK 15,500   220
JFE Holdings Inc 29,400   699 Statoil ASA 74,386   1,743
Kobe Steel Ltd 25,600   267 TOTAL SA 120,553   6,990
Nippon Steel & Sumitomo Metal Corp 42,800   1,092     $ 280,078
voestalpine AG 9,488   616 Oil & Gas Services - 1.09%      
    $ 4,114 Oceaneering International Inc 870,400   18,000
Leisure Products & Services - 0.96%       TechnipFMC PLC 694,840   22,490
Carnival PLC 502,724   35,469     $ 40,490
TUI AG 18,219   412 Packaging & Containers - 0.59%      
    $ 35,881 RPC Group PLC 1,809,600   21,862
Lodging - 0.62%       Toyo Seikan Group Holdings Ltd 13,500   219
Accor SA 10,098   575     $ 22,081
Sands China Ltd 136,400   811 Pharmaceuticals - 9.74%      
SJM Holdings Ltd 21,818,000   21,756 Alfresa Holdings Corp 15,600   380
    $ 23,142 AstraZeneca PLC 657,860   45,664
Machinery - Construction & Mining - 3.33%       Bayer AG 265,059   34,733
ABB Ltd 1,937,366   54,000 Daiichi Sankyo Co Ltd 31,900   1,071
Hitachi Ltd 5,929,800   47,318 Eisai Co Ltd 14,300   814
Komatsu Ltd 530,800   20,862 GlaxoSmithKline PLC 4,176,259   77,737
Mitsubishi Electric Corp 109,500   2,015 Hisamitsu Pharmaceutical Co Inc 2,500   171
    $ 124,195 Medipal Holdings Corp 14,100   275
Machinery - Diversified - 1.51%       Novartis AG 823,802   74,354
Amada Holdings Co Ltd 18,300   272 Otsuka Holdings Co Ltd 14,400   640
CNH Industrial NV 2,091,232   30,923 Roche Holding AG 165,861   40,980
GEA Group AG 492,816   24,511 Sanofi 416,707   36,775
Mitsubishi Heavy Industries Ltd 16,400   619 Sinopharm Group Co Ltd 217,200   957
    $ 56,325 Sumitomo Dainippon Pharma Co Ltd 8,300   123
Media - 0.05%       Suzuken Co Ltd/Aichi Japan 4,000   170
Axel Springer SE 1,965   173 Taisho Pharmaceutical Holdings Co Ltd 2,600   212
ITV PLC 299,838   711 Takeda Pharmaceutical Co Ltd 801,900   46,971
Lagardere SCA 9,766   305 Teva Pharmaceutical Industries Ltd ADR 46,202   943
RTL Group SA 3,203   271     $ 362,970
Singapore Press Holdings Ltd 132,400   266 Pipelines - 0.50%      
    $ 1,726 Koninklijke Vopak NV 415,900   18,774
Metal Fabrication & Hardware - 0.04%              
NSK Ltd 31,900   529 Private Equity - 0.02%      
SKF AB 31,261   773 3i Group PLC 60,518   800
    $ 1,302        

 

See accompanying notes.

169

 

Schedule of Investments
Overseas Fund
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued)   Shares Held Value (000's)
Real Estate - 0.34%       Telecommunications (continued)        
CapitaLand Ltd 212,100 $ 619 Nippon Telegraph & Telephone Corp   39,100 $ 1,872
CK Asset Holdings Ltd 72,500   690 NTT DOCOMO Inc     77,000   1,913
Hang Lung Group Ltd 72,000   273 Orange SA     115,035   2,079
Hang Lung Properties Ltd 167,000   440 PCCW Ltd     351,000   202
Henderson Land Development Co Ltd 98,800   690 Singapore Telecommunications Ltd   458,500   1,237
Hongkong Land Holdings Ltd 97,307   701 SK Telecom Co Ltd     174,223   43,263
Hysan Development Co Ltd 51,000   285 Spark New Zealand Ltd     151,691   401
Kerry Properties Ltd 53,500   256 StarHub Ltd     49,100   108
Mitsubishi Estate Co Ltd 36,200   696 Swisscom AG     1,493   815
Mitsui Fudosan Co Ltd 50,200   1,322 Telecom Italia SpA/Milano     498,878   381
New World Development Co Ltd 486,285   784 Telefonica SA     230,075   2,360
Nomura Real Estate Holdings Inc 10,300   247 Telenor ASA     43,291   1,012
Sino Land Co Ltd 260,000   480 Telia Co AB     131,490   660
Sun Hung Kai Properties Ltd 82,383   1,424 Telstra Corp Ltd     211,233   625
Swire Properties Ltd 96,600   338 TPG Telecom Ltd     29,990   154
Swiss Prime Site AG (a) 5,915   573 Vodafone Group PLC     12,323,248   39,285
Tokyo Tatemono Co Ltd 17,000   274           $ 230,446
Tokyu Fudosan Holdings Corp 42,300   335 Transportation - 3.02%          
UOL Group Ltd 40,300   280 Canadian Pacific Railway Ltd     207,828   38,480
Vonovia SE 30,176   1,488 Central Japan Railway Co     8,100   1,539
Wheelock & Co Ltd 43,000   336 East Japan Railway Co     451,600   45,076
    $ 12,531 Hankyu Hanshin Holdings Inc     9,900   400
REITs - 0.30%       Kamigumi Co Ltd     9,600   211
Ascendas Real Estate Investment Trust 205,800   432 MTR Corp Ltd     43,000   246
Dexus 84,203   646 Nippon Express Co Ltd     6,600   476
Fonciere Des Regions 2,752   303 Royal Mail PLC     74,484   496
GPT Group/The 149,106   604 Seibu Holdings Inc     1,256,400   25,183
Hammerson PLC 65,646   460 Tobu Railway Co Ltd     8,000   270
Japan Prime Realty Investment Corp 70   248 Tokyu Corp     15,300   257
Japan Real Estate Investment Corp 101   519           $ 112,634
Japan Retail Fund Investment Corp 221   441 TOTAL COMMON STOCKS       $ 3,516,784
Klepierre SA 18,210   832 INVESTMENT COMPANIES - 2.52%   Shares Held Value (000's)
Mirvac Group 199,627   355 Money Market Funds - 2.52%          
Nippon Building Fund Inc 110   590 Principal Government Money Market Fund (e)   93,888,873   93,889
Nomura Real Estate Master Fund Inc 309   430              
Scentre Group 353,466   1,186 TOTAL INVESTMENT COMPANIES     $ 93,889
Segro PLC 82,720   684 PREFERRED STOCKS - 2.62%   Shares Held Value (000's)
Stockland 200,155   683              
Suntec Real Estate Investment Trust 208,200   328 Automobile Manufacturers - 2.61%        
Unibail-Rodamco SE 6,213   1,593 Bayerische Motoren Werke AG 3.52% 4,561 $ 446
United Urban Investment Corp 252   399 Porsche Automobil Holding SE 1.01% 8,234   762
Vicinity Centres 278,485   605 Volkswagen AG 2.06%     437,052   96,110
    $ 11,338           $ 97,318
Retail - 1.78%       Automobile Parts & Equipment - 0.01%        
Aeon Co Ltd 25,300   432 Schaeffler AG 0.50%     6,727   134
Cie Financiere Richemont SA 372,529   35,732              
FamilyMart UNY Holdings Co Ltd 3,400   229 TOTAL PREFERRED STOCKS     $ 97,452
Harvey Norman Holdings Ltd 46,059   167 Total Investments       $ 3,708,125
HUGO BOSS AG 293,585   26,964 Other Assets and Liabilities - 0.45%     $ 16,689
J Front Retailing Co Ltd 20,100   369 TOTAL NET ASSETS - 100.00%     $ 3,724,814
Kingfisher PLC 180,607   889              
Lawson Inc 4,100   278              
Next PLC 12,169   879 (a) Non-income producing security        
Swatch Group AG/The 3,004   259 (b) Security exempt from registration under Rule 144A of the Securities Act of
Takashimaya Co Ltd 24,000   250   1933. These securities may be resold in transactions exempt from
    $ 66,448   registration, normally to qualified institutional buyers. At the end of the
          period, the value of these securities totaled $1,531 or 0.04% of net assets.
Semiconductors - 1.34%       (c) The value of these investments was determined using significant
MediaTek Inc 1,866,900   19,102   unobservable inputs.          
Samsung Electronics Co Ltd 13,218   30,895 (d) Fair value of these investments is determined in good faith by the Manager
    $ 49,997   under procedures established and periodically reviewed by the Board of
Shipbuilding - 0.01%         Directors. Certain inputs used in the valuation may be unobservable;
Yangzijiang Shipbuilding Holdings Ltd 190,400   232   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
Software - 1.39%         value hierarchy. At the end of the period, the fair value of these securities
Micro Focus International PLC 666,578   20,377   totaled $0 or 0.00% of net assets.        
SAP SE 277,788   31,429 (e) Affiliated Security. Security is either an affiliate (and registered under the
    $ 51,806   Investment Company Act of 1940) or an affiliate as defined by the
Telecommunications - 6.19%         Investment Company Act of 1940 (the Fund controls 5.0% or more of the
BT Group PLC 486,088   1,776   outstanding voting shares of the security). Please see affiliated sub-
China Mobile Ltd 5,292,841   55,736   schedule for transactional information.        
Deutsche Telekom AG 1,519,291   26,649              
Elisa OYJ 5,884   250              
KDDI Corp 1,957,100   49,668              

 

See accompanying notes.

170

 

Schedule of Investments
Overseas Fund
January 31, 2018 (unaudited)
 
 
Portfolio Summary (unaudited)                    
Country   Percent                  
United Kingdom   21.62 %                
Japan   15.38 %                
Germany   12.18 %                
Switzerland   8.61 %                
France   7.67 %                
Netherlands   5.40 %                
United States   3.95 %                
Canada   3.72 %                
Italy   3.61 %                
Hong Kong   2.89 %                
Korea, Republic Of   2.33 %                
Spain   1.75 %                
China   1.62 %                
Australia   1.26 %                
Singapore   1.01 %                
Ireland   0.91 %                
Colombia   0.83 %                
Austria   0.80 %                
Sweden   0.73 %                
Malaysia   0.65 %                
Finland   0.64 %                
Brazil   0.58 %                
Taiwan, Province Of China   0.51 %                
Bermuda   0.45 %                
Norway   0.12 %                
Belgium   0.10 %                
Israel   0.05 %                
Denmark   0.05 %                
Luxembourg   0.03 %                
New Zealand   0.03 %                
Portugal   0.02 %                
South Africa   0.02 %                
Macao   0.02 %                
Chile   0.01 %                
Other Assets and Liabilities   0.45 %                
TOTAL NET ASSETS   100.00 %                
 
Affiliated Securities October 31, 2017     Purchases   Sales   January 31, 2018
   Value       Cost   Proceeds     Value
Principal Government Money Market Fund $ —   $   272,059 $ 178,170 $   93,889
  $ —   $   272,059 $ 178,170 $   93,889
 
 
    Realized Gain/Loss Realized Gain from     Change in Unrealized
  Income on Investments Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 138 $     — $     — $ —
$ 138 $     — $     — $ —
Amounts in thousands                      
 
 
Futures Contracts
Description and Expiration Date Type Contracts Notional Amount   Value and Unrealized Appreciation/(Depreciation)
eMini MSCI EAFE; March 2018 Long     683 $ 73,269   $     2,772
S&P 500 Emini; March 2018 Long     223   31,507         1,347
Total               $     4,119
 
Amounts in thousands except contracts.                      

 

See accompanying notes.

171

 

     Schedule of Investments Principal Capital Appreciation Fund January 31, 2018 (unaudited)

COMMON STOCKS - 98.38% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Aerospace & Defense - 3.45%       Environmental Control - 0.95%      
Boeing Co/The 64,619 $ 22,899 Waste Connections Inc 291,353 $ 20,925
Northrop Grumman Corp 121,602   41,409        
Teledyne Technologies Inc (a) 61,628   11,766 Food - 1.48%      
    $ 76,074 Kroger Co/The 168,558   5,118
Airlines - 1.13%       McCormick & Co Inc/MD 123,931   13,480
Alaska Air Group Inc 378,541   24,882 Safeway, Inc. - CVR - Casa Ley (a),(b),(c) 2,740   —
        Safeway, Inc. - CVR - Property Development 2,740   —
Apparel - 1.02%       Centers (a),(b),(c)      
Deckers Outdoor Corp (a) 108,445   9,295 Tyson Foods Inc 183,725   13,983
NIKE Inc 193,999   13,234     $ 32,581
    $ 22,529 Hand & Machine Tools - 0.69%      
Automobile Manufacturers - 0.88%       Snap-on Inc 88,466   15,155
PACCAR Inc 258,876   19,302        
        Healthcare - Products - 5.39%      
Automobile Parts & Equipment - 0.87%       Abbott Laboratories 192,650   11,975
Adient PLC 126,185   8,177 Becton Dickinson and Co 113,658   27,612
Autoliv Inc 72,438   11,026 Bio-Techne Corp 31,415   4,407
        Edwards Lifesciences Corp (a) 147,767   18,704
    $ 19,203        
Banks - 9.86%       Medtronic PLC 229,675   19,727
East West Bancorp Inc 269,976   17,794 Thermo Fisher Scientific Inc 116,921   26,203
        Varian Medical Systems Inc (a) 80,225   10,229
Goldman Sachs Group Inc/The 57,959   15,527        
JPMorgan Chase & Co 583,781   67,526     $ 118,857
PNC Financial Services Group Inc/The 356,688   56,364 Healthcare - Services - 1.14%      
US Bancorp 644,130   36,805 UnitedHealth Group Inc 85,570   20,261
Wells Fargo & Co 354,290   23,305 Universal Health Services Inc 40,320   4,899
    $ 217,321     $ 25,160
Beverages - 2.88%       Insurance - 0.76%      
Brown-Forman Corp - B Shares 83,462   5,784 Chubb Ltd 107,112   16,726
Dr Pepper Snapple Group Inc 224,530   26,798        
PepsiCo Inc 257,567   30,985 Internet - 7.39%      
        Alphabet Inc - A Shares (a) 34,124   40,342
 Biotechnology - 1.90%   $ 63,567 Alphabet Inc - C Shares (a) 23,478   27,468
Biogen Inc (a) 70,985   24,689 Amazon.com Inc (a) 31,017   45,002
        Facebook Inc (a) 170,307   31,829
Gilead Sciences Inc 205,557   17,226 Priceline Group Inc/The (a) 9,508   18,180
    $ 41,915        
Building Materials - 0.21%           $ 162,821
Apogee Enterprises Inc 100,788   4,587 Iron & Steel - 0.42%      
        Reliance Steel & Aluminum Co 104,611   9,163
Chemicals - 2.54%              
DowDuPont Inc 225,165   17,018 Machinery - Diversified - 1.26%      
FMC Corp 132,913   12,139 Deere & Co 107,590   17,905
HB Fuller Co 342,971   17,783 Roper Technologies Inc 35,435   9,943
Innospec Inc 126,420   9,077     $ 27,848
    $ 56,017 Media - 3.66%      
Commercial Services - 2.00%       Comcast Corp - Class A 1,090,486   46,378
Aaron's Inc 298,844   12,220 Nexstar Media Group Inc 126,381   9,491
KAR Auction Services Inc 297,253   16,212 Sirius XM Holdings Inc 1,789,930   10,937
PayPal Holdings Inc (a) 184,140   15,711 Walt Disney Co/The 128,337   13,946
    $ 44,143     $ 80,752
Computers - 3.62%       Miscellaneous Manufacturers - 0.22%      
Apple Inc 477,029   79,869 Crane Co 25,428   2,541
        General Electric Co 139,572   2,257
Cosmetics & Personal Care - 0.69%           $ 4,798
Procter & Gamble Co/The 175,797   15,178 Oil & Gas - 4.72%      
        Chevron Corp 215,426   27,004
Distribution & Wholesale - 0.16%       Cimarex Energy Co 355,451   39,882
Pool Corp 26,531   3,588 Exxon Mobil Corp 226,524   19,775
        Valero Energy Corp 180,156   17,289
Diversified Financial Services - 4.79%           $ 103,950
Ameriprise Financial Inc 205,020   34,587 Oil & Gas Services - 0.81%      
Charles Schwab Corp/The 384,042   20,485 Schlumberger Ltd 242,804   17,866
Discover Financial Services 368,039   29,369        
FNF Group 544,144   21,211 Pharmaceuticals - 4.49%      
    $ 105,652 Allergan PLC 75,036   13,526
Electric - 2.32%       Bristol-Myers Squibb Co 182,212   11,406
NextEra Energy Inc 174,566   27,655 Johnson & Johnson 219,378   30,316
Xcel Energy Inc 512,993   23,413 McKesson Corp 26,642   4,499
    $ 51,068 Merck & Co Inc 302,234   17,907
Electronics - 0.42%       Pfizer Inc 573,420   21,240
Waters Corp (a) 43,079   9,288     $ 98,894
        REITs - 3.30%      
        Alexandria Real Estate Equities Inc 236,512   30,676
        American Tower Corp 92,702   13,692

 

See accompanying notes.

172

 

     Schedule of Investments Principal Capital Appreciation Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's)        
REITs (continued)         Portfolio Summary (unaudited)    
Host Hotels & Resorts Inc 942,032 $ 19,557   Sector Percent  
Realty Income Corp 167,858   8,928   Consumer, Non-cyclical 19.97 %
    $ 72,853   Financial 19.15 %
Retail - 3.49%         Technology 16.77 %
Chipotle Mexican Grill Inc (a) 18,514   6,013   Communications 14.61 %
Costco Wholesale Corp 76,704   14,947   Consumer, Cyclical 9.03 %
CVS Health Corp 158,717   12,489   Industrial 8.04 %
Home Depot Inc/The 125,354   25,184   Energy 5.53 %
Lululemon Athletica Inc (a) 70,784   5,536   Basic Materials 2.96 %
Starbucks Corp 226,264   12,854   Utilities 2.32 %
    $ 77,023   Investment Companies 1.81 %
Savings & Loans - 0.44%         Other Assets and Liabilities (0.19 )%
Washington Federal Inc 268,338   9,633   TOTAL NET ASSETS 100.00 %
 
Semiconductors - 4.08%              
Applied Materials Inc 166,717   8,941        
Broadcom Ltd 65,584   16,267        
Lam Research Corp 73,141   14,008        
Microchip Technology Inc 390,517   37,185        
NVIDIA Corp 11,550   2,839        
QUALCOMM Inc 157,987   10,782        
    $ 90,022        
Software - 9.07%              
Adobe Systems Inc (a) 114,093   22,791        
Black Knight Inc (a) 371,006   18,365        
Fair Isaac Corp 66,645   11,507        
Fidelity National Information Services Inc 170,146   17,416        
Microsoft Corp 1,034,264   98,265        
Omnicell Inc (a) 171,287   8,402        
Oracle Corp 293,797   15,157        
Red Hat Inc (a) 61,789   8,118        
    $ 200,021        
Telecommunications - 3.56%              
AT&T Inc 485,392   18,178        
Cisco Systems Inc 940,232   39,057        
T-Mobile US Inc (a) 165,210   10,755        
Verizon Communications Inc 193,026   10,437        
    $ 78,427        
Toys, Games & Hobbies - 1.48%              
Hasbro Inc 346,061   32,727        
 
Transportation - 0.84%              
Expeditors International of Washington Inc 90,358   5,869        
Union Pacific Corp 94,319   12,591        
    $ 18,460        
TOTAL COMMON STOCKS   $ 2,168,845        
INVESTMENT COMPANIES - 1.81% Shares Held   Value (000's)        
Money Market Funds - 1.81%              
Principal Government Money Market Fund (d) 39,921,540   39,922        
 
TOTAL INVESTMENT COMPANIES   $ 39,922        
Total Investments   $ 2,208,767        
Other Assets and Liabilities - (0.19)%   $ (4,234 )      
TOTAL NET ASSETS - 100.00%   $ 2,204,533        

 

(a)      Non-income producing security
(b)      The value of these investments was determined using significant unobservable inputs.
(c)      Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Certain inputs used in the valuation may be unobservable; however, each security is evaluated individually for purposes of ASC 820 which results in not all securities being identified as Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $0 or 0.00% of net assets.
(d)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.

See accompanying notes.

173

 

Schedule of Investments
Principal Capital Appreciation Fund
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales     January 31, 2018
     Value     Cost   Proceeds     Value
Principal Government Money Market Fund   $ — $   206,914 $ 166,992 $   39,922
    $ — $   206,914 $ 166,992 $   39,922
 
 
      Realized Gain/Loss   Realized Gain from     Change in Unrealized
    Income on Investments   Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 46 $   — $     — $ —
  $ 46 $   — $     — $ —
Amounts in thousands                      

 

See accompanying notes.

174

 

      Schedule of Investments  
      Principal LifeTime 2010 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 30.19%        
Blue Chip Fund (a) 1,177,124 $ 26,921  
Diversified Real Asset Fund (a) 2,472,543   29,374  
Global Diversified Income Fund (a) 6,216,274   88,830  
Global Multi-Strategy Fund (a) 4,401,113   50,393  
International Small Company Fund (a) 1,236,427   16,457  
LargeCap Growth Fund I (a) 1,755,939   27,726  
MidCap Fund (a) 864,524   24,596  
MidCap Value Fund III (a) 791,315   17,504  
SmallCap Growth Fund I (a) 574,679   8,344  
SmallCap Value Fund II (a) 578,847   7,751  
    $ 297,896  
Principal Funds, Inc. Institutional Class - 69.82%      
Bond Market Index Fund (a) 7,685,855   83,007  
Core Plus Bond Fund (a) 15,565,314   169,039  
Diversified International Fund (a) 3,404,399   50,079  
Equity Income Fund (a) 781,608   25,621  
Global Opportunities Fund (a) 2,516,684   33,749  
Inflation Protection Fund (a) 6,262,447   53,043  
LargeCap S&P 500 Index Fund (a) 2,773,625   51,340  
LargeCap Value Fund III (a) 1,442,582   25,635  
Overseas Fund (a) 4,093,952   49,127  
Short-Term Income Fund (a) 12,254,054   148,396  
    $ 689,036  
TOTAL INVESTMENT COMPANIES   $ 986,932  
Total Investments   $ 986,932  
Other Assets and Liabilities - (0.01)%   $ (126 )
TOTAL NET ASSETS - 100.00%   $ 986,806  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Fixed Income Funds 45.95 %
Domestic Equity Funds 21.83 %
Specialty Funds 17.09 %
International Equity Funds 15.14 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

175

 

    Schedule of Investments        
    Principal LifeTime 2010 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ 27,672 $ 813 $ 3,574 $ 26,921
Bond Market Index Fund   91,222   4,108   9,463   83,007
Core Plus Bond Fund   183,078   5,430   17,575   169,039
Diversified International Fund   51,475   1,083   5,170   50,079
Diversified Real Asset Fund   28,822   2,356   2,330   29,374
Equity Income Fund   28,205   1,411   4,991   25,621
Global Diversified Income Fund   93,711   2,187   8,345   88,830
Global Multi-Strategy Fund   53,529   2,754   5,406   50,393
Global Opportunities Fund   34,373   3,389   3,830   33,749
Inflation Protection Fund   59,818   1,405   7,290   53,043
International Small Company Fund   16,627   847   1,572   16,457
LargeCap Growth Fund I   27,958   1,866   3,573   27,726
LargeCap S&P 500 Index Fund   47,533   6,483   4,148   51,340
LargeCap Value Fund III   25,812   1,765   2,834   25,635
MidCap Fund   25,353   914   2,586   24,596
MidCap Value Fund III   18,349   1,344   2,074   17,504
Overseas Fund   50,638   1,713   5,171   49,127
Short-Term Income Fund   160,070   5,329   15,849   148,396
SmallCap Growth Fund I   8,641   509   967   8,344
SmallCap Value Fund II   8,411   519   965   7,751
  $ 1,041,297 $ 46,225 $ 107,713 $ 986,932

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 38 $ 741   $ 676 $ 1,269  
Bond Market Index Fund   2,075   (87 )   —   (2,773 )
Core Plus Bond Fund   1,430   (8 )   —   (1,886 )
Diversified International Fund   891   (215 )   —   2,906  
Diversified Real Asset Fund   673   1     —   525  
Equity Income Fund   192   1,486     1,120   (490 )
Global Diversified Income Fund   1,150   14     —   1,263  
Global Multi-Strategy Fund   1,309   141     239   (625 )
Global Opportunities Fund   2,778   276     469   (459 )
Inflation Protection Fund   1,139   304     —   (1,194 )
International Small Company Fund   711   67     74   488  
LargeCap Growth Fund I   159   1,096     1,609   379  
LargeCap S&P 500 Index Fund   900   12     2,505   1,460  
LargeCap Value Fund III   541   337     1,126   555  
MidCap Fund   33   803     785   112  
MidCap Value Fund III   586   157     687   (272 )
Overseas Fund   1,218   343     303   1,604  
Short-Term Income Fund   787   (18 )   —   (1,136 )
SmallCap Growth Fund I   192   226     285   (65 )
SmallCap Value Fund II   224   218     263   (432 )
  $ 17,026 $ 5,894   $ 10,141 $ 1,229  
Amounts in thousands                    

 

See accompanying notes.

176

 

      Schedule of Investments  
      Principal LifeTime 2015 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 31.20%        
Blue Chip Fund (a) 935,143 $ 21,387  
Diversified Real Asset Fund (a) 1,327,500   15,771  
Global Diversified Income Fund (a) 3,400,606   48,595  
Global Multi-Strategy Fund (a) 2,390,075   27,366  
International Small Company Fund (a) 1,005,365   13,381  
LargeCap Growth Fund I (a) 1,394,547   22,020  
MidCap Fund (a) 666,257   18,955  
MidCap Value Fund III (a) 636,676   14,083  
SmallCap Growth Fund I (a) 485,104   7,044  
SmallCap Value Fund II (a) 489,086   6,549  
    $ 195,151  
Principal Funds, Inc. Institutional Class - 68.81%      
Bond Market Index Fund (a) 4,742,204   51,216  
Core Plus Bond Fund (a) 9,165,876   99,541  
Diversified International Fund (a) 2,685,096   39,498  
Equity Income Fund (a) 619,163   20,296  
Global Opportunities Fund (a) 2,190,911   29,380  
Inflation Protection Fund (a) 3,135,596   26,558  
LargeCap S&P 500 Index Fund (a) 2,145,543   39,714  
LargeCap Value Fund III (a) 1,148,153   20,403  
Overseas Fund (a) 3,226,417   38,717  
Short-Term Income Fund (a) 5,372,960   65,067  
    $ 430,390  
TOTAL INVESTMENT COMPANIES   $ 625,541  
Total Investments   $ 625,541  
Other Assets and Liabilities - (0.01)%   $ (58 )
TOTAL NET ASSETS - 100.00%   $ 625,483  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Fixed Income Funds 38.75 %
Domestic Equity Funds 27.26 %
International Equity Funds 19.34 %
Specialty Funds 14.66 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

177

 

    Schedule of Investments        
    Principal LifeTime 2015 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ 21,441 $ 711 $ 2,361 $ 21,387
Bond Market Index Fund   55,811   1,976   4,820   51,216
Core Plus Bond Fund   107,279   2,390   9,008   99,541
Diversified International Fund   40,027   985   3,649   39,498
Diversified Real Asset Fund   16,248   497   1,262   15,771
Equity Income Fund   21,274   1,179   2,932   20,296
Global Diversified Income Fund   50,160   1,847   4,114   48,595
Global Multi-Strategy Fund   28,741   1,504   2,625   27,366
Global Opportunities Fund   29,090   3,001   2,578   29,380
Inflation Protection Fund   27,528   2,008   2,523   26,558
International Small Company Fund   13,470   728   1,273   13,381
LargeCap Growth Fund I   21,665   1,540   2,361   22,020
LargeCap S&P 500 Index Fund   37,020   4,316   2,775   39,714
LargeCap Value Fund III   20,262   1,463   2,032   20,403
MidCap Fund   19,187   765   1,701   18,955
MidCap Value Fund III   14,643   1,122   1,594   14,083
Overseas Fund   39,346   1,476   3,648   38,717
Short-Term Income Fund   66,935   4,912   6,282   65,067
SmallCap Growth Fund I   7,130   450   674   7,044
SmallCap Value Fund II   6,941   459   674   6,549
  $ 644,198 $ 33,329 $ 58,886 $ 625,541

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 30 $ 443   $ 532 $ 1,153  
Bond Market Index Fund   1,262   7     —   (1,758 )
Core Plus Bond Fund   836   11     —   (1,131 )
Diversified International Fund   697   709     —   1,426  
Diversified Real Asset Fund   361   (8 )   —   296  
Equity Income Fund   151   770     879   5  
Global Diversified Income Fund   624   (2 )   —   704  
Global Multi-Strategy Fund   704   57     128   (311 )
Global Opportunities Fund   2,385   223     402   (356 )
Inflation Protection Fund   568   (13 )   —   (442 )
International Small Company Fund   573   59     60   397  
LargeCap Growth Fund I   125   830     1,266   346  
LargeCap S&P 500 Index Fund   690   94     1,917   1,059  
LargeCap Value Fund III   427   242     887   468  
MidCap Fund   25   444     599   260  
MidCap Value Fund III   466   128     547   (216 )
Overseas Fund   952   172     236   1,371  
Short-Term Income Fund   340   (1 )   —   (497 )
SmallCap Growth Fund I   161   145     238   (7 )
SmallCap Value Fund II   187   140     220   (317 )
  $ 11,564 $ 4,450   $ 7,911 $ 2,450  
Amounts in thousands                    

 

See accompanying notes.

178

 

      Schedule of Investments  
      Principal LifeTime 2020 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 33.35%        
Blue Chip Fund (a) 9,780,034 $ 223,669  
Diversified Real Asset Fund (a) 11,050,473   131,280  
Global Diversified Income Fund (a) 24,553,050   350,863  
Global Multi-Strategy Fund (a) 19,493,670   223,203  
International Small Company Fund (a) 10,143,417   135,009  
LargeCap Growth Fund I (a) 14,559,961   229,902  
MidCap Fund (a) 6,848,754   194,847  
MidCap Value Fund III (a) 6,545,362   144,783  
SmallCap Growth Fund I (a) 4,820,720   69,997  
SmallCap Value Fund II (a) 4,865,383   65,147  
    $ 1,768,700  
Principal Funds, Inc. Institutional Class - 66.66%      
Bond Market Index Fund (a) 33,850,728   365,588  
Core Plus Bond Fund (a) 72,782,654   790,420  
Diversified International Fund (a) 27,648,739   406,713  
Equity Income Fund (a) 6,482,719   212,503  
Global Opportunities Fund (a) 21,490,866   288,192  
Inflation Protection Fund (a) 20,362,412   172,470  
LargeCap S&P 500 Index Fund (a) 20,874,008   386,378  
LargeCap Value Fund III (a) 11,920,801   211,833  
Overseas Fund (a) 33,271,260   399,255  
Short-Term Income Fund (a) 24,942,708   302,056  
    $ 3,535,408  
TOTAL INVESTMENT COMPANIES   $ 5,304,108  
Total Investments   $ 5,304,108  
Other Assets and Liabilities - (0.01)%   $ (541 )
TOTAL NET ASSETS - 100.00%   $ 5,303,567  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 32.79 %
Fixed Income Funds 30.74 %
International Equity Funds 23.18 %
Specialty Funds 13.30 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

179

 

    Schedule of Investments        
    Principal LifeTime 2020 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ 222,825 $ 6,331 $ 22,113 $ 223,669
Bond Market Index Fund   402,627   15,102   39,488   365,588
Core Plus Bond Fund   851,087   21,607   73,429   790,420
Diversified International Fund   409,701   7,988   32,796   406,713
Diversified Real Asset Fund   136,689   3,317   11,091   131,280
Equity Income Fund   219,165   11,303   25,973   212,503
Global Diversified Income Fund   365,621   11,912   31,722   350,863
Global Multi-Strategy Fund   235,555   10,658   20,854   223,203
Global Opportunities Fund   286,384   28,267   24,809   288,192
Inflation Protection Fund   179,701   12,366   16,637   172,470
International Small Company Fund   134,958   6,697   11,185   135,009
LargeCap Growth Fund I   224,900   15,087   22,113   229,902
LargeCap S&P 500 Index Fund   365,213   40,797   30,613   386,378
LargeCap Value Fund III   210,231   14,206   19,885   211,833
MidCap Fund   195,259   6,853   14,419   194,847
MidCap Value Fund III   147,715   10,833   12,737   144,783
Overseas Fund   403,134   13,134   32,798   399,255
Real Estate Securities Fund   39,555   —   40,588   —
Short-Term Income Fund   302,685   33,636   31,945   302,056
SmallCap Growth Fund I   69,614   4,138   5,103   69,997
SmallCap Value Fund II   67,808   4,233   5,102   65,147
  $ 5,470,427 $ 278,465 $ 525,400 $ 5,304,108

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 316 $ 4,206   $ 5,637 $ 12,420  
Bond Market Index Fund   9,204   (109 )   —   (12,544 )
Core Plus Bond Fund   6,668   (46 )   —   (8,799 )
Diversified International Fund   7,271   (124 )   —   21,944  
Diversified Real Asset Fund   3,048   (214 )   —   2,579  
Equity Income Fund   1,603   5,914     9,322   2,094  
Global Diversified Income Fund   4,557   (18 )   —   5,070  
Global Multi-Strategy Fund   5,802   517     1,057   (2,673 )
Global Opportunities Fund   23,739   1,441     4,005   (3,091 )
Inflation Protection Fund   3,732   (4 )   —   (2,956 )
International Small Company Fund   5,854   412     611   4,127  
LargeCap Growth Fund I   1,322   4,960     13,388   7,068  
LargeCap S&P 500 Index Fund   6,823   (117 )   18,979   11,098  
LargeCap Value Fund III   4,491   1,762     9,338   5,519  
MidCap Fund   264   1,170     6,238   5,984  
MidCap Value Fund III   4,861   576     5,702   (1,604 )
Overseas Fund   9,949   1,488     2,468   14,297  
Real Estate Securities Fund   —   3,113     —   (2,080 )
Short-Term Income Fund   1,586   (9 )   —   (2,311 )
SmallCap Growth Fund I   1,617   428     2,397   920  
SmallCap Value Fund II   1,887   447     2,222   (2,239 )
  $ 104,594 $ 25,793   $ 81,364 $ 54,823  
Amounts in thousands                    

 

See accompanying notes.

180

 

      Schedule of Investments  
      Principal LifeTime 2025 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 34.44%        
Blue Chip Fund (a) 3,749,445 $ 85,750  
Diversified Real Asset Fund (a) 3,512,703   41,731  
Global Diversified Income Fund (a) 7,152,617   102,211  
Global Multi-Strategy Fund (a) 5,791,557   66,313  
International Small Company Fund (a) 3,853,721   51,293  
LargeCap Growth Fund I (a) 5,579,748   88,104  
MidCap Fund (a) 2,662,484   75,748  
MidCap Value Fund III (a) 2,577,977   57,025  
SmallCap Growth Fund I (a) 1,924,625   27,945  
SmallCap Value Fund II (a) 1,946,875   26,069  
    $ 622,189  
Principal Funds, Inc. Institutional Class - 65.57%      
Bond Market Index Fund (a) 11,081,549   119,681  
Core Plus Bond Fund (a) 22,579,524   245,213  
Diversified International Fund (a) 10,836,093   159,399  
Equity Income Fund (a) 2,487,549   81,542  
Global Opportunities Fund (a) 8,158,980   109,412  
Inflation Protection Fund (a) 4,717,947   39,961  
LargeCap S&P 500 Index Fund (a) 8,221,234   152,175  
LargeCap Value Fund III (a) 4,583,068   81,441  
Overseas Fund (a) 13,044,229   156,531  
Short-Term Income Fund (a) 3,231,152   39,129  
    $ 1,184,484  
TOTAL INVESTMENT COMPANIES   $ 1,806,673  
Total Investments   $ 1,806,673  
Other Assets and Liabilities - (0.01)%   $ (169 )
TOTAL NET ASSETS - 100.00%   $ 1,806,504  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 37.40 %
International Equity Funds 26.39 %
Fixed Income Funds 24.58 %
Specialty Funds 11.64 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

181

 

    Schedule of Investments        
    Principal LifeTime 2025 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ 81,909 $ 3,493 $ 5,978 $ 85,750
Bond Market Index Fund   123,323   7,002   6,638   119,681
Core Plus Bond Fund   242,221   18,092   12,385   245,213
Diversified International Fund   152,656   5,249   7,003   159,399
Diversified Real Asset Fund   41,303   1,718   2,037   41,731
Equity Income Fund   80,691   5,340   7,524   81,542
Global Diversified Income Fund   100,455   5,321   5,010   102,211
Global Multi-Strategy Fund   66,000   4,326   3,422   66,313
Global Opportunities Fund   102,562   11,990   4,686   109,412
Inflation Protection Fund   39,045   3,786   2,198   39,961
International Small Company Fund   48,442   3,163   2,037   51,293
LargeCap Growth Fund I   82,695   6,744   5,978   88,104
LargeCap S&P 500 Index Fund   136,553   17,942   6,680   152,175
LargeCap Value Fund III   77,317   6,426   5,086   81,441
MidCap Fund   72,475   3,649   3,136   75,748
MidCap Value Fund III   55,397   4,959   2,972   57,025
Overseas Fund   150,172   7,200   7,004   156,531
Real Estate Securities Fund   20,055   —   20,498   —
Short-Term Income Fund   31,081   10,531   2,201   39,129
SmallCap Growth Fund I   26,548   1,989   1,141   27,945
SmallCap Value Fund II   25,867   2,027   1,140   26,069
  $ 1,756,767 $ 130,947 $ 114,754 $ 1,806,673

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 117 $ 735   $ 2,093 $ 5,591  
Bond Market Index Fund   2,870   (4 )   —   (4,002 )
Core Plus Bond Fund   1,979   (1 )   —   (2,714 )
Diversified International Fund   2,761   218     —   8,279  
Diversified Real Asset Fund   936   2     —   745  
Equity Income Fund   596   751     3,461   2,284  
Global Diversified Income Fund   1,287   (4 )   —   1,449  
Global Multi-Strategy Fund   1,655   (10 )   301   (581 )
Global Opportunities Fund   8,720   74     1,470   (528 )
Inflation Protection Fund   832   2     —   (674 )
International Small Company Fund   2,156   25     225   1,700  
LargeCap Growth Fund I   491   1,363     4,970   3,280  
LargeCap S&P 500 Index Fund   2,591   (2 )   7,209   4,362  
LargeCap Value Fund III   1,670   461     3,473   2,323  
MidCap Fund   99   48     2,346   2,712  
MidCap Value Fund III   1,850   104     2,170   (463 )
Overseas Fund   3,777   (21 )   936   6,184  
Real Estate Securities Fund   —   1,515     —   (1,072 )
Short-Term Income Fund   193   —     —   (282 )
SmallCap Growth Fund I   625   23     926   526  
SmallCap Value Fund II   729   9     859   (694 )
  $ 35,934 $ 5,288   $ 30,439 $ 28,425  
Amounts in thousands                    

 

See accompanying notes.

182

 

      Schedule of Investments  
      Principal LifeTime 2030 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 37.11%        
Blue Chip Fund (a) 8,142,116 $ 186,210  
Diversified Real Asset Fund (a) 12,488,104   148,359  
Global Diversified Income Fund (a) 20,569,608   293,940  
Global Multi-Strategy Fund (a) 19,289,014   220,859  
International Emerging Markets Fund (a) 1,322,013   42,860  
International Small Company Fund (a) 15,305,661   203,718  
LargeCap Growth Fund I (a) 33,413,574   527,600  
MidCap Fund (a) 10,619,303   302,119  
MidCap Value Fund III (a) 10,571,148   233,834  
Origin Emerging Markets Fund (a) 3,302,494   44,517  
SmallCap Growth Fund I (a) 7,621,462   110,664  
SmallCap Value Fund II (a) 7,686,309   102,920  
    $ 2,417,600  
Principal Funds, Inc. Institutional Class - 62.90%      
Bond Market Index Fund (a) 29,030,893   313,534  
Core Plus Bond Fund (a) 67,226,923   730,084  
Diversified International Fund (a) 41,333,111   608,010  
Equity Income Fund (a) 5,135,664   168,347  
Global Opportunities Fund (a) 32,848,057   440,492  
Inflation Protection Fund (a) 13,354,503   113,113  
LargeCap S&P 500 Index Fund (a) 33,856,702   626,688  
LargeCap Value Fund III (a) 27,968,174   496,994  
Overseas Fund (a) 50,026,057   600,313  
    $ 4,097,575  
TOTAL INVESTMENT COMPANIES   $ 6,515,175  
Total Investments   $ 6,515,175  
Other Assets and Liabilities - (0.01)%   $ (640 )
TOTAL NET ASSETS - 100.00%   $ 6,514,535  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 42.30 %
International Equity Funds 29.77 %
Fixed Income Funds 17.76 %
Specialty Funds 10.18 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

183

 

    Schedule of Investments        
    Principal LifeTime 2030 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ 246,095 $ 5,650 $ 79,627 $ 186,210
Bond Market Index Fund   335,376   25,835   36,768   313,534
Core Plus Bond Fund   752,299   54,423   68,510   730,084
Diversified International Fund   607,067   13,431   44,969   608,010
Diversified Real Asset Fund   154,720   4,206   13,226   148,359
Equity Income Fund   189,952   9,367   37,511   168,347
Global Diversified Income Fund   300,984   15,187   26,452   293,940
Global Multi-Strategy Fund   236,429   8,019   21,426   220,859
Global Opportunities Fund   432,865   44,463   34,125   440,492
Inflation Protection Fund   119,128   7,033   11,109   113,113
International Emerging Markets Fund   42,364   665   4,885   42,860
International Small Company Fund   200,872   10,590   14,548   203,718
LargeCap Growth Fund I   453,329   85,378   37,299   527,600
LargeCap S&P 500 Index Fund   573,595   93,697   58,433   626,688
LargeCap Value Fund   137,172   —   140,603   —
LargeCap Value Fund III   348,847   172,601   37,298   496,994
MidCap Fund   302,436   11,381   22,748   302,119
MidCap Value Fund III   235,680   18,119   18,251   233,834
Origin Emerging Markets Fund   43,951   559   4,886   44,517
Overseas Fund   598,689   23,236   45,232   600,313
Real Estate Securities Fund   65,546   —   67,190   —
SmallCap Growth Fund I   109,932   6,818   8,200   110,664
SmallCap Value Fund II   107,002   6,965   8,200   102,920
  $ 6,594,330 $ 617,623 $ 841,496 $ 6,515,175

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 263 $ 18,368   $ 4,687 $ (4,276 )
Bond Market Index Fund   7,952   102     —   (11,011 )
Core Plus Bond Fund   6,098   (24 )   —   (8,104 )
Diversified International Fund   10,896   (95 )   —   32,576  
Diversified Real Asset Fund   3,461   (264 )   —   2,923  
Equity Income Fund   1,272   4,753     7,395   1,786  
Global Diversified Income Fund   3,815   (23 )   —   4,244  
Global Multi-Strategy Fund   5,762   425     1,049   (2,588 )
Global Opportunities Fund   36,399   748     6,140   (3,459 )
Inflation Protection Fund   2,454   3     —   (1,942 )
International Emerging Markets Fund   502   525     —   4,191  
International Small Company Fund   8,847   366     923   6,438  
LargeCap Growth Fund I   3,044   (94 )   30,825   26,286  
LargeCap S&P 500 Index Fund   11,080   (77 )   30,820   17,906  
LargeCap Value Fund   —   58,948     —   (55,517 )
LargeCap Value Fund III   10,559   (87 )   21,953   12,931  
MidCap Fund   410   1,805     9,689   9,245  
MidCap Value Fund III   7,865   418     9,225   (2,132 )
Origin Emerging Markets Fund   395   594     —   4,299  
Overseas Fund   14,994   (68 )   3,717   23,688  
Real Estate Securities Fund   —   5,527     —   (3,883 )
SmallCap Growth Fund I   2,560   363     3,796   1,751  
SmallCap Value Fund II   2,986   544     3,517   (3,391 )
  $ 141,614 $ 92,757   $ 133,736 $ 51,961  
Amounts in thousands                    

 

See accompanying notes.

184

 

      Schedule of Investments  
      Principal LifeTime 2035 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 30.26%        
Blue Chip Fund (a) 1,940,221 $ 44,373  
International Emerging Markets Fund (a) 624,381   20,242  
International Small Company Fund (a) 3,773,664   50,227  
LargeCap Growth Fund I (a) 8,721,087   137,706  
MidCap Value Fund III (a) 2,980,429   65,927  
Origin Emerging Markets Fund (a) 1,595,365   21,506  
Real Estate Securities Fund (a) 1,252,038   28,922  
SmallCap Growth Fund I (a) 1,949,209   28,303  
SmallCap Value Fund II (a) 1,972,751   26,415  
    $ 423,621  
Principal Funds, Inc. Institutional Class - 69.75%      
Bond Market Index Fund (a) 6,535,003   70,578  
Core Plus Bond Fund (a) 13,930,766   151,288  
Diversified International Fund (a) 10,235,860   150,569  
Equity Income Fund (a) 1,287,575   42,207  
High Yield Fund I (a) 4,665,084   46,231  
LargeCap S&P 500 Index Fund (a) 9,299,226   172,129  
LargeCap Value Fund III (a) 7,044,666   125,184  
MidCap Growth Fund III (a) 5,876,386   69,283  
Overseas Fund (a) 12,412,046   148,944  
    $ 976,413  
TOTAL INVESTMENT COMPANIES   $ 1,400,034  
Total Investments   $ 1,400,034  
Other Assets and Liabilities - (0.01)%   $ (130 )
TOTAL NET ASSETS - 100.00%   $ 1,399,904  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 52.89 %
International Equity Funds 27.97 %
Fixed Income Funds 19.15 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

185

 

    Schedule of Investments        
    Principal LifeTime 2035 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ 42,102 $ 1,967 $ 2,963 $ 44,373
Bond Market Index Fund   73,522   3,706   4,296   70,578
Core Plus Bond Fund   147,928   12,968   7,943   151,288
Diversified International Fund   142,079   6,735   6,243   150,569
Diversified Real Asset Fund   18,557   —   18,607   —
Equity Income Fund   40,764   2,919   3,031   42,207
High Yield Fund I   43,996   5,075   2,534   46,231
International Emerging Markets Fund   18,234   592   773   20,242
International Small Company Fund   46,504   4,082   2,041   50,227
LargeCap Growth Fund I   127,990   10,999   8,519   137,706
LargeCap S&P 500 Index Fund   149,946   24,436   7,138   172,129
LargeCap Value Fund   29,568   —   30,275   —
LargeCap Value Fund III   91,507   35,490   5,314   125,184
MidCap Growth Fund III   65,048   9,237   3,275   69,283
MidCap Value Fund III   63,636   5,979   3,275   65,927
Origin Emerging Markets Fund   19,421   547   773   21,506
Overseas Fund   140,350   9,017   6,274   148,944
Real Estate Securities Fund   24,433   6,869   1,546   28,922
SmallCap Growth Fund I   26,807   2,116   1,174   28,303
SmallCap Value Fund II   26,127   2,155   1,174   26,415
  $ 1,338,519 $ 144,889 $ 117,168 $ 1,400,034

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 61 $ 144   $ 1,078 $ 3,123  
Bond Market Index Fund   1,686   2     —   (2,356 )
Core Plus Bond Fund   1,223   —     —   (1,665 )
Diversified International Fund   2,598   28     —   7,970  
Diversified Real Asset Fund   —   (946 )   —   996  
Equity Income Fund   307   226     1,784   1,329  
High Yield Fund I   679   1     —   (307 )
International Emerging Markets Fund   228   25     —   2,164  
International Small Company Fund   2,102   4     219   1,678  
LargeCap Growth Fund I   764   1,263     7,736   5,973  
LargeCap S&P 500 Index Fund   2,913   3     8,103   4,882  
LargeCap Value Fund   —   12,862     —   (12,155 )
LargeCap Value Fund III   2,557   5     5,316   3,496  
MidCap Growth Fund III   2,675   13     5,210   (1,740 )
MidCap Value Fund III   2,129   118     2,498   (531 )
Origin Emerging Markets Fund   184   44     —   2,267  
Overseas Fund   3,578   5     886   5,846  
Real Estate Securities Fund   153   1     630   (835 )
SmallCap Growth Fund I   630   30     934   524  
SmallCap Value Fund II   736   12     866   (705 )
  $ 25,203 $ 13,840   $ 35,260 $ 19,954  
Amounts in thousands                    

 

See accompanying notes.

186

 

      Schedule of Investments  
      Principal LifeTime 2040 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 32.14%        
Blue Chip Fund (a) 6,587,298 $ 150,651  
International Emerging Markets Fund (a) 2,175,245   70,521  
International Small Company Fund (a) 12,333,014   164,152  
LargeCap Growth Fund I (a) 29,510,582   465,972  
MidCap Value Fund III (a) 10,196,103   225,538  
Origin Emerging Markets Fund (a) 5,252,946   70,810  
Real Estate Securities Fund (a) 3,931,550   90,819  
SmallCap Growth Fund I (a) 6,575,187   95,472  
SmallCap Value Fund II (a) 6,636,820   88,867  
    $ 1,422,802  
Principal Funds, Inc. Institutional Class - 67.87%      
Bond Market Index Fund (a) 15,972,035   172,498  
Core Plus Bond Fund (a) 33,000,059   358,381  
Diversified International Fund (a) 34,193,765   502,990  
Equity Income Fund (a) 4,375,314   143,423  
High Yield Fund I (a) 10,784,288   106,872  
LargeCap S&P 500 Index Fund (a) 30,885,533   571,691  
LargeCap Value Fund III (a) 23,534,245   418,204  
MidCap Growth Fund III (a) 20,105,961   237,049  
Overseas Fund (a) 41,147,488   493,770  
    $ 3,004,878  
TOTAL INVESTMENT COMPANIES   $ 4,427,680  
Total Investments   $ 4,427,680  
Other Assets and Liabilities - (0.01)%   $ (456 )
TOTAL NET ASSETS - 100.00%   $ 4,427,224  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 56.19 %
International Equity Funds 29.41 %
Fixed Income Funds 14.41 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

187

 

    Schedule of Investments        
    Principal LifeTime 2040 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ 150,070 $ 4,963 $ 15,539 $ 150,651
Bond Market Index Fund   186,295   13,995   21,761   172,498
Core Plus Bond Fund   381,178   22,021   40,829   358,381
Diversified International Fund   504,625   16,286   44,767   502,990
Diversified Real Asset Fund   58,961   —   59,125   —
Equity Income Fund   146,832   8,378   17,115   143,423
High Yield Fund I   115,707   5,272   13,265   106,872
International Emerging Markets Fund   65,835   2,568   5,596   70,521
International Small Company Fund   162,684   10,321   14,301   164,152
LargeCap Growth Fund I   458,405   32,930   49,309   465,972
LargeCap S&P 500 Index Fund   525,211   81,986   51,192   571,691
LargeCap Value Fund   106,420   —   108,898   —
LargeCap Value Fund III   325,562   119,538   38,548   418,204
MidCap Growth Fund III   232,463   32,597   21,139   237,049
MidCap Value Fund III   227,605   20,867   21,140   225,538
Origin Emerging Markets Fund   66,365   2,370   5,596   70,810
Overseas Fund   496,420   22,749   44,767   493,770
Real Estate Securities Fund   87,982   15,749   10,362   90,819
SmallCap Growth Fund I   96,036   6,146   8,497   95,472
SmallCap Value Fund II   93,602   6,282   8,496   88,867
  $ 4,488,258 $ 425,018 $ 600,242 $ 4,427,680

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 216 $ 1,041   $ 3,854 $ 10,116  
Bond Market Index Fund   4,413   (9 )   —   (6,022 )
Core Plus Bond Fund   3,044   (17 )   —   (3,972 )
Diversified International Fund   9,139   (694 )   —   27,540  
Diversified Real Asset Fund   —   1,718     —   (1,554 )
Equity Income Fund   1,099   1,209     6,386   4,119  
High Yield Fund I   1,660   4     —   (846 )
International Emerging Markets Fund   834   2     —   7,712  
International Small Company Fund   7,228   267     754   5,181  
LargeCap Growth Fund I   2,719   7,333     27,530   16,613  
LargeCap S&P 500 Index Fund   10,202   (421 )   28,373   16,107  
LargeCap Value Fund   —   46,023     —   (43,545 )
LargeCap Value Fund III   9,018   (181 )   18,747   11,833  
MidCap Growth Fund III   9,647   (24 )   18,791   (6,848 )
MidCap Value Fund III   7,689   (58 )   9,018   (1,736 )
Origin Emerging Markets Fund   636   381     —   7,290  
Overseas Fund   12,503   96     3,099   19,272  
Real Estate Securities Fund   509   (13 )   2,103   (2,537 )
SmallCap Growth Fund I   2,237   127     3,318   1,660  
SmallCap Value Fund II   2,613   372     3,078   (2,893 )
  $ 85,406 $ 57,156   $ 125,051 $ 57,490  
Amounts in thousands                    

 

See accompanying notes.

188

 

      Schedule of Investments  
      Principal LifeTime 2045 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 33.10%        
Blue Chip Fund (a) 1,515,444 $ 34,658  
International Emerging Markets Fund (a) 476,189   15,438  
International Small Company Fund (a) 2,806,159   37,350  
LargeCap Growth Fund I (a) 6,719,119   106,095  
MidCap Value Fund III (a) 2,348,871   51,957  
Origin Emerging Markets Fund (a) 1,162,101   15,665  
Real Estate Securities Fund (a) 889,263   20,542  
SmallCap Growth Fund I (a) 1,496,049   21,723  
SmallCap Value Fund II (a) 1,550,371   20,759  
    $ 324,187  
Principal Funds, Inc. Institutional Class - 66.91%      
Bond Market Index Fund (a) 2,937,894   31,729  
Core Plus Bond Fund (a) 5,377,748   58,403  
Diversified International Fund (a) 7,904,379   116,274  
Equity Income Fund (a) 994,875   32,612  
High Yield Fund I (a) 1,864,874   18,481  
LargeCap S&P 500 Index Fund (a) 7,072,512   130,912  
LargeCap Value Fund III (a) 5,502,376   97,777  
MidCap Growth Fund III (a) 4,625,785   54,538  
Overseas Fund (a) 9,540,860   114,490  
    $ 655,216  
TOTAL INVESTMENT COMPANIES   $ 979,403  
Total Investments   $ 979,403  
Other Assets and Liabilities - (0.01)%   $ (90 )
TOTAL NET ASSETS - 100.00%   $ 979,313  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 58.37 %
International Equity Funds 30.55 %
Fixed Income Funds 11.09 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

189

 

    Schedule of Investments        
    Principal LifeTime 2045 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ 32,322 $ 1,651 $ 1,870 $ 34,658
Bond Market Index Fund   31,349   3,082   1,642   31,729
Core Plus Bond Fund   57,381   4,707   3,042   58,403
Diversified International Fund   108,949   5,806   4,665   116,274
Diversified Real Asset Fund   12,704   —   12,738   —
Equity Income Fund   30,793   2,377   1,755   32,612
High Yield Fund I   17,608   1,888   892   18,481
International Emerging Markets Fund   13,561   778   567   15,438
International Small Company Fund   34,710   2,846   1,461   37,350
LargeCap Growth Fund I   97,848   8,844   6,177   106,095
LargeCap S&P 500 Index Fund   112,566   19,947   5,315   130,912
LargeCap Value Fund   22,145   —   22,532   —
LargeCap Value Fund III   70,523   28,320   3,976   97,777
MidCap Growth Fund III   50,068   8,021   2,191   54,538
MidCap Value Fund III   49,012   5,463   2,191   51,957
Origin Emerging Markets Fund   13,820   738   569   15,665
Overseas Fund   107,417   7,232   4,667   114,490
Real Estate Securities Fund   20,474   1,599   1,014   20,542
SmallCap Growth Fund I   20,186   1,979   872   21,723
SmallCap Value Fund II   20,142   2,050   893   20,759
  $ 923,578 $ 107,328 $ 79,029 $ 979,403

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 47 $ 114   $ 842 $ 2,441  
Bond Market Index Fund   758   —     —   (1,060 )
Core Plus Bond Fund   473   —     —   (643 )
Diversified International Fund   2,011   11     —   6,173  
Diversified Real Asset Fund   —   (144 )   —   178  
Equity Income Fund   238   34     1,378   1,163  
High Yield Fund I   272   —     —   (123 )
International Emerging Markets Fund   175   7     —   1,659  
International Small Company Fund   1,565   2     163   1,253  
LargeCap Growth Fund I   589   494     5,959   5,086  
LargeCap S&P 500 Index Fund   2,220   5     6,163   3,709  
LargeCap Value Fund   —   8,475     —   (8,088 )
LargeCap Value Fund III   1,999   6     4,151   2,904  
MidCap Growth Fund III   2,105   2     4,100   (1,362 )
MidCap Value Fund III   1,679   1     1,968   (328 )
Origin Emerging Markets Fund   135   6     —   1,670  
Overseas Fund   2,755   1     681   4,507  
Real Estate Securities Fund   108   4     447   (521 )
SmallCap Growth Fund I   483   —     717   430  
SmallCap Value Fund II   578   (1 )   681   (539 )
  $ 18,190 $ 9,017   $ 27,250 $ 18,509  
Amounts in thousands                    

 

See accompanying notes.

190

 

      Schedule of Investments  
      Principal LifeTime 2050 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 34.18%        
Blue Chip Fund (a) 4,051,222 $ 92,651  
International Emerging Markets Fund (a) 1,308,749   42,430  
International Small Company Fund (a) 7,510,701   99,967  
LargeCap Growth Fund I (a) 18,139,177   286,418  
MidCap Value Fund III (a) 6,269,132   138,673  
Origin Emerging Markets Fund (a) 3,176,982   42,826  
Real Estate Securities Fund (a) 2,245,757   51,877  
SmallCap Growth Fund I (a) 4,036,461   58,609  
SmallCap Value Fund II (a) 4,079,010   54,618  
    $ 868,069  
Principal Funds, Inc. Institutional Class - 65.83%      
Bond Market Index Fund (a) 5,002,654   54,029  
Core Plus Bond Fund (a) 10,388,437   112,818  
Diversified International Fund (a) 21,160,479   311,271  
Equity Income Fund (a) 2,682,301   87,926  
High Yield Fund I (a) 4,406,104   43,665  
LargeCap S&P 500 Index Fund (a) 19,057,591   352,756  
LargeCap Value Fund III (a) 14,545,812   258,479  
MidCap Growth Fund III (a) 12,360,043   145,725  
Overseas Fund (a) 25,413,540   304,962  
    $ 1,671,631  
TOTAL INVESTMENT COMPANIES   $ 2,539,700  
Total Investments   $ 2,539,700  
Other Assets and Liabilities - (0.01)%   $ (288 )
TOTAL NET ASSETS - 100.00%   $ 2,539,412  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 60.16 %
International Equity Funds 31.56 %
Fixed Income Funds 8.29 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

191

 

    Schedule of Investments        
    Principal LifeTime 2050 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ 92,825 $ 3,553 $ 10,576 $ 92,651
Bond Market Index Fund   57,551   5,308   6,946   54,029
Core Plus Bond Fund   118,510   8,721   13,162   112,818
Diversified International Fund   310,678   13,159   29,125   311,271
Diversified Real Asset Fund   31,568   —   31,659   —
Equity Income Fund   88,546   5,641   9,498   87,926
High Yield Fund I   47,596   1,290   4,874   43,665
International Emerging Markets Fund   39,619   1,712   3,533   42,430
International Small Company Fund   99,020   6,784   9,140   99,967
LargeCap Growth Fund I   278,851   21,773   28,796   286,418
LargeCap S&P 500 Index Fund   323,141   53,391   33,392   352,756
LargeCap Value Fund   62,815   —   63,908   —
LargeCap Value Fund III   201,669   74,228   24,983   258,479
MidCap Growth Fund III   142,885   20,748   13,648   145,725
MidCap Value Fund III   139,910   13,531   13,648   138,673
Origin Emerging Markets Fund   40,137   1,595   3,534   42,826
Overseas Fund   305,024   17,144   29,126   304,962
Real Estate Securities Fund   56,965   2,262   6,093   51,877
SmallCap Growth Fund I   58,131   4,869   5,485   58,609
SmallCap Value Fund II   56,693   4,957   5,483   54,618
  $ 2,552,134 $ 260,666 $ 346,609 $ 2,539,700

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 133 $ 906   $ 2,372 $ 5,943  
Bond Market Index Fund   1,379   11     —   (1,895 )
Core Plus Bond Fund   954   (5 )   —   (1,246 )
Diversified International Fund   5,662   (350 )   —   16,909  
Diversified Real Asset Fund   —   932     —   (841 )
Equity Income Fund   674   426     3,918   2,811  
High Yield Fund I   674   (40 )   —   (307 )
International Emerging Markets Fund   503   4     —   4,628  
International Small Company Fund   4,405   140     459   3,163  
LargeCap Growth Fund I   1,673   2,258     16,940   12,332  
LargeCap S&P 500 Index Fund   6,301   (295 )   17,529   9,911  
LargeCap Value Fund   —   26,055     —   (24,962 )
LargeCap Value Fund III   5,576   (107 )   11,595   7,672  
MidCap Growth Fund III   5,935   (14 )   11,561   (4,246 )
MidCap Value Fund III   4,730   (45 )   5,549   (1,075 )
Origin Emerging Markets Fund   385   223     —   4,405  
Overseas Fund   7,731   (86 )   1,916   12,006  
Real Estate Securities Fund   291   142     1,200   (1,399 )
SmallCap Growth Fund I   1,375   1     2,039   1,093  
SmallCap Value Fund II   1,607   (26 )   1,893   (1,523 )
  $ 49,988 $ 30,130   $ 76,971 $ 43,379  
Amounts in thousands                    

 

See accompanying notes.

192

 

      Schedule of Investments  
      Principal LifeTime 2055 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 35.23%        
Blue Chip Fund (a) 717,555 $ 16,411  
International Emerging Markets Fund (a) 218,612   7,087  
International Small Company Fund (a) 1,303,521   17,350  
LargeCap Growth Fund I (a) 3,039,987   48,001  
MidCap Value Fund III (a) 1,084,664   23,993  
Origin Emerging Markets Fund (a) 527,968   7,117  
Real Estate Securities Fund (a) 394,544   9,114  
SmallCap Growth Fund I (a) 695,687   10,101  
SmallCap Value Fund II (a) 706,016   9,454  
    $ 148,628  
Principal Funds, Inc. Institutional Class - 64.78%      
Bond Market Index Fund (a) 639,061   6,902  
Core Plus Bond Fund (a) 1,182,028   12,837  
Diversified International Fund (a) 3,588,648   52,789  
Equity Income Fund (a) 455,732   14,939  
High Yield Fund I (a) 697,941   6,916  
LargeCap S&P 500 Index Fund (a) 3,182,052   58,900  
LargeCap Value Fund III (a) 2,416,369   42,939  
MidCap Growth Fund III (a) 2,133,089   25,149  
Overseas Fund (a) 4,322,698   51,872  
    $ 273,243  
TOTAL INVESTMENT COMPANIES   $ 421,871  
Total Investments   $ 421,871  
Other Assets and Liabilities - (0.01)%   $ (36 )
TOTAL NET ASSETS - 100.00%   $ 421,835  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 61.39 %
International Equity Funds 32.30 %
Fixed Income Funds 6.32 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

193

 

    Schedule of Investments        
    Principal LifeTime 2055 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ 14,811 $ 1,017 $ 617 $ 16,411
Bond Market Index Fund   6,570   848   288   6,902
Core Plus Bond Fund   12,086   1,430   538   12,837
Diversified International Fund   48,072   3,699   1,770   52,789
Diversified Real Asset Fund   4,169   —   4,182   —
Equity Income Fund   13,572   1,333   503   14,939
High Yield Fund I   6,808   444   288   6,916
International Emerging Markets Fund   6,091   459   222   7,087
International Small Company Fund   15,640   1,701   569   17,350
LargeCap Growth Fund I   42,852   4,728   2,074   48,001
LargeCap S&P 500 Index Fund   49,898   9,332   1,986   58,900
LargeCap Value Fund   9,698   —   9,867   —
LargeCap Value Fund III   30,739   12,430   1,503   42,939
MidCap Growth Fund III   22,548   4,066   842   25,149
MidCap Value Fund III   22,089   2,899   842   23,993
Origin Emerging Markets Fund   6,145   441   224   7,117
Overseas Fund   47,280   4,337   1,770   51,872
Real Estate Securities Fund   9,027   672   360   9,114
SmallCap Growth Fund I   9,171   1,070   338   10,101
SmallCap Value Fund II   8,952   1,085   338   9,454
  $ 386,218 $ 51,991 $ 29,121 $ 421,871

 

        Realized Gain/Loss   Realized Gain from   Change in Unrealized  
    Income   on Investments   Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 22 $ 2 $ 395 $ 1,198  
Bond Market Index Fund   162   —   —   (228 )
Core Plus Bond Fund   102   —   —   (141 )
Diversified International Fund   905   1   —   2,787  
Diversified Real Asset Fund   —   208   —   (195 )
Equity Income Fund   108   1   625   536  
High Yield Fund I   101   —   —   (48 )
International Emerging Markets Fund   79   2   —   757  
International Small Company Fund   720   1   75   577  
LargeCap Growth Fund I   264   31   2,672   2,464  
LargeCap S&P 500 Index Fund   988   3   2,746   1,653  
LargeCap Value Fund   —   2,172   —   (2,003 )
LargeCap Value Fund III   869   1   1,806   1,272  
MidCap Growth Fund III   962   —   1,873   (623 )
MidCap Value Fund III   767   —   900   (153 )
Origin Emerging Markets Fund   61   1   —   754  
Overseas Fund   1,237   —   305   2,025  
Real Estate Securities Fund   48   1   196   (226 )
SmallCap Growth Fund I   223   —   330   198  
SmallCap Value Fund II   261   —   307   (245 )
  $ 7,879 $ 2,424 $ 12,230 $ 10,359  
Amounts in thousands                  

 

See accompanying notes.

194

 

      Schedule of Investments  
      Principal LifeTime 2060 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 35.04%        
Blue Chip Fund (a) 456,709 $ 10,445  
International Emerging Markets Fund (a) 150,241   4,871  
International Small Company Fund (a) 864,503   11,507  
LargeCap Growth Fund I (a) 2,044,393   32,281  
MidCap Value Fund III (a) 730,790   16,165  
Origin Emerging Markets Fund (a) 338,283   4,560  
Real Estate Securities Fund (a) 254,635   5,882  
SmallCap Growth Fund I (a) 473,841   6,880  
SmallCap Value Fund II (a) 481,626   6,449  
    $ 99,040  
Principal Funds, Inc. Institutional Class - 64.97%      
Bond Market Index Fund (a) 354,134   3,825  
Core Plus Bond Fund (a) 650,997   7,070  
Diversified International Fund (a) 2,454,204   36,101  
Equity Income Fund (a) 304,315   9,975  
High Yield Fund I (a) 486,196   4,818  
LargeCap S&P 500 Index Fund (a) 2,173,036   40,223  
LargeCap Value Fund III (a) 1,670,228   29,680  
MidCap Growth Fund III (a) 1,422,913   16,776  
Overseas Fund (a) 2,933,900   35,207  
    $ 183,675  
TOTAL INVESTMENT COMPANIES   $ 282,715  
Total Investments   $ 282,715  
Other Assets and Liabilities - (0.01)%   $ (17 )
TOTAL NET ASSETS - 100.00%   $ 282,698  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 61.83 %
International Equity Funds 32.62 %
Fixed Income Funds 5.56 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

195

 

      Schedule of Investments            
Principal LifeTime 2060 Fund
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017 Purchases   Sales     January 31, 2018  
     Value     Cost   Proceeds     Value  
Blue Chip Fund   $ 9,369 $   1,154 $ 827 $   10,445  
Bond Market Index Fund     3,686     584   319     3,825  
Core Plus Bond Fund     6,760     967   581     7,070  
Diversified International Fund     32,338     4,306   2,409     36,101  
Diversified Real Asset Fund     3,341     —   3,351     —  
Equity Income Fund     9,164     1,379   916     9,975  
High Yield Fund I     4,662     577   387     4,818  
International Emerging Markets Fund     4,130     536   310     4,871  
International Small Company Fund     10,219     1,682   764     11,507  
LargeCap Growth Fund I     28,421     4,656   2,416     32,281  
LargeCap S&P 500 Index Fund     33,115     8,781   2,737     40,223  
LargeCap Value Fund     6,584     —   6,699     —  
LargeCap Value Fund III     20,360     10,534   2,041     29,680  
MidCap Growth Fund III     14,747     3,604   1,131     16,776  
MidCap Value Fund III     14,582     2,848   1,143     16,165  
Origin Emerging Markets Fund     3,874     520   310     4,560  
Overseas Fund     31,548     4,735   2,407     35,207  
Real Estate Securities Fund     5,717     791   482     5,882  
SmallCap Growth Fund I     6,156     1,061   464     6,880  
SmallCap Value Fund II     6,015     1,072   464     6,449  
    $ 254,788 $   49,787 $ 30,158 $   282,715  
 
 
      Realized Gain/Loss       Realized Gain from   Change in Unrealized  
    Income on Investments       Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 14 $ 1   $     252 $ 748  
Bond Market Index Fund   91   —         —   (126 )
Core Plus Bond Fund   56   —         —   (76 )
Diversified International Fund   624   2         —   1,864  
Diversified Real Asset Fund   —   118         —   (108 )
Equity Income Fund   73   1         418   347  
High Yield Fund I   70   —         —   (34 )
International Emerging Markets Fund   55   2         —   513  
International Small Company Fund   480   —         50   370  
LargeCap Growth Fund I   178   (3 )       1,802   1,623  
LargeCap S&P 500 Index Fund   678   (17 )       1,880   1,081  
LargeCap Value Fund   —   510         —   (395 )
LargeCap Value Fund III   603   (9 )       1,251   836  
MidCap Growth Fund III   643   (1 )       1,253   (443 )
MidCap Value Fund III   519   (3 )       608   (119 )
Origin Emerging Markets Fund   39   1         —   475  
Overseas Fund   845   1         208   1,330  
Real Estate Securities Fund   31   (1 )       127   (143 )
SmallCap Growth Fund I   152   —         225   127  
SmallCap Value Fund II   178   —         210   (174 )
  $ 5,329 $ 602   $     8,284 $ 7,696  
Amounts in thousands                        

 

See accompanying notes.

196

 

      Schedule of Investments
      Principal LifeTime 2065 Fund
      January 31, 2018 (unaudited)
 
 
INVESTMENT COMPANIES - 100.00% Shares Held   Value (000's)
Principal Funds, Inc. Class R-6 - 34.61%      
Blue Chip Fund (a) 4,388 $ 100
International Emerging Markets Fund (a) 1,405   46
International Small Company Fund (a) 8,325   111
LargeCap Growth Fund I (a) 19,268   304
MidCap Value Fund III (a) 7,450   165
Origin Emerging Markets Fund (a) 3,376   46
Real Estate Securities Fund (a) 3,019   70
SmallCap Growth Fund I (a) 4,640   67
SmallCap Value Fund II (a) 4,955   66
    $ 975
Principal Funds, Inc. Institutional Class - 65.39%    
Bond Market Index Fund (a) 4,114   44
Core Plus Bond Fund (a) 7,430   81
Diversified International Fund (a) 23,785   350
Equity Income Fund (a) 3,003   98
High Yield Fund I (a) 5,635   56
LargeCap S&P 500 Index Fund (a) 21,658   401
LargeCap Value Fund III (a) 16,800   298
MidCap Growth Fund III (a) 13,978   165
Overseas Fund (a) 29,058   349
    $ 1,842
TOTAL INVESTMENT COMPANIES   $ 2,817
Total Investments   $ 2,817
Other Assets and Liabilities - (0.01)%   $ —
TOTAL NET ASSETS - 100.00%   $ 2,817

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 61.62 %
International Equity Funds 31.97 %
Fixed Income Funds 6.42 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

197

 

  Schedule of Investments        
  Principal LifeTime 2065 Fund        
  January 31, 2018 (unaudited)        
 
 
Affiliated Securities October 31, 2017     Purchases   Sales   January 31, 2018
  Value     Cost   Proceeds   Value
Blue Chip Fund $ 2 $ 112 $ 17 $ 100
Bond Market Index Fund   1   51   8   44
Core Plus Bond Fund   2   93   13   81
Diversified International Fund   6   400   58   350
Diversified Real Asset Fund   1   —   1   —
Equity Income Fund   2   112   17   98
Global Opportunities Fund   3   —   3   —
High Yield Fund I   1   64   9   56
International Emerging Markets Fund   1   51   7   46
International Small Company Fund   2   127   19   111
LargeCap Growth Fund I   7   339   50   304
LargeCap S&P 500 Index Fund   8   456   67   401
LargeCap Value Fund   2   —   2   —
LargeCap Value Fund III   5   341   51   298
MidCap Growth Fund III   4   188   28   165
MidCap Value Fund III   4   189   28   165
Origin Emerging Markets Fund   1   51   7   46
Overseas Fund   6   400   58   349
Real Estate Securities Fund   1   80   11   70
SmallCap Growth Fund I   2   77   12   67
SmallCap Value Fund II   2   77   12   66
  $ 63 $ 3,208 $ 478 $ 2,817

 

        Realized Gain/Loss   Realized Gain from   Change in Unrealized  
  Income     on Investments   Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ — $ — $ — $ 3  
Bond Market Index Fund   —   —   —   —  
Core Plus Bond Fund   —   —   —   (1 )
Diversified International Fund   —   —   —   2  
Diversified Real Asset Fund   —   —   —   —  
Equity Income Fund   —   —   —   1  
Global Opportunities Fund   —   —   —   —  
High Yield Fund I   1   —   —   —  
International Emerging Markets Fund   —   —   —   1  
International Small Company Fund   —   —   —   1  
LargeCap Growth Fund I   —   1   1   7  
LargeCap S&P 500 Index Fund   —   1   1   3  
LargeCap Value Fund   —   —   —   —  
LargeCap Value Fund III   —   1   —   2  
MidCap Growth Fund III   —   —   —   1  
MidCap Value Fund III   —   —   —   —  
Origin Emerging Markets Fund   —   —   —   1  
Overseas Fund   1   1   —   —  
Real Estate Securities Fund   —   —   —   —  
SmallCap Growth Fund I   —   —   —   —  
SmallCap Value Fund II   —   —   —   (1 )
  $ 2 $ 4 $ 2 $ 20  
Amounts in thousands                  

 

See accompanying notes.

198

 

      Schedule of Investments  
      Principal LifeTime Hybrid 2015 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.02% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 20.14%        
Diversified Real Asset Fund (a) 78,626 $ 934  
Global Diversified Income Fund (a) 208,104   2,974  
International Small Company Fund (a) 56,732   755  
MidCap S&P 400 Index Fund (a) 94,934   2,088  
SmallCap S&P 600 Index Fund (a) 30,271   840  
    $ 7,591  
Principal Funds, Inc. Institutional Class - 79.88%      
Bond Market Index Fund (a) 1,040,260   11,235  
Diversified International Fund (a) 342,091   5,032  
Inflation Protection Fund (a) 213,067   1,805  
LargeCap S&P 500 Index Fund (a) 424,244   7,853  
Short-Term Income Fund (a) 345,266   4,181  
    $ 30,106  
TOTAL INVESTMENT COMPANIES   $ 37,697  
Total Investments   $ 37,697  
Other Assets and Liabilities - (0.02)%   $ (9 )
TOTAL NET ASSETS - 100.00%   $ 37,688  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Fixed Income Funds 45.69 %
Domestic Equity Funds 28.61 %
International Equity Funds 15.35 %
Specialty Funds 10.37 %
Other Assets and Liabilities (0.02 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

199

 

    Schedule of Investments        
    Principal LifeTime Hybrid 2015 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Bond Market Index Fund $ 10,468 $ 2,510 $ 1,393 $ 11,235
Diversified International Fund   4,366   921   513   5,032
Diversified Real Asset Fund   831   195   107   934
Global Diversified Income Fund   2,680   602   348   2,974
Inflation Protection Fund   1,664   385   214   1,805
International Small Company Fund   650   155   74   755
LargeCap S&P 500 Index Fund   6,664   1,746   786   7,853
MidCap S&P 400 Index Fund   1,824   487   219   2,088
Short-Term Income Fund   3,858   885   533   4,181
SmallCap S&P 600 Index Fund   744   192   89   840
  $ 33,749 $ 8,078 $ 4,276 $ 37,697

 

        Realized Gain/Loss   Realized Gain from   Change in Unrealized  
  Income     on Investments   Capital Gain Distributions   Gain/Loss  
Bond Market Index Fund $ 246 $ — $ — $ (350 )
Diversified International Fund   88   —   —   258  
Diversified Real Asset Fund   21   —   —   15  
Global Diversified Income Fund   36   —   —   40  
Inflation Protection Fund   38   —   —   (30 )
International Small Company Fund   30   —   3   24  
LargeCap S&P 500 Index Fund   124   5   344   224  
MidCap S&P 400 Index Fund   30   1   103   (5 )
Short-Term Income Fund   20   —   —   (29 )
SmallCap S&P 600 Index Fund   15   1   34   (8 )
  $ 648 $ 7 $ 484 $ 139  
Amounts in thousands                  

 

See accompanying notes.

200

 

      Schedule of Investments  
      Principal LifeTime Hybrid 2020 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 21.04%        
Diversified Real Asset Fund (a) 239,108 $ 2,841  
Global Diversified Income Fund (a) 574,360   8,208  
International Small Company Fund (a) 211,464   2,814  
MidCap S&P 400 Index Fund (a) 369,454   8,128  
Real Estate Securities Fund (a) 2   —  
SmallCap S&P 600 Index Fund (a) 113,491   3,149  
    $ 25,140  
Principal Funds, Inc. Institutional Class - 78.97%      
Bond Market Index Fund (a) 2,949,778   31,858  
Diversified International Fund (a) 1,354,583   19,926  
Inflation Protection Fund (a) 490,788   4,157  
LargeCap S&P 500 Index Fund (a) 1,665,829   30,834  
Short-Term Income Fund (a) 628,323   7,609  
    $ 94,384  
TOTAL INVESTMENT COMPANIES   $ 119,524  
Total Investments   $ 119,524  
Other Assets and Liabilities - (0.01)%   $ (10 )
TOTAL NET ASSETS - 100.00%   $ 119,514  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Fixed Income Funds 36.50 %
Domestic Equity Funds 35.24 %
International Equity Funds 19.02 %
Specialty Funds 9.25 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

201

 

    Schedule of Investments        
    Principal LifeTime Hybrid 2020 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Bond Market Index Fund $ 34,147 $ 3,454 $ 4,623 $ 31,858
Diversified International Fund   19,466   1,696   2,327   19,926
Diversified Real Asset Fund   2,885   288   384   2,841
Global Diversified Income Fund   8,460   752   1,125   8,208
Inflation Protection Fund   4,386   422   579   4,157
International Small Company Fund   2,719   323   324   2,814
LargeCap S&P 500 Index Fund   29,378   4,129   3,569   30,834
MidCap S&P 400 Index Fund   7,992   1,151   987   8,128
Real Estate Securities Fund   —   —   —   —
Short-Term Income Fund   8,103   675   1,109   7,609
SmallCap S&P 600 Index Fund   3,137   431   386   3,149
  $ 120,673 $ 13,321 $ 15,413 $ 119,524

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Bond Market Index Fund $ 811 $ 3   $ — $ (1,123 )
Diversified International Fund   366   55     —   1,036  
Diversified Real Asset Fund   68   3     —   49  
Global Diversified Income Fund   108   5     —   116  
Inflation Protection Fund   92   —     —   (72 )
International Small Company Fund   125   3     13   93  
LargeCap S&P 500 Index Fund   552   9     1,538   887  
MidCap S&P 400 Index Fund   132   1     456   (29 )
Real Estate Securities Fund   —   —     —   —  
Short-Term Income Fund   41   —     —   (60 )
SmallCap S&P 600 Index Fund   67   (1 )   144   (32 )
  $ 2,362 $ 78   $ 2,151 $ 865  
Amounts in thousands                    

 

See accompanying notes.

202

 

      Schedule of Investments  
      Principal LifeTime Hybrid 2025 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 22.06%        
Diversified Real Asset Fund (a) 188,516 $ 2,240  
Global Diversified Income Fund (a) 384,442   5,494  
International Small Company Fund (a) 192,042   2,556  
MidCap S&P 400 Index Fund (a) 335,447   7,380  
Real Estate Securities Fund (a) 17   —  
SmallCap S&P 600 Index Fund (a) 105,044   2,915  
    $ 20,585  
Principal Funds, Inc. Institutional Class - 77.95%      
Bond Market Index Fund (a) 2,105,752   22,742  
Diversified International Fund (a) 1,211,712   17,824  
Inflation Protection Fund (a) 272,901   2,312  
LargeCap S&P 500 Index Fund (a) 1,494,189   27,657  
Short-Term Income Fund (a) 183,291   2,220  
    $ 72,755  
TOTAL INVESTMENT COMPANIES   $ 93,340  
Total Investments   $ 93,340  
Other Assets and Liabilities - (0.01)%   $ (11 )
TOTAL NET ASSETS - 100.00%   $ 93,329  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 40.66 %
Fixed Income Funds 29.22 %
International Equity Funds 21.84 %
Specialty Funds 8.29 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

203

 

    Schedule of Investments        
    Principal LifeTime Hybrid 2025 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Bond Market Index Fund $ 23,225 $ 2,484 $ 2,205 $ 22,742
Diversified International Fund   16,747   1,575   1,440   17,824
Diversified Real Asset Fund   2,174   226   199   2,240
Global Diversified Income Fund   5,408   506   498   5,494
Inflation Protection Fund   2,328   238   216   2,312
International Small Company Fund   2,376   295   199   2,556
LargeCap S&P 500 Index Fund   25,354   3,715   2,193   27,657
MidCap S&P 400 Index Fund   6,972   1,044   610   7,380
Real Estate Securities Fund   —   —   —   —
Short-Term Income Fund   2,251   202   216   2,220
SmallCap S&P 600 Index Fund   2,788   397   240   2,915
  $ 89,623 $ 10,682 $ 8,016 $ 93,340

 

        Realized Gain/Loss   Realized Gain from   Change in Unrealized  
    Income   on Investments   Capital Gain Distributions   Gain/Loss  
Bond Market Index Fund $ 547 $ 1 $ — $ (763 )
Diversified International Fund   311   9   —   933  
Diversified Real Asset Fund   50   —   —   39  
Global Diversified Income Fund   70   1   —   77  
Inflation Protection Fund   48   —   —   (38 )
International Small Company Fund   108   —   11   84  
LargeCap S&P 500 Index Fund   473   10   1,316   771  
MidCap S&P 400 Index Fund   115   2   394   (28 )
Real Estate Securities Fund   —   —   —   —  
Short-Term Income Fund   11   —   —   (17 )
SmallCap S&P 600 Index Fund   59   —   127   (30 )
  $ 1,792 $ 23 $ 1,848 $ 1,028  
Amounts in thousands                  

 

See accompanying notes.

204

 

      Schedule of Investments  
      Principal LifeTime Hybrid 2030 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 23.43%        
Diversified Real Asset Fund (a) 226,291 $ 2,688  
Global Diversified Income Fund (a) 373,159   5,333  
International Emerging Markets Fund (a) 18,516   600  
International Small Company Fund (a) 267,818   3,565  
MidCap S&P 400 Index Fund (a) 470,612   10,354  
Origin Emerging Markets Fund (a) 45,935   619  
SmallCap S&P 600 Index Fund (a) 148,587   4,123  
    $ 27,282  
Principal Funds, Inc. Institutional Class - 76.58%      
Bond Market Index Fund (a) 2,206,103   23,826  
Diversified International Fund (a) 1,645,383   24,204  
Inflation Protection Fund (a) 263,560   2,232  
LargeCap S&P 500 Index Fund (a) 2,100,929   38,888  
    $ 89,150  
TOTAL INVESTMENT COMPANIES   $ 116,432  
Total Investments   $ 116,432  
Other Assets and Liabilities - (0.01)%   $ (8 )
TOTAL NET ASSETS - 100.00%   $ 116,424  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 45.83 %
International Equity Funds 24.90 %
Fixed Income Funds 22.39 %
Specialty Funds 6.89 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

205

 

    Schedule of Investments        
    Principal LifeTime Hybrid 2030 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Bond Market Index Fund $ 25,953 $ 3,220 $ 4,491 $ 23,826
Diversified International Fund   24,002   2,570   3,666   24,204
Diversified Real Asset Fund   2,773   336   470   2,688
Global Diversified Income Fund   5,580   612   937   5,333
Inflation Protection Fund   2,388   278   395   2,232
International Emerging Markets Fund   561   56   84   600
International Small Company Fund   3,490   483   526   3,565
LargeCap S&P 500 Index Fund   37,581   6,087   5,832   38,888
MidCap S&P 400 Index Fund   10,318   1,709   1,621   10,354
Origin Emerging Markets Fund   580   54   84   619
SmallCap S&P 600 Index Fund   4,162   658   646   4,123
  $ 117,388 $ 16,063 $ 18,752 $ 116,432

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Bond Market Index Fund $ 631 $ (3 ) $ — $ (853 )
Diversified International Fund   457   56     —   1,242  
Diversified Real Asset Fund   66   2     —   47  
Global Diversified Income Fund   72   3     —   75  
Inflation Protection Fund   51   —     —   (39 )
International Emerging Markets Fund   7   5     —   62  
International Small Company Fund   163   3     17   115  
LargeCap S&P 500 Index Fund   720   (24 )   2,004   1,076  
MidCap S&P 400 Index Fund   174   (1 )   600   (51 )
Origin Emerging Markets Fund   6   7     —   62  
SmallCap S&P 600 Index Fund   90   (4 )   195   (47 )
  $ 2,437 $ 44   $ 2,816 $ 1,689  
Amounts in thousands                    

 

See accompanying notes.

206

 

      Schedule of Investments  
      Principal LifeTime Hybrid 2035 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 21.63%        
Diversified Real Asset Fund (a) 407 $ 5  
International Emerging Markets Fund (a) 27,985   907  
International Small Company Fund (a) 178,828   2,380  
MidCap S&P 400 Index Fund (a) 325,605   7,164  
Origin Emerging Markets Fund (a) 69,137   932  
Real Estate Securities Fund (a) 70,518   1,629  
SmallCap S&P 600 Index Fund (a) 103,506   2,872  
    $ 15,889  
Principal Funds, Inc. Institutional Class - 78.38%      
Bond Market Index Fund (a) 1,172,831   12,666  
Diversified International Fund (a) 1,067,758   15,707  
High Yield Fund I (a) 253,043   2,508  
LargeCap S&P 500 Index Fund (a) 1,441,543   26,683  
    $ 57,564  
TOTAL INVESTMENT COMPANIES   $ 73,453  
Total Investments   $ 73,453  
Other Assets and Liabilities - (0.01)%   $ (11 )
TOTAL NET ASSETS - 100.00%   $ 73,442  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 52.21 %
International Equity Funds 27.13 %
Fixed Income Funds 20.66 %
Specialty Funds 0.01 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

207

 

      Schedule of Investments            
Principal LifeTime Hybrid 2035 Fund
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017 Purchases   Sales     January 31, 2018  
     Value     Cost   Proceeds     Value  
Bond Market Index Fund   $ 12,849 $   1,567 $ 1,316 $   12,666  
Diversified International Fund     14,651     1,569   1,355     15,707  
Diversified Real Asset Fund     5     —   —     5  
High Yield Fund I     2,501     282   257     2,508  
International Emerging Markets Fund     801     80   73     907  
International Small Company Fund     2,196     305   201     2,380  
LargeCap S&P 500 Index Fund     24,272     3,920   2,261     26,683  
MidCap S&P 400 Index Fund     6,715     1,107   631     7,164  
Origin Emerging Markets Fund     826     77   73     932  
Real Estate Securities Fund     1,632     202   163     1,629  
SmallCap S&P 600 Index Fund     2,727     429   253     2,872  
    $ 69,175 $   9,538 $ 6,583 $   73,453  
 
 
      Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income on Investments     Capital Gain Distributions   Gain/Loss  
Bond Market Index Fund $ 313 $ 2   $     — $ (436 )
Diversified International Fund   281   16         —   826  
Diversified Real Asset Fund   —   —         —   —  
High Yield Fund I   38   —         —   (18 )
International Emerging Markets Fund   11   2         —   97  
International Small Company Fund   103   1         11   79  
LargeCap S&P 500 Index Fund   467   7         1,300   745  
MidCap S&P 400 Index Fund   114   —         391   (27 )
Origin Emerging Markets Fund   8   3         —   99  
Real Estate Securities Fund   9   —         37   (42 )
SmallCap S&P 600 Index Fund   59   (1 )       128   (30 )
  $ 1,403 $ 30   $     1,867 $ 1,293  
Amounts in thousands                        

 

See accompanying notes.

208

 

      Schedule of Investments  
      Principal LifeTime Hybrid 2040 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 22.79%        
Diversified Real Asset Fund (a) 155 $ 2  
International Emerging Markets Fund (a) 36,502   1,183  
International Small Company Fund (a) 228,964   3,048  
MidCap S&P 400 Index Fund (a) 414,152   9,111  
Origin Emerging Markets Fund (a) 90,125   1,215  
Real Estate Securities Fund (a) 82,520   1,906  
SmallCap S&P 600 Index Fund (a) 132,622   3,680  
    $ 20,145  
Principal Funds, Inc. Institutional Class - 77.22%      
Bond Market Index Fund (a) 1,043,735   11,272  
Diversified International Fund (a) 1,376,111   20,243  
High Yield Fund I (a) 247,170   2,450  
LargeCap S&P 500 Index Fund (a) 1,852,628   34,292  
    $ 68,257  
TOTAL INVESTMENT COMPANIES   $ 88,402  
Total Investments   $ 88,402  
Other Assets and Liabilities - (0.01)%   $ (8 )
TOTAL NET ASSETS - 100.00%   $ 88,394  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 55.43 %
International Equity Funds 29.06 %
Fixed Income Funds 15.52 %
Specialty Funds 0.00 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

209

 

      Schedule of Investments            
Principal LifeTime Hybrid 2040 Fund
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017 Purchases   Sales     January 31, 2018  
     Value     Cost   Proceeds     Value  
Bond Market Index Fund   $ 11,382 $   1,715 $ 1,430 $   11,272  
Diversified International Fund     18,798     2,464   2,097     20,243  
Diversified Real Asset Fund     2     —   1     2  
High Yield Fund I     2,431     340   302     2,450  
International Emerging Markets Fund     1,039     128   115     1,183  
International Small Company Fund     2,799     457   308     3,048  
LargeCap S&P 500 Index Fund     31,040     5,828   3,503     34,292  
MidCap S&P 400 Index Fund     8,497     1,629   970     9,111  
Origin Emerging Markets Fund     1,071     124   113     1,215  
Real Estate Securities Fund     1,900     291   237     1,906  
SmallCap S&P 600 Index Fund     3,477     639   392     3,680  
    $ 82,436 $   13,615 $ 9,468 $   88,402  
 
 
      Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income on Investments     Capital Gain Distributions   Gain/Loss  
Bond Market Index Fund $ 288 $ —   $     — $ (395 )
Diversified International Fund   372   16         —   1,062  
Diversified Real Asset Fund   —   —         —   1  
High Yield Fund I   38   —         —   (19 )
International Emerging Markets Fund   14   4         —   127  
International Small Company Fund   135   —         14   100  
LargeCap S&P 500 Index Fund   618   (11 )       1,716   938  
MidCap S&P 400 Index Fund   149   (1 )       512   (44 )
Origin Emerging Markets Fund   11   5         —   128  
Real Estate Securities Fund   11   1         44   (49 )
SmallCap S&P 600 Index Fund   78   (3 )       169   (41 )
  $ 1,714 $ 11   $     2,455 $ 1,808  
Amounts in thousands                        

 

See accompanying notes.

210

 

      Schedule of Investments  
      Principal LifeTime Hybrid 2045 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.02% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 23.59%        
Diversified Real Asset Fund (a) 10 $ —  
International Emerging Markets Fund (a) 18,694   606  
International Small Company Fund (a) 124,831   1,661  
MidCap S&P 400 Index Fund (a) 227,888   5,014  
Origin Emerging Markets Fund (a) 46,135   622  
Real Estate Securities Fund (a) 43,183   998  
SmallCap S&P 600 Index Fund (a) 71,111   1,973  
    $ 10,874  
Principal Funds, Inc. Institutional Class - 76.43%      
Bond Market Index Fund (a) 416,779   4,501  
Diversified International Fund (a) 750,095   11,034  
High Yield Fund I (a) 90,599   898  
LargeCap S&P 500 Index Fund (a) 1,015,745   18,801  
    $ 35,234  
TOTAL INVESTMENT COMPANIES   $ 46,108  
Total Investments   $ 46,108  
Other Assets and Liabilities - (0.02)%   $ (9 )
TOTAL NET ASSETS - 100.00%   $ 46,099  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 58.10 %
International Equity Funds 30.21 %
Fixed Income Funds 11.71 %
Specialty Funds 0.00 %
Other Assets and Liabilities (0.02 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

211

 

    Schedule of Investments        
    Principal LifeTime Hybrid 2045 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Bond Market Index Fund $ 4,615 $ 530 $ 490 $ 4,501
Diversified International Fund   10,393   1,052   1,000   11,034
Diversified Real Asset Fund   —   —   —   —
High Yield Fund I   905   93   93   898
International Emerging Markets Fund   540   51   52   606
International Small Company Fund   1,548   205   146   1,661
LargeCap S&P 500 Index Fund   17,273   2,678   1,670   18,801
MidCap S&P 400 Index Fund   4,747   752   463   5,014
Origin Emerging Markets Fund   556   49   51   622
Real Estate Securities Fund   1,010   119   106   998
SmallCap S&P 600 Index Fund   1,893   286   184   1,973
  $ 43,480 $ 5,815 $ 4,255 $ 46,108

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
  Income     on Investments     Capital Gain Distributions   Gain/Loss  
Bond Market Index Fund $ 112 $ 1   $ — $ (155 )
Diversified International Fund   199   10     —   579  
Diversified Real Asset Fund   —   —     —   —  
High Yield Fund I   14   —     —   (7 )
International Emerging Markets Fund   7   2     —   65  
International Small Company Fund   72   —     7   54  
LargeCap S&P 500 Index Fund   331   5     921   515  
MidCap S&P 400 Index Fund   80   (1 )   276   (21 )
Origin Emerging Markets Fund   6   2     —   66  
Real Estate Securities Fund   5   —     23   (25 )
SmallCap S&P 600 Index Fund   41   —     89   (22 )
  $ 867 $ 19   $ 1,316 $ 1,049  
Amounts in thousands                    

 

See accompanying notes.

212

 

      Schedule of Investments  
      Principal LifeTime Hybrid 2050 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.02% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 24.13%        
International Emerging Markets Fund (a) 17,185 $ 557  
International Small Company Fund (a) 118,543   1,578  
MidCap S&P 400 Index Fund (a) 217,503   4,785  
Origin Emerging Markets Fund (a) 42,403   572  
Real Estate Securities Fund (a) 39,276   907  
SmallCap S&P 600 Index Fund (a) 69,051   1,916  
    $ 10,315  
Principal Funds, Inc. Institutional Class - 75.89%      
Bond Market Index Fund (a) 275,249   2,973  
Diversified International Fund (a) 727,634   10,703  
High Yield Fund I (a) 75,047   744  
LargeCap S&P 500 Index Fund (a) 973,949   18,028  
    $ 32,448  
TOTAL INVESTMENT COMPANIES   $ 42,763  
Total Investments   $ 42,763  
Other Assets and Liabilities - (0.02)%   $ (8 )
TOTAL NET ASSETS - 100.00%   $ 42,755  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 59.96 %
International Equity Funds 31.37 %
Fixed Income Funds 8.69 %
Other Assets and Liabilities (0.02 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

213

 

    Schedule of Investments        
    Principal LifeTime Hybrid 2050 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Bond Market Index Fund $ 2,895 $ 424 $ 246 $ 2,973
Diversified International Fund   9,642   1,237   735   10,703
High Yield Fund I   713   96   59   744
International Emerging Markets Fund   475   58   36   557
International Small Company Fund   1,407   226   106   1,578
LargeCap S&P 500 Index Fund   15,846   2,916   1,220   18,028
MidCap S&P 400 Index Fund   4,331   814   339   4,785
Origin Emerging Markets Fund   490   56   35   572
Real Estate Securities Fund   873   132   75   907
SmallCap S&P 600 Index Fund   1,757   317   137   1,916
  $ 38,429 $ 6,276 $ 2,988 $ 42,763

 

        Realized Gain/Loss   Realized Gain from   Change in Unrealized  
  Income     on Investments   Capital Gain Distributions   Gain/Loss  
Bond Market Index Fund $ 72 $ — $ — $ (100 )
Diversified International Fund   188   4   —   555  
High Yield Fund I   11   —   —   (6 )
International Emerging Markets Fund   6   1   —   59  
International Small Company Fund   67   —   7   51  
LargeCap S&P 500 Index Fund   311   1   864   485  
MidCap S&P 400 Index Fund   75   —   257   (21 )
Origin Emerging Markets Fund   5   1   —   60  
Real Estate Securities Fund   5   —   20   (23 )
SmallCap S&P 600 Index Fund   39   —   85   (21 )
  $ 779 $ 7 $ 1,233 $ 1,039  
Amounts in thousands                  

 

See accompanying notes.

214

 

      Schedule of Investments  
      Principal LifeTime Hybrid 2055 Fund  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.07% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 24.83%        
Diversified Real Asset Fund (a) 19 $ —  
International Emerging Markets Fund (a) 5,134   167  
International Small Company Fund (a) 37,390   498  
MidCap S&P 400 Index Fund (a) 67,328   1,481  
Origin Emerging Markets Fund (a) 12,640   170  
Real Estate Securities Fund (a) 11,869   274  
SmallCap S&P 600 Index Fund (a) 21,389   594  
    $ 3,184  
Principal Funds, Inc. Institutional Class - 75.24%      
Bond Market Index Fund (a) 58,748   634  
Diversified International Fund (a) 222,918   3,279  
High Yield Fund I (a) 22,760   226  
LargeCap S&P 500 Index Fund (a) 297,736   5,511  
    $ 9,650  
TOTAL INVESTMENT COMPANIES   $ 12,834  
Total Investments   $ 12,834  
Other Assets and Liabilities - (0.07)%   $ (9 )
TOTAL NET ASSETS - 100.00%   $ 12,825  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 61.29 %
International Equity Funds 32.07 %
Fixed Income Funds 6.71 %
Specialty Funds 0.00 %
Other Assets and Liabilities (0.07 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

215

 

      Schedule of Investments            
Principal LifeTime Hybrid 2055 Fund
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017 Purchases   Sales     January 31, 2018  
     Value   Cost   Proceeds     Value  
Bond Market Index Fund   $ 612 $ 107 $ 64 $   634  
Diversified International Fund     2,929   460   279     3,279  
Diversified Real Asset Fund     —   —   —     —  
High Yield Fund I     214   35   21     226  
International Emerging Markets Fund     141   21   12     167  
International Small Company Fund     440   83   40     498  
LargeCap S&P 500 Index Fund     4,803   1,022   460     5,511  
MidCap S&P 400 Index Fund     1,329   288   129     1,481  
Origin Emerging Markets Fund     145   21   14     170  
Real Estate Securities Fund     261   47   27     274  
SmallCap S&P 600 Index Fund     540   113   53     594  
    $ 11,414 $ 2,197 $ 1,099 $   12,834  
 
 
      Realized Gain/Loss   Realized Gain from     Change in Unrealized  
    Income on Investments   Capital Gain Distributions   Gain/Loss  
Bond Market Index Fund $ 15 $ — $     — $ (21 )
Diversified International Fund   57   2       —   167  
Diversified Real Asset Fund   —   —       —   —  
High Yield Fund I   3   —       —   (2 )
International Emerging Markets Fund   2   —       —   17  
International Small Company Fund   21   —       2   15  
LargeCap S&P 500 Index Fund   94   1       260   145  
MidCap S&P 400 Index Fund   23   —       78   (7 )
Origin Emerging Markets Fund   1   —       —   18  
Real Estate Securities Fund   1   —       6   (7 )
SmallCap S&P 600 Index Fund   12   —       26   (6 )
  $ 229 $ 3 $     372 $ 319  
Amounts in thousands                      

 

See accompanying notes.

216

 

Schedule of Investments
Principal LifeTime Hybrid 2060 Fund
January 31, 2018 (unaudited)

INVESTMENT COMPANIES - 100.36% Shares Held   Value  
Principal Funds, Inc. Class R-6 - 25.06%        
Diversified Real Asset Fund (a) 18 $ 214  
International Emerging Markets Fund (a) 966   31,330  
International Small Company Fund (a) 7,053   93,874  
MidCap S&P 400 Index Fund (a) 12,881   283,373  
Origin Emerging Markets Fund (a) 2,375   32,013  
Real Estate Securities Fund (a) 2,200   50,816  
SmallCap S&P 600 Index Fund (a) 4,079   113,198  
    $ 604,818  
Principal Funds, Inc. Institutional Class - 75.30%      
Bond Market Index Fund (a) 8,477   91,551  
Diversified International Fund (a) 42,770   629,142  
High Yield Fund I (a) 4,275   42,369  
LargeCap S&P 500 Index Fund (a) 57,003   1,055,121  
    $ 1,818,183  
TOTAL INVESTMENT COMPANIES   $ 2,423,001  
Total Investments   $ 2,423,001  
Other Assets and Liabilities - (0.36)%   $ (8,793 )
TOTAL NET ASSETS - 100.00%   $ 2,414,208  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 62.23 %
International Equity Funds 32.57 %
Fixed Income Funds 5.55 %
Specialty Funds 0.01 %
Other Assets and Liabilities (0.36 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

217

 

    Schedule of Investments        
    Principal LifeTime Hybrid 2060 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Bond Market Index Fund $ 76,800 $ 36,567 $ 18,740 $ 91,551
Diversified International Fund   497,836   200,482   103,372   629,142
Diversified Real Asset Fund   205   5   —   214
High Yield Fund I   35,296   15,403   8,060   42,369
International Emerging Markets Fund   23,535   9,221   4,836   31,330
International Small Company Fund   73,607   32,121   15,112   93,874
LargeCap S&P 500 Index Fund   813,853   382,433   171,077   1,055,121
MidCap S&P 400 Index Fund   224,824   107,244   47,756   283,373
Origin Emerging Markets Fund   24,276   9,140   4,836   32,013
Real Estate Securities Fund   42,506   19,868   10,075   50,816
SmallCap S&P 600 Index Fund   90,931   42,381   19,143   113,198
  $ 1,903,669 $ 854,865 $ 403,007 $ 2,423,001

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Bond Market Index Fund $ 2,232 $ 10   $ — $ (3,086 )
Diversified International Fund   11,086   1,089     —   33,107  
Diversified Real Asset Fund   5   —     —   4  
High Yield Fund I   636   —     —   (270 )
International Emerging Markets Fund   361   127     —   3,283  
International Small Company Fund   4,013   76     419   3,182  
LargeCap S&P 500 Index Fund   18,218   278     50,771   29,634  
MidCap S&P 400 Index Fund   4,440   82     15,306   (1,021 )
Origin Emerging Markets Fund   280   114     —   3,319  
Real Estate Securities Fund   275   8     1,134   (1,491 )
SmallCap S&P 600 Index Fund   2,305   (11 )   5,003   (960 )
  $ 43,851 $ 1,773   $ 72,633 $ 65,701  
Amounts shown are in dollars and not rounded to the thousands.                

 

See accompanying notes.

218

 

Schedule of Investments
Principal LifeTime Hybrid 2065 Fund
January 31, 2018 (unaudited)

INVESTMENT COMPANIES - 100.01% Shares Held   Value  
Principal Funds, Inc. Class R-6 - 24.91%        
International Emerging Markets Fund (a) 17 $ 548  
International Small Company Fund (a) 127   1,695  
MidCap S&P 400 Index Fund (a) 238   5,233  
Origin Emerging Markets Fund (a) 41   557  
Real Estate Securities Fund (a) 46   1,067  
SmallCap S&P 600 Index Fund (a) 75   2,089  
    $ 11,189  
Principal Funds, Inc. Institutional Class - 75.10%      
Bond Market Index Fund (a) 179   1,935  
Diversified International Fund (a) 789   11,614  
High Yield Fund I (a) 88   872  
LargeCap S&P 500 Index Fund (a) 1,043   19,314  
    $ 33,735  
TOTAL INVESTMENT COMPANIES   $ 44,924  
Total Investments   $ 44,924  
Other Assets and Liabilities - (0.01)%   $ (3 )
TOTAL NET ASSETS - 100.00%   $ 44,921  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 61.68 %
International Equity Funds 32.08 %
Fixed Income Funds 6.25 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

219

 

    Schedule of Investments        
    Principal LifeTime Hybrid 2065 Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Bond Market Index Fund $ 895 $ 1,519 $ 444 $ 1,935
Diversified International Fund   4,436   9,317   2,538   11,614
Diversified Real Asset Fund   502   —   503   —
High Yield Fund I   403   669   197   872
International Emerging Markets Fund   205   426   118   548
International Small Company Fund   651   1,377   370   1,695
LargeCap S&P 500 Index Fund   9,356   14,209   4,716   19,314
MidCap S&P 400 Index Fund   2,652   3,940   1,393   5,233
Origin Emerging Markets Fund   208   432   118   557
Real Estate Securities Fund   499   831   247   1,067
SmallCap S&P 600 Index Fund   1,076   1,580   575   2,089
  $ 20,883 $ 34,300 $ 11,219 $ 44,924

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Bond Market Index Fund $ 22 $ (3 ) $ — $ (32 )
Diversified International Fund   99   75     —   324  
Diversified Real Asset Fund   —   3     —   (2 )
High Yield Fund I   6   —     —   (3 )
International Emerging Markets Fund   3   5     —   30  
International Small Company Fund   35   9     4   28  
LargeCap S&P 500 Index Fund   162   192     450   273  
MidCap S&P 400 Index Fund   39   56     134   (22 )
Origin Emerging Markets Fund   2   5     —   30  
Real Estate Securities Fund   3   (3 )   11   (13 )
SmallCap S&P 600 Index Fund   20   26     44   (18 )
  $ 391 $ 365   $ 643 $ 595  
Amounts shown are in dollars and not rounded to the thousands.                

 

See accompanying notes.

220

 

Schedule of Investments
Principal LifeTime Hybrid Income Fund
January 31, 2018 (unaudited)

INVESTMENT COMPANIES - 100.05% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 17.86%        
Diversified Real Asset Fund (a) 43,144 $ 512  
Global Diversified Income Fund (a) 140,781   2,012  
International Small Company Fund (a) 18,117   241  
MidCap S&P 400 Index Fund (a) 28,154   619  
SmallCap S&P 600 Index Fund (a) 8,601   239  
    $ 3,623  
Principal Funds, Inc. Institutional Class - 82.19%      
Bond Market Index Fund (a) 726,525   7,847  
Diversified International Fund (a) 100,939   1,485  
Inflation Protection Fund (a) 128,242   1,086  
LargeCap S&P 500 Index Fund (a) 126,403   2,340  
Short-Term Income Fund (a) 324,145   3,925  
    $ 16,683  
TOTAL INVESTMENT COMPANIES   $ 20,306  
Total Investments   $ 20,306  
Other Assets and Liabilities - (0.05)%   $ (9 )
TOTAL NET ASSETS - 100.00%   $ 20,297  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Fixed Income Funds 63.35 %
Domestic Equity Funds 15.76 %
Specialty Funds 12.43 %
International Equity Funds 8.51 %
Other Assets and Liabilities (0.05 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

221

 

    Schedule of Investments        
    Principal LifeTime Hybrid Income Fund        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Bond Market Index Fund $ 9,665 $ 1,146 $ 2,666 $ 7,847
Diversified International Fund   1,630   163   388   1,485
Diversified Real Asset Fund   595   69   162   512
Global Diversified Income Fund   2,353   240   611   2,012
Inflation Protection Fund   1,290   137   322   1,086
International Small Company Fund   260   34   61   241
LargeCap S&P 500 Index Fund   2,500   381   603   2,340
MidCap S&P 400 Index Fund   684   106   168   619
Short-Term Income Fund   4,840   501   1,383   3,925
SmallCap S&P 600 Index Fund   267   40   65   239
  $ 24,084 $ 2,817 $ 6,429 $ 20,306

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
  Income     on Investments     Capital Gain Distributions   Gain/Loss  
Bond Market Index Fund $ 223 $ (6 ) $ — $ (292 )
Diversified International Fund   29   15     —   65  
Diversified Real Asset Fund   13   1     —   9  
Global Diversified Income Fund   28   5     —   25  
Inflation Protection Fund   25   1     —   (20 )
International Small Company Fund   11   2     1   6  
LargeCap S&P 500 Index Fund   46   5     126   57  
MidCap S&P 400 Index Fund   11   2     38   (5 )
Short-Term Income Fund   23   (1 )   —   (32 )
SmallCap S&P 600 Index Fund   6   1     12   (4 )
  $ 415 $ 25   $ 177 $ (191 )
Amounts in thousands                    

 

See accompanying notes.

222

 

Schedule of Investments
Principal LifeTime Strategic Income Fund
January 31, 2018 (unaudited)

INVESTMENT COMPANIES - 100.01% Shares Held   Value (000's)  
Principal Funds, Inc. Class R-6 - 27.98%        
Blue Chip Fund (a) 918,323 $ 21,002  
Diversified Real Asset Fund (a) 1,172,756   13,932  
Global Diversified Income Fund (a) 3,844,037   54,931  
Global Multi-Strategy Fund (a) 3,050,428   34,928  
International Small Company Fund (a) 488,667   6,504  
MidCap Fund (a) 557,294   15,855  
SmallCap Growth Fund I (a) 217,231   3,154  
SmallCap Value Fund II (a) 219,001   2,933  
    $ 153,239  
Principal Funds, Inc. Institutional Class - 72.03%      
Bond Market Index Fund (a) 5,234,799   56,536  
Core Plus Bond Fund (a) 10,954,107   118,962  
Diversified International Fund (a) 1,288,547   18,954  
Equity Income Fund (a) 608,877   19,959  
Global Opportunities Fund (a) 913,457   12,249  
Inflation Protection Fund (a) 3,152,186   26,699  
LargeCap S&P 500 Index Fund (a) 1,039,901   19,249  
Overseas Fund (a) 1,550,841   18,610  
Short-Term Income Fund (a) 8,522,323   103,205  
    $ 394,423  
TOTAL INVESTMENT COMPANIES   $ 547,662  
Total Investments   $ 547,662  
Other Assets and Liabilities - (0.01)%   $ (61 )
TOTAL NET ASSETS - 100.00%   $ 547,601  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Fixed Income Funds 55.77 %
Specialty Funds 18.95 %
Domestic Equity Funds 15.00 %
International Equity Funds 10.29 %
Other Assets and Liabilities (0.01 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

223

 

    Schedule of Investments        
    Principal LifeTime Strategic Income Fund      
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ 20,641 $ 676 $ 1,878 $ 21,002
Bond Market Index Fund   62,240   1,924   5,702   56,536
Core Plus Bond Fund   128,989   1,999   10,692   118,962
Diversified International Fund   18,766   453   1,284   18,954
Diversified Real Asset Fund   5,736   9,154   1,189   13,932
Equity Income Fund   20,255   1,134   2,185   19,959
Global Diversified Income Fund   57,535   1,126   4,514   54,931
Global Multi-Strategy Fund   37,208   1,366   3,326   34,928
Global Opportunities Fund   12,005   1,251   951   12,249
Inflation Protection Fund   37,433   787   11,102   26,699
International Small Company Fund   6,366   346   428   6,504
LargeCap S&P 500 Index Fund   17,289   2,735   1,330   19,249
MidCap Fund   15,740   622   1,093   15,855
Overseas Fund   18,465   688   1,282   18,610
Short-Term Income Fund   112,719   1,502   10,217   103,205
SmallCap Growth Fund I   3,108   198   214   3,154
SmallCap Value Fund II   3,023   201   212   2,933
  $ 577,518 $ 26,162 $ 57,599 $ 547,662

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 29 $ 257   $ 520 $ 1,306  
Bond Market Index Fund   1,389   —     —   (1,926 )
Core Plus Bond Fund   996   8     —   (1,342 )
Diversified International Fund   333   (24 )   —   1,043  
Diversified Real Asset Fund   318   3     —   228  
Equity Income Fund   148   558     859   197  
Global Diversified Income Fund   703   32     —   752  
Global Multi-Strategy Fund   891   142     162   (462 )
Global Opportunities Fund   994   59     168   (115 )
Inflation Protection Fund   564   498     —   (917 )
International Small Company Fund   277   19     29   201  
LargeCap S&P 500 Index Fund   332   1     924   554  
MidCap Fund   21   225     498   361  
Overseas Fund   455   51     113   688  
Short-Term Income Fund   543   10     —   (809 )
SmallCap Growth Fund I   72   37     106   25  
SmallCap Value Fund II   83   35     98   (114 )
  $ 8,148 $ 1,911   $ 3,477 $ (330 )
Amounts in thousands                    

 

See accompanying notes.

224

 

     Schedule of Investments Real Estate Securities Fund January 31, 2018 (unaudited)

COMMON STOCKS - 99.34% Shares Held   Value (000's)   Portfolio Summary (unaudited)    
Lodging - 4.43%         Sector Percent  
Extended Stay America Inc 1,380,130 $ 27,920   Financial 92.20 %
Hilton Grand Vacations Inc (a) 601,242   27,038   Consumer, Cyclical 4.43 %
Hilton Worldwide Holdings Inc 1,167,044   99,957   Technology 2.71 %
    $ 154,915   Investment Companies 0.85 %
REITs - 92.20%         Other Assets and Liabilities (0.19 )%
Alexandria Real Estate Equities Inc 1,139,969   147,854   TOTAL NET ASSETS 100.00 %
American Homes 4 Rent 1,590,960   33,076        
American Tower Corp 551,033   81,388        
Apartment Investment & Management Co 2,458,483   102,863        
AvalonBay Communities Inc 973,514   165,887        
Boston Properties Inc 448,966   55,542        
Corporate Office Properties Trust 722,040   19,712        
Crown Castle International Corp 329,456   37,153        
CubeSmart 1,850,216   50,936        
DCT Industrial Trust Inc 702,360   41,573        
DDR Corp 2,408,702   19,559        
Duke Realty Corp 3,636,843   96,049        
EPR Properties 821,077   48,493        
Equinix Inc 559,703   254,771        
Equity LifeStyle Properties Inc 576,024   49,722        
Equity Residential 579,001   35,672        
Essex Property Trust Inc 749,018   174,506        
Extra Space Storage Inc 1,046,364   87,350        
First Industrial Realty Trust Inc 946,899   29,221        
GGP Inc 965,939   22,246        
HCP Inc 1,367,850   32,938        
Healthcare Trust of America Inc 1,384,066   38,214        
Host Hotels & Resorts Inc 1,162,858   24,141        
Hudson Pacific Properties Inc 1,611,501   51,520        
Invitation Homes Inc 7,312,352   164,455        
Kilroy Realty Corp 1,272,390   90,747        
Physicians Realty Trust 3,131,566   51,044        
Prologis Inc 2,615,504   170,295        
Public Storage 349,339   68,387        
Regency Centers Corp 1,593,662   100,257        
Saul Centers Inc 311,728   17,061        
Simon Property Group Inc 1,655,891   270,523        
SL Green Realty Corp 727,982   73,177        
Spirit Realty Capital Inc 4,418,951   36,103        
STORE Capital Corp 3,695,718   90,582        
Sun Communities Inc 905,631   80,456        
Sunstone Hotel Investors Inc 3,725,345   62,772        
Tanger Factory Outlet Centers Inc 1,348,334   33,951        
Terreno Realty Corp 706,379   25,147        
Vornado Realty Trust 443,191   31,768        
Welltower Inc 1,878,919   112,679        
Weyerhaeuser Co 1,155,440   43,375        
    $ 3,223,165        
Software - 2.71%              
InterXion Holding NV (a) 1,506,633   94,541        
 
TOTAL COMMON STOCKS   $ 3,472,621        
INVESTMENT COMPANIES - 0.85% Shares Held   Value (000's)        
Money Market Funds - 0.85%              
Principal Government Money Market Fund (b) 29,888,437   29,888        
 
TOTAL INVESTMENT COMPANIES   $ 29,888        
Total Investments   $ 3,502,509        
Other Assets and Liabilities - (0.19)%   $ (6,622 )      
TOTAL NET ASSETS - 100.00%   $ 3,495,887        

 

(a)      Non-income producing security
(b)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.

See accompanying notes.

225

 

Schedule of Investments
Real Estate Securities Fund
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales     January 31, 2018
     Value     Cost   Proceeds     Value
Principal Government Money Market Fund   $ — $   87,296 $ 57,408 $   29,888
    $ — $   87,296 $ 57,408 $   29,888
 
 
      Realized Gain/Loss     Realized Gain from     Change in Unrealized
    Income on Investments     Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 35 $   — $     — $ —
  $ 35 $   — $     — $ —
Amounts in thousands                      

 

See accompanying notes.

226

 

      Schedule of Investments  
      SAM Balanced Portfolio  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.11% Shares Held   Value (000's)  
Money Market Funds - 0.76%        
Principal Government Money Market Fund (a) 38,115,142 $ 38,115  
 
Principal Exchange-Traded Funds - 14.22%        
Principal Active Global Dividend Income ETF 7,331,200   213,630  
(a)        
Principal EDGE Active Income ETF (a) 1,371,900   56,660  
Principal U.S. Mega-Cap Multi-Factor Index 12,438,200   342,051  
ETF (a)        
Principal U.S. Small-Cap Multi-Factor Index 3,073,100   98,124  
ETF (a)        
    $ 710,465  
Principal Funds, Inc. Class R-6 - 43.09%        
Blue Chip Fund (a) 15,379,730   351,734  
Diversified Real Asset Fund (a) 14,386,009   170,906  
EDGE MidCap Fund (a) 11,633,059   164,957  
Global Multi-Strategy Fund (a) 18,260,513   209,083  
Global Real Estate Securities Fund (a) 14,459,973   139,249  
High Yield Fund (a) 9,963,666   74,329  
Income Fund (a) 64,018,619   607,537  
International Emerging Markets Fund (a) 3,665,008   118,820  
International Small Company Fund (a) 5,223,536   69,525  
Preferred Securities Fund (a) 12,271,753   126,399  
Real Estate Debt Income Fund (a) 4,985,092   47,109  
Small-MidCap Dividend Income Fund (a) 4,152,505   72,752  
    $ 2,152,400  
Principal Funds, Inc. Institutional Class - 42.04%      
Diversified International Fund (a) 41,161,292   605,483  
Equity Income Fund (a) 18,349,347   601,492  
Government & High Quality Bond Fund (a) 25,940,908   265,375  
Inflation Protection Fund (a) 9,243,138   78,289  
LargeCap Growth Fund (a) 4,678,975   48,849  
LargeCap Value Fund (a) 9,566,793   109,061  
Principal Capital Appreciation Fund (a) 721,112   47,536  
Short-Term Income Fund (a) 28,426,792   344,248  
    $ 2,100,333  
TOTAL INVESTMENT COMPANIES   $ 5,001,313  
Total Investments   $ 5,001,313  
Other Assets and Liabilities - (0.11)%   $ (5,438 )
TOTAL NET ASSETS - 100.00%   $ 4,995,875  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 36.76 %
Fixed Income Funds 32.02 %
International Equity Funds 22.96 %
Specialty Funds 7.61 %
Investment Companies 0.76 %
Other Assets and Liabilities (0.11 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

227

 

    Schedule of Investments        
    SAM Balanced Portfolio        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ 246,974 $ 80,488 $ — $ 351,734
Diversified International Fund   574,399   18,936   20,130   605,483
Diversified Real Asset Fund   201,097   3,882   37,235   170,906
EDGE MidCap Fund   102,805   52,635   —   164,957
Equity Income Fund   538,712   53,968   12,781   601,492
Global Multi-Strategy Fund   370,582   6,689   166,423   209,083
Global Real Estate Securities Fund   129,904   7,374   —   139,249
Government & High Quality Bond Fund   253,112   22,068   4,715   265,375
High Yield Fund   71,327   4,959   1,571   74,329
Income Fund   574,164   46,939   7,859   607,537
Inflation Protection Fund   74,443   5,107   —   78,289
International Emerging Markets Fund   116,958   1,395   12,788   118,820
International Small Company Fund   63,851   3,336   —   69,525
LargeCap Growth Fund   142,354   12,219   101,710   48,849
LargeCap Value Fund   288,488   43,802   198,632   109,061
Preferred Securities Fund   122,658   8,508   2,700   126,399
Principal Active Global Dividend Income   126,330   72,041   —   213,630
ETF                
Principal Capital Appreciation Fund   136,085   5,747   96,335   47,536
Principal EDGE Active Income ETF   53,950   3,360   —   56,660
Principal Government Money Market Fund   —   140,420   102,305   38,115
Principal U.S. Mega-Cap Multi-Factor Index   57,753   265,268   —   342,051
ETF                
Principal U.S. Small-Cap Multi-Factor   74,261   19,001   —   98,124
Index ETF                
Real Estate Debt Income Fund   46,556   2,909   1,571   47,109
Short-Term Income Fund   316,071   30,651   —   344,248
Small-MidCap Dividend Income Fund   203,415   5,869   136,622   72,752
  $ 4,886,249 $ 917,571 $ 903,377 $ 5,001,313

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 439 $ —   $ 7,830 $ 24,272  
Diversified International Fund   10,314   1,559     —   30,719  
Diversified Real Asset Fund   3,882   1,841     —   1,321  
EDGE MidCap Fund   721   —     1,384   9,517  
Equity Income Fund   4,310   510     25,073   21,083  
Global Multi-Strategy Fund   5,656   7,802     1,032   (9,567 )
Global Real Estate Securities Fund   2,683   —     2,100   1,971  
Government & High Quality Bond Fund   1,896   (102 )   —   (4,988 )
High Yield Fund   1,017   (7 )   —   (379 )
Income Fund   5,038   (93 )   —   (5,614 )
Inflation Protection Fund   1,547   —     —   (1,261 )
International Emerging Markets Fund   1,395   2,530     —   10,725  
International Small Company Fund   2,846   —     297   2,338  
LargeCap Growth Fund   2,599   47,646     9,621   (51,660 )
LargeCap Value Fund   19,080   20,748     24,722   (45,345 )
Preferred Securities Fund   1,641   (18 )   199   (2,049 )
Principal Active Global Dividend Income                    
ETF   1,657   —     11   15,259  
Principal Capital Appreciation Fund   1,030   51,685     4,717   (49,646 )
Principal EDGE Active Income ETF   980   —     226   (650 )
Principal Government Money Market Fund 32   —     —   —  
Principal U.S. Mega-Cap Multi-Factor Index                  
ETF   579   —     —   19,030  
Principal U.S. Small-Cap Multi-Factor                    
Index ETF   280   —     —   4,862  
Real Estate Debt Income Fund   472   (18 )   —   (767 )
Short-Term Income Fund   1,679   —     —   (2,474 )
Small-MidCap Dividend Income Fund   2,138   40,339     3,731   (40,249 )
  $ 73,911 $ 174,422   $ 80,943 $ (73,552 )
Amounts in thousands                    

 

See accompanying notes.

228

 

      Schedule of Investments  
      SAM Conservative Balanced Portfolio  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.38% Shares Held   Value (000's)  
Money Market Funds - 0.94%        
Principal Government Money Market Fund (a) 17,262,147 $ 17,262  
 
Principal Exchange-Traded Funds - 10.50%        
Principal Active Global Dividend Income ETF 1,315,000   38,319  
(a)        
Principal EDGE Active Income ETF (a) 1,047,000   43,241  
Principal U.S. Mega-Cap Multi-Factor Index 3,169,700   87,167  
ETF (a)        
Principal U.S. Small-Cap Multi-Factor Index 756,900   24,168  
ETF (a)        
    $ 192,895  
Principal Funds, Inc. Class R-6 - 46.73%        
Blue Chip Fund (a) 3,107,788   71,075  
Diversified Real Asset Fund (a) 4,761,159   56,563  
EDGE MidCap Fund (a) 3,011,699   42,706  
Global Diversified Income Fund (a) 3,428,275   48,990  
Global Multi-Strategy Fund (a) 6,397,151   73,247  
Global Real Estate Securities Fund (a) 3,488,458   33,594  
High Yield Fund (a) 6,262,567   46,719  
Income Fund (a) 35,440,022   336,326  
International Emerging Markets Fund (a) 990,971   32,127  
International Small Company Fund (a) 1,204,320   16,030  
Preferred Securities Fund (a) 7,121,685   73,353  
Real Estate Debt Income Fund (a) 1,680,599   15,882  
Small-MidCap Dividend Income Fund (a) 695,457   12,184  
    $ 858,796  
Principal Funds, Inc. Institutional Class - 42.21%      
Diversified International Fund (a) 10,068,767   148,111  
Equity Income Fund (a) 4,198,711   137,634  
Government & High Quality Bond Fund (a) 17,155,676   175,502  
Inflation Protection Fund (a) 5,491,609   46,514  
LargeCap Growth Fund (a) 1,583,684   16,534  
LargeCap Value Fund (a) 3,228,921   36,810  
Principal Capital Appreciation Fund (a) 192,938   12,718  
Short-Term Income Fund (a) 16,676,271   201,950  
    $ 775,773  
TOTAL INVESTMENT COMPANIES   $ 1,844,726  
Total Investments   $ 1,844,726  
Other Assets and Liabilities - (0.38)%   $ (6,951 )
TOTAL NET ASSETS - 100.00%   $ 1,837,775  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Fixed Income Funds 51.11 %
Domestic Equity Funds 23.99 %
International Equity Funds 14.60 %
Specialty Funds 9.74 %
Investment Companies 0.94 %
Other Assets and Liabilities (0.38 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

229

 

    Schedule of Investments        
    SAM Conservative Balanced Portfolio        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ 41,215 $ 25,149 $ — $ 71,075
Diversified International Fund   144,496   4,513   8,799   148,111
Diversified Real Asset Fund   53,254   2,305   —   56,563
EDGE MidCap Fund   33,096   6,910   —   42,706
Equity Income Fund   120,343   19,199   6,872   137,634
Global Diversified Income Fund   48,300   1,037   1,029   48,990
Global Multi-Strategy Fund   86,980   2,182   15,292   73,247
Global Real Estate Securities Fund   27,261   5,928   —   33,594
Government & High Quality Bond Fund   174,378   6,841   2,319   175,502
High Yield Fund   46,357   1,378   767   46,719
Income Fund   331,272   13,549   5,328   336,326
Inflation Protection Fund   40,709   6,569   —   46,514
International Emerging Markets Fund   31,084   366   2,842   32,127
International Small Company Fund   15,973   803   1,288   16,030
LargeCap Growth Fund   44,210   3,758   30,255   16,534
LargeCap Value Fund   93,531   13,815   62,869   36,810
Preferred Securities Fund   73,546   2,470   1,459   73,353
Principal Active Global Dividend Income   35,391   —   —   38,319
ETF                
Principal Capital Appreciation Fund   36,278   1,441   25,550   12,718
Principal EDGE Active Income ETF   43,734   —   —   43,241
Principal Government Money Market Fund   —   40,241   22,979   17,262
Principal U.S. Mega-Cap Multi-Factor Index   17,577   65,101   —   87,167
ETF                
Principal U.S. Small-Cap Multi-Factor   21,536   1,345   —   24,168
Index ETF                
Real Estate Debt Income Fund   15,647   670   169   15,882
Short-Term Income Fund   196,327   10,281   3,177   201,950
Small-MidCap Dividend Income Fund   32,416   901   21,165   12,184
  $ 1,804,911 $ 236,752 $ 212,159 $ 1,844,726

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 84 $ —   $ 1,500 $ 4,711  
Diversified International Fund   2,553   633     —   7,268  
Diversified Real Asset Fund   1,227   —     —   1,004  
EDGE MidCap Fund   199   —     382   2,700  
Equity Income Fund   956   80     5,561   4,884  
Global Diversified Income Fund   607   5     —   677  
Global Multi-Strategy Fund   1,846   600     337   (1,223 )
Global Real Estate Securities Fund   613   —     479   405  
Government & High Quality Bond Fund   1,276   (100 )   —   (3,298 )
High Yield Fund   645   (2 )   —   (247 )
Income Fund   2,825   (76 )   —   (3,091 )
Inflation Protection Fund   918   —     —   (764 )
International Emerging Markets Fund   366   478     —   3,041  
International Small Company Fund   683   153     71   389  
LargeCap Growth Fund   799   12,719     2,959   (13,898 )
LargeCap Value Fund   6,022   5,862     7,794   (13,529 )
Preferred Securities Fund   956   (4 )   115   (1,200 )
Principal Active Global Dividend Income                    
ETF   312   —     2   2,928  
Principal Capital Appreciation Fund   259   13,112     1,182   (12,563 )
Principal EDGE Active Income ETF   784   —     179   (493 )
Principal Government Money Market Fund 15   —     —   —  
Principal U.S. Mega-Cap Multi-Factor Index                  
ETF   132   —     —   4,489  
Principal U.S. Small-Cap Multi-Factor                    
Index ETF   73   —     —   1,287  
Real Estate Debt Income Fund   160   (1 )   —   (265 )
Short-Term Income Fund   1,005   (21 )   —   (1,460 )
Small-MidCap Dividend Income Fund   329   8,057     573   (8,025 )
  $ 25,644 $ 41,495   $ 21,134 $ (26,273 )
Amounts in thousands                    

 

See accompanying notes.

230

 

      Schedule of Investments  
      SAM Conservative Growth Portfolio  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.12% Shares Held   Value (000's)  
Money Market Funds - 0.99%        
Principal Government Money Market Fund (a) 33,532,602 $ 33,533  
 
Principal Exchange-Traded Funds - 14.97%        
Principal Active Global Dividend Income ETF 3,730,000   108,692  
(a)        
Principal U.S. Mega-Cap Multi-Factor Index 11,056,800   304,062  
ETF (a)        
Principal U.S. Small-Cap Multi-Factor Index 2,898,200   92,539  
ETF (a)        
    $ 505,293  
Principal Funds, Inc. Class R-6 - 38.28%        
Blue Chip Fund (a) 13,059,786   298,677  
Diversified Real Asset Fund (a) 11,034,980   131,096  
EDGE MidCap Fund (a) 13,097,908   185,728  
Global Multi-Strategy Fund (a) 4,742,911   54,306  
Global Real Estate Securities Fund (a) 7,460,094   71,841  
Income Fund (a) 18,314,259   173,802  
International Small Company Fund (a) 4,565,048   60,761  
Multi-Manager Equity Long/Short Fund (a) 8,076,793   89,733  
Origin Emerging Markets Fund (a) 8,764,086   118,140  
Preferred Securities Fund (a) 4,690,653   48,314  
Small-MidCap Dividend Income Fund (a) 3,388,611   59,369  
    $ 1,291,767  
Principal Funds, Inc. Institutional Class - 45.88%      
Diversified International Fund (a) 40,449,237   595,008  
Equity Income Fund (a) 14,243,702   466,909  
Government & High Quality Bond Fund (a) 9,105,212   93,146  
LargeCap Growth Fund (a) 5,969,545   62,322  
LargeCap Value Fund (a) 10,606,791   120,918  
Principal Capital Appreciation Fund (a) 862,943   56,885  
Short-Term Income Fund (a) 12,635,204   153,012  
    $ 1,548,200  
TOTAL INVESTMENT COMPANIES   $ 3,378,793  
Total Investments   $ 3,378,793  
Other Assets and Liabilities - (0.12)%   $ (4,043 )
TOTAL NET ASSETS - 100.00%   $ 3,374,750  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 48.82 %
International Equity Funds 28.28 %
Fixed Income Funds 13.87 %
Specialty Funds 8.16 %
Investment Companies 0.99 %
Other Assets and Liabilities (0.12 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

231

 

    Schedule of Investments        
    SAM Conservative Growth Portfolio        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ 200,954 $ 77,363 $ — $ 298,677
Diversified International Fund   563,203   16,224   16,011   595,008
Diversified Real Asset Fund   125,098   6,422   2,771   131,096
EDGE MidCap Fund   163,061   10,514   —   185,728
Equity Income Fund   307,053   149,225   3,309   466,909
Global Multi-Strategy Fund   53,550   2,041   835   54,306
Global Real Estate Securities Fund   44,012   27,271   —   71,841
Government & High Quality Bond Fund   90,192   4,743   —   93,146
Income Fund   168,759   9,180   2,503   173,802
International Small Company Fund   57,799   2,847   1,937   60,761
LargeCap Growth Fund   173,073   14,786   120,835   62,322
LargeCap Value Fund   313,544   45,707   213,241   120,918
Multi-Manager Equity Long/Short Fund   87,268   4,541   2,531   89,733
Origin Emerging Markets Fund   118,808   1,046   14,917   118,140
Preferred Securities Fund   47,140   1,960   —   48,314
Principal Active Global Dividend Income   100,386   —   —   108,692
ETF                
Principal Capital Appreciation Fund   158,192   6,468   110,236   56,885
Principal Government Money Market Fund   —   117,316   83,783   33,533
Principal U.S. Mega-Cap Multi-Factor Index   55,242   231,964   —   304,062
ETF                
Principal U.S. Small-Cap Multi-Factor   77,312   10,664   —   92,539
Index ETF                
Short-Term Income Fund   146,460   7,666   —   153,012
Small-MidCap Dividend Income Fund   168,576   4,576   113,958   59,369
  $ 3,219,682 $ 752,524 $ 686,867 $ 3,378,793

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 367 $ —   $ 6,544 $ 20,360  
Diversified International Fund   10,087   864     —   30,728  
Diversified Real Asset Fund   2,875   (25 )   —   2,372  
EDGE MidCap Fund   884   —     1,697   12,153  
Equity Income Fund   3,075   138     17,879   13,802  
Global Multi-Strategy Fund   1,314   52     239   (502 )
Global Real Estate Securities Fund   1,248   —     976   558  
Government & High Quality Bond Fund   668   —     —   (1,789 )
Income Fund   1,451   (12 )   —   (1,622 )
International Small Company Fund   2,524   169     264   1,883  
LargeCap Growth Fund   3,145   50,234     11,642   (54,936 )
LargeCap Value Fund   19,910   19,535     25,797   (44,627 )
Multi-Manager Equity Long/Short Fund   2,787   117     1,666   338  
Origin Emerging Markets Fund   1,046   3,120     —   10,083  
Preferred Securities Fund   623   —     75   (786 )
Principal Active Global Dividend Income                    
ETF   886   —     6   8,306  
Principal Capital Appreciation Fund   1,157   56,894     5,311   (54,433 )
Principal Government Money Market Fund 21   —     —   —  
Principal U.S. Mega-Cap Multi-Factor Index                  
ETF   509   —     —   16,856  
Principal U.S. Small-Cap Multi-Factor                    
Index ETF   263   —     —   4,563  
Short-Term Income Fund   756   —     —   (1,114 )
Small-MidCap Dividend Income Fund   1,666   35,201     2,910   (35,026 )
  $ 57,262 $ 166,287   $ 75,006 $ (72,833 )
Amounts in thousands                    

 

See accompanying notes.

232

 

      Schedule of Investments  
      SAM Flexible Income Portfolio  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.26% Shares Held   Value (000's)  
Money Market Funds - 0.72%        
Principal Government Money Market Fund (a) 19,936,087 $ 19,936  
 
Principal Exchange-Traded Funds - 11.72%        
Principal Active Global Dividend Income ETF 5,316,000   154,908  
(a)        
Principal EDGE Active Income ETF (a) 1,664,800   68,756  
Principal U.S. Mega-Cap Multi-Factor Index 3,741,200   102,883  
ETF (a)        
    $ 326,547  
Principal Funds, Inc. Class R-6 - 47.79%        
EDGE MidCap Fund (a) 1,806,141   25,611  
Global Diversified Income Fund (a) 9,833,011   140,514  
Global Real Estate Securities Fund (a) 10,274,151   98,940  
High Yield Fund (a) 16,591,742   123,774  
Income Fund (a) 75,322,882   714,814  
International Emerging Markets Fund (a) 222,251   7,205  
Preferred Securities Fund (a) 13,833,449   142,485  
Real Estate Debt Income Fund (a) 5,434,117   51,353  
Small-MidCap Dividend Income Fund (a) 1,545,941   27,085  
    $ 1,331,781  
Principal Funds, Inc. Institutional Class - 40.03%      
Diversified International Fund (a) 779,048   11,460  
Equity Income Fund (a) 6,818,205   223,501  
Government & High Quality Bond Fund (a) 30,177,652   308,717  
Inflation Protection Fund (a) 21,038,962   178,200  
LargeCap Growth Fund (a) 1,650,225   17,228  
LargeCap Value Fund (a) 2,079,865   23,710  
Short-Term Income Fund (a) 29,105,830   352,472  
    $ 1,115,288  
TOTAL INVESTMENT COMPANIES   $ 2,793,552  
Total Investments   $ 2,793,552  
Other Assets and Liabilities - (0.26)%   $ (7,169 )
TOTAL NET ASSETS - 100.00%   $ 2,786,383  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Fixed Income Funds 69.65 %
Domestic Equity Funds 15.07 %
International Equity Funds 9.78 %
Specialty Funds 5.04 %
Investment Companies 0.72 %
Other Assets and Liabilities (0.26 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

233

 

    Schedule of Investments        
    SAM Flexible Income Portfolio        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Diversified International Fund $ 58,755 $ 402 $ 48,480 $ 11,460
EDGE MidCap Fund   —   24,537   —   25,611
Equity Income Fund   273,840   12,839   73,161   223,501
Global Diversified Income Fund   138,102   2,641   2,192   140,514
Global Real Estate Securities Fund   95,557   3,793   1,857   98,940
Government & High Quality Bond Fund   310,380   8,171   3,843   308,717
High Yield Fund   123,340   3,281   2,192   123,774
Income Fund   710,888   22,297   11,631   714,814
Inflation Protection Fund   176,707   6,260   1,857   178,200
International Emerging Markets Fund   18,109   123   12,139   7,205
LargeCap Growth Fund   45,466   3,819   30,893   17,228
LargeCap Value Fund   59,271   9,058   39,610   23,710
Preferred Securities Fund   143,784   3,065   2,024   142,485
Principal Active Global Dividend Income   43,976   101,725   —   154,908
ETF                
Principal EDGE Active Income ETF   67,827   1,716   —   68,756
Principal Government Money Market Fund   —   74,128   54,192   19,936
Principal U.S. Mega-Cap Multi-Factor Index   18,707   78,668   —   102,883
ETF                
Real Estate Debt Income Fund   51,449   1,700   926   51,353
Short-Term Income Fund   350,877   8,245   4,048   352,472
Small-MidCap Dividend Income Fund   70,242   2,251   45,480   27,085
  $ 2,757,277 $ 368,719 $ 334,525 $ 2,793,552

 

        Realized Gain/Loss     Realized Gain from   Change in Unrealized  
    Income   on Investments     Capital Gain Distributions   Gain/Loss  
Diversified International Fund $ 319 $ 10,844   $ — $ (10,061 )
EDGE MidCap Fund   89   —     170   1,074  
Equity Income Fund   1,786   10,689     10,389   (706 )
Global Diversified Income Fund   1,742   5     —   1,958  
Global Real Estate Securities Fund   1,926   24     1,507   1,423  
Government & High Quality Bond Fund   2,255   (239 )   —   (5,752 )
High Yield Fund   1,715   (2 )   —   (653 )
Income Fund   6,018   (227 )   —   (6,513 )
Inflation Protection Fund   3,601   (16 )   —   (2,894 )
International Emerging Markets Fund   123   3,055     —   (1,943 )
LargeCap Growth Fund   812   6,412     3,007   (7,576 )
LargeCap Value Fund   3,949   3,575     5,109   (8,584 )
Preferred Securities Fund   1,861   (7 )   224   (2,333 )
Principal Active Global Dividend Income                  
ETF   1,041   —     7   9,207  
Principal EDGE Active Income ETF   1,215   —     278   (787 )
Principal Government Money Market Fund 26   —     —   —  
Principal U.S. Mega-Cap Multi-Factor Index                  
ETF   162   —     —   5,508  
Real Estate Debt Income Fund   524   (15 )   —   (855 )
Short-Term Income Fund   1,765   (34 )   —   (2,568 )
Small-MidCap Dividend Income Fund   730   18,032     1,272   (17,960 )
  $ 31,659 $ 52,096   $ 21,963 $ (50,015 )
Amounts in thousands                    

 

See accompanying notes.

234

 

      Schedule of Investments  
      SAM Strategic Growth Portfolio  
      January 31, 2018 (unaudited)  
 
 
INVESTMENT COMPANIES - 100.36% Shares Held   Value (000's)  
Money Market Funds - 1.13%        
Principal Government Money Market Fund (a) 23,727,038 $ 23,727  
 
Principal Exchange-Traded Funds - 21.40%        
Principal Active Global Dividend Income ETF 3,486,000   101,582  
(a)        
Principal EDGE Active Income ETF (a) 1,859,800   76,810  
Principal U.S. Mega-Cap Multi-Factor Index 6,755,200   185,768  
ETF (a)        
Principal U.S. Small-Cap Multi-Factor Index 2,641,700   84,349  
ETF (a)        
    $ 448,509  
Principal Funds, Inc. Class R-6 - 31.15%        
Blue Chip Fund (a) 5,721,034   130,840  
EDGE MidCap Fund (a) 6,831,426   96,869  
Global Multi-Strategy Fund (a) 2,895,697   33,156  
Global Real Estate Securities Fund (a) 9,246,586   89,044  
International Small Company Fund (a) 3,267,932   43,496  
Multi-Manager Equity Long/Short Fund (a) 4,248,044   47,196  
Origin Emerging Markets Fund (a) 10,236,695   137,991  
Real Estate Debt Income Fund (a) 4,958,162   46,855  
Small-MidCap Dividend Income Fund (a) 1,572,823   27,556  
    $ 653,003  
Principal Funds, Inc. Institutional Class - 46.68%      
Diversified International Fund (a) 30,067,189   442,289  
Equity Income Fund (a) 8,272,184   271,162  
LargeCap Growth Fund (a) 5,535,556   57,791  
LargeCap Value Fund (a) 6,006,297   68,472  
Principal Capital Appreciation Fund (a) 1,562,102   102,974  
Short-Term Income Fund (a) 2,943,461   35,645  
    $ 978,333  
TOTAL INVESTMENT COMPANIES   $ 2,103,572  
Total Investments   $ 2,103,572  
Other Assets and Liabilities - (0.36)%   $ (7,618 )
TOTAL NET ASSETS - 100.00%   $ 2,095,954  

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)
Fund Type Percent  
Domestic Equity Funds 48.93 %
International Equity Funds 38.86 %
Fixed Income Funds 7.61 %
Specialty Funds 3.83 %
Investment Companies 1.13 %
Other Assets and Liabilities (0.36 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

235

 

    Schedule of Investments        
    SAM Strategic Growth Portfolio        
    January 31, 2018 (unaudited)        
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales   January 31, 2018
    Value   Cost   Proceeds   Value
Blue Chip Fund $ — $ 124,015 $ — $ 130,840
Diversified International Fund   420,336   11,910   13,473   442,289
EDGE MidCap Fund   42,661   49,139   —   96,869
Equity Income Fund   146,276   117,580   —   271,162
Global Multi-Strategy Fund   33,361   963   888   33,156
Global Real Estate Securities Fund   86,036   3,320   1,618   89,044
International Small Company Fund   41,134   2,101   1,212   43,496
LargeCap Growth Fund   146,583   12,994   97,812   57,791
LargeCap Value Fund   171,854   25,619   114,866   68,472
Multi-Manager Equity Long/Short Fund   45,857   2,429   1,333   47,196
Origin Emerging Markets Fund   132,534   1,381   11,036   137,991
Principal Active Global Dividend Income   93,819   —   —   101,582
ETF                
Principal Capital Appreciation Fund   255,010   10,988   167,202   102,974
Principal EDGE Active Income ETF   77,684   —   —   76,810
Principal Government Money Market Fund   —   70,302   46,575   23,727
Principal U.S. Mega-Cap Multi-Factor Index   37,163   138,329   —   185,768
ETF                
Principal U.S. Small-Cap Multi-Factor   79,886   —   —   84,349
Index ETF                
Real Estate Debt Income Fund   48,544   1,076   1,979   46,855
Short-Term Income Fund   34,465   1,439   —   35,645
Small-MidCap Dividend Income Fund   81,600   2,162   56,355   27,556
  $ 1,974,803 $ 575,747 $ 514,349 $ 2,103,572

 

        Realized Gain/Loss   Realized Gain from   Change in Unrealized  
    Income   on Investments   Capital Gain Distributions   Gain/Loss  
Blue Chip Fund $ 125 $ — $ 2,225 $ 6,825  
Diversified International Fund   7,481   893   —   22,623  
EDGE MidCap Fund   397   —   762   5,069  
Equity Income Fund   1,724   —   10,022   7,306  
Global Multi-Strategy Fund   815   23   149   (303 )
Global Real Estate Securities Fund   1,732   13   1,358   1,293  
International Small Company Fund   1,800   177   188   1,296  
LargeCap Growth Fund   2,764   37,668   10,230   (41,642 )
LargeCap Value Fund   11,160   10,940   14,459   (25,075 )
Multi-Manager Equity Long/Short Fund   1,460   61   873   182  
Origin Emerging Markets Fund   1,191   2,041   —   13,071  
Principal Active Global Dividend Income                  
ETF   828   —   5   7,763  
Principal Capital Appreciation Fund   1,976   66,913   9,011   (62,735 )
Principal EDGE Active Income ETF   1,392   —   318   (874 )
Principal Government Money Market Fund 17   —   —   —  
Principal U.S. Mega-Cap Multi-Factor Index                
ETF   303   —   —   10,276  
Principal U.S. Small-Cap Multi-Factor                  
Index ETF   254   —   —   4,463  
Real Estate Debt Income Fund   475   —   —   (786 )
Short-Term Income Fund   176   —   —   (259 )
Small-MidCap Dividend Income Fund   787   21,380   1,376   (21,231 )
  $ 36,857 $ 140,109 $ 50,976 $ (72,738 )
Amounts in thousands                  

 

See accompanying notes.

236

 

     Schedule of Investments Short-Term Income Fund January 31, 2018 (unaudited)

INVESTMENT COMPANIES - 0.59%   Shares Held Value (000's)     Principal    
Money Market Funds - 0.59%           BONDS (continued)   Amount (000's)    Value (000's)
Principal Government Money Market Fund (a)   25,442,774 $   25,443 Automobile Asset Backed Securities (continued)      
            CPS Auto Receivables Trust 2013-C          
TOTAL INVESTMENT COMPANIES     $   25,443 4.30%, 08/15/2019(b)   $ 4,328 $ 4,345
    Principal       CPS Auto Receivables Trust 2013-D          
BONDS - 98.24%   Amount (000's) Value (000's) 3.97%, 11/15/2019(b)     864   867
Aerospace & Defense - 1.42%           CPS Auto Receivables Trust 2014-C          
Lockheed Martin Corp           2.67%, 08/17/2020(b)     2,087   2,091
1.85%, 11/23/2018 $ 6,500   $ 6,484 3.77%, 08/17/2020(b)     4,330   4,389
Northrop Grumman Corp           CPS Auto Receivables Trust 2015-A          
2.08%, 10/15/2020   4,850     4,780 2.79%, 02/16/2021(b)     10,330   10,356
2.55%, 10/15/2022   9,750     9,521 CPS Auto Receivables Trust 2015-C          
Rockwell Collins Inc           2.55%, 02/18/2020(b)     2,969   2,972
1.95%, 07/15/2019   5,000     4,961 CPS Auto Receivables Trust 2016-B          
2.80%, 03/15/2022   9,500     9,400 2.07%, 11/15/2019(b)     895   895
3.20%, 03/15/2024   6,750     6,699 CPS Auto Receivables Trust 2016-C          
United Technologies Corp           1.62%, 01/15/2020(b)     4,854   4,848
1.50%, 11/01/2019   9,600     9,451 CPS Auto Receivables Trust 2017-B          
1.90%, 05/04/2020   9,400     9,270 1.75%, 07/15/2020(b)     8,853   8,832
      $   60,566 CPS Auto Receivables Trust 2017-D          
            1.87%, 03/15/2021(b)     5,492   5,479
Airlines - 0.82%                      
American Airlines 2013-2 Class A Pass           CPS Auto Receivables Trust 2018-A          
            2.16%, 05/17/2021(b)     9,750   9,743
Through Trust                      
4.95%, 07/15/2024   13,724     14,428 CPS Auto Trust          
            1.50%, 06/15/2020(b)     3,795   3,786
Continental Airlines 2009-2 Class A Pass           1.68%, 08/17/2020(b)     8,474   8,453
Through Trust                      
7.25%, 05/10/2021   6,301     6,746 Ford Credit Auto Owner Trust 2015-REV2          
            2.44%, 01/15/2027(b)     12,327   12,292
Delta Air Lines 2009-1 Class A Pass Through                      
Trust           Ford Credit Auto Owner Trust 2016-REV2          
            2.03%, 12/15/2027(b)     14,000   13,693
7.75%, 06/17/2021   8,886     9,552            
Delta Air Lines 2012-1 Class A Pass Through           Ford Credit Auto Owner Trust 2017-REV1          
            2.62%, 08/15/2028(b)     11,500   11,407
Trust                      
4.75%, 11/07/2021   4,092     4,231 Ford Credit Auto Owner Trust/Ford Credit          
      $   34,957 2014-RE V1        
            2.26%, 11/15/2025(b)     11,327   11,322
Automobile Asset Backed Securities - 8.69%                      
AmeriCredit Automobile Receivables 2015-4           OneMain Direct Auto Receivables Trust 2017-          
3.72%, 12/08/2021   6,390     6,453 2          
            2.31%, 12/14/2021(b)     22,000   21,929
AmeriCredit Automobile Receivables Trust                      
2013-5           Santander Drive Auto Receivables Trust 2013-          
2.29%, 11/08/2019   956     957 5          
2.86%, 12/09/2019   14,920     14,968 2.73%, 10/15/2019     6,086   6,099
AmeriCredit Automobile Receivables Trust           Santander Drive Auto Receivables Trust 2014-          
2014-1           1          
2.15%, 03/09/2020   1,601     1,602 2.36%, 04/15/2020     659   659
2.54%, 06/08/2020   10,500     10,518 2.91%, 04/15/2020     3,500   3,510
AmeriCredit Automobile Receivables Trust           Santander Drive Auto Receivables Trust 2014-          
2014-2           2          
2.18%, 06/08/2020   3,270     3,272 2.76%, 02/18/2020     3,600   3,613
2.57%, 07/08/2020   9,400     9,424 Santander Drive Auto Receivables Trust 2014-          
AmeriCredit Automobile Receivables Trust           3          
2014-3           2.13%, 08/17/2020     1,490   1,490
2.58%, 09/08/2020   3,200     3,206 2.65%, 08/17/2020     2,770   2,778
AmeriCredit Automobile Receivables Trust           Santander Drive Auto Receivables Trust 2014-          
2015-2           5          
3.00%, 06/08/2021   3,000     3,021 2.46%, 06/15/2020     2,959   2,962
AmeriCredit Automobile Receivables Trust           Santander Drive Auto Receivables Trust 2015-          
2015-3           1          
2.73%, 03/08/2021   8,300     8,329 2.57%, 04/15/2021     12,314   12,336
Americredit Automobile Receivables Trust           Santander Drive Auto Receivables Trust 2015-          
2016-4           2          
1.34%, 04/08/2020   4,514     4,508 2.44%, 04/15/2021     12,731   12,751
AmeriCredit Automobile Receivables Trust           3.02%, 04/15/2021     6,420   6,467
2017-4           Santander Drive Auto Receivables Trust 2016-          
1.83%, 05/18/2021   16,750     16,708 3          
Bank of The West Auto Trust 2017-1           1.34%, 11/15/2019     901   901
1.78%, 02/15/2021(b)   6,750     6,727 Santander Drive Auto Receivables Trust 2018-          
Capital Auto Receivables Asset Trust 2015-2           1          
2.29%, 05/20/2020   7,000     7,001 2.10%, 11/16/2020     6,800   6,797
Capital Auto Receivables Asset Trust 2016-3           TCF Auto Receivables Owner Trust 2016-          
1.36%, 04/22/2019   169     168 PT1          
            1.93%, 06/15/2022(b)     14,715   14,640
Capital Auto Receivables Asset Trust 2017-1                      
1.76%, 06/22/2020(b)   8,500     8,479 Westlake Automobile Receivables Trust 2015-          
CPS Auto Receivables Trust 2013-B           1          
            2.29%, 11/16/2020(b)     665   665
1.82%, 09/15/2020(b)   1,407     1,405            

 

See accompanying notes.

237

 

     Schedule of Investments Short-Term Income Fund January 31, 2018 (unaudited)

  Principal         Principal    
BONDS (continued) Amount (000's)     Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Automobile Asset Backed Securities (continued)       Banks (continued)        
Westlake Automobile Receivables Trust 2015-         Capital One NA        
2         1.85%, 09/13/2019 $ 9,500 $ 9,381
2.45%, 01/15/2021(b) $ 2,103 $ 2,104 2.33%, 09/13/2019   9,500   9,550
Westlake Automobile Receivables Trust 2016-         3 Month LIBOR + 0.77%        
2         2.92%, 01/30/2023   14,400   14,525
1.57%, 06/17/2019(b)   2,136   2,136 3 Month LIBOR + 1.15%        
Westlake Automobile Receivables Trust 2016-         Citigroup Inc        
3         1.70%, 04/27/2018   13,990   13,984
2.07%, 12/15/2021(b)   11,400   11,380 2.52%, 05/17/2024   4,750   4,861
Westlake Automobile Receivables Trust 2017-         3 Month LIBOR + 1.10%        
1         2.70%, 03/30/2021   14,100   14,011
1.78%, 04/15/2020(b)   5,392   5,387 2.71%, 04/25/2022   19,800   20,120
2.30%, 10/17/2022(b)   5,000   4,993 3 Month LIBOR + 0.96%        
Westlake Automobile Receivables Trust 2017-         2.91%, 09/01/2023   10,000   10,351
2         3 Month LIBOR + 1.43%        
1.80%, 07/15/2020(b)   8,000   7,982 Fifth Third Bancorp        
Westlake Automobile Receivables Trust 2018-         2.60%, 06/15/2022   19,200   18,832
1         Fifth Third Bank/Cincinnati OH        
2.42%, 12/15/2020(b)   18,000   17,999 1.63%, 09/27/2019   4,750   4,683
    $   372,094 2.25%, 06/14/2021   7,700   7,570
Automobile Floor Plan Asset Backed Securities - 0.80%     2.30%, 03/15/2019   7,600   7,597
Ally Master Owner Trust         Goldman Sachs Group Inc/The        
1.99%, 06/15/2022   4,000   4,019 2.30%, 12/13/2019   9,600   9,543
1 Month LIBOR + 0.43%         2.60%, 04/23/2020   9,600   9,575
Ford Credit Floorplan Master Owner Trust A         2.86%, 04/26/2022   25,000   25,416
2.02%, 11/15/2021   16,300   16,384 3 Month LIBOR + 1.11%        
1 Month LIBOR + 0.46%         2.90%, 04/23/2020   14,400   14,640
Nissan Master Owner Trust Receivables         3 Month LIBOR + 1.16%        
1.88%, 10/17/2022   13,600   13,630 3.00%, 04/26/2022   19,200   19,067
1 Month LIBOR + 0.32%         3.23%, 02/25/2021   9,600   9,969
    $   34,033 3 Month LIBOR + 1.77%        
Automobile Manufacturers - 1.53%         ING Groep NV        
Daimler Finance North America LLC         2.84%, 03/29/2022   9,750   9,953
1.75%, 10/30/2019(b)   6,650   6,557 3 Month LIBOR + 1.15%        
Ford Motor Credit Co LLC         3.15%, 03/29/2022   6,800   6,791
2.02%, 05/03/2019   9,600   9,530 JPMorgan Chase & Co        
2.96%, 03/28/2022   5,000   5,084 2.30%, 08/15/2021   9,500   9,332
3 Month LIBOR + 1.27%         2.65%, 04/25/2023   38,500   39,136
3.34%, 03/28/2022   4,500   4,488 3 Month LIBOR + 0.90%        
PACCAR Financial Corp         2.97%, 10/24/2023   15,000   15,472
1.45%, 03/09/2018   6,664   6,660 3 Month LIBOR + 1.23%        
2.20%, 09/15/2019   9,327   9,310 4.25%, 10/15/2020   22,250   23,183
Toyota Motor Credit Corp         KeyBank NA/Cleveland OH        
1.20%, 04/06/2018   9,600   9,592 1.70%, 06/01/2018   6,500   6,498
2.10%, 01/17/2019   4,800   4,800 2.35%, 03/08/2019   16,350   16,336
2.60%, 01/11/2022   9,600   9,539 2.40%, 06/09/2022   9,600   9,369
    $   65,560 KeyCorp        
Banks - 20.64%         5.10%, 03/24/2021   10,000   10,694
Bank of America Corp         Morgan Stanley        
2.50%, 10/21/2022   12,000   11,731 2.13%, 04/25/2018   9,750   9,755
2.60%, 01/15/2019   1,732   1,739 2.33%, 02/10/2021   14,500   14,544
2.63%, 10/19/2020   15,750   15,737 3 Month LIBOR + 0.55%        
2.88%, 04/24/2023(c)   14,500   14,372 3.14%, 04/21/2021   14,400   14,792
3 Month LIBOR + 1.02%         3 Month LIBOR + 1.40%        
2.90%, 01/20/2023   38,000   39,029 3.14%, 10/24/2023   38,600   39,951
3 Month LIBOR + 1.16%         3 Month LIBOR + 1.40%        
3.00%, 12/20/2023(b),(c)   10,347   10,241 5.50%, 07/24/2020   9,500   10,126
3 Month LIBOR + 0.79%         PNC Bank NA        
Bank of New York Mellon Corp/The         1.80%, 05/19/2020   12,000   12,046
2.20%, 05/15/2019   11,327   11,312 3 Month LIBOR + 0.36%        
2.50%, 04/15/2021   5,700   5,657 2.00%, 05/19/2020   9,250   9,128
2.82%, 10/30/2023   24,500   25,169 2.26%, 07/27/2022   9,600   9,625
3 Month LIBOR + 1.05%         3 Month LIBOR + 0.50%        
BB&T Corp         2.45%, 07/28/2022   14,400   14,101
2.04%, 02/01/2019   5,664   5,691 6.88%, 04/01/2018   4,080   4,113
3 Month LIBOR + 0.66%         State Street Corp        
2.05%, 05/10/2021   9,500   9,278 3.10%, 05/15/2023   24,100   24,026
2.34%, 04/01/2022   4,900   4,935 SunTrust Bank/Atlanta GA        
3 Month LIBOR + 0.65%         2.25%, 01/31/2020   9,600   9,552
Branch Banking & Trust Co         2.45%, 08/01/2022   14,400   14,065
2.10%, 01/15/2020   14,400   14,292 7.25%, 03/15/2018   23,149   23,291
2.63%, 01/15/2022   14,400   14,291          

 

See accompanying notes.

238

 

     Schedule of Investments Short-Term Income Fund January 31, 2018 (unaudited)

  Principal       Principal    
BONDS (continued) Amount (000's)     Value (000's) BONDS (continued) Amount (000's)   Value (000's)
Banks (continued)         Commercial Mortgage Backed Securities (continued)    
SunTrust Banks Inc         Ginnie Mae (continued)        
2.90%, 03/03/2021 $ 12,500 $ 12,518 0.85%, 02/16/2048(d),(e) $ 33,945 $ 1,531
UBS AG/London         0.87%, 02/16/2055(d),(e)   70,137   2,546
2.10%, 06/08/2020(b)   6,750   6,782 0.89%, 01/16/2055(d),(e)   101,111   3,867
3 Month LIBOR + 0.58%         1.06%, 06/16/2045(d),(e)   70,477   3,828
2.20%, 06/08/2020(b)   4,750   4,700 1.09%, 08/16/2042(d),(e)   71,833   3,562
UBS Group Funding Switzerland AG         1.15%, 02/16/2046(d),(e)   72,693   3,665
2.68%, 05/23/2023(b)   3,000   3,057 1.28%, 10/16/2051(d),(e)   3,643   227
3 Month LIBOR + 1.22%         1.37%, 12/16/2036(d),(e)   57,052   3,017
3.49%, 05/23/2023(b)   11,450   11,510 GS Mortgage Securities Trust 2017-GS6        
US Bancorp         1.95%, 05/10/2050   13,468   13,224
2.38%, 01/24/2022   5,751   5,801 JPMDB Commercial Mortgage Securities        
3 Month LIBOR + 0.64%         Trust 2016-C4        
2.63%, 01/24/2022   9,600   9,520 1.54%, 12/15/2049   10,072   9,842
US Bank NA/Cincinnati OH             $   49,735
2.00%, 01/24/2020   9,600   9,510 Computers - 1.67%        
2.05%, 10/23/2020   9,700   9,571 Apple Inc        
2.24%, 10/28/2019   8,459   8,505 1.00%, 05/03/2018   4,664   4,657
3 Month LIBOR + 0.48%         1.90%, 02/07/2020   4,800   4,761
Wells Fargo & Co         2.00%, 11/13/2020   9,700   9,582
2.60%, 07/22/2020   5,000   4,996 2.50%, 02/09/2022   9,600   9,508
2.85%, 01/24/2023   19,000   19,435 Dell International LLC / EMC Corp        
3 Month LIBOR + 1.11%         3.48%, 06/01/2019(b)   17,385   17,539
Wells Fargo Bank NA         Hewlett Packard Enterprise Co        
1.97%, 01/15/2020   14,500   14,517 2.85%, 10/05/2018   6,650   6,680
3 Month LIBOR + 0.23%         International Business Machines Corp        
    $   883,450 1.95%, 02/12/2019   9,250   9,239
Beverages - 0.93%         2.25%, 02/19/2021   9,500   9,408
Anheuser-Busch InBev Finance Inc             $   71,374
2.15%, 02/01/2019   14,414   14,408 Consumer Products - 0.22%        
3.30%, 02/01/2023   9,600   9,676 Reckitt Benckiser Treasury Services PLC        
PepsiCo Inc         2.23%, 06/24/2022(b)   9,600   9,593
1.35%, 10/04/2019   6,400   6,299 3 Month LIBOR + 0.56%        
2.15%, 10/14/2020   9,500   9,432          
    $   39,815 Cosmetics & Personal Care - 0.44%        
Biotechnology - 1.56%         Procter & Gamble Co/The        
Amgen Inc         1.70%, 11/03/2021   7,700   7,448
2.20%, 05/22/2019   9,327   9,302 2.15%, 08/11/2022   11,500   11,190
2.20%, 05/11/2020   4,800   4,761     $   18,638
2.65%, 05/11/2022   9,600   9,457 Credit Card Asset Backed Securities - 1.11%        
Biogen Inc         Cabela's Credit Card Master Note Trust        
2.90%, 09/15/2020   14,000   14,073 2.01%, 07/15/2022   18,364   18,439
Celgene Corp         1 Month LIBOR + 0.45%        
3.25%, 08/15/2022   9,750   9,809 2.21%, 08/16/2021(b)   9,745   9,773
Gilead Sciences Inc         1 Month LIBOR + 0.65%        
1.85%, 09/04/2018   4,750   4,746 Capital One Multi-Asset Execution Trust        
1.85%, 09/20/2019   14,700   14,588 2.07%, 09/16/2024   19,200   19,394
    $   66,736 1 Month LIBOR + 0.51%        
Building Materials - 0.27%             $   47,606
Martin Marietta Materials Inc         Diversified Financial Services - 0.46%        
2.13%, 12/20/2019   11,700   11,741 GE Capital International Funding Co        
3 Month LIBOR + 0.50%         Unlimited Co        
          2.34%, 11/15/2020   10,000   9,861
Chemicals - 1.46%         GTP Acquisition Partners I LLC        
Air Liquide Finance SA         2.35%, 06/15/2045(b)   10,100   9,959
1.75%, 09/27/2021(b)   6,750   6,507          
              $   19,820
Airgas Inc         Electric - 4.39%        
1.65%, 02/15/2018   12,592   12,591 Alabama Power Co        
Chevron Phillips Chemical Co LLC / Chevron         2.45%, 03/30/2022   14,250   14,026
Phillips Chemical Co LP                
1.70%, 05/01/2018(b)   9,495   9,491  Black Hills Corp        
2.45%, 05/01/2020(b)   4,832   4,820 2.50%, 01/11/2019   15,500   15,528
          4.25%, 11/30/2023   1,007   1,041
Westlake Chemical Corp         5.88%, 07/15/2020   1,000   1,069
3.60%, 07/15/2022   3,650   3,674 Dominion Energy Inc        
4.63%, 02/15/2021   10,760   11,029 2.58%, 07/01/2020   4,800   4,764
4.88%, 05/15/2023   13,900   14,300 2.96%, 07/01/2019(e)   15,100   15,173
    $   62,412 Duke Energy Florida LLC        
Commercial Mortgage Backed Securities - 1.16%       1.85%, 01/15/2020   9,600   9,491
Ginnie Mae         2.10%, 12/15/2019   2,000   1,995
0.55%, 09/16/2055(d),(e)   24,117   898 3.10%, 08/15/2021   5,750   5,837
0.73%, 01/16/2054(d),(e)   43,438   1,762          
0.78%, 10/16/2054(d),(e)   50,746   1,766          

 

See accompanying notes.

239

 

Schedule of Investments
Short-Term Income Fund
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
BONDS (continued)   Amount (000's)     Value (000's) BONDS (continued)   Amount (000's)    Value (000's)
Electric (continued)         Gas - 0.66%          
Emera US Finance LP         NiSource Inc          
2.70%, 06/15/2021 $ 6,700 $ 6,628 2.65%, 11/17/2022   $ 4,000 $ 3,919
Exelon Corp         Sempra Energy          
3.50%, 06/01/2022   19,500   19,633 2.21%, 01/15/2021     14,500   14,527
Fortis Inc/Canada         3 Month LIBOR + 0.50%          
2.10%, 10/04/2021   16,365   15,846 2.40%, 02/01/2020     9,750   9,717
Indiantown Cogeneration LP               $   28,163
9.77%, 12/15/2020   5,332   5,648 Hand & Machine Tools - 0.33%          
Public Service Co of New Mexico         Stanley Black & Decker Inc          
7.95%, 05/15/2018   24,440   24,853 1.62%, 11/17/2018     14,400   14,326
San Diego Gas & Electric Co                    
1.91%, 02/01/2022   3,084   3,024 Healthcare - Products - 0.45%          
Southern California Edison Co         Medtronic Global Holdings SCA          
1.85%, 02/01/2022   7,526   7,424 1.70%, 03/28/2019     14,500   14,397
Southern Co/The         Medtronic Inc          
1.55%, 07/01/2018   5,800   5,789 2.50%, 03/15/2020     4,750   4,751
Texas-New Mexico Power Co               $   19,148
9.50%, 04/01/2019(b)   5,650   6,085 Healthcare - Services - 0.82%          
TransAlta Corp         Humana Inc          
6.90%, 05/15/2018   18,985   19,207 2.50%, 12/15/2020     4,900   4,865
Virginia Electric & Power Co         2.90%, 12/15/2022     4,900   4,829
2.75%, 03/15/2023   4,900   4,824 Roche Holdings Inc          
    $   187,885 2.03%, 09/30/2019(b)     9,327   9,364
Electronics - 0.57%         3 Month LIBOR + 0.34%          
Fortive Corp         UnitedHealth Group Inc          
1.80%, 06/15/2019   3,800   3,763 1.70%, 02/15/2019     9,500   9,453
2.35%, 06/15/2021   6,700   6,601 1.95%, 10/15/2020     6,750   6,645
Honeywell International Inc               $   35,156
1.85%, 11/01/2021   14,400   13,985 Home Equity Asset Backed Securities - 0.05%      
    $   24,349 Credit Suisse First Boston Mortgage Securities          
Engineering & Construction - 0.45%         Corp          
SBA Tower Trust         4.80%, 05/25/2035(e)     566   570
2.88%, 07/10/2046(b)   9,600   9,552 RASC Series 2005-AHL2 Trust          
3.17%, 04/09/2047(b)   9,600   9,503 1.91%, 10/25/2035     1,179   1,179
    $   19,055 1 Month LIBOR + 0.35%          
Finance - Mortgage Loan/Banker - 9.71%         RASC Series 2005-EMX2 Trust          
Fannie Mae         2.07%, 07/25/2035     107   107
1.25%, 05/06/2021   30,000   28,956 1 Month LIBOR + 0.51%          
1.25%, 08/17/2021   30,000   28,788 Terwin Mortgage Trust Series TMTS 2005-          
1.38%, 02/26/2021   29,000   28,162 14HE        
1.38%, 10/07/2021   22,000   21,179 4.85%, 08/25/2036(e)     230   231
1.50%, 02/28/2020   1,000   986 Wells Fargo Home Equity Asset-Backed          
1.50%, 07/30/2020   15,000   14,722 Securities 2004-2 Trust          
1.50%, 11/30/2020   25,000   24,457 2.40%, 10/25/2034     48   48
1.88%, 12/28/2020   9,800   9,681 1 Month LIBOR + 0.84%          
1.88%, 04/05/2022   72,000   70,196       $   2,135
2.00%, 01/05/2022   31,150   30,624 Housewares - 0.25%          
2.63%, 09/06/2024   39,000   38,765 Newell Brands Inc          
Freddie Mac         2.60%, 03/29/2019     4,800   4,800
1.13%, 08/12/2021   28,500   27,258 3.85%, 04/01/2023     5,800   5,910
1.63%, 09/29/2020   25,000   24,559       $   10,710
1.88%, 11/17/2020   28,800   28,467 Insurance - 6.31%          
2.38%, 01/13/2022   39,000   38,915 Berkshire Hathaway Finance Corp          
    $   415,715 1.70%, 03/15/2019     6,500   6,467
Food - 1.14%         2.03%, 01/10/2020     14,500   14,565
Kraft Heinz Foods Co         3 Month LIBOR + 0.32%          
1.98%, 02/10/2021   9,600   9,627 Berkshire Hathaway Inc          
3 Month LIBOR + 0.57%         2.20%, 03/15/2021     4,600   4,548
2.00%, 07/02/2018   4,731   4,726 2.75%, 03/15/2023     5,500   5,470
Mondelez International Holdings Netherlands         Five Corners Funding Trust          
BV         4.42%, 11/15/2023(b)     19,250   20,457
1.63%, 10/28/2019(b)   9,500   9,357 Hartford Financial Services Group Inc/The          
2.37%, 10/28/2019(b)   9,500   9,543 8.13%, 06/15/2068(c)     31,700   32,294
3 Month LIBOR + 0.61%         3 Month LIBOR + 4.60%          
Tyson Foods Inc         MassMutual Global Funding II          
1.89%, 08/21/2020   4,800   4,814 1.55%, 10/11/2019(b)     9,650   9,515
3 Month LIBOR + 0.45%         2.00%, 04/15/2021(b)     6,028   5,873
1.93%, 05/30/2019   6,750   6,771 2.10%, 08/02/2018(b)     12,995   13,009
3 Month LIBOR + 0.45%         2.35%, 04/09/2019(b)     16,700   16,712
2.25%, 08/23/2021   3,850   3,759 Metropolitan Life Global Funding I          
    $   48,597 1.75%, 12/19/2018(b)     9,600   9,574

 

See accompanying notes.

240

 

     Schedule of Investments Short-Term Income Fund January 31, 2018 (unaudited)

  Principal         Principal    
BONDS (continued) Amount (000's)      Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Insurance (continued)         Mortgage Backed Securities (continued)        
Metropolitan Life Global Funding         BCAP LLC 2011-RR11 Trust        
I (continued)         4.06%, 03/26/2035(b) $ 1,281 $ 1,285
1.95%, 06/12/2020(b) $ 6,750 $ 6,779 12 Month LIBOR + 1.95%        
3 Month LIBOR + 0.40%         CHL Mortgage Pass-Through Trust 2003-46        
1.95%, 09/15/2021(b)   15,000   14,569 3.51%, 01/19/2034(e)   677   681
2.30%, 04/10/2019(b)   16,827   16,817 CHL Mortgage Pass-Through Trust 2004-J1        
New York Life Global Funding         4.50%, 01/25/2019   6   6
1.95%, 02/11/2020(b)   9,600   9,497 CHL Mortgage Pass-Through Trust 2004-J7        
2.00%, 04/13/2021(b)   9,600   9,392 5.00%, 09/25/2019   135   136
2.06%, 06/10/2022(b)   24,000   24,133 Credit Suisse First Boston Mortgage Securities        
3 Month LIBOR + 0.52%         Corp        
2.15%, 06/18/2019(b)   12,626   12,588 5.00%, 09/25/2019   27   26
Prudential Financial Inc         CSFB Mortgage-Backed Pass-Through        
8.88%, 06/15/2068(c)   36,819   37,601 Certificates Series 2004-AR4        
3 Month LIBOR + 5.00%         2.52%, 05/25/2034   245   243
    $   269,860 1 Month LIBOR + 0.96%        
Internet - 0.66%         CSFB Mortgage-Backed Trust Series 2004-7        
Amazon.com Inc         5.00%, 10/25/2019   105   105
2.40%, 02/22/2023(b)   9,500   9,244 CSMC 2017-HL2 Trust        
2.60%, 12/05/2019   9,327   9,378 3.50%, 10/25/2047(b),(e)   17,764   17,771
2.80%, 08/22/2024(b)   9,600   9,406 GSMSC Pass-Through Trust 2009-4R        
          2.00%, 12/26/2036(b)   136   136
    $   28,028          
Machinery - Construction & Mining - 0.67%         1 Month LIBOR + 0.45%        
Caterpillar Financial Services Corp         JP Morgan Mortgage Trust 2004-A3        
          3.52%, 07/25/2034(e)   957   956
1.61%, 11/29/2019   14,500   14,501          
3 Month LIBOR + 0.13%         JP Morgan Mortgage Trust 2004-S1        
2.55%, 11/29/2022   14,500   14,258 5.00%, 09/25/2034   532   540
    $   28,759 JP Morgan Mortgage Trust 2016-4        
          3.50%, 10/25/2046(b),(e)   14,908   15,042
Machinery - Diversified - 0.28%                  
       JP Morgan Mortgage Trust 2017-2        
John Deere Capital Corp          3.50%, 05/25/2047 (b),(e)   11,890   11,990
2.05%, 03/10/2020   4,650   4,615          
       JP Morgan Mortgage Trust 2017-4        
2.65%, 01/06/2022   7,212   7,181 3.50%, 11/25/2048  (b),(e)   18,022   18,179
    $   11,796 JP Morgan Mortgage Trust 2017-6        
Manufactured Housing Asset Backed Securities - 0.00%     3.50%, 12/25/2048(b),(e)   13,069   13,171
Conseco Finance Corp         MASTR Alternative Loan Trust 2003-9        
7.70%, 09/15/2026   40   41 6.50%, 01/25/2019   159   160
          MASTR Asset Securitization Trust 2004-11        
Media - 0.61%         5.00%, 12/25/2019   30   30
Time Warner Cable LLC         MASTR Asset Securitization Trust 2004-9        
8.25%, 04/01/2019   9,495   10,103 5.00%, 09/25/2019   81   81
Walt Disney Co/The         PHH Mortgage Trust Series 2008-CIM1        
1.95%, 03/04/2020   9,500   9,426 5.22%, 06/25/2038   1,692   1,655
2.30%, 02/12/2021   6,500   6,455 1 Month LIBOR + 2.25%        
    $   25,984 Prime Mortgage Trust 2005-2        
Mining - 0.25%         5.25%, 07/25/2020   429   433
Glencore Finance Canada Ltd                
4.25%, 10/25/2022(b)   2,000   2,077        
           Provident Funding Mortgage Loan Trust 2005-1        
Glencore Funding LLC         2.14%, 05/25/2035   2,594   2,519
4.13%, 05/30/2023(b)   8,300   8,534          
          1 Month LIBOR + 0.58%        
    $   10,611 RALI Series 2003-QS23 Trust        
Miscellaneous Manufacturers - 0.96%         5.00%, 12/26/2018   216   216
General Electric Co         RALI Series 2004-QS3 Trust        
5.50%, 01/08/2020   11,500   12,110 5.00%, 03/25/2019   152   140
Ingersoll-Rand Global Holding Co Ltd         RBSSP Resecuritization Trust 2009-7        
6.88%, 08/15/2018   9,100   9,327 1.95%, 06/26/2037(b)   529   515
Siemens Financieringsmaatschappij NV         1 Month LIBOR + 0.40%        
2.20%, 03/16/2020(b)   9,650   9,591 Sequoia Mortgage Trust 2013-4        
2.21%, 03/16/2022(b)   9,750   9,851 1.55%, 04/25/2043(e)   8,448   8,169
3 Month LIBOR + 0.61%         Sequoia Mortgage Trust 2013-8        
    $   40,879 2.25%, 06/25/2043(e)   5,407   5,107
Mortgage Backed Securities - 3.08%         Sequoia Mortgage Trust 2017-1        
Adjustable Rate Mortgage Trust 2005-5         3.50%, 02/25/2047(b),(e)   12,669   12,758
1.85%, 09/25/2035   1,585   1,586 Sequoia Mortgage Trust 2017-2        
1 Month LIBOR + 0.29%         3.50%, 03/25/2047(b),(e)   6,189   6,222
Alternative Loan Trust 2004-J8         Sequoia Mortgage Trust 2017-3        
6.00%, 02/25/2017   48   48 3.50%, 04/25/2047(b),(e)   11,645   11,699
Banc of America Funding 2004-1 Trust                  
5.25%, 02/25/2019   97   100          
Banc of America Funding 2004-3 Trust                  
4.75%, 09/25/2019   85   85          

 

See accompanying notes.

241

 

Schedule of Investments
Short-Term Income Fund
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
BONDS (continued)   Amount (000's)   Value (000's) BONDS (continued)   Amount (000's) Value (000's)
Mortgage Backed Securities (continued)         Other Asset Backed Securities (continued)        
WaMu Mortgage Pass-Through Certificates         Verizon Owner Trust 2016-2        
Series 2003-S8 Trust         1.68%, 05/20/2021(b) $ 28,500 $ 28,242
5.00%, 09/25/2018 $ 12 $ 12 Verizon Owner Trust 2017-1        
    $   131,802 2.06%, 09/20/2021(b)   9,500   9,440
Oil & Gas - 1.86%         Verizon Owner Trust 2017-2        
BP Capital Markets PLC         1.92%, 12/20/2021(b)   15,000   14,852
2.75%, 05/10/2023   6,500   6,454 Verizon Owner Trust 2017-3        
4.75%, 03/10/2019   10,327   10,606 2.06%, 04/20/2022(b)   13,200   13,067
Chevron Corp         Volvo Financial Equipment Master Owner        
1.72%, 06/24/2018   12,125   12,119 Trust 2017-A        
1.97%, 03/03/2022   6,750   6,811 2.06%, 11/15/2022(b)   8,750   8,775
3 Month LIBOR + 0.48%         1 Month LIBOR + 0.50%        
2.90%, 03/03/2024   4,750   4,707     $   216,274
Phillips 66         Packaging & Containers - 0.33%        
2.37%, 04/15/2019(b)   4,850   4,853 Packaging Corp of America        
3 Month LIBOR + 0.65%         2.45%, 12/15/2020   6,800   6,766
2.47%, 04/15/2020(b)   4,850   4,855 WestRock Co        
3 Month LIBOR + 0.75%         3.00%, 09/15/2024(b)   7,700   7,505
Shell International Finance BV             $   14,271
2.13%, 05/11/2020   11,495   11,407 Pharmaceuticals - 0.77%        
2.38%, 08/21/2022   12,700   12,446 AbbVie Inc        
Total Capital International SA         1.80%, 05/14/2018   4,798   4,797
1.98%, 08/10/2018   5,430   5,446 2.30%, 05/14/2021   4,800   4,717
3 Month LIBOR + 0.57%         2.50%, 05/14/2020   6,664   6,644
    $   79,704 Allergan Funding SCS        
Oil & Gas Services - 0.22%         2.35%, 03/12/2018   11,995   12,001
Baker Hughes a GE Co LLC / Baker Hughes         Mead Johnson Nutrition Co        
Co-Obligor Inc         3.00%, 11/15/2020   4,750   4,788
2.77%, 12/15/2022(b)   9,750   9,599     $   32,947
          Pipelines - 3.07%        
Other Asset Backed Securities - 5.05%         Buckeye Partners LP        
Drug Royalty II LP 2         2.65%, 11/15/2018   11,316   11,339
3.48%, 07/15/2023(b)   4,601   4,579 4.15%, 07/01/2023   11,300   11,451
Drug Royalty III LP 1         Columbia Pipeline Group Inc        
3.60%, 04/15/2027(b)   3,590   3,547 2.45%, 06/01/2018   4,832   4,837
3.86%, 04/15/2027(b)   3,590   3,590 3.30%, 06/01/2020   8,528   8,610
3 Month LIBOR + 2.50%         Florida Gas Transmission Co LLC        
3.98%, 04/15/2027(b)   4,013   3,995 3.88%, 07/15/2022(b)   12,550   12,843
MVW Owner Trust 2015-1         7.90%, 05/15/2019(b)   10,271   10,935
2.52%, 12/20/2032(b)   10,641   10,532 Kinder Morgan Inc/DE        
MVW Owner Trust 2016-1         3.00%, 01/15/2023   14,500   14,721
2.25%, 12/20/2033(b)   6,304   6,183 3 Month LIBOR + 1.28%        
OneMain Financial Issuance Trust 2015-2         TransCanada PipeLines Ltd        
2.57%, 07/18/2025(b)   7,310   7,310 3.63%, 05/15/2067   23,657   22,593
PFS Financing Corp         3 Month LIBOR + 2.21%        
1.87%, 10/15/2021(b)   5,500   5,456 Williams Partners LP / ACMP Finance Corp        
2.03%, 10/15/2021(b)   6,800   6,790 4.88%, 03/15/2024   32,740   34,091
1 Month LIBOR + 0.47%             $   131,420
2.14%, 03/15/2021(b)   20,250   20,296 REITs - 1.02%        
1 Month LIBOR + 0.58%         Alexandria Real Estate Equities Inc        
2.16%, 07/15/2022(b)   19,250   19,274 2.75%, 01/15/2020   11,990   11,999
1 Month LIBOR + 0.60%         American Tower Trust #1        
2.18%, 04/15/2020(b)   9,847   9,856 1.55%, 03/15/2043(b)   11,396   11,385
1 Month LIBOR + 0.62%         Digital Realty Trust LP        
2.40%, 10/17/2022(b)   11,700   11,583 3.40%, 10/01/2020   6,700   6,803
RAAC Series 2006-RP2 Trust         Hospitality Properties Trust        
1.81%, 02/25/2037(b)   421   420 4.50%, 06/15/2023   4,800   4,959
1 Month LIBOR + 0.25%         Welltower Inc        
Securitized Asset Backed Receivables LLC         4.95%, 01/15/2021   8,110   8,559
Trust 2005-OP2             $   43,705
1.88%, 10/25/2035   2,323   2,322 Retail - 1.57%        
1 Month LIBOR + 0.32%         Costco Wholesale Corp        
Structured Asset Investment Loan Trust 2005-         2.15%, 05/18/2021   19,200   18,951
4         Home Depot Inc/The        
2.22%, 05/25/2035   607   608 1.80%, 06/05/2020   11,500   11,351
1 Month LIBOR + 0.66%         2.00%, 04/01/2021   4,800   4,723
Trafigura Securitisation Finance PLC 2017-1         McDonald's Corp        
2.41%, 12/15/2020(b)   17,000   17,124          
          2.63%, 01/15/2022   7,250   7,188
1 Month LIBOR + 0.85%         2.75%, 12/09/2020   8,256   8,287
Verizon Owner Trust 2016-1         Walmart Inc        
1.42%, 01/20/2021(b)   8,500   8,433          
          1.75%, 10/09/2019   4,900   4,862

 

See accompanying notes.

242

 

     Schedule of Investments Short-Term Income Fund January 31, 2018 (unaudited)

  Principal       Principal    
BONDS (continued) Amount (000's)   Value (000's) BONDS (continued) Amount (000's)    Value (000's)
Retail (continued)         Student Loan Asset Backed Securities (continued)      
Walmart Inc (continued)         SLM Private Credit Student Loan Trust 2005-        
1.90%, 12/15/2020 $ 11,750 $ 11,605 B        
    $   66,967 1.86%, 12/15/2023 $ 4,150 $ 4,151
Savings & Loans - 0.00%         3 Month LIBOR + 0.27%        
Washington Mutual Bank / Henderson NV         SLM Private Credit Student Loan Trust 2006-        
0.00%, 01/15/2013(f),(g),(h)   1,200   — A        
          1.78%, 12/15/2023   133   133
Semiconductors - 0.89%         3 Month LIBOR + 0.19%        
Broadcom Corp / Broadcom Cayman Finance         1.88%, 06/15/2039   34,000   33,078
Ltd         3 Month LIBOR + 0.29%        
2.38%, 01/15/2020(b)   14,400   14,251 SLM Private Credit Student Loan Trust 2006-        
3.00%, 01/15/2022(b)   4,800   4,713 B        
QUALCOMM Inc         1.79%, 12/15/2039   8,098   7,941
1.85%, 05/20/2019   9,600   9,538 3 Month LIBOR + 0.20%        
2.50%, 01/30/2023   9,750   9,758 SLM Private Education Loan Trust 2013-A        
3 Month LIBOR + 0.73%         1.77%, 05/17/2027(b)   6,134   6,115
    $   38,260 SLM Private Education Loan Trust 2013-B        
          1.85%, 06/17/2030(b)   9,510   9,462
Software - 0.94%                  
Microsoft Corp         SMB Private Education Loan Trust 2016-C        
          2.11%, 11/15/2023(b)   9,449   9,464
1.10%, 08/08/2019   4,750   4,674          
1.85%, 02/12/2020   14,600   14,486 1 Month LIBOR + 0.55%        
Oracle Corp         SMB Private Education Loan Trust 2017-A        
          2.01%, 06/17/2024(b)   8,558   8,573
1.90%, 09/15/2021   4,800   4,669          
2.25%, 10/08/2019   4,750   4,748 1 Month LIBOR + 0.45%        
2.63%, 02/15/2023   7,000   6,908 SMB Private Education Loan Trust 2017-B        
          1.83%, 06/17/2024(b)   12,973   12,975
5.75%, 04/15/2018   4,664   4,701          
    $   40,186 1 Month LIBOR + 0.27%        
Student Loan Asset Backed Securities - 4.61%           $   197,490
AccessLex Institute         Telecommunications - 2.09%        
2.64%, 07/01/2038   1,297   1,298 AT&T Inc        
91 Day T-Bill Rate + 1.20%         2.30%, 02/14/2023   6,750   6,821
KeyCorp Student Loan Trust 2000-A         3 Month LIBOR + 0.89%        
1.78%, 05/25/2029   1,529   1,521 2.80%, 02/17/2021   11,000   10,963
3 Month LIBOR + 0.32%         3.60%, 02/17/2023   11,000   11,113
Keycorp Student Loan Trust 2000-b         Cisco Systems Inc        
2.06%, 07/25/2029   19,081   18,783 2.20%, 02/28/2021   4,750   4,696
3 Month LIBOR + 0.31%         4.95%, 02/15/2019   9,500   9,761
KeyCorp Student Loan Trust 2003-A         Crown Castle Towers LLC        
          3.22%, 05/15/2022(b)   2,300   2,318
2.28%, 01/25/2037   17,812   17,232 4.88%, 08/15/2040(b)   8,850   9,282
3 Month LIBOR + 0.53%                  
KeyCorp Student Loan Trust 2004-A         Sprint Spectrum Co LLC / Sprint Spectrum Co        
2.29%, 01/27/2042   6,457   6,458 II LLC / Sprint Spectrum Co III LLC        
          3.36%, 03/20/2023(b)   20,391   20,467
3 Month LIBOR + 0.53%                  
KeyCorp Student Loan Trust 2006-A         Verizon Communications Inc        
1.98%, 09/27/2035   12,952   12,938 2.00%, 05/22/2020   4,800   4,827
3 Month LIBOR + 0.31%         3 Month LIBOR + 0.55%        
Navient Private Education Loan Trust 2014-         2.95%, 03/15/2022   9,250   9,210
CT             $   89,458
2.26%, 09/16/2024(b)   7,175   7,194 Transportation - 1.00%        
1 Month LIBOR + 0.70%         Ryder System Inc        
Navient Private Education Loan Trust 2017-         2.25%, 09/01/2021   4,800   4,690
A         2.45%, 11/15/2018   8,995   9,006
1.96%, 12/16/2058(b)   6,443   6,453 United Parcel Service Inc        
1 Month LIBOR + 0.40%         1.86%, 04/01/2023   29,000   29,132
SLC Private Student Loan Trust 2006-A         3 Month LIBOR + 0.45%        
1.89%, 07/15/2036   640   640     $   42,828
3 Month LIBOR + 0.17%         TOTAL BONDS   $   4,204,238
SLM Private Credit Student Loan Trust 2002-         U.S. GOVERNMENT & GOVERNMENT Principal    
A         AGENCY OBLIGATIONS - 0.83% Amount (000's)   Value (000's)
2.14%, 12/16/2030   9,088   9,064 Federal Home Loan Mortgage Corporation (FHLMC) - 0.00%    
3 Month LIBOR + 0.55%         3.12%, 11/01/2021 $ 1 $ 1
SLM Private Credit Student Loan Trust 2004-         U.S. Treasury 1-Year Note + 2.12%        
A         3.29%, 09/01/2035   60   64
1.99%, 06/15/2033   1,930   1,895 U.S. Treasury 1-Year Note + 2.25%        
3 Month LIBOR + 0.40%         7.00%, 12/01/2022   74   75
SLM Private Credit Student Loan Trust 2004-             $   140
B         Federal National Mortgage Association (FNMA) - 0.02%    
1.92%, 03/15/2024   22,177   22,122 3.16%, 02/01/2037   91   96
3 Month LIBOR + 0.33%         U.S. Treasury 1-Year Note + 2.12%        
          3.21%, 10/01/2035   180   189
          12 Month LIBOR + 1.46%        

 

See accompanying notes.

243

 

     Schedule of Investments Short-Term Income Fund January 31, 2018 (unaudited)

U.S. GOVERNMENT & GOVERNMENT   Principal     Portfolio Summary (unaudited)    
AGENCY OBLIGATIONS (continued) Amount (000's) Value (000's) Sector Percent  
Federal National Mortgage Association (FNMA) (continued)     Financial 28.43 %
3.30%, 11/01/2022 $ 1 $ 1 Asset Backed Securities 20.31 %
U.S. Treasury 1-Year Note + 2.05%         Government 10.52 %
3.36%, 12/01/2032   47   49 Consumer, Non-cyclical 6.33 %
12 Month LIBOR + 1.57%         Industrial 6.29 %
3.38%, 01/01/2035   61   64 Energy 5.15 %
12 Month LIBOR + 1.75%         Utilities 5.05 %
3.39%, 07/01/2034   102   107 Mortgage Securities 4.26 %
12 Month LIBOR + 1.65%         Consumer, Cyclical 4.16 %
3.40%, 07/01/2034   22   24 Technology 3.50 %
12 Month LIBOR + 1.65%         Communications 3.36 %
3.41%, 08/01/2034   42   44 Basic Materials 1.71 %
12 Month LIBOR + 1.63%         Investment Companies 0.59 %
3.54%, 11/01/2032   28   30 Other Assets and Liabilities 0.34 %
U.S. Treasury 1-Year Note + 2.29%         TOTAL NET ASSETS 100.00 %
3.54%, 02/01/2035   16   17      
6 Month LIBOR + 2.07%              
4.11%, 11/01/2035   4   4      
Monthly Cost of Funds 11 + 1.27%              
5.60%, 04/01/2019   1   1      
Monthly Cost of Funds 11 + 1.25%              
7.50%, 10/01/2029   3   3      
8.00%, 05/01/2027   2   2      
      $ 631      
Government National Mortgage Association (GNMA) - 0.00%        
9.00%, 04/20/2025   1   1      
10.00%, 01/15/2019   4   4      
      $ 5      
U.S. Treasury - 0.81%              
1.88%, 08/31/2022   29,000   28,216      
1.88%, 09/30/2022   6,750   6,561      
      $ 34,777      
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY          
OBLIGATIONS     $ 35,553      
Total Investments     $ 4,265,234      
Other Assets and Liabilities - 0.34%     $ 14,492      
TOTAL NET ASSETS - 100.00%     $ 4,279,726      

 

(a)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
(b)      Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $1,098,501 or 25.67% of net assets.
(c)      Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate and may convert to a variable rate or floating rate in the future.
(d)      Security is an Interest Only Strip.
(e)      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.
(f)      Non-income producing security
(g)      The value of these investments was determined using significant unobservable inputs.
(h)      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 $0 or 0.00% of net assets.

See accompanying notes.

244

 

Schedule of Investments
Short-Term Income Fund
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales     January 31, 2018
     Value     Cost   Proceeds     Value
Principal Government Money Market Fund   $ — $   149,365 $ 123,922 $   25,443
    $ — $   149,365 $ 123,922 $   25,443
 
 
      Realized Gain/Loss     Realized Gain from     Change in Unrealized
    Income on Investments     Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 39 $   — $     — $ —
  $ 39 $   — $     — $ —
Amounts in thousands                      

 

See accompanying notes.

245

 

     Schedule of Investments SmallCap Fund January 31, 2018 (unaudited)

COMMON STOCKS - 99.32% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Aerospace & Defense - 0.84%       Diversified Financial Services (continued)      
Esterline Technologies Corp (a) 73,730 $ 5,423 Piper Jaffray Cos 30,380 $ 2,804
            $ 22,423
Automobile Parts & Equipment - 1.96%       Electric - 1.98%      
Modine Manufacturing Co (a) 94,780   2,213 Avista Corp 133,100   6,703
Tenneco Inc 45,680   2,650 Portland General Electric Co 145,940   6,180
Visteon Corp (a) 60,720   7,898     $ 12,883
    $ 12,761 Electrical Components & Equipment - 1.14%      
Banks - 9.95%       Advanced Energy Industries Inc (a) 104,110   7,405
Cathay General Bancorp 194,180   8,493        
CenterState Bank Corp 208,000   5,406 Electronics - 4.23%      
Central Pacific Financial Corp 178,180   5,269 II-VI Inc (a) 146,700   6,257
First Commonwealth Financial Corp 106,040   1,534 Itron Inc (a) 56,580   4,142
First Merchants Corp 81,740   3,528 SYNNEX Corp 69,710   8,555
First of Long Island Corp/The 41,043   1,153 Vishay Intertechnology Inc 390,200   8,565
Guaranty Bancorp 77,370   2,193     $ 27,519
Old National Bancorp/IN 416,050   7,198 Engineering & Construction - 1.89%      
Sandy Spring Bancorp Inc 44,130   1,669 MasTec Inc (a) 172,530   9,213
TCF Financial Corp 161,620   3,467 Tutor Perini Corp (a) 123,990   3,069
Umpqua Holdings Corp 301,550   6,529     $ 12,282
Union Bankshares Corp 73,270   2,766 Entertainment - 2.79%      
United Community Banks Inc/GA 203,180   6,437 Eldorado Resorts Inc (a) 271,450   9,379
Valley National Bancorp 721,670   9,071 Golden Entertainment Inc (a) 68,650   2,150
    $ 64,713 Vail Resorts Inc 30,360   6,635
Biotechnology - 3.13%           $ 18,164
Acceleron Pharma Inc (a) 50,630   2,102  Environmental Control - 2.78%      
Aratana Therapeutics Inc (a) 141,398   655 AquaVenture Holdings Ltd (a) 52,260   795
Bellicum Pharmaceuticals Inc (a) 31,340   191 Casella Waste Systems Inc (a) 153,650   3,930
Bluebird Bio Inc (a) 23,550   4,825 Energy Recovery Inc (a) 154,260   1,192
Denali Therapeutics Inc (a) 65,510   1,524        
DNIB Unwind Inc - Warrants (a),(b),(c) 17,472   — MSA Safety Inc 78,910   6,180
Exact Sciences Corp (a) 59,750   2,970 Tetra Tech Inc 120,140   5,971
FibroGen Inc (a) 39,800   2,330     $ 18,068
Insmed Inc (a) 70,450   1,792 Food - 1.34%      
        Darling Ingredients Inc (a) 470,817   8,729
MacroGenics Inc (a) 40,550   915        
Seattle Genetics Inc (a) 30,820   1,612        
Spark Therapeutics Inc (a) 25,620   1,436 Gas - 1.10%      
        Southwest Gas Holdings Inc 97,000   7,137
    $ 20,352        
Building Materials - 1.11%       Healthcare - Products - 1.51%      
Ply Gem Holdings Inc (a) 96,810   2,076 K2M Group Holdings Inc (a) 131,200   2,764
US Concrete Inc (a) 66,292   5,161 Nevro Corp (a) 70,620   5,668
    $ 7,237 STAAR Surgical Co (a) 88,440   1,389
Chemicals - 2.42%           $ 9,821
Huntsman Corp 144,980   5,012 Healthcare - Services - 2.65%      
KMG Chemicals Inc 83,210   5,055 Encompass Health Corp 192,940   10,210
Univar Inc (a) 189,130   5,647 Natera Inc (a) 66,570   693
    $ 15,714 Syneos Health Inc (a) 128,930   4,945
Commercial Services - 8.06%       Teladoc Inc (a) 36,340   1,359
AMN Healthcare Services Inc (a) 183,550   9,847     $ 17,207
Brink's Co/The 105,710   8,816 Home Builders - 2.07%      
Insperity Inc 94,400   5,782 Installed Building Products Inc (a) 89,560   6,444
K12 Inc (a) 111,970   1,943 Taylor Morrison Home Corp (a) 276,000   7,019
Korn/Ferry International 148,450   6,615     $ 13,463
Live Nation Entertainment Inc (a) 115,925   5,224        
        Insurance - 1.49%      
 Medifast Inc  19,590    1,346        
On Assignment Inc (a) 134,340   10,286 American Equity Investment Life Holding Co 82,150   2,711
SP Plus Corp (a) 65,930   2,542 First American Financial Corp 5,890   348
        MGIC Investment Corp (a) 448,583   6,648
    $ 52,401     $ 9,707
Computers - 3.11%       Internet - 1.94%      
CACI International Inc (a) 63,230   8,887        
        Carvana Co (a) 206,530   3,943
ExlService Holdings Inc (a) 93,530   5,682        
        GoDaddy Inc (a) 156,400   8,638
PlayAGS Inc (a) 146,593   2,869        
Sykes Enterprises Inc (a) 90,460   2,806     $ 12,581
        Iron & Steel - 0.96%      
    $ 20,244 Reliance Steel & Aluminum Co 24,750   2,168
 Consumer Products - 0.56%
Central Garden & Pet Co  - A Shares (a) 96,110   3,625 Steel Dynamics Inc 89,370   4,057
            $ 6,225
        Leisure Products & Services - 1.15%      
Diversified Financial Services - 3.45%       Planet Fitness Inc (a) 221,010   7,461
Artisan Partners Asset Management Inc 91,870   3,597        
BGC Partners Inc 333,530   4,773        
Enova International Inc (a) 52,250   935 Lodging - 1.18%      
Granite Point Mortgage Trust Inc 50,134   864 Extended Stay America Inc 379,050   7,668
Houlihan Lokey Inc 76,620   3,655        
Moelis & Co 112,090   5,795        

 

See accompanying notes.

246

 

     Schedule of Investments SmallCap Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)  
Machinery - Diversified - 0.69%       Software (continued)        
Gates Industrial Corp PLC (a) 228,287 $ 4,474 Take-Two Interactive Software Inc (a) 44,330 $ 5,615  
              $ 42,690  
Metal Fabrication & Hardware - 1.24%       Telecommunications - 2.53%        
Rexnord Corp (a) 287,730   8,088 Bandwidth Inc (a) 62,420   1,457  
        NETGEAR Inc (a) 94,360   6,577  
Miscellaneous Manufacturers - 2.11%       Plantronics Inc 123,240   7,270  
Hillenbrand Inc 105,040   4,653 Switch Inc 71,850   1,165  
Trinseo SA 109,710   9,046       $ 16,469  
    $ 13,699 TOTAL COMMON STOCKS   $ 645,732  
Oil & Gas - 2.66%       INVESTMENT COMPANIES - 2.27% Shares Held Value (000's)  
Carrizo Oil & Gas Inc (a) 167,300   3,364            
        Money Market Funds - 2.27%        
Delek US Holdings Inc 188,290   6,569 Principal Government Money Market Fund (d) 14,743,018   14,743  
Oasis Petroleum Inc (a) 213,460   1,849            
Resolute Energy Corp (a) 84,420   2,864            
Ring Energy Inc (a) 192,870   2,662 TOTAL INVESTMENT COMPANIES   $ 14,743  
        Total Investments   $ 660,475  
    $ 17,308 Other Assets and Liabilities - (1.59)%   $ (10,311 )
Oil & Gas Services - 1.35%       TOTAL NET ASSETS - 100.00%   $ 650,164  
Mammoth Energy Services Inc (a) 155,890   3,579            
NCS Multistage Holdings Inc (a) 87,680   1,433            
Pioneer Energy Services Corp (a) 257,170   836            
Select Energy Services Inc (a) 162,810   2,917 (a) Non-income producing security        
        (b) The value of these investments was determined using significant    
    $ 8,765   unobservable inputs.        
Packaging & Containers - 0.27%       (c) Fair value of these investments is determined in good faith by the Manager  
Graphic Packaging Holding Co 109,390   1,767   under procedures established and periodically reviewed by the Board of  
          Directors. Certain inputs used in the valuation may be unobservable;  
Pharmaceuticals - 5.36%         however, each security is evaluated individually for purposes of ASC 820  
Array BioPharma Inc (a) 129,570   1,920   which results in not all securities being identified as Level 3 of the fair  
Clovis Oncology Inc (a) 30,280   1,832   value hierarchy. At the end of the period, the fair value of these securities  
DexCom Inc (a) 9,010   524   totaled $0 or 0.00% of net assets.        
Horizon Pharma Plc (a) 174,092   2,533 (d) Affiliated Security. Security is either an affiliate (and registered under the  
Nektar Therapeutics (a) 69,090   5,777   Investment Company Act of 1940) or an affiliate as defined by the  
Neurocrine Biosciences Inc (a) 17,630   1,507   Investment Company Act of 1940 (the Fund controls 5.0% or more of the  
Portola Pharmaceuticals Inc (a) 17,760   911   outstanding voting shares of the security). Please see affiliated sub-  
PRA Health Sciences Inc (a) 111,250   10,131   schedule for transactional information.        
Prestige Brands Holdings Inc (a) 151,400   6,333            
ProQR Therapeutics NV (a) 25,716   82            
Revance Therapeutics Inc (a) 67,500   2,180            
TESARO Inc (a) 16,660   1,124   Portfolio Summary (unaudited)      
    $ 34,854 Sector       Percent  
REITs - 6.64%       Consumer, Non-cyclical     22.61 %
Agree Realty Corp 90,978   4,380 Financial     22.22 %
American Homes 4 Rent 235,910   4,905 Industrial     16.30 %
Brandywine Realty Trust 399,280   7,163 Consumer, Cyclical     11.74 %
First Industrial Realty Trust Inc 285,040   8,796 Technology     11.51 %
Monmouth Real Estate Investment Corp 109,390   1,869 Communications     4.47 %
Pebblebrook Hotel Trust 211,090   8,232 Energy     4.01 %
Preferred Apartment Communities Inc 151,638   2,528 Basic Materials     3.38 %
Tier REIT Inc 71,230   1,383 Utilities     3.08 %
Two Harbors Investment Corp 264,520   3,902 Investment Companies     2.27 %
    $ 43,158 Other Assets and Liabilities     (1.59 )%
Retail - 2.59%       TOTAL NET ASSETS     100.00 %
Caleres Inc 261,340   7,746            
GMS Inc (a) 171,880   5,892            
Ruth's Hospitality Group Inc 135,800   3,219            
    $ 16,857            
Savings & Loans - 0.69%                  
Berkshire Hills Bancorp Inc 117,840   4,472            
 
Semiconductors - 1.83%                  
Aquantia Corp (a) 109,900   1,438            
Entegris Inc 321,970   10,480            
    $ 11,918            
Software - 6.57%                  
Allscripts Healthcare Solutions Inc (a) 88,130   1,314            
Alteryx Inc (a) 40,470   1,109            
Apptio Inc (a) 94,164   2,406            
Aspen Technology Inc (a) 123,200   9,542            
Atlassian Corp PLC (a) 98,020   5,292            
Blackbaud Inc 100,610   9,641            
Manhattan Associates Inc (a) 86,000   4,543            
MongoDB Inc (a) 40,910   1,109            
SailPoint Technologies Holding Inc (a) 80,115   1,340            
SendGrid Inc (a) 34,676   779            

 

See accompanying notes.

247

 

Schedule of Investments
SmallCap Fund
January 31, 2018 (unaudited)
 
 
Affiliated Securities   October 31, 2017   Purchases   Sales     January 31, 2018
     Value     Cost   Proceeds     Value
Principal Government Money Market Fund   $ — $   23,748 $ 9,005 $   14,743
    $ — $   23,748 $ 9,005 $   14,743
 
 
      Realized Gain/Loss     Realized Gain from     Change in Unrealized
    Income on Investments     Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 9 $   — $     — $ —
  $ 9 $   — $     — $ —
Amounts in thousands                      

 

See accompanying notes.

248

 

Schedule of Investments
SmallCap Growth Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS - 96.20% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Advertising - 0.00%       Banks (continued)      
MDC Partners Inc (a) 3,568 $ 32 First Connecticut Bancorp Inc/Farmington CT 584 $ 15
        First Financial Bankshares Inc 4,864   226
Aerospace & Defense - 1.28%       First Foundation Inc (a) 1,733   34
Aerojet Rocketdyne Holdings Inc (a) 8,136   224 First of Long Island Corp/The 724   20
Astronics Corp (a) 3,516   157 Franklin Financial Network Inc (a) 578   19
Curtiss-Wright Corp 5,675   741 Glacier Bancorp Inc 1,512   59
HEICO Corp 97,883   7,862 Green Bancorp Inc (a) 865   21
Kaman Corp 272   17 Guaranty Bancorp 910   26
KLX Inc (a) 114,210   8,070 Guaranty Bancshares Inc/TX 437   14
Kratos Defense & Security Solutions Inc (a) 364,212   4,156 Heritage Commerce Corp 857   14
Moog Inc (a) 1,256   113 Home BancShares Inc/AR 14,954   359
National Presto Industries Inc 166   17 Investar Holding Corp 431   11
    $ 21,357 Lakeland Financial Corp 477   23
Agriculture - 0.02%       LegacyTexas Financial Group Inc 2,315   102
Limoneira Co 698   15 Live Oak Bancshares Inc 74,680   2,009
Phibro Animal Health Corp 3,176   108 MB Financial Inc 1,934   83
Turning Point Brands Inc 1,031   23 Merchants Bancorp/IN 388   8
Vector Group Ltd 5,313   113 Midland States Bancorp Inc 192   6
    $ 259 National Commerce Corp (a) 982   44
Airlines - 0.03%       Old Line Bancshares Inc 303   10
Allegiant Travel Co 1,490   237 Opus Bank 116,086   3,146
Hawaiian Holdings Inc 5,534   207 People's Utah Bancorp 438   14
    $ 444 Pinnacle Financial Partners Inc 18,410   1,165
Apparel - 0.31%       Preferred Bank/Los Angeles CA 2,137   138
Columbia Sportswear Co 1,225   91 Prosperity Bancshares Inc 77,124   5,846
Crocs Inc (a) 8,189   111 RBB Bancorp 275   7
Deckers Outdoor Corp (a) 1,039   89 ServisFirst Bancshares Inc 5,443   231
Oxford Industries Inc 1,812   143 South State Corp 790   70
Steven Madden Ltd (a) 90,842   4,197 SVB Financial Group (a) 25,637   6,321
        Texas Capital Bancshares Inc (a) 4,497   426
Superior Uniform Group Inc 1,664   39        
Wolverine World Wide Inc 16,234   533 Tompkins Financial Corp 261   21
    $ 5,203 Towne Bank/Portsmouth VA 222   7
        Veritex Holdings Inc (a) 920   26
Automobile Manufacturers - 0.20%              
Blue Bird Corp (a) 1,166   25 Walker & Dunlop Inc 4,514   210
Navistar International Corp (a) 326   15 Webster Financial Corp 145,347   8,229
REV Group Inc 106,411   3,113 West Bancorporation Inc 701   18
        Western Alliance Bancorp (a) 112,675   6,609
Wabash National Corp 5,616   145        
    $ 3,298 Western New England Bancorp Inc 463   5
Automobile Parts & Equipment - 0.14%           $ 65,075
Commercial Vehicle Group Inc (a) 4,633   57 Beverages - 0.05%      
        Boston Beer Co Inc/The (a) 1,670   317
Cooper-Standard Holdings Inc (a) 1,030   128        
Dana Inc 12,821   423 Coca-Cola Bottling Co Consolidated 767   155
        Craft Brew Alliance Inc (a) 2,147   42
Dorman Products Inc (a) 3,170   239        
Douglas Dynamics Inc 3,617   149 MGP Ingredients Inc 1,813   162
Gentherm Inc (a) 3,393   109 National Beverage Corp 1,383   153
        Primo Water Corp (a) 4,051   53
Meritor Inc (a) 24,480   668        
Miller Industries Inc/TN 497   13     $ 882
Spartan Motors Inc 3,530   47 Biotechnology - 7.32%      
        Acceleron Pharma Inc (a) 83,173   3,452
Standard Motor Products Inc 2,227   107 Acorda Therapeutics Inc (a) 930   24
Tenneco Inc 5,994   348 Aduro Biotech Inc (a) 6,804   43
    $ 2,288 Advaxis Inc (a) 5,183   15
Banks - 3.89%       Agenus Inc (a) 9,694   35
Access National Corp 301   9 Aileron Therapeutics Inc (a) 591   5
Ameris Bancorp 3,251   174 Alder Biopharmaceuticals Inc (a) 443,264   6,272
Bank of NT Butterfield & Son Ltd/The 7,316   294 Allena Pharmaceuticals Inc (a) 620   5
Bank of the Ozarks 68,238   3,408 Amicus Therapeutics Inc (a) 25,877   420
BankUnited Inc 222,359   9,126 AnaptysBio Inc (a) 18,352   1,934
Bankwell Financial Group Inc 280   9 Anavex Life Sciences Corp (a) 5,712   16
Blue Hills Bancorp Inc 1,987   38 ANI Pharmaceuticals Inc (a) 1,409   95
Bryn Mawr Bank Corp 340   15 Aratana Therapeutics Inc (a) 6,963   32
Byline Bancorp Inc (a) 340   8        
        Arena Pharmaceuticals Inc (a) 6,085   228
Cadence BanCorp 107,154   2,998 ARMO BioSciences Inc (a) 48,920   1,497
Capstar Financial Holdings Inc (a) 501   10        
        Assembly Biosciences Inc (a) 23,585   1,113
Carolina Financial Corp 2,336   96 Asterias Biotherapeutics Inc (a) 4,113   9
Cass Information Systems Inc 2,000   116 Athersys Inc (a) 14,989   26
CBTX Inc 230   7 Audentes Therapeutics Inc (a) 57,719   2,026
Central Pacific Financial Corp 534   16 Avexis Inc (a) 36,915   4,568
CoBiz Financial Inc 816   16 Axovant Sciences Ltd (a) 5,077   10
Columbia Banking System Inc 1,977   85 BeiGene Ltd ADR(a) 72,904   9,897
ConnectOne Bancorp Inc 196,240   5,721 Bellicum Pharmaceuticals Inc (a) 2,952   18
Eagle Bancorp Inc (a) 4,784   301        
        BioCryst Pharmaceuticals Inc (a) 12,838   58
Equity Bancshares Inc (a) 638   23        
        Biohaven Pharmaceutical Holding Co Ltd (a) 160,775   5,557
FCB Financial Holdings Inc (a) 127,975   7,013        

 

See accompanying notes.

249

 

Schedule of Investments
SmallCap Growth Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held Value(000 's) COMMON STOCKS (continued) Shares Held Value (000's)
Biotechnology (continued)         Biotechnology (continued)      
Bluebird Bio Inc (a) 11,783 $ 2,414   Tobira Therapeutics Inc - Rights (a),(b),(c) 1,559 $ 3
Blueprint Medicines Corp (a) 64,475   5,071   Tocagen Inc (a) 2,452   32
Calyxt Inc (a) 946   25   Ultragenyx Pharmaceutical Inc (a) 123,938   6,613
Cambrex Corp (a) 138,426   7,800   VBI Vaccines Inc (a) 5,345   21
Celcuity Inc (a) 321   5   Veracyte Inc (a) 3,680   24
Charles River Laboratories International Inc 100,863   10,635   Versartis Inc (a) 5,058   10
(a)         XBiotech Inc (a) 2,775   14
ChemoCentryx Inc (a) 3,786   35   ZIOPHARM Oncology Inc (a) 20,386   80
Corium International Inc (a) 4,469   57       $ 122,522
Curis Inc (a) 17,990   11   Building Materials - 1.88%      
CytomX Therapeutics Inc (a) 4,507   121   AAON Inc 4,886   178
Deciphera Pharmaceuticals Inc (a) 85,944   2,235   American Woodmark Corp (a) 1,660   226
Dermira Inc (a) 70,158   2,000   Apogee Enterprises Inc 105,528   4,802
Dynavax Technologies Corp (a) 752   12   Boise Cascade Co 2,699   120
Edge Therapeutics Inc (a) 3,104   40   Builders FirstSource Inc (a) 20,200   433
Editas Medicine Inc (a) 3,756   137   Caesarstone Ltd (a) 2,507   53
Emergent BioSolutions Inc (a) 2,500   122   Continental Building Products Inc (a) 4,471   127
Enzo Biochem Inc (a) 7,024   52   Griffon Corp 4,070   82
Epizyme Inc (a) 5,577   90   JELD-WEN Holding Inc (a) 7,937   312
Esperion Therapeutics Inc (a) 2,627   190   Louisiana-Pacific Corp (a) 23,444   694
Exact Sciences Corp (a) 183,279   9,112   Masonite International Corp (a) 31,172   2,174
Fate Therapeutics Inc (a) 1,489   14   NCI Building Systems Inc (a) 6,610   122
FibroGen Inc (a) 10,783   631   Patrick Industries Inc (a) 4,713   302
Fortress Biotech Inc (a) 5,029   20   PGT Innovations Inc (a) 8,028   128
Foundation Medicine Inc (a) 2,222   154   Ply Gem Holdings Inc (a) 3,964   85
Genocea Biosciences Inc (a) 3,708   3   Quanex Building Products Corp 745   15
Geron Corp (a) 23,069   57   Simpson Manufacturing Co Inc 1,815   107
Halozyme Therapeutics Inc (a) 18,463   345   Summit Materials Inc (a) 251,835   8,046
Idera Pharmaceuticals Inc (a) 20,383   37   Trex Co Inc (a) 65,733   7,335
ImmunoGen Inc (a) 15,452   142   Universal Forest Products Inc 9,977   372
Immunomedics Inc (a) 6,107   102   US Concrete Inc (a) 73,168   5,696
Innoviva Inc (a) 17,367   253       $ 31,409
Inovio Pharmaceuticals Inc (a) 12,753   58   Chemicals - 1.24%      
Insmed Inc (a) 133,153   3,387   A Schulman Inc 5,949   232
Intercept Pharmaceuticals Inc (a) 13,090   813   AdvanSix Inc (a) 5,503   217
Iovance Biotherapeutics Inc (a) 577   9   Balchem Corp 3,728   295
Karyopharm Therapeutics Inc (a) 1,160   14   Calgon Carbon Corp 481   10
Kura Oncology Inc (a) 3,037   60   Codexis Inc (a) 6,278   54
Lexicon Pharmaceuticals Inc (a) 6,687   73   CSW Industrials Inc (a) 1,153   55
Ligand Pharmaceuticals Inc (a) 3,173   500   Ferro Corp (a) 15,101   355
Loxo Oncology Inc (a) 46,981   4,767   HB Fuller Co 4,452   231
MacroGenics Inc (a) 1,469   33   Ingevity Corp (a) 39,965   2,899
Matinas BioPharma Holdings Inc (a) 10,113   10   Innospec Inc 52,941   3,801
Medicines Co/The (a) 7,492   248   KMG Chemicals Inc 2,125   129
Merrimack Pharmaceuticals Inc 1,268   13   Koppers Holdings Inc (a) 3,339   153
Momenta Pharmaceuticals Inc (a) 2,791   47   Kraton Corp (a) 2,052   103
NeoGenomics Inc (a) 228,274   1,762   Kronos Worldwide Inc 3,800   104
NewLink Genetics Corp (a) 4,491   37   Landec Corp (a) 1,423   19
Novavax Inc (a) 18,607   38   Minerals Technologies Inc 3,911   294
NuCana PLC ADR(a) 136,895   3,355   OMNOVA Solutions Inc (a) 4,912   54
Nymox Pharmaceutical Corp (a) 1,736   6   PolyOne Corp 180,600   7,849
Omeros Corp (a) 7,442   120   PQ Group Holdings Inc (a) 169,373   2,768
Oncocyte Corp (a) 569   2   Quaker Chemical Corp 2,346   361
Organovo Holdings Inc (a) 15,233   21   Rayonier Advanced Materials Inc 4,589   87
Ovid therapeutics Inc (a) 798   7   Sensient Technologies Corp 5,212   375
Pacific Biosciences of California Inc (a) 17,213   49   Stepan Co 2,733   214
Pieris Pharmaceuticals Inc (a) 5,370   40   Valhi Inc 1,504   9
Prothena Corp PLC (a) 72,795   3,043       $ 20,668
PTC Therapeutics Inc (a) 5,066   133    Coal - 0.00%      
Puma Biotechnology Inc (a) 61,725   4,126   Westmoreland Coal Co (a) 1,075   1
Radius Health Inc (a) 5,917   223          
REGENXBIO Inc (a) 1,182   32    Commercial Services - 6.82%      
Rigel Pharmaceuticals Inc (a) 22,883   92   ABM Industries Inc  3,350    127
RTI Surgical Inc (a) 8,791   40   Alarm. com Holdings Inc (a) 149,534   5,739
Sage Therapeutics Inc (a) 66,092   12,544   AMN Healthcare Services Inc (a) 9,104   488
Sangamo Therapeutics Inc (a) 12,987   271   Avis Budget Group Inc (a) 8,517   383
Selecta Biosciences Inc (a) 2,179   20    Barrett Business Services Inc  1,274    89
Seres Therapeutics Inc (a) 3,173   32   BG Staffing Inc 1,752   28
Spark Therapeutics Inc (a) 4,275   240   Bridgepoint Education Inc (a) 3,212   25
Stemline Therapeutics Inc (a) 645   10   Bright Horizons Family Solutions Inc (a) 237,866   23,358
Strongbridge Biopharma PLC (a) 3,822   26    Brink's Co/The  5,397    450
Syndax Pharmaceuticals Inc (a) 1,549   17   CAI International Inc (a) 1,384   39
Theravance Biopharma Inc (a) 4,925   130   Cambium Learning Group Inc (a) 1,825   13

 

See accompanying notes.

250

 

Schedule of Investments
SmallCap Growth Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held Value(000 's) COMMON STOCKS (continued) Shares Held Value (000's)
Commercial Services (continued)         Computers (continued)      
Capella Education Co 1,777 $ 141   Pure Storage Inc (a) 218,968 $ 4,410
Cardtronics PLC (a) 7,244   177   Qualys Inc (a) 6,701   419
Care.com Inc (a) 2,641   48   Quantum Corp (a) 1,725   11
Carriage Services Inc 1,190   32   Science Applications International Corp 8,293   636
Cimpress NV (a) 60,898   7,760   StarTek Inc (a) 2,562   32
Collectors Universe Inc 1,529   42   Stratasys Ltd (a) 2,935   63
CoreLogic Inc/United States (a) 75,081   3,556   Super Micro Computer Inc (a) 1,624   37
CorVel Corp (a) 1,644   85   Sykes Enterprises Inc (a) 426   13
CoStar Group Inc (a) 6,022   2,084   Syntel Inc (a) 5,532   125
CPI Card Group Inc (a) 1,094   3   TTEC Holdings Inc 2,397   95
Cross Country Healthcare Inc (a) 3,252   46   Unisys Corp (a) 6,030   54
Deluxe Corp 8,448   627   USA Technologies Inc (a) 126,560   1,069
Emerald Expositions Events Inc 477   10   Varonis Systems Inc (a) 112,931   6,132
Everi Holdings Inc (a) 10,876   84   VeriFone Systems Inc (a) 1,058   19
EVERTEC Inc 8,385   131   Virtusa Corp (a) 5,802   259
Forrester Research Inc 1,788   78   Vocera Communications Inc (a) 279,825   8,199
Global Payments Inc 23,181   2,591       $ 75,040
Grand Canyon Education Inc (a) 116,633   10,846   Consumer Products - 0.03%      
Great Lakes Dredge & Dock Corp (a) 1,265   6   Central Garden & Pet Co (a) 366   14
Green Dot Corp (a) 7,963   488   Central Garden & Pet Co - A Shares (a) 2,940   111
Hackett Group Inc/The 4,302   69   Helen of Troy Ltd (a) 1,458   136
Healthcare Services Group Inc 178,056   9,826   WD-40 Co 1,631   202
HealthEquity Inc (a) 68,463   3,466       $ 463
Herc Holdings Inc (a) 2,857   188   Cosmetics & Personal Care - 0.01%      
HMS Holdings Corp (a) 8,596   147   elf Beauty Inc (a) 3,300   68
Information Services Group Inc (a) 5,196   22   Inter Parfums Inc 1,381   63
Insperity Inc 6,841   419       $ 131
Kforce Inc 4,037   105   Distribution & Wholesale - 2.20%      
LendingTree Inc (a) 40,564   14,922          
          Core-Mark Holding Co Inc 213,951   4,726
Liberty Tax Inc 793   8   EnviroStar Inc 665   26
Matthews International Corp 5,977   335   H&E Equipment Services Inc 265,324   10,448
McGrath RentCorp 1,689   81   Pool Corp 56,060   7,582
Medifast Inc 1,737   119   SiteOne Landscape Supply Inc (a) 183,296   13,959
MoneyGram International Inc (a) 844   10          
          Systemax Inc 1,727   54
Monro Inc 3,742   211       $ 36,795
National Research Corp 1,592   60   Diversified Financial Services - 1.65%      
Nutrisystem Inc 122,806   5,311   Artisan Partners Asset Management Inc 8,259   323
On Assignment Inc (a) 8,803   674          
          Blackhawk Network Holdings Inc (a) 6,434   292
Paylocity Holding Corp (a) 215,312   11,259          
          Cohen & Steers Inc 3,401   139
Quad/Graphics Inc 3,190   71   Cowen Inc (a) 314   4
Reis Inc 1,785   37   Diamond Hill Investment Group Inc 511   108
RR Donnelley & Sons Co 3,709   30   Ellie Mae Inc (a) 3,984   373
Sotheby's (a) 6,972   368          
          Enova International Inc (a) 1,898   34
SP Plus Corp (a) 1,074   41          
          Evercore Inc - Class A 6,482   652
Strayer Education Inc 1,735   160   Financial Engines Inc 6,888   196
Travelport Worldwide Ltd 12,845   175   GAMCO Investors Inc 284   8
TriNet Group Inc (a) 8,050   353          
TrueBlue Inc (a) 2,972   81   Hamilton Lane Inc 111,531   4,157
Vectrus Inc (a) 644   20   Houlihan Lokey Inc 143,221   6,832
          Investment Technology Group Inc 893   19
                 
Viad Corp (a)  3,245   184   Ladenburg Thalmann Financial Services Inc 2,919   9
 Weight Watchers International Inc  3,093    199   LendingClub Corp (a) 35,310   129
WEX Inc (a) 35,628   5,516          
Willdan Group Inc (a) 1,526   35   Marlin Business Services Corp 594   14
          Moelis & Co 81,021   4,188
    $ 114,076   Ocwen Financial Corp (a) 1,183   4
Computers - 4.49%         OM Asset Management PLC 14,680   263
3D Systems Corp (a) 17,118   175    Piper Jaffray Cos  638    59
Barracuda Networks Inc (a) 4,244   117   PRA Group Inc  (a) 3,124   112
Carbonite Inc (a) 4,139   104          
          Pzena Investment Management Inc 2,412   30
Diebold Nixdorf Inc 8,915   165   R1 RCM Inc (a) 16,642   86
Electronics For Imaging Inc (a) 8,463   247   Regional Management Corp (a) 264   8
EPAM Systems Inc (a) 79,325   9,319          
ExlService Holdings Inc (a) 7,165   435   Silvercrest Asset Management Group Inc 1,337   20
ExOne Co/The (a) 1,626   16   Stifel Financial Corp 100,444   6,782
ForeScout Technologies Inc (a) 57,487   1,749   Virtu Financial Inc 3,928   75
          Virtus Investment Partners Inc 158   20
Genpact Ltd 383,090   13,002   WageWorks Inc (a) 38,900   2,355
Insight Enterprises Inc (a) 1,652   61          
Lumentum Holdings Inc (a) 39,836   1,845   Westwood Holdings Group Inc 1,323   87
          WisdomTree Investments Inc 13,606   158
MAXIMUS Inc 122,771   8,371       $ 27,536
Mercury Systems Inc (a) 317,693   15,255          
Mitek Systems Inc (a) 5,570   43   Electric - 0.02%      
          Atlantic Power Corp (a) 12,998   27
Nutanix Inc (a) 12,605   405          
PlayAGS Inc (a) 107,830   2,110   MGE Energy Inc 2,004   120
Presidio Inc (a) 2,644   48   Ormat Technologies Inc 2,271   159

 

See accompanying notes.

251

 

Schedule of Investments
SmallCap Growth Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Electric (continued)       Entertainment (continued)      
Spark Energy Inc 1,558 $ 16 Marriott Vacations Worldwide Corp 3,395 $ 517
    $ 322 Penn National Gaming Inc (a) 3,743   119
Electrical Components & Equipment - 0.63%       Pinnacle Entertainment Inc (a) 7,677   248
Advanced Energy Industries Inc (a) 88,945   6,327 RCI Hospitality Holdings Inc 427   13
EnerSys 5,136   361 Reading International Inc (a) 1,010   17
Generac Holdings Inc (a) 10,801   528 Red Rock Resorts Inc 8,113   282
General Cable Corp 5,476   163 Scientific Games Corp (a) 6,263   292
Littelfuse Inc 12,922   2,808 Vail Resorts Inc 33,990   7,429
Novanta Inc (a) 3,769   218     $ 11,197
Revolution Lighting Technologies Inc (a) 376   1 Environmental Control - 2.06%      
SPX Corp (a) 5,023   157 Advanced Disposal Services Inc (a) 6,966   170
Vicor Corp (a) 2,491   46 Aqua Metals Inc (a) 2,604   5
    $ 10,609 Casella Waste Systems Inc (a) 1,523   39
Electronics - 1.98%       Covanta Holding Corp 13,826   226
Allied Motion Technologies Inc 1,297   45 Energy Recovery Inc (a) 5,670   44
Applied Optoelectronics Inc (a) 3,079   100 Evoqua Water Technologies Corp (a) 44,541   1,018
Badger Meter Inc 3,302   159 Heritage-Crystal Clean Inc (a) 1,694   37
Bel Fuse Inc 666   14 Hudson Technologies Inc (a) 6,684   42
Brady Corp 7,536   288 MSA Safety Inc 5,959   466
Control4 Corp (a) 3,897   106 Pure Cycle Corp (a) 2,637   23
CyberOptics Corp (a) 824   13 Tetra Tech Inc 201,600   10,020
ESCO Technologies Inc 145,559   8,901 US Ecology Inc 2,576   134
FARO Technologies Inc (a) 844   46 Waste Connections Inc 308,755   22,175
Fluidigm Corp (a) 7,007   43     $ 34,399
GoPro Inc (a) 17,332   95 Food - 0.81%      
II-VI Inc (a) 42,841   1,827 B&G Foods Inc 7,732   255
Itron Inc (a) 4,022   294 Calavo Growers Inc 55,881   4,861
KEMET Corp (a) 9,279   189 Chefs' Warehouse Inc/The (a) 340,521   6,930
Mesa Laboratories Inc 545   77 Dean Foods Co 1,408   15
Methode Electronics Inc 7,600   310 Hostess Brands Inc (a) 4,672   64
Napco Security Technologies Inc (a) 2,773   25 J&J Snack Foods Corp 2,603   360
National Instruments Corp 134,110   6,697 John B Sanfilippo & Son Inc 1,419   89
NVE Corp 799   67 Lancaster Colony Corp 3,264   419
OSI Systems Inc (a) 32,137   2,123 Lifeway Foods Inc (a) 1,084   9
Rogers Corp (a) 3,301   544 Performance Food Group Co (a) 15,625   537
Sparton Corp (a) 385   9 Tootsie Roll Industries Inc 1,987   71
SYNNEX Corp 1,237   152     $ 13,610
Tech Data Corp (a) 1,252   126 Forest Products & Paper - 0.03%      
TTM Technologies Inc (a) 7,565   125 Deltic Timber Corp 1,740   164
Watts Water Technologies Inc 3,417   273 Neenah Inc 2,754   249
Woodward Inc 134,017   10,389 Schweitzer-Mauduit International Inc 695   32
ZAGG Inc (a) 3,497   58 Verso Corp (a) 840   14
    $ 33,095     $ 459
Energy - Alternate Sources - 0.01%       Gas - 0.01%      
Pattern Energy Group Inc 1,923   40 Chesapeake Utilities Corp 697   51
TPI Composites Inc (a) 2,138   43 New Jersey Resources Corp 782   30
    $ 83 RGC Resources Inc 399   10
Engineering & Construction - 1.66%       Southwest Gas Holdings Inc 1,257   93
Argan Inc 2,454   107     $ 184
Comfort Systems USA Inc 7,425   316 Hand & Machine Tools - 1.31%      
Dycom Industries Inc (a) 116,811   13,633 Franklin Electric Co Inc 8,020   363
EMCOR Group Inc 7,797   634 Kennametal Inc 310,176   15,130
Exponent Inc 3,019   224 Lincoln Electric Holdings Inc 65,015   6,344
Granite Construction Inc 5,636   376 Milacron Holdings Corp (a) 7,698   146
Hill International Inc (a) 5,354   31     $ 21,983
KBR Inc 6,027   123 Healthcare - Products - 3.94%      
MasTec Inc (a) 11,794   630 Abaxis Inc 2,586   185
Mistras Group Inc (a) 585   12 Accuray Inc (a) 14,474   82
MYR Group Inc (a) 1,336   45 AtriCure Inc (a) 100,576   1,641
NV5 Global Inc (a) 35,917   1,751 Atrion Corp 237   136
Orion Group Holdings Inc (a) 2,819   21 AxoGen Inc (a) 4,553   127
Primoris Services Corp 75,694   1,968 BioTelemetry Inc (a) 5,225   178
Sterling Construction Co Inc (a) 1,400   20 Cantel Medical Corp 6,461   717
TopBuild Corp (a) 45,526   3,484 Cardiovascular Systems Inc (a) 5,566   138
Tutor Perini Corp (a) 178,019   4,406 Cerus Corp (a) 17,127   76
    $ 27,781 ConforMIS Inc (a) 3,965   5
Entertainment - 0.67%       CryoLife Inc (a) 3,799   72
Churchill Downs Inc 7,368   1,909 Cutera Inc (a) 2,281   113
Eldorado Resorts Inc (a) 5,440   188 Endologix Inc (a) 14,141   59
Eros International PLC (a) 2,227   25 FONAR Corp (a) 1,232   30
Golden Entertainment Inc (a) 621   19 Genomic Health Inc (a) 3,064   102
IMAX Corp (a) 6,672   132 Glaukos Corp (a) 4,750   143
Inspired Entertainment Inc (a) 1,014   7        

 

See accompanying notes.

252

 

Schedule of Investments
SmallCap Growth Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Healthcare - Products (continued)       Holding Companies - Diversified - 0.02%      
Globus Medical Inc (a) 12,872 $ 593 HRG Group Inc (a) 20,122 $ 367
Haemonetics Corp (a) 8,112   524        
Henry Schein Inc (a) 80,100   6,062 Home Builders - 0.70%      
ICU Medical Inc (a) 2,037   466 Cavco Industries Inc (a) 1,706   261
IDEXX Laboratories Inc (a) 12,642   2,365 Century Communities Inc (a) 468   15
Inogen Inc (a) 3,373   411 Hovnanian Enterprises Inc (a) 6,080   12
Insulet Corp (a) 6,840   523 Installed Building Products Inc (a) 80,557   5,796
Integra LifeSciences Holdings Corp (a) 7,483   394 KB Home 4,709   149
Intersect ENT Inc (a) 246,601   9,210 LGI Homes Inc (a) 2,588   175
iRhythm Technologies Inc (a) 156,432   9,328 M/I Homes Inc 1,052   34
K2M Group Holdings Inc (a) 186,688   3,933 MDC Holdings Inc 4,640   156
Lantheus Holdings Inc (a) 4,799   110 Meritage Homes Corp (a) 90,471   4,293
LeMaitre Vascular Inc 2,611   91 PICO Holdings Inc 971   13
Luminex Corp 3,215   65 Taylor Morrison Home Corp (a) 16,501   420
Masimo Corp (a) 5,277   497 TRI Pointe Group Inc (a) 4,339   71
Meridian Bioscience Inc 6,445   101 William Lyon Homes (a) 1,081   29
Merit Medical Systems Inc (a) 41,517   1,928 Winnebago Industries Inc 5,453   248
MiMedx Group Inc (a) 16,039   269     $ 11,672
NanoString Technologies Inc (a) 2,014   15 Home Furnishings - 0.55%      
Natus Medical Inc (a) 5,056   157 Daktronics Inc 4,267   40
Nevro Corp (a) 86,289   6,926 Hooker Furniture Corp 1,971   73
Novocure Ltd (a) 6,810   153 iRobot Corp (a) 3,113   276
NuVasive Inc (a) 5,972   292 Sleep Number Corp (a) 234,367   8,822
NxStage Medical Inc (a) 7,659   192     $ 9,211
Obalon Therapeutics Inc (a) 1,174   5 Insurance - 0.25%      
OraSure Technologies Inc (a) 119,194   2,593 Atlas Financial Holdings Inc (a) 1,110   22
Orthofix International NV (a) 709   41 Crawford & Co 1,897   18
OrthoPediatrics Corp (a) 965   16 Essent Group Ltd (a) 13,755   640
Oxford Immunotec Global PLC (a) 4,585   53 HCI Group Inc 758   27
Penumbra Inc (a) 79,495   7,917 Health Insurance Innovations Inc (a) 1,907   50
Quidel Corp (a) 6,198   284 Heritage Insurance Holdings Inc 544   9
Repligen Corp (a) 5,813   206 Infinity Property & Casualty Corp 693   70
Restoration Robotics Inc (a) 1,921   10 Investors Title Co 201   39
Rockwell Medical Inc (a) 8,150   45 Kinsale Capital Group Inc 2,343   112
STAAR Surgical Co (a) 6,998   110 Maiden Holdings Ltd 1,607   11
Surmodics Inc (a) 2,318   68 National General Holdings Corp 4,912   98
Tactile Systems Technology Inc (a) 175,100   5,521 NMI Holdings Inc (a) 1,736   32
Utah Medical Products Inc 564   51 Primerica Inc 7,311   738
Varex Imaging Corp (a) 4,443   189 RLI Corp 3,814   245
ViewRay Inc (a) 5,442   49 Stewart Information Services Corp 266   12
Viveve Medical Inc (a) 2,439   10 Third Point Reinsurance Ltd (a) 10,521   150
Wright Medical Group NV (a) 12,297   280 Trupanion Inc (a) 52,242   1,825
    $ 65,857 United Insurance Holdings Corp 2,657   51
Healthcare - Services - 1.56%       Universal Insurance Holdings Inc 3,849   113
Addus HomeCare Corp (a) 1,425   51     $ 4,262
Almost Family Inc (a) 690   39 Internet - 6.91%      
Amedisys Inc (a) 6,145   329 1-800-Flowers.com Inc (a) 1,927   20
American Renal Associates Holdings Inc (a) 1,882   36 8x8 Inc (a) 10,415   184
Capital Senior Living Corp (a) 4,394   49 Blucora Inc (a) 1,899   46
Chemed Corp 2,782   725 Boingo Wireless Inc (a) 5,886   143
Civitas Solutions Inc (a) 3,080   54 Chegg Inc (a) 448,078   7,761
Encompass Health Corp 17,040   902 Cogent Communications Holdings Inc 273,092   12,317
Ensign Group Inc/The 8,134   187 Corindus Vascular Robotics Inc (a) 17,926   21
Genesis Healthcare Inc (a) 17,820   17 Endurance International Group Holdings Inc 9,344   77
ICON PLC (a) 60,534   6,630 (a)      
Invitae Corp (a) 6,666   46 ePlus Inc (a) 2,182   168
LHC Group Inc (a) 2,454   154 Etsy Inc (a) 14,217   267
Magellan Health Inc (a) 3,661   365 Groupon Inc (a) 63,124   334
Molina Healthcare Inc (a) 7,795   712 GrubHub Inc (a) 197,387   14,261
Natera Inc (a) 4,872   51 HealthStream Inc (a) 55,694   1,310
Optinose Inc (a) 1,044   20 Imperva Inc (a) 58,632   2,565
Providence Service Corp/The (a) 1,610   104 Internap Corp (a) 119,597   2,001
RadNet Inc (a) 6,768   69 Liberty Ventures (a) 149,257   8,796
Select Medical Holdings Corp (a) 21,618   383 Limelight Networks Inc (a) 6,733   29
Surgery Partners Inc (a) 3,486   54 MakeMyTrip Ltd (a) 105,990   3,243
Syneos Health Inc (a) 6,424   246 Meet Group Inc/The (a) 3,600   10
Teladoc Inc (a) 380,832   14,243 Mimecast Ltd (a) 299,900   9,222
Tenet Healthcare Corp (a) 9,589   181 NIC Inc 16,623   276
Tivity Health Inc (a) 6,195   240 Okta Inc (a) 3,182   94
Triple-S Management Corp (a) 1,150   26 Ominto Inc (a) 4,284   15
US Physical Therapy Inc 2,037   155 Overstock.com Inc (a) 987   68
    $ 26,068 Perficient Inc (a) 813   16
        Proofpoint Inc (a) 201,319   20,539

 

See accompanying notes.

253

 

Schedule of Investments
SmallCap Growth Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Internet (continued)       Media - 0.68%      
Q2 Holdings Inc (a) 162,528 $ 6,883 Entercom Communications Corp 143,641 $ 1,587
Quotient Technology Inc (a) 12,187   144 Entravision Communications Corp 11,277   78
Rapid7 Inc (a) 3,618   87 Global Eagle Entertainment Inc (a) 669,020   1,933
RingCentral Inc (a) 171,340   9,303 Gray Television Inc (a) 7,018   115
Shutterfly Inc (a) 3,896   265 Hemisphere Media Group Inc (a) 643   7
Shutterstock Inc (a) 3,036   134 Houghton Mifflin Harcourt Co (a) 11,547   97
Stamps.com Inc (a) 3,045   621 Liberty Media Corp-Liberty Braves - C Shares 5,479   129
TechTarget Inc (a) 1,663   26 (a)      
Trade Desk Inc/The (a) 141,272   6,848 Liberty Media Corp-Liberty Formula One - A 172,420   6,152
Tucows Inc (a) 1,576   85 Shares (a)      
VASCO Data Security International Inc (a) 967   14 New York Times Co/The 12,008   279
VirnetX Holding Corp (a) 7,991   28 Nexstar Media Group Inc 5,160   387
Wayfair Inc (a) 64,748   5,957 Sinclair Broadcast Group Inc 8,396   311
Web.com Group Inc (a) 6,335   147 tronc Inc (a) 2,435   50
XO Group Inc (a) 3,302   63 WideOpenWest Inc (a) 1,329   14
Yelp Inc (a) 14,892   653 World Wrestling Entertainment Inc 7,967   282
Zendesk Inc (a) 11,724   452     $ 11,421
Zix Corp (a) 10,569   45 Metal Fabrication & Hardware - 0.46%      
    $ 115,538 Advanced Drainage Systems Inc 5,642   139
Iron & Steel - 0.61%       Atkore International Group Inc (a) 5,525   129
AK Steel Holding Corp (a) 153,240   775 Global Brass & Copper Holdings Inc 3,415   110
Allegheny Technologies Inc (a) 120,910   3,260 Lawson Products Inc/DE (a) 1,023   24
Carpenter Technology Corp 79,700   4,097 Mueller Industries Inc 6,701   222
Cleveland-Cliffs Inc (a) 299,415   2,051 Mueller Water Products Inc - Class A 11,072   129
Shiloh Industries Inc (a) 2,058   15 Omega Flex Inc 548   33
    $ 10,198 RBC Bearings Inc (a) 50,652   6,382
Leisure Products & Services - 1.51%       Sun Hydraulics Corp 2,780   173
Camping World Holdings Inc 6,273   281 Worthington Industries Inc 7,542   353
Clarus Corp (a) 244,682   1,823     $ 7,694
Drive Shack Inc (a) 5,924   31 Mining - 0.04%      
Fox Factory Holding Corp (a) 7,066   271 Coeur Mining Inc (a) 3,410   27
LCI Industries 4,255   469 Compass Minerals International Inc 3,642   266
Liberty TripAdvisor Holdings Inc (a) 600,979   5,289 Fairmount Santrol Holdings Inc (a) 21,913   122
Lindblad Expeditions Holdings Inc (a) 242,185   2,245 Smart Sand Inc (a) 3,323   31
Malibu Boats Inc (a) 3,505   117 United States Lime & Minerals Inc 101   8
Marine Products Corp 1,790   26 US Silica Holdings Inc 8,423   280
MCBC Holdings Inc (a) 3,330   80     $ 734
Nautilus Inc (a) 5,081   65 Miscellaneous Manufacturers - 1.82%      
Planet Fitness Inc (a) 433,720   14,642 Actuant Corp 3,569   88
    $ 25,339 American Outdoor Brands Corp (a) 8,606   103
Lodging - 0.47%       Axon Enterprise Inc (a) 6,149   163
Boyd Gaming Corp 8,856   349 AZZ Inc 3,061   139
Caesars Entertainment Corp (a) 947   13 Barnes Group Inc 2,021   133
Hilton Grand Vacations Inc (a) 163,421   7,349 Carlisle Cos Inc 40,319   4,605
ILG Inc 1,148   36 Chase Corp 1,162   131
La Quinta Holdings Inc (a) 1,995   40 EnPro Industries Inc 4,066   358
Marcus Corp/The 2,690   70 Fabrinet (a) 7,394   183
    $ 7,857 Federal Signal Corp 5,361   109
Machinery - Construction & Mining - 0.33%       GP Strategies Corp (a) 2,107   53
Astec Industries Inc 10,638   664 Harsco Corp (a) 9,457   169
BWX Technologies Inc 74,147   4,704 Hexcel Corp 224,377   15,336
Hyster-Yale Materials Handling Inc 1,477   125 Hillenbrand Inc 11,444   507
    $ 5,493 John Bean Technologies Corp 60,475   6,879
        Lydall Inc (a) 2,765   132
Machinery - Diversified - 2.40%              
Alamo Group Inc 1,367   157 Myers Industries Inc 3,910   82
        Proto Labs Inc (a) 2,920   319
Albany International Corp 2,657   169        
Altra Industrial Motion Corp 5,705   299 Raven Industries Inc 4,265   164
Applied Industrial Technologies Inc 6,996   516 Standex International Corp 2,201   231
DXP Enterprises Inc/TX (a) 2,086   71 Sturm Ruger & Co Inc 2,769   147
Gardner Denver Holdings Inc (a) 184,308   6,373 Trinseo SA 5,625   464
Gates Industrial Corp PLC (a) 220,202   4,316     $ 30,495
Ichor Holdings Ltd (a) 3,232   103 Office & Business Equipment - 0.00%      
IDEX Corp 96,040   13,780 Eastman Kodak Co (a) 2,428   19
Intevac Inc (a) 4,177   29        
Kadant Inc 1,759   176 Office Furnishings - 0.07%      
Lindsay Corp 1,721   154 Herman Miller Inc 9,801   397
Manitowoc Co Inc/The (a) 98,109   3,932 HNI Corp 5,099   198
NN Inc 4,306   124 Interface Inc 11,102   277
Nordson Corp 42,090   6,049 Kimball International Inc 5,426   101
SPX FLOW Inc (a) 2,926   136 Knoll Inc 5,401   124
Tennant Co 9,211   621 Steelcase Inc 8,045   125
Welbilt Inc (a) 144,579   3,224     $ 1,222
    $ 40,229        

 

See accompanying notes.

254

 

Schedule of Investments
SmallCap Growth Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Oil & Gas - 0.66%       Pharmaceuticals (continued)      
Abraxas Petroleum Corp (a) 22,848 $ 55 Flexion Therapeutics Inc (a) 5,070 $ 115
Bonanza Creek Energy Inc (a) 284   8 G1 Therapeutics Inc (a) 114,308   2,733
Callon Petroleum Co (a) 180,791   2,052 Global Blood Therapeutics Inc (a) 5,728   332
Carrizo Oil & Gas Inc (a) 13,137   264 GW Pharmaceuticals PLC ADR(a) 17,414   2,405
CVR Energy Inc 200   7 Heron Therapeutics Inc (a) 6,047   131
Energy XXI Gulf Coast Inc (a) 989   7 Heska Corp (a) 1,125   88
Evolution Petroleum Corp 4,225   32 Ignyta Inc (a) 9,111   245
Extraction Oil & Gas Inc (a) 154,573   2,179 Immune Design Corp (a) 315   1
Gastar Exploration Inc (a) 13,849   14 Insys Therapeutics Inc (a) 3,728   35
Isramco Inc (a) 131   14 Ironwood Pharmaceuticals Inc (a) 20,836   309
Jagged Peak Energy Inc (a) 9,021   116 Jounce Therapeutics Inc (a) 78,858   1,907
Jones Energy Inc (a) 678   1 Keryx Biopharmaceuticals Inc (a) 14,022   65
Matador Resources Co (a) 178,729   5,793 Kindred Biosciences Inc (a) 347   3
Panhandle Oil and Gas Inc 1,384   28 La Jolla Pharmaceutical Co (a) 2,709   93
Par Pacific Holdings Inc (a) 2,010   37 Madrigal Pharmaceuticals Inc (a) 8,609   1,278
Penn Virginia Corp (a) 2,098   89 MediciNova Inc (a) 4,372   39
Resolute Energy Corp (a) 264   9 Melinta Therapeutics Inc (a) 366   5
Ring Energy Inc (a) 7,426   102 Mersana Therapeutics Inc (a) 588   8
Rosehill Resources Inc (a) 179   1 Minerva Neurosciences Inc (a) 3,479   22
Sanchez Energy Corp (a) 11,672   58 Miragen Therapeutics Inc (a) 1,605   12
SilverBow Resources Inc (a) 308   9 MyoKardia Inc (a) 2,950   152
SRC Energy Inc (a) 7,430   74 Natural Health Trends Corp 1,653   27
Ultra Petroleum Corp (a) 2,021   14 Nektar Therapeutics (a) 17,431   1,457
W&T Offshore Inc (a) 1,471   7 Neogen Corp (a) 9,113   538
    $ 10,970 Neos Therapeutics Inc (a) 4,087   43
Oil & Gas Services - 0.78%       Neurocrine Biosciences Inc (a) 95,251   8,141
Forum Energy Technologies Inc (a) 254,018   4,293 Pacira Pharmaceuticals Inc/DE (a) 4,633   169
Keane Group Inc (a) 208,250   3,442 Paratek Pharmaceuticals Inc (a) 3,902   60
NCS Multistage Holdings Inc (a) 1,642   27 Portola Pharmaceuticals Inc (a) 92,719   4,757
Oil States International Inc (a) 158,930   5,086 PRA Health Sciences Inc (a) 8,656   788
ProPetro Holding Corp (a) 7,747   145 Prestige Brands Holdings Inc (a) 10,153   425
Ranger Energy Services Inc (a) 300   3 Progenics Pharmaceuticals Inc (a) 10,976   64
Select Energy Services Inc (a) 4,299   77 Protagonist Therapeutics Inc (a) 749   17
Solaris Oilfield Infrastructure Inc (a) 2,682   50 Ra Pharmaceuticals Inc (a) 1,835   14
    $ 13,123 Reata Pharmaceuticals Inc (a) 82,210   2,343
Packaging & Containers - 0.04%       Recro Pharma Inc (a) 155   1
Greif Inc - Class A 2,595   153 Revance Therapeutics Inc (a) 64,762   2,092
Greif Inc - Class B 858   55 Rhythm Pharmaceuticals Inc (a) 948   30
KapStone Paper and Packaging Corp 10,229   354 Sarepta Therapeutics Inc (a) 122,218   8,010
Multi-Color Corp 2,225   173 Spero Therapeutics Inc (a) 694   8
    $ 735 Sucampo Pharmaceuticals Inc (a) 3,666   66
Pharmaceuticals - 5.62%       Supernus Pharmaceuticals Inc (a) 56,337   2,200
Achaogen Inc (a) 5,348   59 Synergy Pharmaceuticals Inc (a) 38,470   84
Adamas Pharmaceuticals Inc (a) 189,962   7,188 Syros Pharmaceuticals Inc (a) 1,962   19
Aerie Pharmaceuticals Inc (a) 59,534   3,265 Teligent Inc/NJ (a) 8,299   25
Agios Pharmaceuticals Inc (a) 45,827   3,609 TESARO Inc (a) 26,929   1,817
Aimmune Therapeutics Inc (a) 169,921   5,983 TG Therapeutics Inc (a) 7,943   91
Akcea Therapeutics Inc (a) 2,013   44 Trevena Inc (a) 493   1
Akebia Therapeutics Inc (a) 7,007   104 USANA Health Sciences Inc (a) 1,865   139
Amphastar Pharmaceuticals Inc (a) 6,139   114 Vanda Pharmaceuticals Inc (a) 6,834   108
Anika Therapeutics Inc (a) 2,038   136 vTv Therapeutics Inc (a) 1,122   9
Antares Pharma Inc (a) 26,017   54 Xencor Inc (a) 5,909   135
Apellis Pharmaceuticals Inc (a) 1,245   21 Zogenix Inc (a) 3,027   110
Array BioPharma Inc (a) 27,072   401     $ 93,973
Athenex Inc (a) 811   12 Pipelines - 0.01%      
BioScrip Inc (a) 5,372   15 Tellurian Inc (a) 9,064   103
BioSpecifics Technologies Corp (a) 872   37        
Calithera Biosciences Inc (a) 4,753   38 Private Equity - 0.06%      
Cara Therapeutics Inc (a) 3,577   52 GSV Capital Corp (a) 129,089   880
Catalent Inc (a) 433,277   20,165 Kennedy-Wilson Holdings Inc 7,583   135
Catalyst Pharmaceuticals Inc (a) 170,770   579     $ 1,015
Clovis Oncology Inc (a) 107,910   6,528 Real Estate - 0.03%      
Coherus Biosciences Inc (a) 101,481   1,025 Community Healthcare Trust Inc 701   19
Collegium Pharmaceutical Inc (a) 499   12 Consolidated-Tomoka Land Co 670   44
Conatus Pharmaceuticals Inc (a) 3,963   22 HFF Inc 6,682   329
Concert Pharmaceuticals Inc (a) 1,180   24 Marcus & Millichap Inc (a) 2,745   89
Corbus Pharmaceuticals Holdings Inc (a) 7,498   56 Maui Land & Pineapple Co Inc (a) 1,539   21
Corcept Therapeutics Inc (a) 18,343   422 RMR Group Inc/The 1,230   80
Cytokinetics Inc (a) 6,445   59     $ 582
Depomed Inc (a) 10,152   75 REITs - 0.83%      
Durect Corp (a) 28,495   34 Alexander's Inc 335   122
Dyax Corp - Rights (a),(b),(c) 211,240   — American Assets Trust Inc 1,738   61
Eagle Pharmaceuticals Inc/DE (a) 1,245   74 Armada Hoffler Properties Inc 6,810   98

 

See accompanying notes.

255

 

Schedule of Investments SmallCap Growth Fund I

January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held Value(000 's) COMMON STOCKS (continued) Shares Held Value (000's)
REITs (continued)         Retail (continued)      
CareTrust REIT Inc 113,497 $ 1,804   Potbelly Corp (a) 1,223 $ 15
City Office REIT Inc 1,312   15   PriceSmart Inc 56,106   4,780
EastGroup Properties Inc 5,687   494   Red Robin Gourmet Burgers Inc (a) 5,666   299
First Industrial Realty Trust Inc 5,737   177   RH (a) 3,680   346
Four Corners Property Trust Inc 8,442   199   Rush Enterprises Inc - Class A (a) 3,707   200
GEO Group Inc/The 3,176   72   Rush Enterprises Inc - Class B (a) 644   33
Gramercy Property Trust 4,941   125   Ruth's Hospitality Group Inc 4,974   118
Industrial Logistics Properties Trust (a) 93,010   2,102   Shake Shack Inc (a) 3,575   156
LTC Properties Inc 3,527   145   Sonic Corp 5,277   136
MedEquities Realty Trust Inc 2,043   22   Sportsman's Warehouse Holdings Inc (a) 6,165   31
Monmouth Real Estate Investment Corp 150,091   2,565   Tailored Brands Inc 2,775   67
National Health Investors Inc 3,508   247   Texas Roadhouse Inc 11,458   673
National Storage Affiliates Trust 549   14   Tile Shop Holdings Inc 6,592   62
NexPoint Residential Trust Inc 444   12   Tilly's Inc 135,891   2,028
Physicians Realty Trust 11,523   188   Wingstop Inc 3,458   167
Potlatch Corp 7,228   382   Winmark Corp 379   51
PS Business Parks Inc 3,493   427   Zoe's Kitchen Inc (a) 27,580   406
QTS Realty Trust Inc 66,260   3,300       $ 96,753
Retail Opportunity Investments Corp 1,318   24   Savings & Loans - 1.01%      
Rexford Industrial Realty Inc 6,052   180   Bear State Financial Inc 697   7
Ryman Hospitality Properties Inc 5,203   398   BofI Holding Inc (a) 118,389   4,258
Sabra Health Care REIT Inc 3,561   65   BSB Bancorp Inc/MA (a) 452   14
Saul Centers Inc 1,682   92   Charter Financial Corp/MD 676   13
Terreno Realty Corp 1,669   59   First Financial Northwest Inc 270   4
UMH Properties Inc 4,214   56   Hingham Institution for Savings 116   25
Universal Health Realty Income Trust 2,086   139   Meridian Bancorp Inc 1,408   29
Urban Edge Properties 12,163   284   Meta Financial Group Inc 189   22
Washington Real Estate Investment Trust 3,329   95   Northfield Bancorp Inc 788   13
    $ 13,963   Pacific Premier Bancorp Inc (a) 161,629   6,587
Retail - 5.78%         Southern Missouri Bancorp Inc 163   6
American Eagle Outfitters Inc 59,310   1,068   Sterling Bancorp/DE 236,518   5,854
America's Car-Mart Inc/TX (a) 575   27   Waterstone Financial Inc 598   10
Asbury Automotive Group Inc (a) 3,661   266   WSFS Financial Corp 2,108   108
At Home Group Inc (a) 835   26       $ 16,950
Beacon Roofing Supply Inc (a) 8,798   532   Semiconductors - 3.38%      
Big Lots Inc 7,734   470   Alpha & Omega Semiconductor Ltd (a) 717   12
BJ's Restaurants Inc 3,293   124   Ambarella Inc (a) 1,620   82
Bloomin' Brands Inc 10,907   240   Amkor Technology Inc (a) 8,710   88
BMC Stock Holdings Inc (a) 419   9   Axcelis Technologies Inc (a) 5,069   131
Bojangles' Inc (a) 2,997   37   Brooks Automation Inc 8,091   226
Brinker International Inc 4,164   151   Cabot Microelectronics Corp 4,767   486
Buffalo Wild Wings Inc (a) 1,821   286   Cavium Inc (a) 231,208   20,526
Burlington Stores Inc (a) 27,460   3,342   CEVA Inc (a) 2,553   112
Carrols Restaurant Group Inc (a) 395,096   4,919   Cirrus Logic Inc (a) 11,455   568
Casey's General Stores Inc 59,362   7,189   Cohu Inc 1,185   27
Cheesecake Factory Inc/The 5,041   248   Diodes Inc (a) 4,516   127
Children's Place Inc/The 3,100   464   EMCORE Corp (a) 2,883   19
Chuy's Holdings Inc (a) 72,559   1,923   Entegris Inc 24,574   800
Cracker Barrel Old Country Store Inc 2,263   399   FormFactor Inc (a) 16,517   237
Dave & Buster's Entertainment Inc (a) 4,885   230   Inphi Corp (a) 47,072   1,406
Denny's Corp (a) 7,971   119   Integrated Device Technology Inc (a) 15,762   471
Duluth Holdings Inc (a) 1,547   27   IPG Photonics Corp (a) 20,766   5,232
FirstCash Inc 2,086   152   Lattice Semiconductor Corp (a) 20,492   133
Five Below Inc (a) 244,853   15,899   MACOM Technology Solutions Holdings Inc 4,784   149
Floor & Decor Holdings Inc (a) 156,497   7,340   (a)      
Francesca's Holdings Corp (a) 6,546   38   MaxLinear Inc (a) 7,239   187
Freshpet Inc (a) 529,689   9,746   Microsemi Corp (a) 57,646   3,562
GMS Inc (a) 141,944   4,866   MKS Instruments Inc 29,797   3,048
Habit Restaurants Inc/The (a) 261,881   2,291   Monolithic Power Systems Inc 85,628   10,201
J. Jill Inc (a) 2,514   21   Nanometrics Inc (a) 3,512   87
Jack in the Box Inc 22,058   2,008   Pixelworks Inc (a) 6,195   38
La-Z-Boy Inc 5,339   161   Power Integrations Inc 3,375   252
Lithia Motors Inc 76,936   9,614   Rambus Inc (a) 3,412   43
Lumber Liquidators Holdings Inc (a) 4,534   127   Rudolph Technologies Inc (a) 4,851   127
MarineMax Inc (a) 2,373   54   Semtech Corp (a) 7,631   273
Nathan's Famous Inc 527   38   Silicon Laboratories Inc (a) 76,050   7,316
National Vision Holdings Inc (a) 956   37   SMART Global Holdings Inc (a) 872   32
Ollie's Bargain Outlet Holdings Inc (a) 221,412   12,300   Synaptics Inc (a) 6,597   286
Papa John's International Inc 3,057   198   Ultra Clean Holdings Inc (a) 5,684   123
Party City Holdco Inc (a) 751   11   Xcerra Corp (a) 8,371   84
PCM Inc (a) 1,076   10   Xperi Corp 5,759   129
PetIQ Inc (a) 1,223   29       $ 56,620
PetMed Express Inc 3,294   149          

 

See accompanying notes.

256

 

Schedule of Investments
SmallCap Growth Fund I
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held Value(000 's) COMMON STOCKS (continued) Shares Held   Value (000's)
Software - 10.84%         Telecommunications - 2.35%      
2U Inc (a) 162,066 $ 12,037   A10 Networks Inc (a) 8,806 $ 54
ACI Worldwide Inc (a) 13,713   321   Acacia Communications Inc (a) 2,767   102
Acxiom Corp (a) 254,657   6,893   CalAmp Corp (a) 5,834   143
Alteryx Inc (a) 3,861   106   Ciena Corp (a) 327,721   6,974
Amber Road Inc (a) 3,745   27   Clearfield Inc (a) 2,249   29
American Software Inc/GA 3,206   40   Consolidated Communications Holdings Inc 5,577   69
Appfolio Inc (a) 1,699   72   Extreme Networks Inc (a) 13,178   198
Appian Corp (a) 28,808   893   Finisar Corp (a) 6,210   111
Apptio Inc (a) 3,891   99   General Communication Inc (a) 2,935   123
Aspen Technology Inc (a) 219,700   17,016   Globalstar Inc (a) 57,510   60
Avid Technology Inc (a) 5,223   28   Gogo Inc (a) 8,972   86
Blackbaud Inc 185,003   17,727   GTT Communications Inc (a) 140,983   6,507
Blackline Inc (a) 224,004   7,443   IDT Corp - Class B 1,695   18
Bottomline Technologies de Inc (a) 4,134   151   InterDigital Inc/PA 6,318   493
Box Inc (a) 151,351   3,366   LogMeIn Inc 69,700   8,768
Broadridge Financial Solutions Inc 133,251   12,847   Loral Space & Communications Inc (a) 2,177   102
BroadSoft Inc (a) 277,671   15,244   Oclaro Inc (a) 27,720   165
Callidus Software Inc (a) 7,962   286   Ooma Inc (a) 2,630   27
Castlight Health Inc (a) 12,127   45   ORBCOMM Inc (a) 9,711   112
Cloudera Inc (a) 152,773   2,860   Plantronics Inc 6,606   390
CommerceHub Inc - Series A (a) 2,628   53   Quantenna Communications Inc (a) 3,535   49
CommerceHub Inc - Series C (a) 5,074   98   RigNet Inc (a) 2,150   35
CommVault Systems Inc (a) 4,676   249   Shenandoah Telecommunications Co 8,259   281
Computer Programs & Systems Inc 1,193   36   Straight Path Communications Inc (a) 1,154   211
Cornerstone OnDemand Inc (a) 6,197   255   Ubiquiti Networks Inc (a) 4,447   359
Cotiviti Holdings Inc (a) 286,423   10,025   ViaSat Inc (a) 332   25
Coupa Software Inc (a) 5,063   194   Viavi Solutions Inc (a) 10,151   87
CSG Systems International Inc 3,263   147   Vonage Holdings Corp (a) 1,221,182   13,665
Donnelley Financial Solutions Inc (a) 4,913   105       $ 39,243
Ebix Inc 5,072   416   Textiles - 0.00%      
Envestnet Inc (a) 69,545   3,738   Culp Inc 1,905   60
Everbridge Inc (a) 2,842   92          
Evolent Health Inc (a) 2,897   41   Toys, Games & Hobbies - 0.00%      
Fair Isaac Corp 53,894   9,305   Funko Inc (a) 1,612   12
Five9 Inc (a) 6,266   163          
Glu Mobile Inc (a) 3,132   12   Transportation - 1.70%      
Guidewire Software Inc (a) 201,791   16,033   Air Transport Services Group Inc (a) 91,427   2,273
Hortonworks Inc (a) 8,165   163   ArcBest Corp 821   29
HubSpot Inc (a) 80,887   7,850   Ardmore Shipping Corp (a) 2,514   18
InnerWorkings Inc (a) 7,682   77   Atlas Air Worldwide Holdings Inc (a) 48,660   2,740
Inovalon Holdings Inc (a) 10,623   138   Daseke Inc (a) 172,110   2,324
Instructure Inc (a) 3,543   127   Forward Air Corp 5,828   354
j2 Global Inc 5,467   437   Genesee & Wyoming Inc (a) 71,296   5,693
LivePerson Inc (a) 9,027   108   Heartland Express Inc 5,327   121
Majesco (a) 2,376   14   Knight-Swift Transportation Holdings Inc 208,137   10,363
Medidata Solutions Inc (a) 92,770   6,319   Matson Inc 2,369   81
MicroStrategy Inc (a) 626   86   Radiant Logistics Inc (a) 7,350   35
MINDBODY Inc (a) 5,056   178   Saia Inc (a) 54,333   4,104
Model N Inc (a) 137,118   2,050   Schneider National Inc 8,580   251
Monotype Imaging Holdings Inc 3,370   81   Universal Logistics Holdings Inc 1,322   31
MuleSoft Inc (a) 3,884   95       $ 28,417
New Relic Inc (a) 128,069   7,650   Trucking & Leasing - 0.00%      
Omnicell Inc (a) 7,427   364   Willis Lease Finance Corp (a) 385   10
Park City Group Inc (a) 2,185   19          
Paycom Software Inc (a) 8,639   792   Water - 0.04%      
PDF Solutions Inc (a) 4,294   59   American States Water Co 4,356   241
Pegasystems Inc 4,312   219   California Water Service Group 4,799   195
Progress Software Corp 4,685   233   Global Water Resources Inc 1,571   14
PROS Holdings Inc (a) 4,152   121   Middlesex Water Co 2,119   80
QAD Inc 1,253   54   York Water Co/The 1,785   56
Quality Systems Inc (a) 6,022   78          
RealPage Inc (a) 11,207   557       $ 586
Rosetta Stone Inc (a) 1,265   16   TOTAL COMMON STOCKS   $ 1,609,318
          INVESTMENT COMPANIES - 3.40% Shares Held   Value (000's)
Simulations Plus Inc 2,287   37   Money Market Funds - 3.40%      
SPS Commerce Inc (a) 2,820   148          
          Principal Government Money Market Fund (d) 56,875,051   56,875
Tabula Rasa HealthCare Inc (a) 61,913   2,219          
Take-Two Interactive Software Inc (a) 47,683   6,040          
Twilio Inc (a) 7,313   192   TOTAL INVESTMENT COMPANIES   $ 56,875
Ultimate Software Group Inc/The (a) 26,403   6,149          
Upland Software Inc (a) 1,669   39          
Verint Systems Inc (a) 1,195   50          
Veritone Inc (a) 431   8          
Workiva Inc (a) 4,285   96          
    $ 181,326          

 

See accompanying notes.

257

 

      Schedule of Investments
      SmallCap Growth Fund I
      January 31, 2018 (unaudited)
 
 
PREFERRED STOCKS - 0.00% Shares Held   Value (000's)
Holding Companies - Diversified - 0.00%      
Steel Partners Holdings LP 6.00%, 820 $ 17
02/07/2026      
 
TOTAL PREFERRED STOCKS   $ 17
Total Investments   $ 1,666,210
Other Assets and Liabilities - 0.40%   $ 6,735
TOTAL NET ASSETS - 100.00%   $ 1,672,945

 

(a)      Non-income producing security
(b)      The value of these investments was determined using significant unobservable inputs.
(c)      Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Certain inputs used in the valuation may be unobservable; however, each security is evaluated individually for purposes of ASC 820 which results in not all securities being identified as Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $3 or 0.00% of net assets.
(d)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)                      
Sector     Percent                  
Consumer, Non-cyclical     26.18 %                
Technology     18.71 %                
Industrial     17.55 %                
Consumer, Cyclical     12.63 %                
Communications     9.94 %                
Financial     7.72 %                
Investment Companies     3.40 %                
Basic Materials     1.92 %                
Energy     1.46 %                
Utilities     0.07 %                
Diversified     0.02 %                
Other Assets and Liabilities     0.40 %                
TOTAL NET ASSETS     100.00 %                
 
Affiliated Securities October 31, 2017     Purchases   Sales   January 31, 2018
     Value       Cost   Proceeds     Value
Principal Government Money Market Fund $   —   $   106,813 $ 49,938 $   56,875
  $   —   $   106,813 $ 49,938 $   56,875
 
 
      Realized Gain/Loss Realized Gain from     Change in Unrealized
  Income   on Investments Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 92 $       — $     — $ —
$ 92 $       — $     — $ —
Amounts in thousands                        
 
 
Futures Contracts
Description and Expiration Date Type   Contracts Notional Amount   Value and Unrealized Appreciation/(Depreciation)
Russell 2000 Emini; March 2018 Long       801 $ 63,119   $     1,788
Total                 $     1,788
 
Amounts in thousands except contracts.                        

 

See accompanying notes.

258

 

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2018 (unaudited)
 
 
COMMON STOCKS - 98.45% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Aerospace & Defense - 1.54%       Banks (continued)      
AAR Corp 53,213 $ 2,154 Tompkins Financial Corp 20,423 $ 1,682
Aerojet Rocketdyne Holdings Inc (a) 124,114   3,413 TrustCo Bank Corp NY 158,823   1,366
Aerovironment Inc (a) 35,064   1,801 United Community Banks Inc/GA 118,642   3,759
Cubic Corp 41,368   2,401 Walker & Dunlop Inc 46,719   2,170
Kaman Corp 45,969   2,882 Westamerica Bancorporation 43,541   2,585
Moog Inc (a) 53,475   4,816     $ 98,424
National Presto Industries Inc 8,289   843 Beverages - 0.12%      
Triumph Group Inc 82,050   2,392 Coca-Cola Bottling Co Consolidated 7,671   1,554
    $ 20,702        
Agriculture - 0.34%       Biotechnology - 2.24%      
Andersons Inc/The 43,582   1,486 Acorda Therapeutics Inc (a) 77,256   2,005
Phibro Animal Health Corp 32,362   1,102 AMAG Pharmaceuticals Inc (a) 58,461   839
Universal Corp/VA 41,504   1,992 ANI Pharmaceuticals Inc (a) 14,810   995
    $ 4,580 Cambrex Corp (a) 54,171   3,053
Airlines - 0.84%       Emergent BioSolutions Inc (a) 58,149   2,837
Allegiant Travel Co 20,726   3,301 Innoviva Inc (a) 121,388   1,771
Hawaiian Holdings Inc 86,717   3,239 Ligand Pharmaceuticals Inc (a) 34,880   5,498
SkyWest Inc 85,675   4,776 Medicines Co/The (a) 106,017   3,512
    $ 11,316 Momenta Pharmaceuticals Inc (a) 126,241   2,146
Apparel - 1.08%       Myriad Genetics Inc (a) 114,431   4,220
Crocs Inc (a) 115,137   1,556 Spectrum Pharmaceuticals Inc (a) 149,724   3,225
Oxford Industries Inc 27,810   2,192     $ 30,101
Perry Ellis International Inc (a) 20,774   498 Building Materials - 2.53%      
Steven Madden Ltd (a) 87,909   4,061 AAON Inc 66,768   2,430
Unifi Inc (a) 28,077   1,000 American Woodmark Corp (a) 23,705   3,220
Wolverine World Wide Inc 158,128   5,191 Apogee Enterprises Inc 47,336   2,154
    $ 14,498 Boise Cascade Co 63,686   2,831
Automobile Manufacturers - 0.19%       Gibraltar Industries Inc (a) 52,369   1,943
Wabash National Corp 97,470   2,518 Griffon Corp 49,944   1,001
        Patrick Industries Inc (a) 39,469   2,528
Automobile Parts & Equipment - 1.19%       PGT Innovations Inc (a) 82,072   1,309
American Axle & Manufacturing Holdings Inc 163,693   2,889 Quanex Building Products Corp 57,416   1,189
(a)       Simpson Manufacturing Co Inc 69,592   4,088
Cooper-Standard Holdings Inc (a) 26,075   3,249 Trex Co Inc (a) 48,630   5,427
Dorman Products Inc (a) 49,601   3,742 Universal Forest Products Inc 101,099   3,774
Gentherm Inc (a) 60,621   1,940 US Concrete Inc (a) 25,865   2,014
Motorcar Parts of America Inc (a) 31,515   858     $ 33,908
Standard Motor Products Inc 33,641   1,611 Chemicals - 2.78%      
Superior Industries International Inc 38,280   645 A Schulman Inc 48,635   1,897
Titan International Inc 81,909   1,090 Aceto Corp 49,759   548
    $ 16,024 AdvanSix Inc (a) 50,298   1,985
Banks - 7.34%       American Vanguard Corp 43,331   916
Ameris Bancorp 61,529   3,295 Balchem Corp 52,892   4,178
Banner Corp 54,218   2,946 Calgon Carbon Corp 83,972   1,793
Boston Private Financial Holdings Inc 139,222   2,144 Hawkins Inc 15,683   554
Central Pacific Financial Corp 49,790   1,472 HB Fuller Co 83,184   4,313
City Holding Co 25,810   1,776 Ingevity Corp (a) 69,579   5,048
Columbia Banking System Inc 120,682   5,199 Innophos Holdings Inc 32,274   1,493
Community Bank System Inc 83,640   4,458 Innospec Inc 39,891   2,864
Customers Bancorp Inc (a) 47,828   1,466 Koppers Holdings Inc (a) 34,284   1,570
CVB Financial Corp 169,299   3,962 Kraton Corp (a) 51,721   2,600
Fidelity Southern Corp 36,364   871 Quaker Chemical Corp 21,978   3,382
First BanCorp/Puerto Rico (a) 300,149   1,801 Rayonier Advanced Materials Inc 85,583   1,619
First Commonwealth Financial Corp 161,066   2,331 Stepan Co 32,679   2,563
First Financial Bancorp 102,563   2,923     $ 37,323
First Financial Bankshares Inc 109,448   5,084 Coal - 0.24%      
First Midwest Bancorp Inc/IL 169,788   4,221 Cloud Peak Energy Inc (a) 124,041   620
Glacier Bancorp Inc 128,910   5,056 CONSOL Energy Inc (a) 42,781   1,387
Great Western Bancorp Inc 97,232   4,098 SunCoke Energy Inc (a) 106,276   1,180
Hanmi Financial Corp 53,557   1,687     $ 3,187
HomeStreet Inc (a) 44,429   1,308 Commercial Services - 6.13%      
Hope Bancorp Inc 212,735   4,051 ABM Industries Inc 91,499   3,480
Independent Bank Corp/Rockland MA 45,354   3,236 Alarm.com Holdings Inc (a) 41,291   1,585
LegacyTexas Financial Group Inc 69,866   3,077 American Public Education Inc (a) 26,884   683
National Bank Holdings Corp 44,292   1,472 AMN Healthcare Services Inc (a) 78,950   4,236
NBT Bancorp Inc 71,953   2,656 Capella Education Co 19,290   1,534
OFG Bancorp 72,628   828 Cardtronics PLC (a) 75,494   1,847
Old National Bancorp/IN 221,122   3,825 Career Education Corp (a) 108,479   1,345
Opus Bank 28,481   772 CorVel Corp (a) 15,881   820
S&T Bancorp Inc 57,811   2,333 Cross Country Healthcare Inc (a) 60,290   845
ServisFirst Bancshares Inc 74,422   3,157 Forrester Research Inc 16,338   713
Simmons First National Corp 64,470   3,794 FTI Consulting Inc (a) 62,729   2,727
Southside Bancshares Inc 45,538   1,563 Green Dot Corp (a) 75,590   4,631

 

See accompanying notes.

259

 

     Schedule of Investments SmallCap S&P 600 Index Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)
Commercial Services (continued)       Diversified Financial Services (continued)      
Healthcare Services Group Inc 121,095 $ 6,682 WisdomTree Investments Inc 190,065 $ 2,203
HealthEquity Inc (a) 84,972   4,301 World Acceptance Corp (a) 9,733   1,149
Heidrick & Struggles International Inc 31,044   820     $ 31,882
HMS Holdings Corp (a) 138,962   2,380 Electric - 1.11%      
Insperity Inc 61,315   3,756 ALLETE Inc 84,055   6,089
Kelly Services Inc 50,309   1,424 Avista Corp 106,448   5,360
Korn/Ferry International 93,361   4,160 El Paso Electric Co 67,084   3,502
LendingTree Inc (a) 12,462   4,584     $ 14,951
LSC Communications Inc 57,663   789 Electrical Components & Equipment - 0.97%      
Matthews International Corp 53,130   2,975 Advanced Energy Industries Inc (a) 65,540   4,662
Medifast Inc 17,356   1,193 Encore Wire Corp 34,400   1,741
Monro Inc 54,161   3,060 General Cable Corp 82,574   2,452
Navigant Consulting Inc (a) 75,890   1,557 Insteel Industries Inc 29,894   937
Nutrisystem Inc 49,644   2,147 Powell Industries Inc 14,354   468
On Assignment Inc (a) 80,805   6,187 SPX Corp (a) 70,417   2,200
Rent-A-Center Inc/TX 88,105   954 Vicor Corp (a) 26,892   492
Resources Connection Inc 46,803   765     $ 12,952
RR Donnelley & Sons Co 115,700   945 Electronics - 3.66%      
Strayer Education Inc 17,532   1,621 Applied Optoelectronics Inc (a) 32,031   1,037
Team Inc (a) 49,437   840        
        Badger Meter Inc 48,115   2,319
Travelport Worldwide Ltd 207,105   2,819 Bel Fuse Inc 16,293   335
TrueBlue Inc (a) 68,356   1,870 Benchmark Electronics Inc (a) 82,174   2,379
Viad Corp 33,729   1,916 Brady Corp 79,362   3,036
    $ 82,191 Control4 Corp (a) 32,569   883
Computers - 2.83%       CTS Corp 54,433   1,497
Agilysys Inc (a) 25,306   304 Electro Scientific Industries Inc (a) 55,350   1,296
Barracuda Networks Inc (a) 67,327   1,855 ESCO Technologies Inc 42,699   2,611
CACI International Inc (a) 40,690   5,719 FARO Technologies Inc (a) 27,618   1,489
Cray Inc (a) 66,830   1,621 II-VI Inc (a) 90,708   3,869
Electronics For Imaging Inc (a) 75,511   2,208 Itron Inc (a) 56,320   4,123
Engility Holdings Inc (a) 29,170   763 KEMET Corp (a) 81,066   1,651
ExlService Holdings Inc (a) 56,096   3,408 Methode Electronics Inc 60,835   2,485
Insight Enterprises Inc (a) 59,151   2,196 OSI Systems Inc (a) 29,467   1,947
Lumentum Holdings Inc (a) 102,380   4,740 Park Electrochemical Corp 31,434   575
Mercury Systems Inc (a) 79,725   3,828 Plexus Corp (a) 55,504   3,316
MTS Systems Corp 29,379   1,523 Rogers Corp (a) 30,151   4,968
Qualys Inc (a) 52,642   3,290 Sanmina Corp (a) 119,025   3,112
Super Micro Computer Inc (a) 62,768   1,433 TTM Technologies Inc (a) 151,437   2,497
Sykes Enterprises Inc (a) 65,932   2,045 Watts Water Technologies Inc 45,893   3,660
TTEC Holdings Inc 23,488   932     $ 49,085
Virtusa Corp (a) 45,132   2,014        
        Energy - Alternate Sources - 0.34%      
    $ 37,879 FutureFuel Corp 41,929   562
Consumer Products - 0.43%       Green Plains Inc 63,944   1,119
Central Garden & Pet Co (a) 17,081   669 REX American Resources Corp (a) 9,551   780
Central Garden & Pet Co - A Shares (a) 57,719   2,177 SolarEdge Technologies Inc (a) 59,711   2,143
WD-40 Co 23,078   2,856     $ 4,604
    $ 5,702 Engineering & Construction - 0.96%      
Cosmetics & Personal Care - 0.10%       Aegion Corp (a) 53,755   1,348
Inter Parfums Inc 28,347   1,293 Comfort Systems USA Inc 61,369   2,614
        Exponent Inc 42,657   3,163
Distribution & Wholesale - 0.85%       MYR Group Inc (a) 27,205   922
Anixter International Inc (a) 47,839   4,004 Orion Group Holdings Inc (a) 46,604   351
Core-Mark Holding Co Inc 76,337   1,686 TopBuild Corp (a) 58,739   4,496
Essendant Inc 62,159   563     $ 12,894
Fossil Group Inc (a) 71,378   568        
G-III Apparel Group Ltd (a) 68,492   2,558 Entertainment - 0.77%      
ScanSource Inc (a) 42,127   1,441 Marriott Vacations Worldwide Corp  38,970    5,936
Veritiv Corp (a) 18,407   528  Penn National Gaming Inc (a)  138,506    4,420
            $ 10,356
    $ 11,348 Environmental Control - 0.48%      
Diversified Financial Services - 2.38%       Tetra Tech Inc 92,090   4,577
Encore Capital Group Inc (a) 39,144   1,622        
Enova International Inc (a) 55,306   990 US Ecology Inc 36,108   1,887
            $ 6,464
Evercore Inc - Class A 63,821   6,417 Food - 1.51%      
Financial Engines Inc 104,640   2,977 B&G Foods Inc 109,895   3,627
Greenhill & Co Inc 40,365   749 Calavo Growers Inc 26,077   2,269
INTL. FCStone Inc (a) 25,677   1,117        
        Cal-Maine Foods Inc (a) 49,191   2,093
Investment Technology Group Inc 54,637   1,167 Darling Ingredients Inc (a) 272,218   5,047
Piper Jaffray Cos 23,472   2,166 J&J Snack Foods Corp 24,675   3,416
PRA Group Inc (a) 74,645   2,669        
        John B Sanfilippo & Son Inc 14,378   900
Virtus Investment Partners Inc 11,830   1,514 Seneca Foods Corp - Class A (a) 11,192   353
Waddell & Reed Financial Inc 137,783   3,169 SpartanNash Co 61,102   1,489
WageWorks Inc (a) 65,611   3,973        
        SUPERVALU Inc (a) 63,390   1,004
            $ 20,198

 

See accompanying notes.

260

 

     Schedule of Investments SmallCap S&P 600 Index Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Forest Products & Paper - 0.71%       Home Furnishings (continued)      
Clearwater Paper Corp (a) 27,158 $ 1,278 Universal Electronics Inc (a) 23,642 $ 1,090
Deltic Timber Corp 17,929   1,695     $ 9,290
Neenah Inc 27,795   2,515 Insurance - 3.20%      
PH Glatfelter Co 72,029   1,682 American Equity Investment Life Holding Co 147,287   4,861
Schweitzer-Mauduit International Inc 50,772   2,299 AMERISAFE Inc 31,804   1,932
    $ 9,469 eHealth Inc (a) 27,082   475
Gas - 0.89%       Employers Holdings Inc 53,596   2,273
Northwest Natural Gas Co 47,453   2,721 HCI Group Inc 13,093   458
South Jersey Industries Inc 131,346   3,867 Horace Mann Educators Corp 67,208   2,776
Spire Inc 79,769   5,305 Infinity Property & Casualty Corp 18,058   1,828
    $ 11,893 Maiden Holdings Ltd 114,682   809
Hand & Machine Tools - 0.22%       Navigators Group Inc/The 37,055   1,801
Franklin Electric Co Inc 63,916   2,895 NMI Holdings Inc (a) 88,300   1,620
        ProAssurance Corp 88,246   4,827
Healthcare - Products - 4.83%       RLI Corp 64,079   4,118
Abaxis Inc 37,510   2,688 Safety Insurance Group Inc 25,152   1,953
Analogic Corp 20,633   1,710 Selective Insurance Group Inc 96,501   5,621
AngioDynamics Inc (a) 60,678   1,056 Stewart Information Services Corp 39,237   1,746
BioTelemetry Inc (a) 50,805   1,735 Third Point Reinsurance Ltd (a) 143,748   2,048
Cantel Medical Corp 58,911   6,535 United Fire Group Inc 34,946   1,516
CONMED Corp 41,087   2,374 United Insurance Holdings Corp 33,915   655
CryoLife Inc (a) 54,932   1,035 Universal Insurance Holdings Inc 52,937   1,556
Cutera Inc (a) 22,897   1,136     $ 42,873
Haemonetics Corp (a) 87,290   5,643 Internet - 2.08%      
ICU Medical Inc (a) 24,952   5,713 8x8 Inc (a) 151,966   2,690
Inogen Inc (a) 28,282   3,446 Blucora Inc (a) 76,230   1,860
Integer Holdings Corp (a) 46,581   2,336 Cogent Communications Holdings Inc 68,353   3,083
Integra LifeSciences Holdings Corp (a) 105,053   5,532 DHI Group Inc (a) 78,053   140
Invacare Corp 54,256   998 ePlus Inc (a) 23,420   1,808
Lantheus Holdings Inc (a) 48,967   1,126 FTD Cos Inc (a) 27,770   163
LeMaitre Vascular Inc 25,152   875 HealthStream Inc (a) 42,170   992
Luminex Corp 67,709   1,367 Liquidity Services Inc (a) 42,170   202
Meridian Bioscience Inc 69,747   1,092 New Media Investment Group Inc 87,984   1,487
Merit Medical Systems Inc (a) 82,962   3,854 NIC Inc 109,516   1,818
MiMedx Group Inc (a) 168,822   2,828 Perficient Inc (a) 57,690   1,117
Natus Medical Inc (a) 51,486   1,599 QuinStreet Inc (a) 58,928   550
OraSure Technologies Inc (a) 100,230   2,181 Shutterfly Inc (a) 54,261   3,698
Orthofix International NV (a) 30,030   1,725 Shutterstock Inc (a) 30,372   1,344
Repligen Corp (a) 61,918   2,190 Stamps.com Inc (a) 26,865   5,476
Surmodics Inc (a) 21,666   635 VASCO Data Security International Inc (a) 49,786   717
Tactile Systems Technology Inc (a) 23,989   756 XO Group Inc (a) 39,924   763
Varex Imaging Corp (a) 62,037   2,635     $ 27,908
    $ 64,800 Iron & Steel - 0.20%      
Healthcare - Services - 2.15%       AK Steel Holding Corp (a) 520,240   2,632
Almost Family Inc (a) 20,770   1,185        
Amedisys Inc (a) 47,113   2,526 Leisure Products & Services - 0.84%      
Chemed Corp 26,387   6,876 Callaway Golf Co 156,235   2,308
Community Health Systems Inc (a) 189,604   1,071 Fox Factory Holding Corp (a) 62,044   2,380
Ensign Group Inc/The 79,494   1,831 LCI Industries 41,217   4,544
Kindred Healthcare Inc 143,812   1,323 Nautilus Inc (a) 50,748   652
LHC Group Inc (a) 26,886   1,688 Vista Outdoor Inc (a) 94,736   1,435
Magellan Health Inc (a) 39,733   3,957     $ 11,319
Providence Service Corp/The (a) 18,472   1,188 Lodging - 0.66%      
Quorum Health Corp (a) 46,921   290 Belmond Ltd (a) 138,688   1,789
Select Medical Holdings Corp (a) 176,933   3,132 Boyd Gaming Corp 135,692   5,356
Tivity Health Inc (a) 56,307   2,182 Marcus Corp/The 31,801   827
US Physical Therapy Inc 20,793   1,579 Monarch Casino & Resort Inc (a) 18,721   853
    $ 28,828     $ 8,825
Home Builders - 1.26%       Machinery - Construction & Mining - 0.15%      
Cavco Industries Inc (a) 14,025   2,148 Astec Industries Inc 31,644   1,975
Installed Building Products Inc (a) 34,755   2,501        
LGI Homes Inc (a) 28,741   1,945 Machinery - Diversified - 1.60%      
M/I Homes Inc 45,482   1,471 Alamo Group Inc 15,764   1,813
MDC Holdings Inc 74,169   2,500 Albany International Corp 47,927   3,041
Meritage Homes Corp (a) 62,645   2,972 Applied Industrial Technologies Inc 64,149   4,731
William Lyon Homes (a) 46,001   1,249 Briggs & Stratton Corp 70,835   1,713
Winnebago Industries Inc 47,835   2,174 Chart Industries Inc (a) 50,853   2,521
    $ 16,960 DXP Enterprises Inc/TX (a) 26,155   895
Home Furnishings - 0.69%       Lindsay Corp 17,568   1,567
Daktronics Inc 64,409   596 SPX FLOW Inc (a) 69,902   3,241
Ethan Allen Interiors Inc 41,768   1,038 Tennant Co 29,504   1,989
iRobot Corp (a) 46,068   4,089     $ 21,511
Sleep Number Corp (a) 65,806   2,477        

 

See accompanying notes.

261

 

     Schedule of Investments SmallCap S&P 600 Index Fund January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Media - 0.78%       Packaging & Containers (continued)      
EW Scripps Co/The 91,348 $ 1,462 Multi-Color Corp 22,972 $ 1,780
Gannett Co Inc 184,716   2,180     $ 6,776
Scholastic Corp 45,758   1,758 Pharmaceuticals - 3.62%      
TiVo Corp 201,713   2,814 Amphastar Pharmaceuticals Inc (a) 58,506   1,091
World Wrestling Entertainment Inc 64,714   2,288 Anika Therapeutics Inc (a) 24,232   1,617
    $ 10,502 Corcept Therapeutics Inc (a) 156,544   3,603
Metal Fabrication & Hardware - 0.50%       Cytokinetics Inc (a) 83,710   770
CIRCOR International Inc 27,137   1,439 Depomed Inc (a) 104,054   765
Haynes International Inc 20,674   740 Diplomat Pharmacy Inc (a) 78,404   2,116
Mueller Industries Inc 95,531   3,161 Eagle Pharmaceuticals Inc/DE (a) 13,810   825
Olympic Steel Inc 15,050   351 Enanta Pharmaceuticals Inc (a) 23,595   2,004
TimkenSteel Corp (a) 64,534   1,045 Heska Corp (a) 10,775   840
    $ 6,736 Impax Laboratories Inc (a) 122,485   2,382
Mining - 0.82%       Lannett Co Inc (a) 49,800   1,014
Century Aluminum Co (a) 82,262   1,830 Nektar Therapeutics (a) 260,242   21,759
Kaiser Aluminum Corp 27,936   3,080 Neogen Corp (a) 84,248   4,973
Materion Corp 33,124   1,646 Progenics Pharmaceuticals Inc (a) 116,132   679
US Silica Holdings Inc 134,217   4,468 Sucampo Pharmaceuticals Inc (a) 41,620   747
    $ 11,024 Supernus Pharmaceuticals Inc (a) 84,717   3,308
Miscellaneous Manufacturers - 3.38%           $ 48,493
Actuant Corp 98,861   2,447 Real Estate - 0.39%      
Axon Enterprise Inc (a) 87,447   2,314 Community Healthcare Trust Inc 28,274   753
AZZ Inc 42,904   1,952 HFF Inc 60,560   2,980
Barnes Group Inc 81,513   5,363 RE/MAX Holdings Inc 29,246   1,444
EnPro Industries Inc 35,244   3,101     $ 5,177
Fabrinet (a) 62,121   1,541 REITs - 5.64%      
Federal Signal Corp 99,133   2,016 Acadia Realty Trust 138,337   3,398
Harsco Corp (a) 132,946   2,380 Agree Realty Corp 48,283   2,324
Hillenbrand Inc 104,164   4,614 American Assets Trust Inc 68,519   2,416
John Bean Technologies Corp 52,172   5,935 Apollo Commercial Real Estate Finance Inc 161,101   2,927
LSB Industries Inc (a) 33,329   283 Armada Hoffler Properties Inc 74,228   1,068
Lydall Inc (a) 28,494   1,362 ARMOUR Residential REIT Inc 69,194   1,620
Myers Industries Inc 36,218   761 Capstead Mortgage Corp 158,828   1,304
Proto Labs Inc (a) 40,955   4,478 CareTrust REIT Inc 125,439   1,993
Raven Industries Inc 59,092   2,278 CBL & Associates Properties Inc 282,764   1,572
Standex International Corp 21,135   2,218 Cedar Realty Trust Inc 134,315   686
Sturm Ruger & Co Inc 28,802   1,525 Chatham Lodging Trust 74,985   1,680
Tredegar Corp 42,028   771 Chesapeake Lodging Trust 99,318   2,718
    $ 45,339 DiamondRock Hospitality Co 331,036   3,893
Office Furnishings - 0.19%       Easterly Government Properties Inc 72,508   1,510
Interface Inc 99,574   2,484 EastGroup Properties Inc 56,893   4,939
        Four Corners Property Trust Inc 101,132   2,387
Oil & Gas - 1.45%       Franklin Street Properties Corp 177,216   1,797
Bill Barrett Corp (a) 160,770   825 Getty Realty Corp 54,333   1,426
Carrizo Oil & Gas Inc (a) 127,866   2,571 Government Properties Income Trust 163,854   2,812
Denbury Resources Inc (a) 664,650   1,615 Hersha Hospitality Trust 64,640   1,199
Noble Corp PLC (a) 404,846   1,899 Independence Realty Trust Inc 138,028   1,268
Par Pacific Holdings Inc (a) 41,631   759 Invesco Mortgage Capital Inc 184,398   2,995
PDC Energy Inc (a) 108,866   5,645 Kite Realty Group Trust 138,152   2,329
SRC Energy Inc (a) 398,852   3,969 Lexington Realty Trust 357,899   3,228
Unit Corp (a) 87,393   2,117 LTC Properties Inc 65,396   2,680
    $ 19,400 National Storage Affiliates Trust 81,865   2,077
Oil & Gas Services - 1.36%       Pennsylvania Real Estate Investment Trust 115,535   1,289
Archrock Inc 117,305   1,091 PS Business Parks Inc 32,877   4,015
Bristow Group Inc 53,185   820 Ramco-Gershenson Properties Trust 131,158   1,734
CARBO Ceramics Inc (a) 36,327   289 Retail Opportunity Investments Corp 181,346   3,331
Era Group Inc (a) 33,394   338 Saul Centers Inc 19,907   1,090
Exterran Corp (a) 52,647   1,520 Summit Hotel Properties Inc 172,258   2,668
Flotek Industries Inc (a) 93,913   517 Universal Health Realty Income Trust 20,883   1,390
Geospace Technologies Corp (a) 22,212   306 Urstadt Biddle Properties Inc 49,133   954
Gulf Island Fabrication Inc 22,404   289 Whitestone REIT 63,665   837
Helix Energy Solutions Group Inc (a) 229,483   1,728     $ 75,554
Matrix Service Co (a) 44,205   791 Retail - 6.24%      
McDermott International Inc (a) 469,371   4,121 Abercrombie & Fitch Co 112,407   2,328
Newpark Resources Inc (a) 141,858   1,291 Asbury Automotive Group Inc (a) 30,646   2,226
Oil States International Inc (a) 84,432   2,702 Ascena Retail Group Inc (a) 281,822   609
Pioneer Energy Services Corp (a) 128,441   417 Barnes & Noble Education Inc (a) 61,409   408
SEACOR Holdings Inc (a) 27,743   1,292 Barnes & Noble Inc 93,692   440
TETRA Technologies Inc (a) 191,539   736 Big 5 Sporting Goods Corp 33,286   188
    $ 18,248 Biglari Holdings Inc (a) 1,674   691
Packaging & Containers - 0.51%       BJ's Restaurants Inc 29,666   1,120
KapStone Paper and Packaging Corp 144,213   4,996 Buckle Inc/The 46,823   939
        Caleres Inc 71,007   2,105

 

See accompanying notes.

262

 

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Retail (continued)       Semiconductors (continued)      
Cato Corp/The 38,466 $ 457 Rambus Inc (a) 181,425 $ 2,291
Chico's FAS Inc 211,218   2,009 Rudolph Technologies Inc (a) 52,202   1,368
Children's Place Inc/The 28,749   4,307 Semtech Corp (a) 109,404   3,917
Chuy's Holdings Inc (a) 27,952   741 Ultra Clean Holdings Inc (a) 63,335   1,374
Dave & Buster's Entertainment Inc (a) 67,925   3,192 Veeco Instruments Inc (a) 79,826   1,329
DineEquity Inc 29,727   1,646 Xperi Corp 81,499   1,829
DSW Inc 119,429   2,392     $ 37,194
El Pollo Loco Holdings Inc (a) 35,771   359 Software - 2.06%      
Express Inc (a) 130,232   909 Bottomline Technologies de Inc (a) 58,175   2,123
EZCORP Inc (a) 84,993   1,003 Computer Programs & Systems Inc 18,413   551
Fiesta Restaurant Group Inc (a) 44,727   859 CSG Systems International Inc 55,401   2,502
Finish Line Inc/The 66,427   753 Digi International Inc (a) 44,065   456
FirstCash Inc 77,985   5,701 Donnelley Financial Solutions Inc (a) 55,694   1,195
Five Below Inc (a) 91,227   5,923 Ebix Inc 36,391   2,988
Francesca's Holdings Corp (a) 60,709   354 LivePerson Inc (a) 90,503   1,082
Fred's Inc 59,152   196 ManTech International Corp/VA 42,646   2,221
Genesco Inc (a) 32,918   1,147 MicroStrategy Inc (a) 15,555   2,142
Group 1 Automotive Inc 32,405   2,542 Monotype Imaging Holdings Inc 68,971   1,652
Guess? Inc 99,080   1,820 Omnicell Inc (a) 62,688   3,075
Haverty Furniture Cos Inc 32,099   716 PDF Solutions Inc (a) 45,406   621
Hibbett Sports Inc (a) 31,548   713 Progress Software Corp 79,009   3,937
JC Penney Co Inc (a) 514,142   1,907 Quality Systems Inc (a) 77,868   1,012
Kirkland's Inc (a) 26,460   281 SPS Commerce Inc (a) 28,464   1,497
La-Z-Boy Inc 79,724   2,404 Synchronoss Technologies Inc (a) 72,243   581
Lithia Motors Inc 39,702   4,961     $ 27,635
Lumber Liquidators Holdings Inc (a) 47,075   1,315 Storage & Warehousing - 0.21%      
MarineMax Inc (a) 36,481   837 Mobile Mini Inc 73,257   2,773
Movado Group Inc 25,588   783        
Ollie's Bargain Outlet Holdings Inc (a) 81,195   4,510 Telecommunications - 2.09%      
PetMed Express Inc 34,051   1,539 ADTRAN Inc 79,574   1,273
Red Robin Gourmet Burgers Inc (a) 21,378   1,126 ATN International Inc 18,000   1,069
Regis Corp (a) 57,737   919 CalAmp Corp (a) 58,835   1,440
RH (a) 31,065   2,920 Cincinnati Bell Inc (a) 69,718   1,203
Ruth's Hospitality Group Inc 48,073   1,139 Comtech Telecommunications Corp 39,030   844
Shake Shack Inc (a) 30,304   1,325 Consolidated Communications Holdings Inc 106,534   1,326
Shoe Carnival Inc 18,845   431 Extreme Networks Inc (a) 187,451   2,818
Sonic Automotive Inc 40,689   877 Frontier Communications Corp 129,796   1,063
Sonic Corp 66,519   1,719 General Communication Inc (a) 43,695   1,832
Tailored Brands Inc 81,302   1,967 Harmonic Inc (a) 134,887   492
Tile Shop Holdings Inc 56,891   532 Iridium Communications Inc (a) 137,625   1,748
Vera Bradley Inc (a) 31,501   293 NETGEAR Inc (a) 52,009   3,625
Vitamin Shoppe Inc (a) 39,624   168 Oclaro Inc (a) 278,939   1,657
Wingstop Inc 48,083   2,325 Spok Holdings Inc 33,024   515
Zumiez Inc (a) 30,022   623 Viavi Solutions Inc (a) 375,849   3,225
    $ 83,694 Vonage Holdings Corp (a) 343,903   3,848
Savings & Loans - 1.54%           $ 27,978
Banc of California Inc 70,372   1,386 Textiles - 0.31%      
Bank Mutual Corp 69,953   727 UniFirst Corp/MA 25,550   4,223
BofI Holding Inc (a) 92,577   3,330        
Brookline Bancorp Inc 126,679   2,027 Transportation - 1.49%      
Dime Community Bancshares Inc 50,714   964 ArcBest Corp 42,368   1,506
Meta Financial Group Inc 15,016   1,757 Atlas Air Worldwide Holdings Inc (a) 41,784   2,353
Northfield Bancorp Inc 76,742   1,288 Echo Global Logistics Inc (a) 43,354   1,266
Northwest Bancshares Inc 169,596   2,858 Forward Air Corp 49,203   2,987
Oritani Financial Corp 65,012   1,086 Heartland Express Inc 82,603   1,874
Pacific Premier Bancorp Inc (a) 64,110   2,612 Hub Group Inc (a) 55,282   2,656
Provident Financial Services Inc 99,975   2,630 Marten Transport Ltd 63,925   1,483
    $ 20,665 Matson Inc 70,152   2,400
Semiconductors - 2.77%       Roadrunner Transportation Systems Inc (a) 51,939   289
Axcelis Technologies Inc (a) 51,914   1,344 Saia Inc (a) 42,126   3,183
Brooks Automation Inc 116,197   3,242     $ 19,997
Cabot Microelectronics Corp 41,906   4,270 Trucking & Leasing - 0.18%      
CEVA Inc (a) 36,298   1,597 Greenbrier Cos Inc/The 47,433   2,379
Cohu Inc 46,749   1,064        
Diodes Inc (a) 63,667   1,795 Water - 0.49%      
DSP Group Inc (a) 36,891   483 American States Water Co 60,618   3,347
Kopin Corp (a) 100,848   335 California Water Service Group 79,284   3,227
Kulicke & Soffa Industries Inc (a) 116,683   2,685        
MaxLinear Inc (a) 100,700   2,597     $ 6,574
Nanometrics Inc (a) 42,299   1,048 TOTAL COMMON STOCKS   $ 1,319,957
Photronics Inc (a) 113,932   957 INVESTMENT COMPANIES - 1.57% Shares Held   Value (000's)
        Exchange Traded Funds - 0.08%      
Power Integrations Inc 49,112   3,669 iShares Core S&P Small-Cap ETF 14,044   1,106

 

See accompanying notes.

263

 

          Schedule of Investments            
SmallCap S&P 600 Index Fund
January 31, 2018 (unaudited)
 
 
INVESTMENT COMPANIES (continued) Shares Held Value (000's)                    
Money Market Funds - 1.49%                            
Principal Government Money Market Fund (b) 19,989,971 $ 19,990                    
 
TOTAL INVESTMENT COMPANIES     $ 21,096                    
Total Investments     $ 1,341,053                    
Other Assets and Liabilities - (0.02)%     $ (321 )                  
TOTAL NET ASSETS - 100.00%     $ 1,340,732                    
 
 
(a) Non-income producing security                            
(b) Affiliated Security. Security is either an affiliate (and registered under the                    
  Investment Company Act of 1940) or an affiliate as defined by the                    
  Investment Company Act of 1940 (the Fund controls 5.0% or more of the                    
  outstanding voting shares of the security). Please see affiliated sub-                    
  schedule for transactional information.                          
 
 
 
  Portfolio Summary (unaudited)                        
Sector         Percent                    
Consumer, Non-cyclical       21.47 %                  
Financial       20.49 %                  
Industrial       18.17 %                  
Consumer, Cyclical       15.32 %                  
Technology       7.66 %                  
Communications       4.95 %                  
Basic Materials       4.51 %                  
Energy       3.39 %                  
Utilities       2.49 %                  
Investment Companies       1.57 %                  
Other Assets and Liabilities       (0.02 )%                  
TOTAL NET ASSETS       100.00 %                  
 
Affiliated Securities   October 31, 2017     Purchases   Sales   January 31, 2018  
       Value       Cost   Proceeds     Value  
Principal Government Money Market Fund $     —   $   59,011 $ 39,021 $   19,990  
    $     —   $   59,011 $ 39,021 $   19,990  
 
 
          Realized Gain/Loss Realized Gain from     Change in Unrealized  
      Income   on Investments Capital Gain Distributions   Gain/Loss  
Principal Government Money Market Fund $ 24   $     — $     — $ —  
    $ 24   $     — $     — $ —  
Amounts in thousands                            
 
 
Futures Contracts
Description and Expiration Date   Type Contracts Notional Amount   Value and Unrealized Appreciation/(Depreciation)  
Russell 2000 Emini; March 2018   Long     219 $ 17,257   $     (331 )
Total                     $     (331 )
 
Amounts in thousands except contracts.                            

 

See accompanying notes.

264

 

Schedule of Investments
SmallCap Value Fund II
January 31, 2018 (unaudited)
 
 
COMMON STOCKS - 95.87% Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value(000 's)
Advertising - 0.01%       Automobile Parts & Equipment (continued)        
Clear Channel Outdoor Holdings Inc 5,213 $ 25 Superior Industries International Inc 25,182 $ 424  
EVINE Live Inc (a) 5,584   7 Titan International Inc 41,691   554  
Harte-Hanks Inc (a) 20,209   17 Tower International Inc 2,892   87  
MDC Partners Inc (a) 6,281   57     $ 15,204  
    $ 106 Banks - 13.39%        
Aerospace & Defense - 1.78%       1st Constitution Bancorp 1,457   28  
AAR Corp 135,839   5,498 1st Source Corp 21,294   1,113  
Aerovironment Inc (a) 4,698   241 Access National Corp 6,901   201  
Arotech Corp (a) 18,086   66 ACNB Corp 1,111   34  
CPI Aerostructures Inc (a) 11,371   101 American National Bankshares Inc 2,484   93  
Cubic Corp 13,868   805 American River Bankshares 6,194   93  
Curtiss-Wright Corp 35,331   4,617 Ameris Bancorp 898   48  
Ducommun Inc (a) 10,267   300 AmeriServ Financial Inc 24,724   101  
Esterline Technologies Corp (a) 27,514   2,023 Ames National Corp 1,347   38  
Kaman Corp 2,638   165 Arrow Financial Corp 5,377   176  
KLX Inc (a) 34,863   2,463 Associated Banc-Corp 94,189   2,331  
Kratos Defense & Security Solutions Inc (a) 5,563   63 Atlantic Capital Bancshares Inc (a) 4,996   89  
Moog Inc (a) 53,956   4,859 BancFirst Corp 1,776   99  
National Presto Industries Inc 1,302   133 Bancorp Inc/The (a) 25,900   274  
SIFCO Industries Inc (a) 610   4 BancorpSouth Bank 26,812   899  
Triumph Group Inc 12,137   354 Bank of Commerce Holdings 3,930   45  
    $ 21,692 Bank of Florida Corp (a),(b),(c) 6,269   —  
Agriculture - 0.27%       Bank of Marin Bancorp 991   68  
Alico Inc 517   14 Bank of NT Butterfield & Son Ltd/The 4,887   196  
Alliance One International Inc (a) 13,047   172 Bankwell Financial Group Inc 845   28  
Andersons Inc/The 25,440   867 Banner Corp 23,685   1,287  
Cadiz Inc (a) 2,916   42 Bar Harbor Bankshares 4,683   131  
Limoneira Co 1,204   26 BCB Bancorp Inc 9,036   137  
Phibro Animal Health Corp 3,511   119 Blue Hills Bancorp Inc 15,916   308  
Tejon Ranch Co (a) 6,526   143 Boston Private Financial Holdings Inc 59,183   912  
Universal Corp/VA 37,787   1,814 Bridge Bancorp Inc 2,537   87  
Vector Group Ltd 5,521   118 Bryn Mawr Bank Corp 5,421   244  
    $ 3,315 Byline Bancorp Inc (a) 1,089   24  
Airlines - 0.37%       C&F Financial Corp 541   30  
Hawaiian Holdings Inc 13,380   500 Cadence BanCorp 2,886   81  
SkyWest Inc 71,690   3,996 Camden National Corp 2,566   109  
    $ 4,496 Capital City Bank Group Inc 14,637   359  
        Capstar Financial Holdings Inc (a) 950   19  
Apparel - 0.43%                
Columbia Sportswear Co 1,958   146 Carolina Financial Corp 2,522   104  
Crocs Inc (a) 18,081   244 Cathay General Bancorp 37,213   1,629  
Deckers Outdoor Corp (a) 23,518   2,015 CBTX Inc 561   16  
Delta Apparel Inc (a) 8,089   151 CenterState Bank Corp 10,289   268  
Iconix Brand Group Inc (a) 19,902   25 Central Pacific Financial Corp 14,618   432  
Lakeland Industries Inc (a) 9,606   135 Central Valley Community Bancorp 2,490   48  
Oxford Industries Inc 1,936   153 Century Bancorp Inc/MA 1,095   87  
Perry Ellis International Inc (a) 18,477   443 Chemical Financial Corp 222,107   12,973  
Rocky Brands Inc 8,535   147 Chemung Financial Corp 568   25  
Sequential Brands Group Inc (a) 17,152   28 Citizens & Northern Corp 3,297   79  
Superior Uniform Group Inc 8,321   196 Citizens First Corp 300   7  
Unifi Inc (a) 19,764   704 City Holding Co 2,930   202  
Weyco Group Inc 2,992   93 Civista Bancshares Inc 2,298   51  
Wolverine World Wide Inc 22,603   742 CNB Financial Corp/PA 2,733   73  
    $ 5,222 CoBiz Financial Inc 7,981   160  
Automobile Manufacturers - 0.41%       Codorus Valley Bancorp Inc 2,035   55  
Blue Bird Corp (a) 773   16 Colony Bankcorp Inc 706   10  
Navistar International Corp (a) 21,984   1,007 Columbia Banking System Inc 7,268   313  
REV Group Inc 115,575   3,382 Community Bank System Inc 6,663   355  
Wabash National Corp 21,549   557 Community Financial Corp/The 656   24  
    $ 4,962 Community Trust Bancorp Inc 66,319   3,137  
        Community West Bancshares 1,308   16  
Automobile Parts & Equipment - 1.25%       ConnectOne Bancorp Inc 19,267   562  
American Axle & Manufacturing Holdings Inc 132,710   2,343 County Bancorp Inc 817   24  
(a)                
        Customers Bancorp Inc (a) 65,819   2,018  
Cooper Tire & Rubber Co 13,990   547 CVB Financial Corp 10,848   254  
Cooper-Standard Holdings Inc (a) 29,077   3,622          
        DNB Financial Corp 607   21  
Dana Inc 17,730   585 Eagle Bancorp Inc (a) 10,880   686  
Gentherm Inc (a) 816   26          
Meritor Inc (a) 142,316   3,883 Enterprise Bancorp Inc/MA 1,422   48  
        Enterprise Financial Services Corp 2,337   114  
Miller Industries Inc/TN 16,483   430 Equity Bancshares Inc (a) 1,110   40  
Modine Manufacturing Co (a) 44,131   1,030          
Motorcar Parts of America Inc (a) 7,776   211 Evans Bancorp Inc 745   32  
        Farmers Capital Bank Corp 6,063   238  
Spartan Motors Inc 43,851   588 Farmers National Banc Corp 3,755   55  
Standard Motor Products Inc 15,423   740 FCB Financial Holdings Inc (a) 16,895   926  
Strattec Security Corp 3,468   134 Fidelity Southern Corp 5,266   126  

 

See accompanying notes.

265

 

Schedule of Investments
SmallCap Value Fund II
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held Value(000 's) COMMON STOCKS (continued) Shares Held Value(000 's)
Banks (continued)         Banks (continued)        
Financial Institutions Inc 13,424 $ 417   Northeast Bancorp 2,608 $ 58  
First Bancorp Inc/ME 1,446   41   Northrim BanCorp Inc 11,197   374  
First BanCorp/Puerto Rico (a) 343,399   2,060   Norwood Financial Corp 970   30  
First Bancorp/Southern Pines NC 8,361   304   OFG Bancorp 84,788   966  
First Bancshares Inc/The 1,581   51   Ohio Valley Banc Corp 681   28  
First Busey Corp 15,864   491   Old Line Bancshares Inc 1,187   38  
First Business Financial Services Inc 7,390   181   Old National Bancorp/IN 120,014   2,077  
First Citizens BancShares Inc/NC 1,130   480   Old Second Bancorp Inc 15,046   221  
First Commonwealth Financial Corp 86,962   1,258   Opus Bank 29,885   810  
First Community Bancshares Inc/VA 19,350   536   Orrstown Financial Services Inc 1,957   50  
First Connecticut Bancorp Inc/Farmington CT 7,856   198   Pacific Mercantile Bancorp (a) 2,801   24  
First Financial Bancorp 407,060   11,601   Park National Corp 2,070   217  
First Financial Bankshares Inc 2,313   107   Parke Bancorp Inc 1,102   22  
First Financial Corp/IN 8,188   379   Patriot National Bancorp Inc 212   4  
First Foundation Inc (a) 2,955   57   PCSB Financial Corp (a) 2,641   53  
First Guaranty Bancshares Inc 757   20   Peapack Gladstone Financial Corp 5,594   198  
First Internet Bancorp 5,937   222   Penns Woods Bancorp Inc 723   31  
First Interstate BancSystem Inc 10,093   422   Peoples Bancorp Inc/OH 16,545   589  
First Merchants Corp 273,461   11,803   Peoples Bancorp of North Carolina Inc 2,721   85  
First Mid-Illinois Bancshares Inc 1,818   70   Peoples Financial Services Corp 996   45  
First Midwest Bancorp Inc/IL 48,572   1,208   People's Utah Bancorp 1,760   56  
First Northwest Bancorp (a) 2,419   41   Pinnacle Financial Partners Inc 69,679   4,411  
First of Long Island Corp/The 2,626   74   Popular Inc 16,865   685  
First United Corp (a) 1,675   29   Preferred Bank/Los Angeles CA 1,430   92  
FNB Bancorp/CA 882   31   Premier Financial Bancorp Inc 11,898   226  
FNB Corp/PA 409,034   5,870   Prosperity Bancshares Inc 40,883   3,099  
Franklin Financial Network Inc (a) 1,240   40   QCR Holdings Inc 1,752   77  
Fulton Financial Corp 185,972   3,385   RBB Bancorp 732   20  
German American Bancorp Inc 6,147   213   Reliant Bancorp Inc 1,051   25  
Glacier Bancorp Inc 7,624   299   Renasant Corp 29,642   1,276  
Great Southern Bancorp Inc 1,846   94   Republic Bancorp Inc/KY 10,300   397  
Great Western Bancorp Inc 20,029   845   S&T Bancorp Inc 27,788   1,121  
Green Bancorp Inc (a) 2,563   61   Sandy Spring Bancorp Inc 30,319   1,147  
Guaranty Bancorp 2,849   81   SB Financial Group Inc 2,685   48  
Guaranty Federal Bancshares Inc 541   11   Seacoast Banking Corp of Florida (a) 19,954   515  
Hancock Holding Co 56,879   3,055   Select Bancorp Inc (a) 2,142   28  
Hanmi Financial Corp 3,765   119   Shore Bancshares Inc 4,632   84  
Hawthorn Bancshares Inc 1,820   38   Sierra Bancorp 21,684   594  
Heartland Financial USA Inc 2,593   138   Simmons First National Corp 16,439   967  
Heritage Commerce Corp 5,155   82   South State Corp 8,179   725  
Heritage Financial Corp/WA 15,690   483   Southern First Bancshares Inc (a) 1,042   45  
Hilltop Holdings Inc 55,576   1,455   Southern National Bancorp of Virginia Inc 14,435   237  
Home BancShares Inc/AR 3,166   76   Southside Bancshares Inc 3,993   137  
HomeStreet Inc (a) 32,409   955   State Bank Financial Corp 3,907   119  
Hope Bancorp Inc 51,692   984   Stock Yards Bancorp Inc 3,804   137  
Horizon Bancorp/IN 3,318   101   Summit Financial Group Inc 1,641   42  
IBERIABANK Corp 29,272   2,474   Summit State Bank 1,005   13  
Independent Bank Corp/MI 14,281   329   Sun Bancorp Inc/NJ 2,077   50  
Independent Bank Corp/Rockland MA 2,825   202   Sussex Bancorp 1,215   35  
Independent Bank Group Inc 2,911   209   TCF Financial Corp 73,540   1,577  
International Bancshares Corp 66,521   2,761   Texas Capital Bancshares Inc (a) 1,209   115  
Investar Holding Corp 791   20   TierOne Corp (a),(b),(c) 2,447   —  
Kearny Financial Corp/MD 87,791   1,211   Tompkins Financial Corp 2,991   246  
Lakeland Bancorp Inc 19,746   397   Towne Bank/Portsmouth VA 6,993   214  
Lakeland Financial Corp 120,981   5,815   TriCo Bancshares 6,909   255  
LCNB Corp 1,428   28   TriState Capital Holdings Inc (a) 6,450   155  
LegacyTexas Financial Group Inc 15,339   676   Triumph Bancorp Inc (a) 2,477   95  
Macatawa Bank Corp 4,030   42   TrustCo Bank Corp NY 20,560   177  
MainSource Financial Group Inc 21,354   840   Trustmark Corp 47,157   1,499  
MB Financial Inc 49,848   2,133   Two River Bancorp 1,264   23  
MBT Financial Corp 16,404   185   UMB Financial Corp 4,792   365  
Mercantile Bank Corp 12,365   431   Umpqua Holdings Corp 51,717   1,120  
Merchants Bancorp/IN 1,207   25   Union Bankshares Corp 298,915   11,284  
Mid Penn Bancorp Inc 119   4   United Bancshares Inc/OH 900   20  
Middlefield Banc Corp 449   22   United Bankshares Inc/WV 23,818   877  
Midland States Bancorp Inc 2,025   65   United Community Banks Inc/GA 251,037   7,953  
MidSouth Bancorp Inc 11,863   168   United Security Bancshares/Fresno CA 1,861   21  
MidWestOne Financial Group Inc 7,925   262   Unity Bancorp Inc 1,520   32  
National Bank Holdings Corp 17,032   566   Univest Corp of Pennsylvania 11,149   313  
National Bankshares Inc 1,019   44   Valley National Bancorp 164,969   2,074  
National Commerce Corp (a) 1,030   47   Veritex Holdings Inc (a) 1,640   47  
NBT Bancorp Inc 15,133   558   Walker & Dunlop Inc 562   27  
Nicolet Bankshares Inc (a) 1,281   70   Washington Trust Bancorp Inc 9,639   519  
          Webster Financial Corp 1,618   92  

 

See accompanying notes.

266

 

Schedule of Investments
SmallCap Value Fund II
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Banks (continued)       Biotechnology (continued)      
WesBanco Inc 48,999 $ 2,009 Spectrum Pharmaceuticals Inc (a) 14,676 $ 316
West Bancorporation Inc 1,866   48 Stemline Therapeutics Inc (a) 2,434   39
Westamerica Bancorporation 2,652   157 Syndax Pharmaceuticals Inc (a) 108   1
Western New England Bancorp Inc 26,675   289 Tocagen Inc (a) 145   2
Wintrust Financial Corp 48,212   4,141     $ 8,693
    $ 163,012 Building Materials - 2.43%      
Beverages - 0.01%       American Woodmark Corp (a) 38,075   5,172
Farmer Brothers Co (a) 1,231   39 Armstrong Flooring Inc (a) 24,895   386
MGP Ingredients Inc 340   30 Boise Cascade Co 21,678   963
    $ 69 Broadwind Energy Inc (a) 16,192   40
Biotechnology - 0.71%       Caesarstone Ltd (a) 1,277   27
Abeona Therapeutics Inc (a) 3,806   58 Continental Materials Corp (a) 657   13
Acceleron Pharma Inc (a) 879   37 Cree Inc (a) 76,690   2,647
Achillion Pharmaceuticals Inc (a) 15,396   41 Gibraltar Industries Inc (a) 22,571   838
Acorda Therapeutics Inc (a) 57,443   1,490 Griffon Corp 37,578   753
Advaxis Inc (a) 489   1 Louisiana-Pacific Corp (a) 26,677   790
Agenus Inc (a) 1,590   6 LSI Industries Inc 28,773   228
Aileron Therapeutics Inc (a) 175   2 Masonite International Corp (a) 84,075   5,864
Alder Biopharmaceuticals Inc (a) 7,050   100 Quanex Building Products Corp 26,714   553
Allena Pharmaceuticals Inc (a) 189   2 Simpson Manufacturing Co Inc 70,132   4,120
AMAG Pharmaceuticals Inc (a) 34,187   490 Summit Materials Inc (a) 174,818   5,585
Applied Genetic Technologies Corp/DE (a) 20,578   102 Universal Forest Products Inc 43,948   1,641
Aratana Therapeutics Inc (a) 830   4     $ 29,620
Ardelyx Inc (a) 4,394   32 Chemicals - 1.71%      
Atara Biotherapeutics Inc (a) 3,617   137 Aceto Corp 31,577   347
Athersys Inc (a) 735   1 AdvanSix Inc (a) 11,399   450
Audentes Therapeutics Inc (a) 199   7 AgroFresh Solutions Inc (a) 24,772   187
Bellicum Pharmaceuticals Inc (a) 1,108   7 American Vanguard Corp 50,775   1,074
BioCryst Pharmaceuticals Inc (a) 2,030   9 Calgon Carbon Corp 14,726   314
Biohaven Pharmaceutical Holding Co Ltd (a) 173   6 Codexis Inc (a) 543   5
BioTime Inc (a) 11,709   34 CSW Industrials Inc (a) 6,435   308
Bluebird Bio Inc (a) 9,278   1,901 GCP Applied Technologies Inc (a) 7,510   251
Calyxt Inc (a) 279   7 Hawkins Inc 1,130   40
Cascadian Therapeutics Inc (a) 4,509   45 HB Fuller Co 2,049   106
Celcuity Inc (a) 99   2 Innophos Holdings Inc 9,602   445
Celldex Therapeutics Inc (a) 17,781   49 Innospec Inc 12,294   883
Corvus Pharmaceuticals Inc (a) 1,108   9 Intrepid Potash Inc (a) 55,795   217
Deciphera Pharmaceuticals Inc (a) 288   8 Kraton Corp (a) 31,260   1,571
Dermira Inc (a) 689   20 Kronos Worldwide Inc 1,813   50
Dynavax Technologies Corp (a) 7,484   121 Landec Corp (a) 24,178   318
Editas Medicine Inc (a) 1,324   48 Minerals Technologies Inc 84,053   6,316
Emergent BioSolutions Inc (a) 14,094   687 Oil-Dri Corp of America 744   29
Enzo Biochem Inc (a) 781   6 OMNOVA Solutions Inc (a) 2,404   26
Epizyme Inc (a) 1,750   28 Platform Specialty Products Corp (a) 59,312   695
Fate Therapeutics Inc (a) 3,737   34 PQ Group Holdings Inc (a) 2,801   46
Five Prime Therapeutics Inc (a) 3,629   73 Rayonier Advanced Materials Inc 3,625   69
Genocea Biosciences Inc (a) 722   1 Sensient Technologies Corp 2,211   159
Harvard Bioscience Inc (a) 7,272   34 Stepan Co 3,619   283
Idera Pharmaceuticals Inc (a) 1,268   2 Tronox Ltd 49,329   968
Immunomedics Inc (a) 8,394   140 Valhi Inc 4,053   23
Insmed Inc (a) 8,078   205 Venator Materials PLC (a) 249,100   5,635
Intellia Therapeutics Inc (a) 2,254   58     $ 20,815
Iovance Biotherapeutics Inc (a) 7,749   121 Coal - 0.41%      
Karyopharm Therapeutics Inc (a) 3,482   41 Arch Coal Inc 5,458   491
MacroGenics Inc (a) 3,231   73 Cloud Peak Energy Inc (a) 95,879   479
Medicines Co/The (a) 565   19 CONSOL Energy Inc (a) 8,976   291
MEI Pharma Inc (a) 7,689   17 Hallador Energy Co 27,012   188
Merrimack Pharmaceuticals Inc 550   6 NACCO Industries Inc 5,014   210
Momenta Pharmaceuticals Inc (a) 7,717   131 Peabody Energy Corp 49,855   2,015
Myriad Genetics Inc (a) 18,567   685 SunCoke Energy Inc (a) 57,876   643
NantKwest Inc (a) 4,019   18 Warrior Met Coal Inc 22,169   621
Novavax Inc (a) 25,971   52 Westmoreland Coal Co (a) 4,238   5
Novelion Therapeutics Inc (a) 1,991   10     $ 4,943
Nymox Pharmaceutical Corp (a) 2,157   7 Commercial Services - 5.94%      
Otonomy Inc (a) 3,709   22 Aaron's Inc 104,836   4,286
PDL BioPharma Inc (a) 215,246   594 ABM Industries Inc 180,579   6,868
Pfenex Inc (a) 7,220   24 Acacia Research Corp (a) 19,678   72
Prothena Corp PLC (a) 1,137   48 Adtalem Global Education Inc (a) 52,484   2,415
PTC Therapeutics Inc (a) 1,032   27 American Public Education Inc (a) 28,738   731
REGENXBIO Inc (a) 2,690   72 AMN Healthcare Services Inc (a) 76,125   4,084
Retrophin Inc (a) 5,105   122 ARC Document Solutions Inc (a) 7,257   18
RTI Surgical Inc (a) 45,010   202 Ascent Capital Group Inc (a) 15,132   143
        AstroNova Inc 9,156   123

 

See accompanying notes.

267

 

Schedule of Investments
SmallCap Value Fund II
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held Value(000 's) COMMON STOCKS (continued) Shares Held   Value (000's)
Commercial Services (continued)         Computers (continued)      
Avalon Holdings Corp (a) 3,917 $ 8   NetScout Systems Inc (a) 53,903 $ 1,536
Booz Allen Hamilton Holding Corp 179,150   7,019   PAR Technology Corp (a) 10,431   90
Bridgepoint Education Inc (a) 10,957   85   Presidio Inc (a) 263,855   4,831
Brink's Co/The 104,800   8,740   Quantum Corp (a) 3,397   21
CAI International Inc (a) 38,569   1,089   SecureWorks Corp (a) 2,256   22
Cambium Learning Group Inc (a) 2,403   17   StarTek Inc (a) 5,840   73
Capella Education Co 62   5   Stratasys Ltd (a) 40,293   862
Career Education Corp (a) 28,780   357   Super Micro Computer Inc (a) 38,335   875
Carriage Services Inc 7,526   200   Sykes Enterprises Inc (a) 54,586   1,693
CBIZ Inc (a) 55,202   911   Unisys Corp (a) 2,344   21
Civeo Corp (a) 69,733   244   VeriFone Systems Inc (a) 10,828   191
CRA International Inc 15,948   740   Virtusa Corp (a) 94,655   4,224
Cross Country Healthcare Inc (a) 2,756   39   Xplore Technologies Corp (a) 3,063   8
Edgewater Technology Inc (a) 10,657   64       $ 33,491
Emerald Expositions Events Inc 2,522   54   Consumer Products - 0.32%      
Ennis Inc 73,997   1,473   ACCO Brands Corp 105,904   1,255
EVERTEC Inc 4,416   70   Acme United Corp 1,796   44
Franklin Covey Co (a) 1,521   44   Central Garden & Pet Co (a) 8,194   321
FTI Consulting Inc (a) 36,314   1,578   Central Garden & Pet Co - A Shares (a) 38,474   1,451
Graham Holdings Co 1,614   959   CSS Industries Inc 11,187   292
Great Lakes Dredge & Dock Corp (a) 63,008   296   Helen of Troy Ltd (a) 5,657   528
Heidrick & Struggles International Inc 30,141   796       $ 3,891
Hertz Global Holdings Inc (a) 59,002   1,353   Cosmetics & Personal Care - 0.01%      
HMS Holdings Corp (a) 1,139   19   CCA Industries Inc (a) 500   2
Hudson Global Inc (a) 611   1   Inter Parfums Inc 1,830   83
Huron Consulting Group Inc (a) 12,796   513          
ICF International Inc (a) 20,690   1,098    Distribution & Wholesale - 1.08%   $ 85
Information Services Group Inc (a) 2,682   11   ADDvantage Technologies Group Inc (a) 3,841   6
Insperity Inc 129,125   7,909   Anixter International Inc (a) 20,184   1,690
K12 Inc (a) 47,996   832          
          Essendant Inc 36,845   334
KAR Auction Services Inc 133,200   7,265   Fossil Group Inc (a) 25,170   200
Kelly Services Inc 44,873   1,271   G-III Apparel Group Ltd (a) 58,363   2,180
Korn/Ferry International 52,876   2,356   Nexeo Solutions Inc (a) 152,213   1,435
Laureate Education Inc (a) 5,835   84   ScanSource Inc (a) 31,979   1,093
Liberty Tax Inc 1,290   13   Systemax Inc 522   16
LSC Communications Inc 23,255   318   Titan Machinery Inc (a) 29,219   628
McGrath RentCorp 17,133   819   Triton International Ltd/Bermuda 44,557   1,720
MoneyGram International Inc (a) 3,656   44   Veritiv Corp (a) 54,095   1,552
National Research Corp 188   7   WESCO International Inc (a) 33,530   2,285
Navigant Consulting Inc (a) 40,518   832          
Perceptron Inc (a) 6,585   69       $ 13,139
          Diversified Financial Services - 1.73%      
Quad/Graphics Inc 7,966   177   AeroCentury Corp (a) 423   7
RCM Technologies Inc 13,071   83   Air Lease Corp 21,882   1,064
Reis Inc 6,559   136   Aircastle Ltd 80,484   1,901
Resources Connection Inc 21,632   353   Arlington Asset Investment Corp 4,068   43
RPX Corp 51,154   718   Associated Capital Group Inc 3,805   132
RR Donnelley & Sons Co 33,676   275   Asta Funding Inc 1,394   10
SEACOR Marine Holdings Inc (a) 17,961   269          
          Atlanticus Holdings Corp (a) 11,685   26
SP Plus Corp (a) 1,805   70          
          California First National Bancorp 2,983   46
Strayer Education Inc 1,300   120   Cowen Inc (a) 29,150   377
Team Inc (a) 14,560   248          
          Encore Capital Group Inc (a) 8,063   334
Textainer Group Holdings Ltd (a) 3,797   93          
          Enova International Inc (a) 3,331   60
Travelport Worldwide Ltd 16,332   222   Federal Agricultural Mortgage Corp 8,942   717
TrueBlue Inc (a) 6,479   177          
Vectrus Inc (a) 2,564   78   GAIN Capital Holdings Inc 18,126   133
          GAMCO Investors Inc 2,326   69
 Viad Corp  16,430    933          
Volt Information Sciences Inc (a) 11,617    51   Granite Point Mortgage Trust Inc 4,563   79
Weight Watchers International Inc (a) 184   12   Greenhill & Co Inc 3,415   63
          Hamilton Lane Inc 713   27
    $ 72,357   Hannon Armstrong Sustainable Infrastructure 5,352   116
Computers - 2.75%         Capital Inc      
Agilysys Inc (a) 25,417   305   INTL. FCStone Inc (a) 4,073   177
CACI International Inc (a) 72,192   10,147          
          Investment Technology Group Inc 12,379   265
Convergys Corp 109,167   2,540   Janus Henderson Group PLC 17,378   684
Cray Inc (a) 19,598   475          
Engility Holdings Inc (a) 5,756   151   Ladder Capital Corp 15,383   223
ForeScout Technologies Inc (a) 270   8   Ladenburg Thalmann Financial Services Inc 13,732   43
Insight Enterprises Inc (a) 42,753   1,587   Legg Mason Inc 28,872   1,230
Key Tronic Corp (a) 16,991   122    LendingClub Corp (a)  2,644    10
KeyW Holding Corp/The (a) 2,084   14   LPL Financial Holdings Inc 76,375   4,556
Maxwell Technologies Inc (a) 5,269   31   Marlin Business Services Corp 10,097    239
Mercury Systems Inc (a) 379   18    Nationstar Mortgage Holdings Inc (a)  64,355    1,142
          Navient Corp 23,785   339
MTS Systems Corp 1,783   92   Nelnet Inc 26,323   1,372
NCR Corp (a) 94,750   3,554   NewStar Financial Inc (a),(c) 52,106   28

 

See accompanying notes.

268

 

Schedule of Investments
SmallCap Value Fund II
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Diversified Financial Services (continued)       Electronics (continued)      
Ocwen Financial Corp (a) 13,743 $ 46 NVE Corp 2,895 $ 243
OneMain Holdings Inc (a) 20,586   673 Park Electrochemical Corp 2,790   51
Oppenheimer Holdings Inc 12,527   344 Plexus Corp (a) 113,349   6,773
PennyMac Financial Services Inc (a) 2,502   55 Rogers Corp (a) 3,551   585
Piper Jaffray Cos 8,120   749 Sanmina Corp (a) 88,840   2,322
PJT Partners Inc 1,921   91 Sparton Corp (a) 5,252   121
PRA Group Inc (a) 3,983   142 Stoneridge Inc (a) 3,950   96
Pzena Investment Management Inc 11,000   137 SYNNEX Corp 17,512   2,150
R1 RCM Inc (a) 2,097   11 Sypris Solutions Inc (a) 14,725   20
Regional Management Corp (a) 12,978   369 Tech Data Corp (a) 45,117   4,525
Stifel Financial Corp 26,325   1,778 TTM Technologies Inc (a) 107,458   1,772
TPG RE Finance Trust Inc 1,797   34 Vishay Intertechnology Inc 182,454   4,005
Virtus Investment Partners Inc 2,595   332 Vishay Precision Group Inc (a) 16,405   449
Waddell & Reed Financial Inc 13,867   319 Watts Water Technologies Inc 1,234   98
World Acceptance Corp (a) 4,365   515 ZAGG Inc (a) 7,308   122
    $ 21,107     $ 34,057
Electric - 0.51%       Energy - Alternate Sources - 0.30%      
ALLETE Inc 5,400   391 Clean Energy Fuels Corp (a) 131,267   206
Ameresco Inc (a) 20,313   177 FutureFuel Corp 46,932   629
Atlantic Power Corp (a) 5,360   11 Green Plains Inc 41,153   720
Avista Corp 10,048   506 Pacific Ethanol Inc (a) 43,630   184
Black Hills Corp 5,661   314 Pattern Energy Group Inc 6,571   136
Dynegy Inc (a) 11,513   144 Renewable Energy Group Inc (a) 110,660   1,184
El Paso Electric Co 6,927   362 REX American Resources Corp (a) 1,428   116
IDACORP Inc 7,717   666 Sunrun Inc (a) 11,739   74
MGE Energy Inc 9,237   552 TerraForm Power Inc 34,139   372
NorthWestern Corp 7,893   429 Vivint Solar Inc (a) 4,157   14
NRG Yield Inc - A Shares 4,988   94     $ 3,635
NRG Yield Inc - C Shares 6,884   130 Engineering & Construction - 0.83%      
Ormat Technologies Inc 9,544   669 Aegion Corp (a) 33,160   832
Otter Tail Corp 9,368   399 Chicago Bridge & Iron Co NV ADR 10,660   223
PNM Resources Inc 13,098   499 EMCOR Group Inc 24,031   1,953
Portland General Electric Co 14,692   622 ENGlobal Corp (a) 18,947   16
Spark Energy Inc 623   6 Exponent Inc 2,970   220
Unitil Corp 6,433   285 Goldfield Corp/The (a) 4,043   20
    $ 6,256 Granite Construction Inc 15,140   1,010
Electrical Components & Equipment - 0.68%       IES Holdings Inc (a) 2,780   48
Advanced Energy Industries Inc (a) 3,818   271 KBR Inc 26,121   531
Belden Inc 7,227   613 Layne Christensen Co (a) 4,967   67
Encore Wire Corp 16,863   853 Mistras Group Inc (a) 2,229   48
EnerSys 8,180   575 MYR Group Inc (a) 16,192   549
General Cable Corp 322   9 NV5 Global Inc (a) 337   16
Graham Corp 7,968   171 Orion Group Holdings Inc (a) 33,398   251
Insteel Industries Inc 720   22 Sterling Construction Co Inc (a) 51,325   716
Littelfuse Inc 23,966   5,209 TopBuild Corp (a) 26,784   2,050
Powell Industries Inc 9,207   300 Tutor Perini Corp (a) 49,982   1,237
Revolution Lighting Technologies Inc (a) 1,611   6 VSE Corp 7,081   351
SunPower Corp (a) 8,313   66 Willbros Group Inc (a) 12,058   13
Ultralife Corp (a) 17,903   122     $ 10,151
Vicor Corp (a) 269   5 Entertainment - 0.90%      
    $ 8,222 AMC Entertainment Holdings Inc 25,196   323
Electronics - 2.80%       Dover Motorsports Inc 3,447   7
AVX Corp 104,387   1,873 Eldorado Resorts Inc (a) 142,725   4,931
Ballantyne Strong Inc (a) 8,901   41 Eros International PLC (a) 3,487   40
Bel Fuse Inc 6,869   141 Golden Entertainment Inc (a) 1,293   41
Benchmark Electronics Inc (a) 68,987   1,997 International Speedway Corp 5,040   233
Brady Corp 16,694   639 Marriott Vacations Worldwide Corp 14,759   2,248
Coherent Inc (a) 180   47 National CineMedia Inc 8,897   60
Control4 Corp (a) 253   7 Penn National Gaming Inc (a) 21,740   694
CTS Corp 41,651   1,145 Pinnacle Entertainment Inc (a) 29,373   948
CyberOptics Corp (a) 565   9 RCI Hospitality Holdings Inc 11,989   352
Electro Scientific Industries Inc (a) 20,078   470 Reading International Inc (a) 2,067   34
ESCO Technologies Inc 19,056   1,165 Speedway Motorsports Inc 49,359   1,024
FARO Technologies Inc (a) 3,433   185     $ 10,935
Fitbit Inc (a) 20,435   105 Environmental Control - 0.19%      
Frequency Electronics Inc (a) 11,821   112 Advanced Emissions Solutions Inc 2,170   17
II-VI Inc (a) 18,050   770 Casella Waste Systems Inc (a) 61,297   1,568
IntriCon Corp (a) 448   8 CECO Environmental Corp 15,390   69
KEMET Corp (a) 8,816   180 Cemtrex Inc 8,943   25
Kimball Electronics Inc (a) 33,051   611 Evoqua Water Technologies Corp (a) 1,517   35
Knowles Corp (a) 79,807   1,216 Fuel Tech Inc (a) 1,539   2
LGL Group Inc/The (a) 717   4 Heritage-Crystal Clean Inc (a) 1,837   40

 

See accompanying notes.

269

 

Schedule of Investments
SmallCap Value Fund II
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held   Value (000's)
Environmental Control (continued)       Healthcare - Products (continued)      
Tetra Tech Inc 11,481 $ 571 Meridian Bioscience Inc 16,336 $ 256
    $ 2,327 Merit Medical Systems Inc (a) 380   18
Food - 1.43%       NanoString Technologies Inc (a) 1,856   14
AMCON Distributing Co 191   17 OraSure Technologies Inc (a) 1,886   41
Cal-Maine Foods Inc (a) 4,406   187 Orthofix International NV (a) 1,462   84
Chefs' Warehouse Inc/The (a) 373   8 Sientra Inc (a) 2,153   27
Darling Ingredients Inc (a) 130,240   2,414 Utah Medical Products Inc 102   9
Dean Foods Co 28,863   299     $ 19,039
Fresh Del Monte Produce Inc 62,467   2,955 Healthcare - Services - 1.25%      
Hostess Brands Inc (a) 11,796   163 Acadia Healthcare Co Inc (a) 21,050   717
Ingles Markets Inc 14,019   471 Addus HomeCare Corp (a) 6,080   218
John B Sanfilippo & Son Inc 1,370   86 Almost Family Inc (a) 12,248   698
Sanderson Farms Inc 15,436   1,959 American Renal Associates Holdings Inc (a) 355   7
Seneca Foods Corp - Class A (a) 16,641   525 American Shared Hospital Services (a) 2,738   7
Seneca Foods Corp - Class B (a) 39   1 Brookdale Senior Living Inc (a) 146,775   1,394
Smart & Final Stores Inc (a) 37,371   352 Community Health Systems Inc (a) 113,994   644
Snyder's-Lance Inc 39,274   1,963 Ensign Group Inc/The 2,042   47
SpartanNash Co 39,858   971 Envision Healthcare Corp (a) 73,125   2,632
SUPERVALU Inc (a) 32,698   518 Five Star Senior Living Inc (a) 16,385   24
Tootsie Roll Industries Inc 778   28 Kindred Healthcare Inc 8,989   83
United Natural Foods Inc (a) 76,532   3,643 LHC Group Inc (a) 15,086   948
Village Super Market Inc 10,435   245 LifePoint Health Inc (a) 32,547   1,609
Weis Markets Inc 16,598   660 Magellan Health Inc (a) 23,484   2,338
    $ 17,465 MedCath Corp (a),(b),(c) 31,637   —
Forest Products & Paper - 0.55%       Medpace Holdings Inc (a) 1,079   40
Clearwater Paper Corp (a) 7,479   352 Molina Healthcare Inc (a) 1,189   109
Domtar Corp 47,366   2,433 National HealthCare Corp 9,253   577
Mercer International Inc 47,634   700 Providence Service Corp/The (a) 615   40
Neenah Inc 6,562   594 Quorum Health Corp (a) 15,041   93
PH Glatfelter Co 48,092   1,123 Select Medical Holdings Corp (a) 62,525   1,107
Resolute Forest Products Inc (a) 82,143   944 Tivity Health Inc (a) 13,455   521
Schweitzer-Mauduit International Inc 2,602   118 Triple-S Management Corp (a) 60,696   1,395
Verso Corp (a) 28,693   461     $ 15,248
    $ 6,725 Holding Companies - Diversified - 0.03%      
Gas - 1.25%       HRG Group Inc (a) 17,547   320
Chesapeake Utilities Corp 2,721   200        
New Jersey Resources Corp 8,398   326 Home Builders - 1.24%      
Northwest Natural Gas Co 3,803   218 AV Homes Inc (a) 20,564   347
ONE Gas Inc 9,841   697 Beazer Homes USA Inc (a) 8,138   151
RGC Resources Inc 616   15 CalAtlantic Group Inc 3,050   171
South Jersey Industries Inc 8,449   249 Century Communities Inc (a) 26,096   825
Southwest Gas Holdings Inc 15,959   1,174 Green Brick Partners Inc (a) 27,543   308
Spire Inc 101,629   6,759 Hovnanian Enterprises Inc (a) 14,134   29
Vectren Corp 82,025   4,973 KB Home 85,009   2,679
WGL Holdings Inc 7,280   613 LGI Homes Inc (a) 1,392   94
    $ 15,224 M/I Homes Inc 40,546   1,312
Hand & Machine Tools - 0.71%       MDC Holdings Inc 66,221   2,232
Franklin Electric Co Inc 123,991   5,617 Meritage Homes Corp (a) 48,694   2,311
Hardinge Inc 15,843   298 New Home Co Inc/The (a) 17,414   206
Kennametal Inc 11,990   585 Orleans Homebuilders Inc (a),(b),(c) 7,702   —
LS Starrett Co/The 5,475   46 PICO Holdings Inc 19,218   252
Milacron Holdings Corp (a) 1,087   21 Taylor Morrison Home Corp (a) 37,620   957
Regal Beloit Corp 25,912   2,018 TRI Pointe Group Inc (a) 144,710   2,361
    $ 8,585 William Lyon Homes (a) 29,989   814
Healthcare - Products - 1.56%       Winnebago Industries Inc 1,373   62
Analogic Corp 3,100   257     $ 15,111
AngioDynamics Inc (a) 39,324   685 Home Furnishings - 0.10%      
ConforMIS Inc (a) 4,058   5 Daktronics Inc 2,325   22
CONMED Corp 21,692   1,254 Ethan Allen Interiors Inc 4,337   108
CryoLife Inc (a) 2,966   56 Flexsteel Industries Inc 8,457   364
Digirad Corp 15,358   36 Hamilton Beach Brands Holding Co 8,778   225
Exactech Inc (a) 5,879   294 Hamilton Beach Brands Holding Co (c) 607   16
FONAR Corp (a) 831   20 Hooker Furniture Corp 9,784   363
Haemonetics Corp (a) 10,750   695 Nova Lifestyle Inc (a) 9,952   23
Halyard Health Inc (a) 24,742   1,208 VOXX International Corp (a) 21,664   129
Hanger Inc (a) 4,332   69     $ 1,250
ICU Medical Inc (a) 770   176 Housewares - 0.02%      
Integer Holdings Corp (a) 27,726   1,391 Libbey Inc 6,500   46
Integra LifeSciences Holdings Corp (a) 72,775   3,832 Lifetime Brands Inc 14,221   248
Invacare Corp 21,555   396     $ 294
Lantheus Holdings Inc (a) 6,469   149 Insurance - 6.99%      
LivaNova PLC (a) 93,124   7,967 Ambac Financial Group Inc (a) 33,252   539
Luminex Corp 4,972   100        

 

See accompanying notes.

270

 

Schedule of Investments SmallCap Value Fund II

January 31, 2018 (unaudited)

COMMON STOCKS (continued) Shares Held Value(000 's) COMMON STOCKS (continued) Shares Held   Value (000's)
Insurance (continued)         Internet (continued)      
American Equity Investment Life Holding Co 123,067 $ 4,061   New Media Investment Group Inc 57,604 $ 974
American National Insurance Co 4,294   543   Overstock.com Inc (a) 895   62
AMERISAFE Inc 3,554   216   PC-Tel Inc 47   —
AmTrust Financial Services Inc 31,512   423   Perficient Inc (a) 6,789   131
Argo Group International Holdings Ltd 43,894   2,691   QuinStreet Inc (a) 5,546   52
Aspen Insurance Holdings Ltd 41,818   1,562   RealNetworks Inc (a) 13,622   42
Atlantic American Corp 7,236   27   Rubicon Project Inc/The (a) 32,710   63
Atlas Financial Holdings Inc (a) 3,105   63   TechTarget Inc (a) 2,193   34
Baldwin & Lyons Inc 21,573   496   VASCO Data Security International Inc (a) 11,650   168
Blue Capital Reinsurance Holdings Ltd 4,753   57   XO Group Inc (a) 20,089   383
Brown & Brown Inc 158,975   8,343   YuMe Inc 4,443   16
Citizens Inc/TX (a) 6,554   52       $ 6,000
CNO Financial Group Inc 193,640   4,761   Investment Companies - 0.50%      
Crawford & Co 791   7   B. Riley Financial Inc 3,006   56
Donegal Group Inc 23,327   409   BBX Capital Corp 7,350   67
EMC Insurance Group Inc 20,889   590   Cannae Holdings Inc (a) 6,472   113
Employers Holdings Inc 34,309   1,455   TCP Capital Corp 383,925   5,793
Enstar Group Ltd (a) 1,519   315       $ 6,029
Essent Group Ltd (a) 93,425   4,346   Iron & Steel - 1.39%      
FBL Financial Group Inc 40,684   2,831   AK Steel Holding Corp (a) 33,358   169
Federated National Holding Co 24,577   365   Allegheny Technologies Inc (a) 14,255   384
First Acceptance Corp (a) 19,254   22   Carpenter Technology Corp 45,749   2,351
First American Financial Corp 141,772   8,375   Cleveland-Cliffs Inc (a) 93,167   639
Genworth Financial Inc (a) 450,171   1,377   Commercial Metals Co 115,001   2,765
Global Indemnity Ltd (a) 17,504   742   Friedman Industries Inc 5,700   31
Greenlight Capital Re Ltd (a) 58,378   1,182   Reliance Steel & Aluminum Co 98,100   8,593
Hallmark Financial Services Inc (a) 34,027   344   Ryerson Holding Corp (a) 2,313   23
Hanover Insurance Group Inc/The 31,047   3,513   Schnitzer Steel Industries Inc 43,797   1,498
HCI Group Inc 7,630   267   Shiloh Industries Inc (a) 26,756   199
Heritage Insurance Holdings Inc 19,912   340   Universal Stainless & Alloy Products Inc (a) 12,672   326
Horace Mann Educators Corp 50,135   2,070       $ 16,978
Independence Holding Co 1,947   56   Leisure Products & Services - 0.23%      
Infinity Property & Casualty Corp 9,413   953   Acushnet Holdings Corp 7,459   160
Investors Title Co 1,322   257   Callaway Golf Co 32,468   479
James River Group Holdings Ltd 5,549   211   Clarus Corp (a) 3,542   26
Kemper Corp 68,355   4,432   Drive Shack Inc (a) 22,065   115
Kingstone Cos Inc 1,511   32   Escalade Inc 3,426   44
Maiden Holdings Ltd 76,633   541   Johnson Outdoors Inc 8,560   516
MBIA Inc (a) 66,329   487   Liberty TripAdvisor Holdings Inc (a) 70,195   618
MGIC Investment Corp (a) 425,979   6,313   Vista Outdoor Inc (a) 54,866   831
National General Holdings Corp 13,028   261       $ 2,789
National Security Group Inc/The 369   6   Lodging - 0.42%      
National Western Life Group Inc 4,847   1,570   Belmond Ltd (a) 112,177   1,447
Navigators Group Inc/The 44,582   2,167   Boyd Gaming Corp 833   33
NMI Holdings Inc (a) 25,032   459          
          Caesars Entertainment Corp (a) 62,094   866
Radian Group Inc 256,756   5,667   Century Casinos Inc (a) 9,356   85
RLI Corp 636   41   Full House Resorts Inc (a) 551   2
Safety Insurance Group Inc 5,531   429   ILG Inc 42,784   1,344
Security National Financial Corp (a) 1,035   5          
          La Quinta Holdings Inc (a) 14,793   295
Selective Insurance Group Inc 46,445   2,705   Marcus Corp/The 20,099   523
State Auto Financial Corp 41,104   1,223   Monarch Casino & Resort Inc (a) 2,951   134
Stewart Information Services Corp 13,910   619   Red Lion Hotels Corp (a) 33,034   346
Third Point Reinsurance Ltd (a) 130,770   1,864          
Tiptree Inc 3,892   24       $ 5,075
Unico American Corp (a) 5,796   48   Machinery - Construction & Mining - 0.14%      
United Fire Group Inc 34,571   1,501   Astec Industries Inc 11,733   732
United Insurance Holdings Corp 2,319   45   Hyster-Yale Materials Handling Inc 4,456   378
Universal Insurance Holdings Inc 21,518   633   Terex Corp 12,660   595
White Mountains Insurance Group Ltd 146   123       $ 1,705
WMIH Corp (a) 26,836   25   Machinery - Diversified - 1.47%      
    $ 85,081   Alamo Group Inc 8,145   937
Internet - 0.49%         Albany International Corp 66,833   4,240
1-800-Flowers.com Inc (a) 3,346   35   Applied Industrial Technologies Inc 8,340   615
Blucora Inc (a) 53,367   1,302   Briggs & Stratton Corp 43,417   1,050
          Chart Industries Inc (a) 11,730   581
Cars.com Inc (a) 47,320   1,405          
ChannelAdvisor Corp (a) 1,150   10   Columbus McKinnon Corp/NY 14,911   610
          DXP Enterprises Inc/TX (a) 551   19
DHI Group Inc (a) 30,273   55          
          Gencor Industries Inc (a) 10,306   174
ePlus Inc (a) 5,161   398          
          Gerber Scientific Inc (a),(b),(c) 56,637   —
FTD Cos Inc (a) 37,245   219          
Lands' End Inc (a) 1,910   32   Gorman-Rupp Co/The 3,146   89
Leaf Group Ltd (a) 1,928   17   Hurco Cos Inc 9,846   445
Liberty Expedia Holdings Inc (a) 9,320   437   Kadant Inc 8,015   804
          Key Technology Inc (a) 1,200   32
Limelight Networks Inc (a) 6,508   29          
Meet Group Inc/The (a) 49,219   136          

 

See accompanying notes.

271

 

Schedule of Investments
SmallCap Value Fund II
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)
Machinery - Diversified (continued)       Miscellaneous Manufacturers (continued)      
Manitowoc Co Inc/The (a) 9,890 $ 396 Barnes Group Inc 44,430 $ 2,923
NN Inc 16,869   486 Core Molding Technologies Inc 11,015   230
SPX FLOW Inc (a) 7,441   345 Fabrinet (a) 136,634   3,389
Tennant Co 103   7 Federal Signal Corp 24,663   502
Twin Disc Inc (a) 2,906   85 FreightCar America Inc 13,842   216
Zebra Technologies Corp (a) 56,600   6,971 GP Strategies Corp (a) 419   10
    $ 17,886 Harsco Corp (a) 12,870   230
Media - 2.63%       Hillenbrand Inc 99,475   4,407
AH Belo Corp 18,882   92 LSB Industries Inc (a) 16,338   139
Beasley Broadcast Group Inc 6,675   83 Lydall Inc (a) 2,079   99
Cable One Inc 8,750   6,178 NL Industries Inc (a) 8,024   104
Central European Media Enterprises Ltd (a) 12,415   59 Servotronics Inc 788   8
Entercom Communications Corp 5,666   63 Standex International Corp 688   72
EW Scripps Co/The 47,917   767 Synalloy Corp 1,787   24
Gannett Co Inc 133,994   1,581 Tredegar Corp 19,962   367
Global Eagle Entertainment Inc (a) 7,229   21 Trinseo SA 17,368   1,432
Gray Television Inc (a) 62,675   1,025     $ 14,514
Hemisphere Media Group Inc (a) 2,147   23 Office & Business Equipment - 0.00%      
Houghton Mifflin Harcourt Co (a) 3,249   27 Eastman Kodak Co (a) 561   4
Media General Inc - Rights (a),(b),(c) 48,541   —        
Meredith Corp 11,416   755 Office Furnishings - 0.07%      
MSG Networks Inc (a) 8,571   206 CompX International Inc 609   8
New York Times Co/The 47,220   1,098 Herman Miller Inc 2,144   87
Nexstar Media Group Inc 105,800   7,946 Interface Inc 21,156   527
Saga Communications Inc 5,104   202 Kewaunee Scientific Corp 4,472   130
Salem Media Group Inc 23,579   110 Kimball International Inc 3,860   72
Scholastic Corp 47,070   1,808 Knoll Inc 306   7
TEGNA Inc 309,025   4,472 Steelcase Inc 1,719   27
TiVo Corp 91,511   1,276 Virco Manufacturing Corp 4,847   23
Townsquare Media Inc (a) 15,534   117     $ 881
Tribune Media Co 12,566   535 Oil & Gas - 3.87%      
tronc Inc (a) 1,404   29 Abraxas Petroleum Corp (a) 3,873   9
Urban One Inc (a) 11,337   21 Adams Resources & Energy Inc 1,455   65
WideOpenWest Inc (a) 346,268   3,546 Approach Resources Inc (a) 6,303   21
    $ 32,040 Barnwell Industries Inc (a) 2,755   7
Metal Fabrication & Hardware - 0.29%       Bill Barrett Corp (a) 115,704   593
Ampco-Pittsburgh Corp 7,031   96 Bonanza Creek Energy Inc (a) 20,683   579
Chicago Rivet & Machine Co 1,070   34 California Resources Corp (a) 4,500   95
CIRCOR International Inc 865   46 Callon Petroleum Co (a) 632,046   7,174
DMC Global Inc 4,480   103 CNX Resources Corp (a) 71,810   1,006
Eastern Co/The 4,576   122 Contango Oil & Gas Co (a) 39,079   161
Global Brass & Copper Holdings Inc 4,450   143 CVR Energy Inc 3,349   119
Haynes International Inc 12,087   433 Delek US Holdings Inc 71,465   2,494
Lawson Products Inc/DE (a) 3,889   92 Denbury Resources Inc (a) 75,604   184
LB Foster Co (a) 3,850   105 Diamond Offshore Drilling Inc (a) 21,488   380
Mueller Water Products Inc - Class A 6,378   74 Earthstone Energy Inc (a) 3,373   34
Northwest Pipe Co (a) 10,105   192 Eclipse Resources Corp (a) 148,517   317
Olympic Steel Inc 15,750   367 Energy XXI Gulf Coast Inc (a) 46,393   311
Park-Ohio Holdings Corp 2,857   119 Ensco PLC 269,506   1,590
Perma-Pipe International Holdings Inc (a) 7,216   66 EP Energy Corp (a) 6,960   13
Rexnord Corp (a) 20,515   577 EXCO Resources Inc (a) 1   —
Sun Hydraulics Corp 3,420   212 Gastar Exploration Inc (a) 12,450   12
TimkenSteel Corp (a) 8,092   131 Gulfport Energy Corp (a) 10,498   107
TriMas Corp (a) 22,513   599 Halcon Resources Corp (a) 13,468   108
Worthington Industries Inc 1,097   51 Jones Energy Inc (a) 1,178   1
    $ 3,562 Laredo Petroleum Inc (a) 522,825   5,087
Mining - 0.52%       Midstates Petroleum Co Inc (a) 16,055   264
Century Aluminum Co (a) 75,514   1,680 Nabors Industries Ltd 155,953   1,223
Coeur Mining Inc (a) 40,471   325 Noble Corp PLC (a) 87,688   411
Compass Minerals International Inc 303   22 Oasis Petroleum Inc (a) 637,444   5,520
Fairmount Santrol Holdings Inc (a) 1,836   10 Panhandle Oil and Gas Inc 1,170   24
Ferroglobe PLC (a) 18,666   270 Par Pacific Holdings Inc (a) 3,594   66
Gold Resource Corp 7,674   35 Parker Drilling Co (a) 121,057   138
Hecla Mining Co 337,873   1,298 Patterson-UTI Energy Inc 63,973   1,511
Kaiser Aluminum Corp 5,058   557 PBF Energy Inc 71,093   2,298
Materion Corp 23,057   1,146 PDC Energy Inc (a) 40,269   2,089
Smart Sand Inc (a) 910   8 Penn Virginia Corp (a) 314   13
United States Lime & Minerals Inc 314   24 QEP Resources Inc (a) 3,622   34
US Silica Holdings Inc 26,871   895 Resolute Energy Corp (a) 2,160   73
    $ 6,270 Ring Energy Inc (a) 211,495   2,919
Miscellaneous Manufacturers - 1.19%       Rosehill Resources Inc (a) 609   5
Actuant Corp 3,063   76 Rowan Cos PLC (a) 149,685   2,203
American Railcar Industries Inc 7,289   286        

 

See accompanying notes.

272

 

Schedule of Investments
SmallCap Value Fund II
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)
Oil & Gas (continued)       Pharmaceuticals (continued)      
SandRidge Energy Inc (a) 22,735 $ 406 Horizon Pharma Plc (a) 17,263 $ 251
SilverBow Resources Inc (a) 952   29 Immune Design Corp (a) 3,828   13
SM Energy Co 40,926   956 Impax Laboratories Inc (a) 11,300   220
SRC Energy Inc (a) 107,886   1,074 Intra-Cellular Therapies Inc (a) 4,479   76
Stone Energy Corp (a) 3,975   144 Kindred Biosciences Inc (a) 3,009   26
Trecora Resources (a) 3,858   52 Lannett Co Inc (a) 5,226   107
Ultra Petroleum Corp (a) 63,988   446 Mallinckrodt PLC (a) 10,497   190
Unit Corp (a) 134,712   3,263 MediciNova Inc (a) 773   7
W&T Offshore Inc (a) 13,588   66 Melinta Therapeutics Inc (a) 1,365   19
Whiting Petroleum Corp (a) 45,972   1,284 Mersana Therapeutics Inc (a) 173   2
WildHorse Resource Development Corp (a) 9,772   174 Minerva Neurosciences Inc (a) 602   4
    $ 47,152 Miragen Therapeutics Inc (a) 334   3
Oil & Gas Services - 2.33%       MyoKardia Inc (a) 732   38
Archrock Inc 105,219   979 Natural Alternatives International Inc (a) 4,296   48
Bristow Group Inc 38,832   598 Natural Grocers by Vitamin Cottage Inc (a) 21,087   181
C&J Energy Services Inc (a) 5,303   162 Nature's Sunshine Products Inc 1,555   19
Dawson Geophysical Co (a) 22,358   143 Owens & Minor Inc 6,414   135
Dril-Quip Inc (a) 33,033   1,707 Portola Pharmaceuticals Inc (a) 1,562   80
Era Group Inc (a) 26,199   265 PRA Health Sciences Inc (a) 64,725   5,894
Exterran Corp (a) 45,080   1,302 Protagonist Therapeutics Inc (a) 887   20
Forum Energy Technologies Inc (a) 279,827   4,729 Recro Pharma Inc (a) 1,643   14
Frank's International NV 6,781   47 Rhythm Pharmaceuticals Inc (a) 288   9
Geospace Technologies Corp (a) 1,984   27 Sarepta Therapeutics Inc (a) 1,951   128
Gulf Island Fabrication Inc 19,583   253 Spero Therapeutics Inc (a) 211   3
Helix Energy Solutions Group Inc (a) 143,853   1,084 Sucampo Pharmaceuticals Inc (a) 705   13
Independence Contract Drilling Inc (a) 31,537   145 Trevena Inc (a) 6,798   11
Keane Group Inc (a) 588   10 Voyager Therapeutics Inc (a) 2,308   48
Mammoth Energy Services Inc (a) 1,346   31 Zogenix Inc (a) 897   33
Matrix Service Co (a) 31,571   565     $ 8,305
McDermott International Inc (a) 409,707   3,597 Pipelines - 0.13%      
Mitcham Industries Inc (a) 12,775   48 SemGroup Corp 56,421   1,617
MRC Global Inc (a) 45,335   815        
Natural Gas Services Group Inc (a) 13,945   385 Private Equity - 0.01%      
Newpark Resources Inc (a) 95,168   866 Kennedy-Wilson Holdings Inc 6,058   108
NOW Inc (a) 11,287   133 Safeguard Scientifics Inc (a) 3,390   42
Oceaneering International Inc 71,534   1,479     $ 150
Oil States International Inc (a) 45,250   1,448 Real Estate - 0.17%      
PHI Inc (a) 29,483   339 California Coastal Communities Inc (a),(b),(c) 9,672   —
Pioneer Energy Services Corp (a) 78,200   254 Community Healthcare Trust Inc 1,999   53
ProPetro Holding Corp (a) 215,973   4,034 Consolidated-Tomoka Land Co 141   9
Ranger Energy Services Inc (a) 1,019   11 Farmland Partners Inc 4,474   37
SAExploration Holdings Inc (a) 2,900   6 Forestar Group Inc (a) 16,666   406
SEACOR Holdings Inc (a) 22,436   1,045 FRP Holdings Inc (a) 1,595   80
Seventy Seven Energy Inc (a),(b),(c) 16,216   — Griffin Industrial Realty Inc 1,123   41
Solaris Oilfield Infrastructure Inc (a) 378   7 RE/MAX Holdings Inc 22,487   1,110
Superior Energy Services Inc (a) 152,768   1,596 Realogy Holdings Corp 1,269   35
TETRA Technologies Inc (a) 38,449   147 RMR Group Inc/The 412   27
Thermon Group Holdings Inc (a) 3,402   79 Safety Income & Growth Inc 1,161   20
    $ 28,336 St Joe Co/The (a) 7,873   148
Packaging & Containers - 2.20%       Stratus Properties Inc 3,552   109
Berry Global Group Inc (a) 151,425   8,963 Transcontinental Realty Investors Inc (a) 270   9
Graphic Packaging Holding Co 523,725   8,458     $ 2,084
Greif Inc - Class A 25,238   1,492 REITs - 3.61%      
Greif Inc - Class B 189   12 Acadia Realty Trust 8,774   215
KapStone Paper and Packaging Corp 13,991   485 AG Mortgage Investment Trust Inc 4,122   72
Multi-Color Corp 93,775   7,268 Agree Realty Corp 4,932   237
UFP Technologies Inc (a) 5,717   166 Alexander & Baldwin Inc 29,285   777
    $ 26,844 Alexander's Inc 16   6
Pharmaceuticals - 0.68%       American Assets Trust Inc 2,671   94
Adamas Pharmaceuticals Inc (a) 925   35 Anworth Mortgage Asset Corp 14,261   69
Anika Therapeutics Inc (a) 248   17 Apollo Commercial Real Estate Finance Inc 17,954   326
Apellis Pharmaceuticals Inc (a) 379   6 Ares Commercial Real Estate Corp 4,167   53
Array BioPharma Inc (a) 3,258   48 Armada Hoffler Properties Inc 979   14
Athenex Inc (a) 238   3 ARMOUR Residential REIT Inc 4,344   102
BioScrip Inc (a) 14,332   40 Ashford Hospitality Prime Inc 56,283   507
Cara Therapeutics Inc (a) 576   8 Ashford Hospitality Trust Inc 23,254   150
Chimerix Inc (a) 6,132   29 Bluerock Residential Growth REIT Inc 3,238   27
Collegium Pharmaceutical Inc (a) 3,335   80 Brandywine Realty Trust 458,725   8,230
Concert Pharmaceuticals Inc (a) 1,349   27 Capstead Mortgage Corp 10,090   83
Diplomat Pharmacy Inc (a) 8,197   221 CareTrust REIT Inc 9,319   148
Enanta Pharmaceuticals Inc (a) 2,064   175 CatchMark Timber Trust Inc 6,171   81
G1 Therapeutics Inc (a) 270   6 CBL & Associates Properties Inc 17,783   99
Heron Therapeutics Inc (a) 831   18        

 

See accompanying notes.

273

 

Schedule of Investments
SmallCap Value Fund II
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held Value(000 's) COMMON STOCKS (continued) Shares Held Value(000 's)
REITs (continued)         REITs (continued)        
Cedar Realty Trust Inc 12,706 $ 65   UMH Properties Inc 901 $ 12  
Chatham Lodging Trust 12,690   285   Urstadt Biddle Properties Inc 5,621   110  
Cherry Hill Mortgage Investment Corp 1,877   32   Washington Prime Group Inc 19,408   128  
Chesapeake Lodging Trust 19,076   522   Washington Real Estate Investment Trust 5,310   152  
City Office REIT Inc 3,593   42   Western Asset Mortgage Capital Corp 5,960   56  
CoreCivic Inc 180,450   4,188   Whitestone REIT 5,125   67  
CorEnergy Infrastructure Trust Inc 1,767   68   Xenia Hotels & Resorts Inc 17,402   386  
Cousins Properties Inc 63,029   567       $ 43,918  
CYS Investments Inc 16,321   110   Retail - 5.02%        
DiamondRock Hospitality Co 50,032   589   Abercrombie & Fitch Co 120,129   2,488  
Dynex Capital Inc 7,688   50   American Eagle Outfitters Inc 81,374   1,465  
Easterly Government Properties Inc 7,546   157   America's Car-Mart Inc/TX (a) 767   35  
Education Realty Trust Inc 8,028   265   Ascena Retail Group Inc (a) 215,864   466  
Ellington Residential Mortgage REIT 1,613   17   At Home Group Inc (a) 292   9  
First Industrial Realty Trust Inc 14,399   444   Barnes & Noble Education Inc (a) 72,618   483  
Four Corners Property Trust Inc 18,813   444   Barnes & Noble Inc 88,394   415  
Franklin Street Properties Corp 10,889   110   Bassett Furniture Industries Inc 11,365   386  
GEO Group Inc/The 195,070   4,399   Beacon Roofing Supply Inc (a) 34,009   2,057  
Getty Realty Corp 29,138   765   Bed Bath & Beyond Inc 1,034   24  
Gladstone Commercial Corp 9,120   174   Big 5 Sporting Goods Corp 27,398   155  
Global Medical REIT Inc 2,483   20   Biglari Holdings Inc (a) 860   355  
Global Net Lease Inc 11,123   204   BMC Stock Holdings Inc (a) 13,503   302  
Government Properties Income Trust 10,002   172   Boot Barn Holdings Inc (a) 16,307   286  
Gramercy Property Trust 20,006   505   Brinker International Inc 1,183   43  
Great Ajax Corp 2,508   34   Buckle Inc/The 4,231   85  
Healthcare Realty Trust Inc 17,752   530   Build-A-Bear Workshop Inc (a) 9,270   80  
Hersha Hospitality Trust 5,534   103   Caleres Inc 18,558   550  
Independence Realty Trust Inc 8,848   81   Carrols Restaurant Group Inc (a) 4,958   62  
InfraREIT Inc 21,037   399   Cato Corp/The 21,033   250  
Invesco Mortgage Capital Inc 19,366   315   Chico's FAS Inc 54,991   523  
Investors Real Estate Trust 16,858   96   Christopher & Banks Corp (a) 10,696   14  
iStar Inc (a) 9,243   98   Citi Trends Inc 13,376   314  
Jernigan Capital Inc 1,995   35   Conn's Inc (a) 3,011   100  
Kite Realty Group Trust 8,761   148   Container Store Group Inc/The (a) 4,412   21  
KKR Real Estate Finance Trust Inc 1,688   33   Del Frisco's Restaurant Group Inc (a) 26,312   461  
LaSalle Hotel Properties 12,043   368   Del Taco Restaurants Inc (a) 44,152   559  
Lexington Realty Trust 23,598   213   Denny's Corp (a) 10,449   156  
LTC Properties Inc 18,947   777   Destination Maternity Corp (a) 11,817   30  
Mack-Cali Realty Corp 9,469   190   Dillard's Inc 18,819   1,271  
MedEquities Realty Trust Inc 25,299   276   DineEquity Inc 696   39  
Monmouth Real Estate Investment Corp 10,854   186   DSW Inc 52,053   1,042  
MTGE Investment Corp 4,845   82   Dunkin' Brands Group Inc 112,100   7,247  
National Health Investors Inc 9,713   685   El Pollo Loco Holdings Inc (a) 8,431   85  
National Storage Affiliates Trust 211,761   5,372   Express Inc (a) 105,370   736  
New Senior Investment Group Inc 11,454   88   EZCORP Inc (a) 89,805   1,060  
New York Mortgage Trust Inc 15,783   90   Finish Line Inc/The 56,593   641  
NexPoint Residential Trust Inc 2,410   64   FirstCash Inc 143,535   10,493  
NorthStar Realty Europe Corp 11,561   137   Fogo De Chao Inc (a) 3,068   40  
One Liberty Properties Inc 2,169   53   Fred's Inc 21,401   71  
Orchid Island Capital Inc 5,942   45   Gaia Inc (a) 1,544   18  
Owens Realty Mortgage Inc 1,623   23   GameStop Corp 72,846   1,225  
Pebblebrook Hotel Trust 10,950   427   Genesco Inc (a) 20,969   731  
Pennsylvania Real Estate Investment Trust 7,244   81   GMS Inc (a) 56,050   1,921  
PennyMac Mortgage Investment Trust 12,939   212   GNC Holdings Inc (a) 9,289   40  
Physicians Realty Trust 8,554   139   Group 1 Automotive Inc 20,822   1,634  
Preferred Apartment Communities Inc 5,172   86   Guess? Inc 83,559   1,535  
PS Business Parks Inc 1,175   143   Haverty Furniture Cos Inc 18,759   419  
Quality Care Properties Inc (a) 71,241   962   Hibbett Sports Inc (a) 27,318   617  
Ramco-Gershenson Properties Trust 8,189   108   J Alexander's Holdings Inc (a) 2,058   20  
Redwood Trust Inc 13,055   194   Jack in the Box Inc 46,718   4,251  
Resource Capital Corp 13,452   127   JC Penney Co Inc (a) 39,384   146  
Retail Opportunity Investments Corp 10,181   187   Kirkland's Inc (a) 42,163   447  
Rexford Industrial Realty Inc 7,606   226   Kona Grill Inc (a) 3,577   6  
RLJ Lodging Trust 24,318   562   La-Z-Boy Inc 13,784   416  
Sabra Health Care REIT Inc 91,474   1,656   Luby's Inc (a) 28,408   87  
Saul Centers Inc 238   13   MarineMax Inc (a) 22,618   519  
Select Income REIT 12,878   288   Movado Group Inc 31,856   975  
Seritage Growth Properties 2,697   111   Nathan's Famous Inc 90   6  
STAG Industrial Inc 14,530   368   National Vision Holdings Inc (a) 1,847   72  
Summit Hotel Properties Inc 10,800   167   New York & Co Inc (a) 6,083   19  
Sunstone Hotel Investors Inc 33,901   571   Office Depot Inc 459,423   1,494  
Sutherland Asset Management Corp 2,735   40   Party City Holdco Inc (a) 6,025   87  
Terreno Realty Corp 4,149   148   PC Connection Inc 32,407   849  
Tier REIT Inc 9,607   186            

 

See accompanying notes.

274

 

Schedule of Investments
SmallCap Value Fund II
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held Value(000 's) COMMON STOCKS (continued) Shares Held Value (000's)
Retail (continued)         Savings & Loans (continued)      
PCM Inc (a) 13,574 $ 120   Territorial Bancorp Inc 8,440 $ 256
Penske Automotive Group Inc 12,849   671   Timberland Bancorp Inc/WA 8,325   232
PetIQ Inc (a) 358   9   United Community Financial Corp/OH 28,326   276
Pier 1 Imports Inc 40,525   134   United Financial Bancorp Inc 44,350   743
Potbelly Corp (a) 2,501   30   Washington Federal Inc 111,907   4,017
Red Robin Gourmet Burgers Inc (a) 5,069   267   Waterstone Financial Inc 32,712   559
Regis Corp (a) 50,636   806   WSFS Financial Corp 2,310   118
Rush Enterprises Inc - Class A (a) 25,723   1,390       $ 45,291
Rush Enterprises Inc - Class B (a) 11,960   608   Semiconductors - 2.95%      
Ruth's Hospitality Group Inc 4,190   99   Alpha & Omega Semiconductor Ltd (a) 20,621   346
Shoe Carnival Inc 23,291   532   Ambarella Inc (a) 1,986   100
Sonic Automotive Inc 28,264   609   Amkor Technology Inc (a) 241,094   2,425
Sonic Corp 3,574   92   Amtech Systems Inc (a) 2,900   29
Stage Stores Inc 30,130   50   AXT Inc (a) 40,046   317
Stein Mart Inc 9,653   7   Brooks Automation Inc 30,225   843
Tailored Brands Inc 6,652   161   Cabot Microelectronics Corp 5,875   599
Tilly's Inc 32,583   486   Cohu Inc 28,888   658
Trans World Entertainment Corp (a) 33,798   59   Diodes Inc (a) 37,806   1,065
TravelCenters of America LLC (a) 33,344   147   DSP Group Inc (a) 28,956   379
Tuesday Morning Corp (a) 48,102   140   EMCORE Corp (a) 2,565   17
Vera Bradley Inc (a) 57,884   538   FormFactor Inc (a) 18,831   270
Vitamin Shoppe Inc (a) 10,922   46   Integrated Device Technology Inc (a) 246,250   7,363
World Fuel Services Corp 44,522   1,242   inTEST Corp (a) 2,200   19
Zumiez Inc (a) 23,906   496   Kulicke & Soffa Industries Inc (a) 62,184   1,431
    $ 61,172   MaxLinear Inc (a) 246,450   6,356
Savings & Loans - 3.72%         MKS Instruments Inc 28,299   2,895
Atlantic Coast Financial Corp (a) 210   2   Nanometrics Inc (a) 13,134   326
Banc of California Inc 17,812   351   Photronics Inc (a) 110,443   928
Bank Mutual Corp 35,804   372   Rambus Inc (a) 8,411   106
BankFinancial Corp 25,208   401   Richardson Electronics Ltd/United States 10,085   82
Bear State Financial Inc 3,560   36   Rudolph Technologies Inc (a) 29,823   782
Beneficial Bancorp Inc 95,443   1,551   Semtech Corp (a) 835   30
Berkshire Hills Bancorp Inc 69,367   2,632   Sigma Designs Inc (a) 27,128   153
BofI Holding Inc (a) 3,671   132   Silicon Laboratories Inc (a) 80,975   7,790
Brookline Bancorp Inc 73,934   1,183   SMART Global Holdings Inc (a) 504   18
BSB Bancorp Inc/MA (a) 1,000   31   Ultra Clean Holdings Inc (a) 9,316   202
Capitol Federal Financial Inc 113,009   1,479   Veeco Instruments Inc (a) 11,306   188
Charter Financial Corp/MD 25,599   493   Xcerra Corp (a) 26,710   267
Citizens Community Bancorp Inc/WI 2,250   31       $ 35,984
Clifton Bancorp Inc 21,717   355   Software - 1.81%      
Community Bankers Trust Corp (a) 3,469   29   Actua Corp (a) 4,197   66
Dime Community Bancshares Inc 73,451   1,395   Acxiom Corp (a) 3,979   108
Eagle Bancorp Montana Inc 111   2   Allscripts Healthcare Solutions Inc (a) 115,729   1,726
Entegra Financial Corp (a) 1,060   30   American Software Inc/GA 1,843   23
ESSA Bancorp Inc 8,570   138   Avid Technology Inc (a) 2,020   11
First Defiance Financial Corp 10,170   565   Bazaarvoice Inc (a) 12,108   67
First Financial Northwest Inc 9,327   149   Bottomline Technologies de Inc (a) 504   18
Flagstar Bancorp Inc (a) 74,021   2,758   CommerceHub Inc - Series A (a) 134,050   2,711
Flushing Financial Corp 40,585   1,143   Computer Programs & Systems Inc 878   26
Hingham Institution for Savings 123   27   Cotiviti Holdings Inc (a) 124,800   4,368
HMN Financial Inc (a) 2,080   40   CSG Systems International Inc 630   28
Home Bancorp Inc 4,361   187   CyberArk Software Ltd (a) 118,025   5,108
HomeTrust Bancshares Inc (a) 13,101   332   Digi International Inc (a) 42,088   436
HopFed Bancorp Inc 3,929   59   Donnelley Financial Solutions Inc (a) 573   12
Investors Bancorp Inc 388,823   5,323   Evolent Health Inc (a) 4,781   67
Magyar Bancorp Inc (a) 97   1   Glu Mobile Inc (a) 13,922   52
Malvern Bancorp Inc (a) 979   23   InnerWorkings Inc (a) 8,006   80
Meridian Bancorp Inc 50,200   1,026   Manhattan Associates Inc (a) 70,000   3,697
Meta Financial Group Inc 4,695   549   ManTech International Corp/VA 28,080   1,462
MutualFirst Financial Inc 6,409   241   MicroStrategy Inc (a) 446   61
Northeast Community Bancorp Inc 2,697   27   Monotype Imaging Holdings Inc 2,216   53
Northfield Bancorp Inc 48,770   819   Park City Group Inc (a) 271   2
Northwest Bancshares Inc 81,911   1,380   PDF Solutions Inc (a) 259   4
OceanFirst Financial Corp 9,873   261   pdvWireless Inc (a) 1,280   44
Oconee Federal Financial Corp 252   7   Progress Software Corp 8,730   435
Oritani Financial Corp 44,317   740   QAD Inc 600   26
Pacific Premier Bancorp Inc (a) 176,631   7,197   Quality Systems Inc (a) 2,886   38
Provident Financial Holdings Inc 13,645   250   Ribbon Communications Inc (a) 12,762   89
Provident Financial Services Inc 74,439   1,959   Rosetta Stone Inc (a) 2,128   27
Prudential Bancorp Inc 8,689   151   Synchronoss Technologies Inc (a) 28,794   231
Riverview Bancorp Inc 28,956   277   Verint Systems Inc (a) 5,623   235
SI Financial Group Inc 4,683   67          
Southern Missouri Bancorp Inc 1,004   38          
Sterling Bancorp/DE 115,196   2,851          

 

See accompanying notes.

275

 

Schedule of Investments
SmallCap Value Fund II
January 31, 2018 (unaudited)
 
 
COMMON STOCKS (continued) Shares Held   Value (000's) COMMON STOCKS (continued) Shares Held Value (000's)
Software (continued)       Transportation (continued)      
Zynga Inc (a) 217,491 $ 779 Genco Shipping & Trading Ltd (a) 1,084 $ 14
    $ 22,090 Gener8 Maritime Inc (a) 16,289   95
Storage & Warehousing - 0.15%       Genesee & Wyoming Inc (a) 90,706   7,242
Mobile Mini Inc 39,624   1,500 Golar LNG Ltd 10,066   275
Wesco Aircraft Holdings Inc (a) 39,887   285 Golden Ocean Group Ltd (a) 6,463   57
    $ 1,785 Heartland Express Inc 273   6
Supranational Bank - 0.01%       Hornbeck Offshore Services Inc (a) 31,143   106
Banco Latinoamericano de Comercio Exterior 5,072   151 Hub Group Inc (a) 19,728   948
SA       International Seaways Inc (a) 21,413   357
        Kirby Corp (a) 14,041   1,052
Telecommunications - 0.88%       Marten Transport Ltd 59,669   1,385
Acacia Communications Inc (a) 281   10 Matson Inc 11,062   379
ADTRAN Inc 23,548   377 Navios Maritime Acquisition Corp 15,028   12
Alaska Communications Systems Group Inc 16,029   37 Navios Maritime Holdings Inc (a) 13,390   16
(a)       Nordic American Tankers Ltd 13,991   32
ATN International Inc 16,387   973 Overseas Shipholding Group Inc (a) 158,529   335
Aviat Networks Inc (a) 1,298   21 PAM Transportation Services Inc (a) 5,127   192
Aware Inc/MA (a) 17,409   79 Patriot Transportation Holding Inc (a) 320   6
Black Box Corp 5,411   19 Roadrunner Transportation Systems Inc (a) 31,860   178
Calix Inc (a) 6,056   39 Safe Bulkers Inc (a) 7,655   26
Cincinnati Bell Inc (a) 4,431   76 Saia Inc (a) 17,391   1,314
Communications Systems Inc 8,832   31 Schneider National Inc 1,680   49
Comtech Telecommunications Corp 23,351   505 Scorpio Bulkers Inc 7,986   61
Consolidated Communications Holdings Inc 4,440   55 Scorpio Tankers Inc 252,468   671
Finisar Corp (a) 45,564   818 Ship Finance International Ltd 36,903   564
Frontier Communications Corp 11,473   94 Teekay Corp 7,691   63
General Communication Inc (a) 3,054   128 Teekay Tankers Ltd 122,988   157
Globalstar Inc (a) 26,702   28 Universal Logistics Holdings Inc 556   13
Harmonic Inc (a) 16,449   60 USA Truck Inc (a) 10,693   216
Hawaiian Telcom Holdco Inc (a) 6,619   190 Werner Enterprises Inc 55,014   2,239
IDT Corp - Class B 878   10 YRC Worldwide Inc (a) 16,316   261
Infinera Corp (a) 16,789   109       $ 24,608
Intelsat SA (a) 4,908   14 Trucking & Leasing - 0.37%      
Iridium Communications Inc (a) 88,609   1,125 GATX Corp 46,053   3,276
KVH Industries Inc (a) 13,151   146 Greenbrier Cos Inc/The 19,952   1,001
Maxar Technologies Ltd 3,566   225 Willis Lease Finance Corp (a) 7,194   194
NeoPhotonics Corp (a) 7,788   44       $ 4,471
NETGEAR Inc (a) 26,840   1,871 Water - 0.18%      
Oclaro Inc (a) 5,960   35 American States Water Co 15,832   874
Optical Cable Corp (a) 8,872   21 Artesian Resources Corp 10,342   385
ORBCOMM Inc (a) 710   8 California Water Service Group 2,867   117
Preformed Line Products Co 4,545   335 Connecticut Water Service Inc 3,426   181
RF Industries Ltd 300   1 Consolidated Water Co Ltd 16,665   223
Spok Holdings Inc 21,612   337 Middlesex Water Co 415   16
Telephone & Data Systems Inc 70,459   1,933 SJW Group 2,771   166
TESSCO Technologies Inc 3,088   68 York Water Co/The 5,795   183
United States Cellular Corp (a) 9,249   336       $ 2,145
ViaSat Inc (a) 5,332   403 TOTAL COMMON STOCKS   $ 1,167,519
Viavi Solutions Inc (a) 14,922   128 INVESTMENT COMPANIES - 3.71% Shares Held Value (000's)
Windstream Holdings Inc 34,345   57 Money Market Funds - 3.71%      
    $ 10,746 Principal Government Money Market Fund (d) 45,236,564   45,237
Textiles - 0.06%                
Dixie Group Inc/The (a) 12,240   43 TOTAL INVESTMENT COMPANIES   $ 45,237
UniFirst Corp/MA 4,070   673 PREFERRED STOCKS - 0.00% Shares Held Value (000's)
    $ 716 Holding Companies - Diversified - 0.00%      
Toys, Games & Hobbies - 0.01%       Steel Partners Holdings LP 6.00%, 507 $ 10
Funko Inc (a) 1,655   12 02/07/2026      
JAKKS Pacific Inc (a) 25,395   65          
    $ 77 TOTAL PREFERRED STOCKS   $ 10
Transportation - 2.02%       Total Investments   $ 1,212,766
Air Transport Services Group Inc (a) 3,119   78 Other Assets and Liabilities - 0.42%   $ 5,143
ArcBest Corp 29,593   1,052 TOTAL NET ASSETS - 100.00%   $ 1,217,909
Ardmore Shipping Corp (a) 27,927   198          
Atlas Air Worldwide Holdings Inc (a) 39,490   2,223          
Celadon Group Inc 23,190   129 (a) Non-income producing security      
Costamare Inc 86,552   564 (b) The value of these investments was determined using significant
Covenant Transportation Group Inc (a) 15,079   442   unobservable inputs.      
DHT Holdings Inc 70,058   242          
Dorian LPG Ltd (a) 49,771   380          
Eagle Bulk Shipping Inc (a) 5,453   26          
Echo Global Logistics Inc (a) 10,348   302          
Frontline Ltd/Bermuda 11,002   51          
GasLog Ltd 29,707   600          

 

See accompanying notes.

276

 

Schedule of Investments
SmallCap Value Fund II
January 31, 2018 (unaudited)

(c)      Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. 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 $44 or 0.00% of net assets.
(d)      Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub- schedule for transactional information.
Portfolio Summary (unaudited)                      
Sector     Percent                  
Financial     30.11 %                
Industrial     17.10 %                
Consumer, Non-cyclical     12.18 %                
Consumer, Cyclical     11.76 %                
Technology     7.52 %                
Energy     7.04 %                
Basic Materials     4.17 %                
Communications     4.01 %                
Investment Companies     3.71 %                
Utilities     1.94 %                
Diversified     0.03 %                
Government     0.01 %                
Other Assets and Liabilities     0.42 %                
TOTAL NET ASSETS     100.00 %                
 
 
 
Affiliated Securities October 31, 2017     Purchases   Sales   January 31, 2018
     Value       Cost   Proceeds     Value
Principal Government Money Market Fund $   —   $   125,092 $ 79,855 $   45,237
  $   —   $   125,092 $ 79,855 $   45,237
 
 
      Realized Gain/Loss Realized Gain from     Change in Unrealized
  Income   on Investments Capital Gain Distributions   Gain/Loss
Principal Government Money Market Fund $ 57 $       — $     — $ —
$ 57 $       — $     — $ —
Amounts in thousands                        
 
 
Futures Contracts
Description and Expiration Date Type   Contracts Notional Amount   Value and Unrealized Appreciation/(Depreciation)
Russell 2000 Emini; March 2018 Long       594 $ 46,807   $     230
Total                 $     230
 
Amounts in thousands except contracts.                        

 

See accompanying notes.

277

 

Schedule of Investments
Tax-Exempt Bond Fund
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
MUNICIPAL BONDS - 104.45%   Amount (000's)   Value (000's) MUNICIPAL BONDS (continued)   Amount (000's)   Value (000's)
Alabama - 4.69%         California (continued)        
Auburn University         Los Angeles Department of Water & Power        
5.00%, 06/01/2038 $ 945 $ 957 Power System Revenue        
Birmingham Airport Authority (credit support         5.25%, 07/01/2038 $ 1,000 $ 1,016
from AGM)         Los Angeles Unified School District/CA        
5.25%, 07/01/2030(a)   1,000   1,074 5.00%, 07/01/2029   1,000   1,049
County of Jefferson AL         Metropolitan Water District of Southern        
5.00%, 09/15/2034   750   849 California        
Lower Alabama Gas District/The         5.00%, 07/01/2029   1,150   1,207
5.00%, 09/01/2034   6,500   7,755 Morongo Band of Mission Indians/The        
5.00%, 09/01/2046   4,215   5,237 6.50%, 03/01/2028(b)   500   502
Selma Industrial Development Board         Oakland Unified School District/Alameda        
6.25%, 11/01/2033   700   754 County        
      $ 16,626 5.00%, 08/01/2034   2,210   2,543
Alaska - 0.45%         Port of Los Angeles        
Borough of Matanuska-Susitna AK (credit         5.00%, 08/01/2031   1,240   1,302
support from AGC)         Richmond Joint Powers Financing Authority        
5.50%, 09/01/2023(a)   1,500   1,593 6.25%, 07/01/2024   1,000   1,064
          Riverside Community Properties Development        
Arizona - 2.65%         Inc        
Arizona Department of Transportation State         6.00%, 10/15/2038   1,150   1,407
Highway Fund Revenue         Sacramento Area Flood Control        
5.00%, 07/01/2026   1,500   1,523 Agency (credit support from BAM)        
City of Phoenix Civic Improvement Corp         5.00%, 10/01/2039(a)   1,340   1,500
5.00%, 07/01/2034   1,000   1,049 San Diego Unified School District/CA        
Navajo Nation         0.00%, 07/01/2032(d)   5,000   3,076
5.50%, 12/01/2030(b)   1,240   1,378 Southern California Public Power Authority        
Salt Verde Financial Corp         5.25%, 07/01/2028   1,000   1,114
5.00%, 12/01/2032   4,605   5,422 University of California        
      $ 9,372 5.75%, 05/15/2025   1,380   1,458
California - 15.38%         West Contra Costa Unified School District        
Alum Rock Union Elementary School         5.25%, 08/01/2033   1,000   1,158
District               $ 54,475
5.25%, 08/01/2043   1,000   1,111 Colorado - 1.75%        
California Educational Facilities Authority         Denver Convention Center Hotel Authority        
5.00%, 10/01/2038(c)   2,700   2,767 5.00%, 12/01/2036   1,000   1,127
5.00%, 01/01/2039(c)   6,240   6,450 Eagle County Airport Terminal Corp        
California Health Facilities Financing         5.00%, 05/01/2033   2,000   2,267
Authority         5.00%, 05/01/2041   500   557
5.00%, 11/15/2046(c)   1,691   1,924 Platte River Power Authority        
California Pollution Control Financing         5.00%, 06/01/2026   1,135   1,186
Authority         Regional Transportation District        
4.30%, 07/01/2040   2,000   2,096 6.00%, 01/15/2041   450   489
California Statewide Communities         6.50%, 01/15/2030   500   556
Development Authority               $ 6,182
6.25%, 11/15/2019(b)   200   212 Connecticut - 1.98%        
6.63%, 11/15/2024(b)   500   537 Mohegan Tribal Finance Authority        
California Statewide Communities         7.00%, 02/01/2045(b)   5,500   5,812
Development Authority (credit support from         State of Connecticut (credit support from        
FHA INS)         ACA)        
6.63%, 08/01/2029(a)   890   958 6.60%, 07/01/2024(a)   1,215   1,219
California Statewide Communities               $ 7,031
Development Authority (credit support from         District of Columbia - 1.37%        
GNMA COLL)         District of Columbia        
4.90%, 07/20/2039(a)   500   522 5.00%, 12/01/2023   1,785   1,897
City of Los Angeles Department of Airports         5.00%, 12/01/2024   715   759
5.00%, 05/15/2035   1,500   1,600 6.38%, 10/01/2034   1,000   1,078
City of Vernon CA Electric System Revenue         Metropolitan Washington Airports Authority        
5.13%, 08/01/2021   285   297 5.00%, 10/01/2047   1,000   1,133
5.13%, 08/01/2021   455   478       $ 4,867
Golden State Tobacco Securitization Corp         Florida - 3.62%        
5.30%, 06/01/2037   2,700   2,727 City of Lakeland FL Department of Electric        
5.75%, 06/01/2047   11,325   11,433 Utilities        
Golden State Tobacco Securitization         5.25%, 10/01/2036   1,000   1,272
Corp (credit support from GOLDEN ST TOB         County of Miami-Dade FL Aviation        
SECURITIZATION)         Revenue (credit support from AGC)        
5.00%, 06/01/2033(a)   985   989 5.25%, 10/01/2033(a)   525   538
Golden State Tobacco Securitization         5.25%, 10/01/2033(a)   1,475   1,511
Corp (credit support from ST APPROP)         Escambia County Health Facilities        
5.00%, 06/01/2033(a)   1,170   1,355 Authority (credit support from AMBAC)        
Lancaster Redevelopment Agency Successor         5.95%, 07/01/2020(a)   10   11
Agency         Florida Development Finance Corp        
6.50%, 08/01/2029   580   623 5.63%, 01/01/2047(b),(e)   1,500   1,555

 

See accompanying notes.

278

 

Schedule of Investments
Tax-Exempt Bond Fund
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
MUNICIPAL BONDS (continued)   Amount (000's)   Value (000's) MUNICIPAL BONDS (continued)   Amount (000's)   Value (000's)
Florida (continued)         Indiana (continued)        
Greater Orlando Aviation Authority         Indiana Municipal Power Agency        
5.00%, 10/01/2047(c) $ 7,001 $ 7,941 6.00%, 01/01/2039 $ 1,000 $ 1,042
      $ 12,828 Town of Shoals IN        
Georgia - 2.38%         7.25%, 11/01/2043   700   793
Atlanta Development Authority               $ 6,399
6.75%, 01/01/2035   2,000   2,039 Iowa - 0.34%        
7.00%, 01/01/2040   2,000   2,053 City of Altoona IA (credit support from CITY        
City of Atlanta GA Water & Wastewater         APPROP)        
Revenue         5.75%, 06/01/2031(a)   1,200   1,217
6.00%, 11/01/2027   1,000   1,077          
Main Street Natural Gas Inc         Kansas - 0.30%        
4.00%, 04/01/2048(e),(f)   3,000   3,244 Kansas Development Finance Authority        
      $ 8,413 5.50%, 11/15/2029   1,000   1,063
Idaho - 0.65%                  
Idaho Health Facilities Authority         Kentucky - 1.58%        
6.65%, 02/15/2021(e)   2,000   2,292 Kentucky Economic Development Finance        
          Authority        
Illinois - 15.53%         5.38%, 08/15/2024   500   511
Chicago O'Hare International Airport         5.38%, 08/15/2024   500   510
5.00%, 01/01/2033   2,000   2,249 5.63%, 08/15/2027   500   511
5.00%, 01/01/2052   1,500   1,653 5.63%, 08/15/2027   500   510
5.25%, 01/01/2036   2,000   2,344 Kentucky Economic Development Finance        
City of Chicago IL         Authority (credit support from AGC)        
5.00%, 01/01/2034   3,000   3,037 6.00%, 12/01/2033(a)   1,000   1,016
5.25%, 01/01/2029   2,000   2,163 Kentucky State Property & Building        
6.00%, 01/01/2038   2,965   3,387 Commission (credit support from AGC)        
7.13%, 03/15/2022   300   300 5.25%, 02/01/2025(a)   885   918
7.46%, 02/15/2026   675   486 5.25%, 02/01/2025(a)   115   119
City of Chicago IL Wastewater Transmission         Paducah Electric Plant Board (credit support        
Revenue         from AGC)        
5.00%, 01/01/2030   1,000   1,106 5.25%, 10/01/2035(a)   1,500   1,564
5.00%, 01/01/2032   1,000   1,096       $ 5,659
5.00%, 01/01/2033   2,000   2,185 Louisiana - 1.86%        
City of Chicago IL Waterworks Revenue         Lafayette Public Trust Financing        
5.00%, 11/01/2028   1,000   1,127 Authority (credit support from AGM)        
Gilberts Special Service Area No 24/IL         5.25%, 10/01/2030(a)   1,000   1,094
5.38%, 03/01/2034   281   253 Louisiana Local Government Environmental        
Illinois Finance Authority         Facilities & Community Development        
5.00%, 02/15/2036   1,000   1,107 Authority        
5.38%, 08/15/2024   500   530 3.50%, 11/01/2032   3,000   3,000
5.75%, 08/15/2030   1,050   1,118 Louisiana Public Facilities Authority        
6.00%, 03/01/2038   1,540   1,615 0.00%, 07/01/2039(d)   417   4
6.25%, 11/15/2035   350   374 0.00%, 07/01/2039(d)   659   7
6.25%, 11/15/2035   650   703 Louisiana Public Facilities Authority (credit        
6.50%, 11/01/2038   1,000   1,037 support from FNMA)        
7.25%, 11/01/2038   1,000   1,043 0.00%, 12/01/2019(a),(d)   1,500   1,457
Illinois State Toll Highway Authority         New Orleans Aviation Board (credit support        
5.00%, 12/01/2032   5,200   5,928 from AGC)        
5.00%, 01/01/2040(c)   2,000   2,245 6.00%, 01/01/2023(a)   1,000   1,042
5.25%, 01/01/2030   1,000   1,068       $ 6,604
Metropolitan Pier & Exposition Authority         Maryland - 0.64%        
5.00%, 06/15/2057   700   754 Maryland Economic Development Corp        
Metropolitan Pier & Exposition         5.00%, 03/31/2041   1,000   1,108
Authority (credit support from NATL)         5.75%, 06/01/2035   545   596
5.50%, 06/15/2029(a)   2,410   2,735 Maryland Health & Higher Educational        
Metropolitan Water Reclamation District of         Facilities Authority        
Greater Chicago         6.00%, 07/01/2041   500   571
5.00%, 12/01/2028   5,000   5,838       $ 2,275
Sales Tax Securitization Corp         Massachusetts - 1.82%        
5.00%, 01/01/2048(f)   3,000   3,351 Massachusetts Bay Transportation Authority        
State of Illinois         5.25%, 07/01/2028   2,000   2,479
5.50%, 07/01/2027   3,410   3,681 Massachusetts Development Finance Agency        
United City of Yorkville IL         5.75%, 12/01/2042(e)   1,000   1,052
5.75%, 03/01/2028   500   500 Massachusetts Educational Financing        
      $ 55,013 Authority        
Indiana - 1.80%         4.90%, 07/01/2028   1,775   1,839
Indiana Finance Authority         Massachusetts State College Building        
0.99%, 11/01/2037(e)   2,800   2,800 Authority (credit support from ST APPROP)        
5.00%, 10/01/2044   700   735 5.50%, 05/01/2039(a)   1,000   1,050
5.38%, 11/01/2032   1,000   1,029       $ 6,420

 

See accompanying notes.

279

 

Schedule of Investments
Tax-Exempt Bond Fund
January 31, 2018 (unaudited)
 
 
    Principal         Principal    
MUNICIPAL BONDS (continued)   Amount (000's)   Value (000's) MUNICIPAL BONDS (continued)   Amount (000's)   Value (000's)
Michigan - 0.77%         New York (continued)        
City of Detroit MI Sewage Disposal System         New York City Industrial Development        
Revenue (credit support from AGM)         Agency (credit support from AGC)        
7.00%, 07/01/2027(a) $ 1,500 $ 1,611 6.13%, 01/01/2029(a) $ 1,000 $ 1,042
Wayne County Airport Authority         New York City Transitional Finance Authority        
5.00%, 12/01/2045   1,000   1,116 Building Aid Revenue (credit support from        
      $ 2,727 ST AID WITHHLDG)        
Minnesota - 2.78%         5.25%, 01/15/2039(a)   2,145   2,220
City of Minneapolis MN         New York City Transitional Finance Authority        
6.75%, 11/15/2032   500   521 Future Tax Secured Revenue        
City of Minneapolis MN (credit support from         0.99%, 11/01/2042(e)   500   500
AGC)         New York Counties Tobacco Trust VI        
6.50%, 11/15/2038(a)   835   866 5.00%, 06/01/2031   215   240
City of Minneapolis MN/St Paul Housing &         5.00%, 06/01/2036   740   812
Redevelopment Authority (credit support         5.00%, 06/01/2041   400   435
from AGM)         New York Liberty Development Corp        
0.98%, 08/15/2025(a),(e)   6,500   6,500 5.00%, 11/15/2031   1,000   1,106
City of Rochester MN         5.00%, 09/15/2040   1,000   1,111
5.00%, 11/15/2034   1,600   1,993 New York Liberty Development Corp (credit        
      $ 9,880 support from GO OF AUTH)        
Missouri - 0.53%         5.00%, 12/15/2041(a)   1,000   1,101
City of St Louis MO Airport Revenue (credit         New York State Dormitory Authority (credit        
support from NATL)         support from AGC ST AID WITHHLDG)        
5.50%, 07/01/2028(a)   1,500   1,870 5.00%, 10/01/2023(a)   1,860   1,968
          5.00%, 10/01/2023(a)   140   147
Nebraska - 0.86%         New York State Thruway Authority        
Municipal Energy Agency of Nebraska (credit         5.25%, 01/01/2056   4,395   5,044
support from BHAC)         New York Transportation Development Corp        
5.13%, 04/01/2029(a)   1,000   1,043 5.00%, 08/01/2021   3,500   3,812
Omaha Public Power District         5.25%, 01/01/2050   3,125   3,433
5.50%, 02/01/2039   1,000   1,000 Tompkins County Development Corp        
University of Nebraska         5.00%, 07/01/2027   115   120
5.25%, 07/01/2039   1,000   1,035 Westchester County Local Development        
      $ 3,078 Corp        
Nevada - 1.51%         5.00%, 11/01/2046   2,400   2,562
County of Clark Department of Aviation               $ 32,118
5.13%, 07/01/2034   1,000   1,060 North Carolina - 0.62%        
Las Vegas Redevelopment Agency         City of Raleigh NC Combined Enterprise        
5.00%, 06/15/2040   3,850   4,269 System Revenue        
      $ 5,329 5.00%, 03/01/2031   1,000   1,100
New Hampshire - 0.29%         North Carolina Medical Care Commission        
City of Manchester NH General Airport         5.00%, 10/01/2047   1,000   1,092
Revenue (credit support from AGM)               $ 2,192
5.13%, 01/01/2030(a)   1,000   1,028 Ohio - 5.69%        
          American Municipal Power Inc        
New Jersey - 4.54%         5.25%, 02/15/2033   2,575   2,865
Casino Reinvestment Development Authority         Buckeye Tobacco Settlement Financing        
5.25%, 11/01/2039   750   798 Authority        
New Jersey Economic Development         6.00%, 06/01/2042   2,000   1,948
Authority         Buckeye Tobacco Settlement Financing        
3.35%, 07/15/2036   2,500   2,230 Authority (credit support from BUCKEYE        
4.00%, 07/01/2032   805   810 OHIO TOB SETTLEMENT)        
5.00%, 09/01/2034   1,000   1,053 5.75%, 06/01/2034(a)   2,500   2,393
5.00%, 10/01/2047   1,500   1,619 City of Cincinnati OH        
5.75%, 04/01/2031   1,005   1,125 5.00%, 12/01/2032   815   923
5.75%, 06/01/2031   550   600 County of Hamilton OH        
New Jersey Transportation Trust Fund         5.00%, 01/01/2036   2,435   2,642
Authority         5.00%, 01/01/2046   2,500   2,691
5.25%, 06/15/2032   2,000   2,166 County of Montgomery OH        
5.25%, 06/15/2034   2,250   2,449 1.02%, 11/15/2039(e)   2,000   2,000
South Jersey Port Corp         Ohio Air Quality Development Authority        
5.00%, 01/01/2048   3,000   3,198 3.75%, 12/01/2023(e)   3,000   1,185
      $ 16,048 4.25%, 01/15/2038(b)   1,000   1,012
New York - 9.05%         4.50%, 01/15/2048(b)   850   875
Brooklyn Arena Local Development Corp         Ohio Housing Finance Agency (credit support        
6.38%, 07/15/2043   1,400   1,527 from GNMA/FNMA/FHLMC)        
Hudson Yards Infrastructure Corp         5.20%, 09/01/2029(a)   355   361
5.75%, 02/15/2047   1,585   1,774 State of Ohio        
5.75%, 02/15/2047   915   1,005 3.25%, 01/01/2035   1,270   1,230
Metropolitan Transportation Authority               $ 20,125
5.25%, 11/15/2030   1,500   1,600 Oklahoma - 1.06%        
MTA Hudson Rail Yards Trust Obligations         Oklahoma Development Finance Authority        
5.00%, 11/15/2056   500   559 5.00%, 08/01/2047   1,750   1,879

 

See accompanying notes.

280

 

Schedule of Investments
Tax-Exempt Bond Fund
January 31, 2018 (unaudited)
 
 
    Principal         Principal        
MUNICIPAL BONDS (continued)   Amount (000's)   Value (000's) MUNICIPAL BONDS (continued) Amount (000's)     Value (000's)  
Oklahoma (continued)         Texas (continued)            
Oklahoma Turnpike Authority         Texas Private Activity Bond Surface            
4.00%, 01/01/2042 $ 1,100 $ 1,147 Transportation Corp            
Tulsa Airports Improvement Trust         7.00%, 12/31/2038 $ 1,000   $ 1,180  
5.00%, 06/01/2035(e)   700   759         $ 25,829  
      $ 3,785 Utah - 1.19%            
Pennsylvania - 1.65%         Utah Charter School Finance Authority (credit          
Blythe Township Solid Waste Authority         support from UT CSCE)            
7.75%, 12/01/2037   1,000   1,020 5.25%, 06/15/2037(a),(b)   1,500     1,497  
Pennsylvania Economic Development         Utah Infrastructure Agency            
Financing Authority         5.00%, 10/15/2034   1,000     1,103  
6.00%, 06/01/2031   500   501 5.00%, 10/15/2037   1,500     1,642  
Pennsylvania Turnpike Commission                 $ 4,242  
5.00%, 12/01/2046   3,000   3,295 Virginia - 1.24%            
5.75%, 12/01/2028   175   194 County of Botetourt VA            
5.75%, 12/01/2028   245   272 6.00%, 07/01/2034   1,000     1,103  
6.00%, 12/01/2034   65   73 6.00%, 07/01/2044   1,000     1,094  
6.00%, 12/01/2034   80   89 Roanoke Economic Development Authority            
6.00%, 12/01/2034   355   396 6.63%, 12/01/2044   1,295     1,408  
      $ 5,840 Washington County Industrial Development            
South Carolina - 0.74%         Authority/VA            
South Carolina Jobs-Economic Development         7.50%, 07/01/2029   750     788  
Authority                 $ 4,393  
5.25%, 11/15/2047   1,500   1,600 Washington - 1.36%            
South Carolina Jobs-Economic Development         FYI Properties            
Authority (credit support from AGC)         5.50%, 06/01/2039   1,000     1,050  
5.38%, 02/01/2029(a)   1,000   1,038 Seattle Housing Authority (credit support            
      $ 2,638 from HUD SECT 8)            
South Dakota - 0.43%         3.63%, 12/01/2043(a),(f)   600     589  
Oglala Sioux Tribe         Washington Health Care Facilities Authority            
5.75%, 10/01/2025(b)   1,500   1,512 7.38%, 03/01/2038   1,000     1,063  
          Washington Health Care Facilities            
Tennessee - 1.64%         Authority (credit support from AGM)            
Metropolitan Government Nashville &         5.50%, 08/15/2038(a)   1,000     1,022  
Davidson County Health & Educational Facs         Washington Higher Education Facilities            
Bd         Authority            
5.00%, 07/01/2040   4,250   4,703 5.63%, 10/01/2040   1,000     1,065  
5.00%, 07/01/2048   1,000   1,104         $ 4,789  
      $ 5,807 West Virginia - 0.37%            
Texas - 7.30%         West Virginia Hospital Finance Authority            
Capital Area Cultural Education Facilities         5.50%, 06/01/2034   1,250     1,315  
Finance Corp                      
6.13%, 04/01/2045(e)   1,000   1,075 Wisconsin - 2.04%            
Central Texas Turnpike System         City of Superior WI (credit support from GO            
5.00%, 08/15/2031   1,285   1,442 OF CORP)            
City of Houston TX Airport System Revenue         5.38%, 11/01/2021(a)   750     752  
5.00%, 07/01/2029   2,000   2,195 Public Finance Authority            
Harris County Industrial Development Corp         4.00%, 08/01/2035   1,580     1,532  
5.00%, 02/01/2023   400   422 5.00%, 09/30/2037   500     558  
Harris County-Houston Sports Authority         5.00%, 09/30/2049   500     552  
5.00%, 11/15/2030   3,000   3,381 5.25%, 04/01/2030   1,400     1,505  
Metropolitan Transit Authority of Harris         State of Wisconsin (credit support from ST            
County         APPROP)            
5.00%, 11/01/2033   2,435   2,823 5.38%, 05/01/2025(a)   125     131  
North Texas Tollway Authority         5.38%, 05/01/2025(a)   875     917  
5.00%, 01/01/2045   1,000   1,111 Wisconsin Health & Educational Facilities            
5.00%, 01/01/2048   1,000   1,116 Authority            
Port Beaumont Navigation District         6.38%, 02/15/2029   500     525  
7.25%, 02/01/2036(b),(e)   4,000   4,165 6.63%, 02/15/2039   720     758  
Sea Breeze Public Facility Corp                 $ 7,230  
6.50%, 01/01/2046   100   103 TOTAL MUNICIPAL BONDS       $ 370,104  
Tarrant County Cultural Education Facilities         Total Investments       $ 370,104  
Finance Corp         Liability for Floating Rate Notes Issued in Conjunction with        
5.00%, 11/15/2037   2,060   2,289 Securities Held - (3.52)%            
6.00%, 11/15/2027   2,250   2,443 Notes with an interest rate of 1.17% - 1.36% at $ (12,471 ) $ (12,471 )
Tarrant County Cultural Education Facilities         January 31, 2018 and contractual maturity of            
Finance Corp (credit support from AGC)         collateral from 2018-2025.(g)            
6.25%, 07/01/2028(a)   1,000   1,039 Total Net Investments       $ 357,633  
Texas A&M University         Other Assets and Liabilities - (0.93)%       $ (3,294 )
5.00%, 05/15/2027   1,000   1,045 TOTAL NET ASSETS - 100.00%       $ 354,339  

 

See accompanying notes.

281

 

Schedule of Investments
Tax-Exempt Bond Fund
January 31, 2018 (unaudited)

(a)      Credit support indicates investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution, or government agency.
(b)      Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $19,057 or 5.38% of net assets.
(c)      Security or portion of underlying security related to Inverse Floaters entered into by the Fund. See Notes to Financial Statements for additional information.
(d)      Non-income producing security
(e)      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.
(f)      Security purchased on a when-issued basis.
(g)      Floating rate securities. The interest rate(s) shown reflect the rates in effect at January 31, 2018.
Portfolio Summary (unaudited)
Sector Percent  
Revenue Bonds 61.20 %
Prerefunded 18.40 %
Insured 14.82 %
General Obligation Unlimited 7.65 %
Tax Allocation 1.20 %
Special Tax 0.64 %
Special Assessment 0.32 %
Certificate Participation 0.22 %
Liability For Floating Rate Notes Issued (3.52 )%
Other Assets and Liabilities (0.93 )%
TOTAL NET ASSETS 100.00 %

 

See accompanying notes.

282

 

Glossary to the Schedule of Investments
January 31, 2018 (unaudited)

Currency Abbreviations

ARS

BRL

CAD

CHF

CLP

CNH

CNY

COP

CZK

DOP

EGP

EUR

GBP

HKD

HUF

IDR

INR

JPY

KRW

MXN

MYR

NGN

NOK

NZD

PEN

PLN

RUB

SEK

TRY

USD/$

UYU

ZAR

 

Argentine Peso

Brazilian Real

Canadian Dollar

Swiss Franc

Chilean Peso

Chinese Renminbi

Chinese Renminbi

Colombian Peso

Czech Koruna

Dominican Peso

Egyptian Pound

Euro

British Pound Sterling

Hong Kong Dollar

Hungarian Forint

Indonesian Rupiah

Indian Rupee

Japanese Yen

South Korean Won

Mexican Peso

Malaysian Ringgit

Nigerian Naira

Norwegian Krone

New Zealand Dollar

Peruvian Nuevo Sol

Polish Zloty

Russian Rouble

Swedish Krona

Turkish Lira

United States Dollar

Uruguayan Peso

South African Rand

 

See accompanying notes.

283

 

Security Valuation. Principal LifeTime 2010 Fund, Principal LifeTime 2015 Fund, Principal LifeTime 2020 Fund, Principal LifeTime 2025 Fund, Principal LifeTime 2030 Fund, Principal LifeTime 2035 Fund, Principal LifeTime 2040 Fund, Principal LifeTime 2045 Fund, Principal LifeTime 2050 Fund, Principal LifeTime 2055 Fund, Principal LifeTime 2060 Fund, Principal LifeTime 2065 Fund, and Principal LifeTime Strategic Income Fund (collectively, the “Principal LifeTime Funds”), Principal LifeTime Hybrid 2015 Fund, Principal LifeTime Hybrid 2020 Fund, Principal LifeTime Hybrid 2025 Fund, Principal LifeTime Hybrid 2030 Fund, Principal LifeTime Hybrid 2035 Fund, Principal LifeTime Hybrid 2040 Fund, Principal LifeTime Hybrid 2045 Fund, Principal LifeTime Hybrid 2050 Fund, Principal LifeTime Hybrid 2055 Fund, Principal LifeTime Hybrid 2060 Fund, Principal LifeTime Hybrid 2065 Fund, and Principal LifeTime Hybrid Income Fund (collectively, the “Principal LifeTime Hybrid Funds”), along with the SAM Balanced, SAM Conservative Balanced Portfolio, SAM Conservative Growth Portfolio, SAM Flexible Income Portfolio, and SAM Strategic Growth Portfolio (collectively, the “SAM Portfolios”) invest in Institutional Class and R-6 shares of other series of Principal Funds, Inc. (the "Underlying Funds"). Investments in the Underlying Funds are valued at the closing net asset value per share of each Underlying Fund on the day of valuation. In addition, the SAM Portfolios invest in Principal Exchange-Traded Funds, which are valued at fair value. The Funds also invest in other publicly traded investment funds. Other publicly traded investment funds are valued at the respective fund’s net asset value.

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

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

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

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

 

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

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

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

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

Level 1 – Quoted prices are available in active markets for identical securities as of the reporting date. The type of securities included in Level 1 includes listed equities and listed derivatives.

Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments speeds, credit risk, etc.) Investments which are generally included in this category include corporate bonds, senior floating rate interests, and municipal bonds.

Level 3 – Significant unobservable inputs (including the Funds’ assumptions in determining the fair value of investments.) Investments which are generally included in this category include certain corporate bonds and certain mortgage backed securities.

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

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

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

Investments which are generally included in the Level 3 category are primarily valued using quoted prices from brokers and dealers participating in the market for these investments. These investments are classified as Level 3 investments due to the lack of market transparency and market corroboration to support these quoted prices. Valuation models may be used as the pricing source for other investments classified as Level 3. Valuation models rely on one or more significant unobservable inputs such as prepayment rates, probability of default, or loss severity in the event of default. Significant increases in any of those inputs in isolation would result in a significantly lower fair value measurement. Benchmark pricing procedures set the base price of a security based on current market data. The base price may be a broker-dealer quote, transaction price, or internal value based on relevant market data.

The fair values of these securities are dependent on economic, political and other considerations. The values of the 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 when determining fair valuation.

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

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

The beginning of the period timing recognition has been adopted for the significant transfers between levels of each Fund’s assets and liabilities. There were no significant purchases, sales, or transfers into or out of Level 3, except as noted in the Level 3 roll forward. The table below shows the amounts that were transferred from Level 1 to Level 2 for the period-ended January 31, 2018 due to lack of exchange-traded valuation data:

Global Diversified Income Fund $ 12,813,237
SmallCap Value Fund II   57,632

 

The table below shows the amounts that were transferred from Level 2 to Level 1 for the period-ended January 31, 2018 due the resumption of trading for previous thinly traded securities:

Global Diversified Income Fund $ 501,876
SmallCap Value Fund II   235,487

 

In addition, the following amounts were transferred from Level 2 to Level 1 for the period-ended January 31, 2018 to reflect events that occurred after the close of a certain foreign market or exchange but prior to the calculation of the net asset value:

Diversified International Fund $ 426,855,728
Global Diversified Income Fund   32,950,379
International Emerging Markets Fund   80,488,130
International Fund I   2,262,440
Overseas Fund   18,775,898

 

 

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

          Level 2 - Other            
    Level 1 - Quoted     Significant Observable     Level 3 - Significant      
Fund   Prices     Inputs     Unobservable Inputs   Totals (Level 1,2,3)   
 
California Municipal Fund                      
Investment Companies* $ 59   $ —   $ — $ 59  
Municipal Bonds*   —     438,357     —   438,357  
Total investments in securities $ 59   $ 438,357   $ — $ 438,416  
 
Core Plus Bond Fund                      
Bonds* $ —   $ 2,351,071   $ — $ 2,351,071  
Common Stocks                      
Communications   —     —     —   —  
Energy   1,912     1,814     —   3,726  
Investment Companies*   111,736     —     —   111,736  
Preferred Stocks                      
Communications   1,292     —     17   1,309  
Consumer, Non-cyclical   —     —     926   926  
Financial   3,204     3,745     —   6,949  
Utilities   1,268     —     —   1,268  
Senior Floating Rate Interests*   —     71,823     —   71,823  
U.S. Government & Government Agency Obligations*   —     1,017,980     —   1,017,980  
Total investments in securities $ 119,412   $ 3,446,433   $ 943 $ 3,566,788  
Assets                      
Credit Contracts**                      
Exchange Cleared Credit Default Swaps $ —   $ —   $ — $ —  
Foreign Exchange Contracts**                      
Foreign Currency Contracts $ —   $ 301   $ — $ 301  
Interest Rate Contracts**                      
Futures $ 4,587   $ —   $ — $ 4,587  
Liabilities                      
Equity Contracts**                      
Futures $ (3 ) $ —   $ — $ (3 )
Foreign Exchange Contracts**                      
Foreign Currency Contracts $ —   $ (2,073 ) $ — $ (2,073 )
Interest Rate Contracts**                      
Futures $ (1,332 ) $ —   $ — $ (1,332 )
 
Diversified International Fund                      
Common Stocks                      
Basic Materials $ —   $ 763,100   $ — $ 763,100  
Communications   175,082     651,333     —   826,415  
Consumer, Cyclical   351,524     1,930,002     —   2,281,526  
Consumer, Non-cyclical   167,988     1,626,622     —   1,794,610  
Diversified   —     98,218     —   98,218  
Energy   292,169     682,481     —   974,650  
Financial   541,969     2,949,586     —   3,491,555  
Industrial   110,165     1,118,101     —   1,228,266  
Technology   33,176     1,103,445     —   1,136,621  
Utilities   —     184,728     —   184,728  
Investment Companies*   178,520     —     —   178,520  
Preferred Stocks                      
Diversified   —     99,277     —   99,277  
Total investments in securities $ 1,850,593   $ 11,206,893   $ — $ 13,057,486  
 
Equity Income Fund                      
Common Stocks* $ 7,095,772   $ —   $ — $ 7,095,772  
Investment Companies*   106,984     —     —   106,984  
Total investments in securities $ 7,202,756   $ —   $ — $ 7,202,756  
 
Finisterre Unconstrained Emerging Markets Bond Fund                      
Bonds* $ —   $ 23,475   $ — $ 23,475  
Convertible Bonds*   —     1,243     —   1,243  
Total investments in securities $ —   $ 24,718   $ — $ 24,718  

 

 

          Level 2 - Other            
    Level 1 - Quoted     Significant Observable     Level 3 - Significant      
Fund   Prices     Inputs     Unobservable Inputs   Totals (Level 1,2,3)   
 
Finisterre Unconstrained Emerging Markets Bond Fund (Continued)                  
Assets                      
Foreign Exchange Contracts**                      
Foreign Currency Contracts $ —   $ 42   $ — $ 42  
Interest Rate Contracts**                      
Futures $ 77   $ —   $ — $ 77  
Total Return Swaps   —     34     —   34  
Liabilities                      
Credit Contracts**                      
Credit Default Swaps $ —   $ (4 ) $ — $ (4 )
Foreign Exchange Contracts**                      
Foreign Currency Contracts $ —   $ (44 ) $ — $ (44 )
Interest Rate Contracts**                      
Exchange Cleared Interest Rate Swaps $ —   $ (6 ) $ — $ (6 )
Futures   (2 )   —     —   (2 )
Total Return Swaps   —     (5 )   —   (5 )
 
Global Diversified Income Fund                      
Bonds* $ —   $ 6,647,774   $ 56,508 $ 6,704,282  
Common Stocks                      
Basic Materials   56,409     56,405     19,155   131,969  
Communications   158,313     19,584     —   177,897  
Consumer, Cyclical   124,226     86,316     68   210,610  
Consumer, Non-cyclical   98,565     266,121     —   364,686  
Energy   301,941     98,141     189   400,271  
Financial   1,005,994     897,523     —   1,903,517  
Industrial   165,664     216,836     —   382,500  
Technology   96,728     35,238     —   131,966  
Utilities   499,691     194,749     —   694,440  
Convertible Bonds*   —     906     —   906  
Convertible Preferred Stocks                      
Financial   5,307     —     —   5,307  
Credit Linked Structured Notes*   —     —     3,327   3,327  
Investment Companies*   419,281     —     —   419,281  
Preferred Stocks                      
Communications   3,865     10,301     —   14,166  
Consumer, Non-cyclical   —     1,144     —   1,144  
Financial   31,306     18,617     —   49,923  
Utilities   11,934     —     —   11,934  
Senior Floating Rate Interests*   —     699,663     —   699,663  
U.S. Government & Government Agency Obligations*   —     361,481     —   361,481  
Purchased Options   637     —     —   637  
Total investments in securities $ 2,979,861   $ 9,610,799   $ 79,247 $ 12,669,907  
Assets                      
Foreign Exchange Contracts**                      
Foreign Currency Contracts $ —   $ 5,970   $ — $ 5,970  
Interest Rate Contracts**                      
Futures $ 4,985   $ —   $ — $ 4,985  
Liabilities                      
Equity Contracts**                      
Written Options $ (4,591 ) $ —   $ — $ (4,591 )
Foreign Exchange Contracts**                      
Foreign Currency Contracts $ —   $ (4,510 ) $ — $ (4,510 )
 
Global Real Estate Securities Fund                      
Common Stocks                      
Consumer, Cyclical $ 56,080   $ 36,804   $ — $ 92,884  
Financial   1,196,533     1,218,486     —   2,415,019  
Technology   34,156     —     —   34,156  
Investment Companies*   78,944     —     —   78,944  
Total investments in securities $ 1,365,713   $ 1,255,290   $ — $ 2,621,003  

 

 

        Level 2 - Other            
    Level 1 - Quoted   Significant Observable     Level 3 - Significant      
Fund   Prices   Inputs     Unobservable Inputs   Totals (Level 1,2,3)   
 
Government & High Quality Bond Fund                    
Bonds* $ — $ 449,506   $ — $ 449,506  
Investment Companies*   16,164   —     —   16,164  
U.S. Government & Government Agency Obligations*   —   1,060,291     —   1,060,291  
Total investments in securities $ 16,164 $ 1,509,797   $ — $ 1,525,961  
 
Government Money Market Fund                    
Bonds* $ — $ 2,775,846   $ — $ 2,775,846  
Investment Companies*   318,700             318,700  
U.S. Government & Government Agency Obligations*       249,238     —   249,238  
Repurchase Agreements*   —   275,000     —   275,000  
Total investments in securities $ 318,700 $ 3,300,084   $ — $ 3,618,784  
High Yield Fund                    
Bonds* $ — $ 3,164,966   $ — $ 3,164,966  
Common Stocks                    
Communications   —   —     —   —  
Energy   16,341   24,419     —   40,760  
Convertible Bonds*   —   —     —   —  
Investment Companies*   73,112   —     —   73,112  
Preferred Stocks                    
Communications   —   —     298   298  
Consumer, Non-cyclical   —   —     11,470   11,470  
Senior Floating Rate Interests*   —   224,247     —   224,247  
Total investments in securities $ 89,453 $ 3,413,632   $ 11,768 $ 3,514,853  
Liabilities                    
Foreign Exchange Contracts**                    
Foreign Currency Contracts $ — $ (161 ) $ — $ (161 )
 
High Yield Fund I                    
Bonds* $ — $ 1,031,150   $ 4,130 $ 1,035,280  
Common Stocks                    
Communications   —   —     —   —  
Consumer, Cyclical   —   —     —   —  
Energy   —   16     —   16  
Industrial   —   —     —   —  
Investment Companies*   24,611   —     —   24,611  
Preferred Stocks                    
Communications   —   —     18   18  
Senior Floating Rate Interests*   —   106,903     —   106,903  
Total investments in securities $ 24,611 $ 1,138,069   $ 4,148 $ 1,166,828  
Liabilities                    
Credit Contracts**                    
Exchange Cleared Credit Default Swaps $ — $ (4 ) $ — $ (4 )
 
Income Fund                    
Bonds* $ — $ 2,036,081   $ — $ 2,036,081  
Common Stocks                    
Energy   20,610   —     —   20,610  
Financial   —   —     1   1  
Industrial   —   —     23,525   23,525  
Convertible Bonds*   —   10,067     —   10,067  
Investment Companies*   97,557   —     —   97,557  
Senior Floating Rate Interests*   —   20,443     —   20,443  
U.S. Government & Government Agency Obligations*   —   1,053,745     —   1,053,745  
Total investments in securities $ 118,167 $ 3,120,336   $ 23,526 $ 3,262,029  
 
Inflation Protection Fund                    
Bonds* $ — $ 83,134   $ — $ 83,134  
Investment Companies*   39,585   —     —   39,585  
U.S. Government & Government Agency Obligations*   —   1,432,881     —   1,432,881  
Purchased Interest Rate Swaptions   —   4,168     —   4,168  
Purchased Options   —   126     —   126  
Total investments in securities $ 39,585 $ 1,520,309   $ — $ 1,559,894  

 

 

          Level 2 - Other            
    Level 1 - Quoted     Significant Observable     Level 3 - Significant      
Fund   Prices     Inputs     Unobservable Inputs    Totals (Level 1,2,3)  
 
Inflation Protection Fund (Continued)                      
Assets                      
Foreign Exchange Contracts**                      
Foreign Currency Contracts $ —   $ 2,791   $ — $ 2,791  
Interest Rate Contracts**                      
Exchange Cleared Interest Rate Swaps $ —   $ 3,820   $ — $ 3,820  
Futures   2,660     —     —   2,660  
Interest Rate Swaps   —     2,300     —   2,300  
Liabilities                      
Foreign Exchange Contracts**                      
Foreign Currency Contracts $ —   $ (5,054 ) $ — $ (5,054 )
Written Options   —     (182 )   —   (182 )
Interest Rate Contracts**                      
Exchange Cleared Interest Rate Swaps $ —   $ (1,986 ) $ — $ (1,986 )
Futures   (1,576 )   —     —   (1,576 )
Interest Rate Swaps   —     (31 )   —   (31 )
Interest Rate Swaptions   —     (1,851 )   —   (1,851 )
 
International Emerging Markets Fund                      
Common Stocks                      
Basic Materials $ —   $ 101,409   $ — $ 101,409  
Communications   102,863     147,683     —   250,546  
Consumer, Cyclical   25,285     69,545     —   94,830  
Consumer, Non-cyclical   7,498     40,116     —   47,614  
Diversified   —     5,322     —   5,322  
Energy   —     112,783     —   112,783  
Financial   18,473     247,168     —   265,641  
Industrial   —     28,611     —   28,611  
Technology   —     134,778     —   134,778  
Utilities   —     13,467     —   13,467  
Investment Companies*   11,371     —     —   11,371  
Preferred Stocks                      
Diversified   —     14,511     —   14,511  
Total investments in securities $ 165,490   $ 915,393   $ — $ 1,080,883  
 
International Fund I                      
Common Stocks                      
Basic Materials $ 3,009   $ 43,114   $ — $ 46,123  
Communications   19,039     23,544     —   42,583  
Consumer, Cyclical   —     108,102     —   108,102  
Consumer, Non-cyclical   2,763     29,397     —   32,160  
Diversified   —     3,903     —   3,903  
Energy   —     18,741     —   18,741  
Financial   —     115,983     —   115,983  
Industrial   —     68,165     —   68,165  
Technology   11,467     53,392     —   64,859  
Utilities   —     2,364     —   2,364  
Investment Companies*   31,907     —     —   31,907  
Total investments in securities $ 68,185   $ 466,705   $ — $ 534,890  
Liabilities                      
Equity Contracts**                      
Futures $ (127 ) $ —   $ — $ (127 )
 
LargeCap Growth Fund                      
Common Stocks* $ 893,596   $ —   $ — $ 893,596  
Investment Companies*   9,448     —     —   9,448  
Total investments in securities $ 903,044   $ —   $ — $ 903,044  

 

 

      Level 2 - Other        
    Level 1 - Quoted Significant Observable   Level 3 - Significant    
Fund   Prices Inputs   Unobservable Inputs   Totals (Level 1,2,3) 
 
LargeCap Growth Fund I                
Common Stocks                
Basic Materials $ 88,250 $ — $ — $ 88,250
Communications   2,059,290   —   1,257   2,060,547
Consumer, Cyclical   644,512   —   —   644,512
Consumer, Non-cyclical   2,303,149   —   —   2,303,149
Diversified   198   —   —   198
Energy   8,249   —   —   8,249
Financial   754,476   —   —   754,476
Industrial   969,618   —   —   969,618
Technology   1,508,596   —   —   1,508,596
Utilities   46,074   —   —   46,074
Convertible Preferred Stocks                
Communications   —   —   32,868   32,868
Investment Companies*   219,438   —   —   219,438
Preferred Stocks                
Communications   —   —   3,462   3,462
Technology   —   1,316   4,557   5,873
  Total investments in securities $ 8,601,850 $ 1,316 $ 42,144 $ 8,645,310
Assets                
Equity Contracts**                
Futures $ 7,629 $ — $ — $ 7,629
 
LargeCap S&P 500 Index Fund                
Common Stocks* $ 5,777,447 $ — $ — $ 5,777,447
Investment Companies*   109,559   —   —   109,559
  Total investments in securities $ 5,887,006 $ — $ — $ 5,887,006
Assets                
Equity Contracts**                
Futures $ 2,582 $ — $ — $ 2,582
 
LargeCap Value Fund                
Common Stocks* $ 724,024 $ — $ — $ 724,024
Investment Companies*   1,807   —   —   1,807
  Total investments in securities $ 725,831 $ — $ — $ 725,831
 
LargeCap Value Fund III                
Common Stocks* $ 2,305,340 $ — $ — $ 2,305,340
Investment Companies*   79,885   —   —   79,885
  Total investments in securities $ 2,385,225 $ — $ — $ 2,385,225
Assets                
Equity Contracts**                
Futures $ 3,908 $ — $ — $ 3,908
 
MidCap Fund                
Common Stocks* $ 16,341,458 $ — $ — $ 16,341,458
Investment Companies*   1,278   —   —   1,278
  Total investments in securities $ 16,342,736 $ — $ — $ 16,342,736
 
MidCap Growth Fund                
Common Stocks* $ 184,586 $ — $ — $ 184,586
Investment Companies*   4,234   —   —   4,234
  Total investments in securities $ 188,820 $ — $ — $ 188,820
 
MidCap Growth Fund III                
Common Stocks* $ 1,103,992 $ — $ — $ 1,103,992
Investment Companies*   49,298   —   —   49,298
  Total investments in securities $ 1,153,290 $ — $ — $ 1,153,290
Assets                
Equity Contracts**                
Futures $ 698 $ — $ — $ 698

 

 

          Level 2 - Other          
    Level 1 - Quoted     Significant Observable   Level 3 - Significant      
Fund   Prices     Inputs   Unobservable Inputs    Totals (Level 1,2,3)  
 
MidCap S&P 400 Index Fund                    
Common Stocks* $ 1,433,658   $ — $ — $ 1,433,658  
Investment Companies*   20,715     —   —   20,715  
  Total investments in securities $ 1,454,373   $ — $ — $ 1,454,373  
Liabilities                    
Equity Contracts**                    
Futures $ (64 )   — $ — $ (64 )
 
MidCap Value Fund I                    
Common Stocks* $ 1,011,088   $ — $ — $ 1,011,088  
Investment Companies*   30,325     —   —   30,325  
  Total investments in securities $ 1,041,413   $ — $ — $ 1,041,413  
Assets                    
Equity Contracts**                    
Futures $ 21   $ — $ — $ 21  
 
MidCap Value Fund III                    
Common Stocks* $ 1,321,076   $ — $ — $ 1,321,076  
Investment Companies*   43,302     —   —   43,302  
  Total investments in securities $ 1,364,378   $ — $ — $ 1,364,378  
Assets                    
Equity Contracts**                    
Futures $ 626   $ — $ — $ 626  
 
Money Market Fund                    
Bonds* $ —   $ 34,401 $ — $ 34,401  
Certificate of Deposit*   —     6,500   —   6,500  
Commercial Paper*   —     331,574   —   331,574  
Investment Companies*   19,100     —   —   19,100  
Municipal Bonds*   —     41,369   —   41,369  
Repurchase Agreements*   —     32,000   —   32,000  
  Total investments in securities $ 19,100   $ 445,844 $ — $ 464,944  
 
Overseas Fund                    
Common Stocks                    
Basic Materials $ —   $ 253,520 $ — $ 253,520  
Communications   44,445     254,144   —   298,589  
Consumer, Cyclical   26,997     275,232   —   302,229  
Consumer, Non-cyclical   24,764     588,728   —   613,492  
Diversified   —     4,292   —   4,292  
Energy   87,648     251,694   —   339,342  
Financial   51,282     783,310   —   834,592  
Industrial   38,480     568,823   —   607,303  
Technology   —     104,926   —   104,926  
Utilities   —     158,499   —   158,499  
Investment Companies*   93,889     —   —   93,889  
Preferred Stocks                    
Consumer, Cyclical   —     97,452   —   97,452  
  Total investments in securities $ 367,505   $ 3,340,620 $ — $ 3,708,125  
Assets                    
Equity Contracts**                    
Futures $ 4,119   $ — $ — $ 4,119  
 
Principal Capital Appreciation Fund                  
Common Stocks* $ 2,168,845   $ — $ — $ 2,168,845  
Investment Companies*   39,922     —   —   39,922  
  Total investments in securities $ 2,208,767   $ — $ — $ 2,208,767  
 
Principal LifeTime 2010 Fund                    
Investment Companies* $ 986,932   $ — $ — $ 986,932  
  Total investments in securities $ 986,932   $ — $ — $ 986,932  
 
Principal LifeTime 2015 Fund                    
Investment Companies* $ 625,541   $ — $ — $ 625,541  
  Total investments in securities $ 625,541   $ — $ — $ 625,541  

 

 

      Level 2 - Other        
    Level 1 - Quoted Significant Observable   Level 3 - Significant    
Fund   Prices Inputs   Unobservable Inputs    Totals (Level 1,2,3)
 
Principal LifeTime 2020 Fund                
Investment Companies* $ 5,304,108 $ — $ — $ 5,304,108
  Total investments in securities $ 5,304,108 $ — $ — $ 5,304,108
 
Principal LifeTime 2025 Fund                
Investment Companies* $ 1,806,673 $ — $ — $ 1,806,673
  Total investments in securities $ 1,806,673 $ — $ — $ 1,806,673
 
Principal LifeTime 2030 Fund                
Investment Companies* $ 6,515,175 $ — $ — $ 6,515,175
  Total investments in securities $ 6,515,175 $ — $ — $ 6,515,175
 
Principal LifeTime 2035 Fund                
Investment Companies* $ 1,400,034 $ — $ — $ 1,400,034
  Total investments in securities $ 1,400,034 $ — $ — $ 1,400,034
 
Principal LifeTime 2040 Fund                
Investment Companies* $ 4,427,680 $ — $ — $ 4,427,680
  Total investments in securities $ 4,427,680 $ — $ — $ 4,427,680
 
Principal LifeTime 2045 Fund                
Investment Companies* $ 979,403 $ — $ — $ 979,403
  Total investments in securities $ 979,403 $ — $ — $ 979,403
 
Principal LifeTime 2050 Fund                
Investment Companies* $ 2,539,700 $ — $ — $ 2,539,700
  Total investments in securities $ 2,539,700 $ — $ — $ 2,539,700
 
Principal LifeTime 2055 Fund                
Investment Companies* $ 421,871 $ — $ — $ 421,871
  Total investments in securities $ 421,871 $ — $ — $ 421,871
 
Principal LifeTime 2060 Fund                
Investment Companies* $ 282,715 $ — $ — $ 282,715
  Total investments in securities $ 282,715 $ — $ — $ 282,715
 
Principal LifeTime 2065 Fund                
Investment Companies* $ 2,817 $ — $ — $ 2,817
  Total investments in securities $ 2,817 $ — $ — $ 2,817
 
Principal LifeTime Hybrid 2015 Fund              
Investment Companies* $ 37,697 $ — $ — $ 37,697
  Total investments in securities $ 37,697 $ — $ — $ 37,697
 
Principal LifeTime Hybrid 2020 Fund              
Investment Companies* $ 119,524 $ — $ — $ 119,524
  Total investments in securities $ 119,524 $ — $ — $ 119,524
 
Principal LifeTime Hybrid 2025 Fund              
Investment Companies* $ 93,340 $ — $ — $ 93,340
  Total investments in securities $ 93,340 $ — $ — $ 93,340
 
Principal LifeTime Hybrid 2030 Fund              
Investment Companies* $ 116,432 $ — $ — $ 116,432
  Total investments in securities $ 116,432 $ — $ — $ 116,432
 
Principal LifeTime Hybrid 2035 Fund              
Investment Companies* $ 73,453 $ — $ — $ 73,453
  Total investments in securities $ 73,453 $ — $ — $ 73,453
 
Principal LifeTime Hybrid 2040 Fund              
Investment Companies* $ 88,402 $ — $ — $ 88,402
  Total investments in securities $ 88,402 $ — $ — $ 88,402

 

 

        Level 2 - Other        
    Level 1 - Quoted   Significant Observable   Level 3 - Significant    
Fund   Prices   Inputs   Unobservable Inputs    Totals (Level 1,2,3)
 
Principal LifeTime Hybrid 2045 Fund              
Investment Companies* $ 46,108 $ — $ — $ 46,108
  Total investments in securities $ 46,108 $ — $ — $ 46,108
 
Principal LifeTime Hybrid 2050 Fund              
Investment Companies* $ 42,763 $ — $ — $ 42,763
  Total investments in securities $ 42,763 $ — $ — $ 42,763
 
Principal LifeTime Hybrid 2055 Fund              
Investment Companies* $ 12,834 $ — $ — $ 12,834
  Total investments in securities $ 12,834 $ — $ — $ 12,834
 
Principal LifeTime Hybrid 2060 Fund              
Investment Companies* $ 2,423 $ — $ — $ 2,423
  Total investments in securities $ 2,423 $ — $ — $ 2,423
 
Principal LifeTime Hybrid 2065 Fund              
Investment Companies* $ 45 $ — $ — $ 45
  Total investments in securities $ 45 $ — $ — $ 45
 
Principal LifeTime Hybrid Income Fund              
Investment Companies* $ 20,306 $ — $ — $ 20,306
  Total investments in securities $ 20,306 $ — $ — $ 20,306
 
Principal LifeTime Strategic Income Fund              
Investment Companies* $ 547,662 $ — $ — $ 547,662
  Total investments in securities $ 547,662 $ — $ — $ 547,662
 
Real Estate Securities Fund                
Common Stocks* $ 3,472,621 $ — $ — $ 3,472,621
Investment Companies*   29,888   —   —   29,888
  Total investments in securities $ 3,502,509 $ — $ — $ 3,502,509
 
SAM Balanced Portfolio                
Investment Companies* $ 5,001,313 $ — $ — $ 5,001,313
  Total investments in securities $ 5,001,313 $ — $ — $ 5,001,313
 
SAM Conservative Balanced Portfolio              
Investment Companies* $ 1,844,726 $ — $ — $ 1,844,726
  Total investments in securities $ 1,844,726 $ — $ — $ 1,844,726
 
SAM Conservative Growth Portfolio              
Investment Companies* $ 3,378,793 $ — $ — $ 3,378,793
  Total investments in securities $ 3,378,793 $ — $ — $ 3,378,793
 
SAM Flexible Income Portfolio                
Investment Companies* $ 2,793,552 $ — $ — $ 2,793,552
  Total investments in securities $ 2,793,552 $ — $ — $ 2,793,552
 
SAM Strategic Growth Portfolio                
Investment Companies* $ 2,103,572 $ — $ — $ 2,103,572
  Total investments in securities $ 2,103,572 $ — $ — $ 2,103,572
 
Short-Term Income Fund                
Bonds* $ — $ 4,204,238 $ — $ 4,204,238
Investment Companies*   25,443   —   —   25,443
U.S. Government & Government Agency Obligations* —   35,553   —   35,553
  Total investments in securities $ 25,443 $ 4,239,791 $ — $ 4,265,234
 
SmallCap Fund                
Common Stocks* $ 645,732 $ — $ — $ 645,732
Investment Companies*   14,743   —   —   14,743
  Total investments in securities $ 660,475 $ — $ — $ 660,475

 

 

          Level 2 - Other          
    Level 1 - Quoted     Significant Observable   Level 3 - Significant      
Fund   Prices     Inputs   Unobservable Inputs   Totals (Level 1,2,3)   
 
SmallCap Growth Fund I                    
Common Stocks                    
Basic Materials $ 32,059   $ — $ — $ 32,059  
Communications   166,234     —   —   166,234  
Consumer, Cyclical   211,351     —   —   211,351  
Consumer, Non-cyclical   437,838     —   3   437,841  
Diversified   367     —   —   367  
Energy   24,280     —   —   24,280  
Financial   129,383     —   —   129,383  
Industrial   293,706     —   —   293,706  
Technology   313,005     —   —   313,005  
Utilities   1,092     —   —   1,092  
Investment Companies*   56,875     —   —   56,875  
Preferred Stocks   17     —   —   17  
  Total investments in securities $ 1,666,207   $ — $ 3 $ 1,666,210  
Assets                    
Equity Contracts**                    
Futures $ 1,788   $ — $ — $ 1,788  
 
SmallCap S&P 600 Index Fund                    
Common Stocks* $ 1,319,957   $ — $ — $ 1,319,957  
Investment Companies*   21,096     —   —   21,096  
  Total investments in securities $ 1,341,053   $ — $ — $ 1,341,053  
Liabilities                    
Equity Contracts**                    
Futures $ (331 ) $ — $ — $ (331 )
 
SmallCap Value Fund II                    
Common Stocks                    
Basic Materials $ 50,788   $ — $ — $ 50,788  
Communications   48,892     —   —   48,892  
Consumer, Cyclical   143,092     16   —   143,108  
Consumer, Non-cyclical   148,450     17   —   148,467  
Diversified   320     —   —   320  
Energy   85,683     —   —   85,683  
Financial   366,604     68   —   366,672  
Government   151     —   —   151  
Industrial   208,244     —   —   208,244  
Technology   91,569     —   —   91,569  
Utilities   23,625     —   —   23,625  
Investment Companies*   45,237     —   —   45,237  
Preferred Stocks   10     —   —   10  
  Total investments in securities $ 1,212,665   $ 101 $ — $ 1,212,766  
Assets                    
Equity Contracts**                    
Futures $ 230     — $ — $ 230  
 
Tax-Exempt Bond Fund                    
Municipal Bonds* $ —   $ 370,104 $ — $ 370,104  
  Total investments in securities $ —   $ 370,104 $ — $ 370,104  

 

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

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

 

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

                                        Net Change in Unrealized
          Accrued Discounts /                       Value as of   Appreciation / (Depreciation) on
    Value as of   Realized Gain / Premiums and Change in       Proceeds from   Transfers into   Transfers Out   January 31,   Investments held at January 31,
Fund   October 31, 2017   (Loss) Unrealized Gain / (Loss)   Purchases   Sales     Level 3*   of Level 3**   2018     2018
 
 
Short-Term Income Fund                                        
Bonds $ 45,917 $ - $ - $   - $ - $ - $ (45,917 ) $ - $-
Total $ 45,917 $ - $ - $   - $ - $ - $ (45,917 ) $ - $-

 

*Securities are transferred into Level 3 for a variety of reasons including, but not limited to: 1. Securities where trading has been halted 2. Securities that have certain restrictions on trading 3. Instances in which a security is not priced by pricing services

**Securities are transferred out of Level 3 for a variety of reasons including, but not limited to: 1. Securities where trading resumes 2. Securities where trading restrictions have expired 3. Instances in which a price becomes available from a pricing service

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

The Funds' Schedules of Investments as of January 31, 2018 have not been audited. This report is provided for the general information of the Funds' shareholders. For more information regarding the Fund and its holdings, please see the Funds' prospectus and annual report.


ITEM 2 – CONTROLS AND PROCEDURES

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

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

ITEM 3 – EXHIBITS

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

 

SIGNATURES

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

(Registrant)

Principal Funds, Inc.

By /s/ Michael J. Beer

Michael J. Beer, President and CEO

Date 03/20/2018

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

By /s/ Michael J. Beer

Michael J. Beer, President and CEO

Date 03/20/2018

By /s/ Tracy W. Bollin

Tracy W. Bollin, Chief Financial Officer

Date 03/20/2018