N-Q 1 fp0039031_nq.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

INVESTMENT COMPANY ACT FILE NUMBER 811-3967

FIRST INVESTORS INCOME FUNDS

(Exact name of registrant as specified in charter)

40 Wall Street

New York, NY 10005

(Address of principal executive offices) (Zip code)

Joseph I. Benedek

Foresters Investment Management Company, Inc.

Raritan Plaza I

Edison, NJ 08837-3620

(Name and address of agent for service)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:

1-212-858-8000

DATE OF FISCAL YEAR END: SEPTEMBER 30

DATE OF REPORTING PERIOD: DECEMBER 31, 2018

Item 1. Schedule of Investments

The Quarterly Schedule of Portfolio Holdings follows

Portfolio of Investments (unaudited)

FLOATING RATE FUND

December 31, 2018

Principal Amount			Security				Value
			LOAN PARTICIPATIONS†—87.6%
			Aerospace/Defense—1.0%
			TransDigm, Inc.:
$	1,332	M	5.0224%, 8/22/2020				$	1,260,306
	1,336	M	5.0224%, 5/30/2025					1,264,631
								2,524,937
			Automotive—1.3%
			Dexko Global, Inc.:
	499	M	6.0224%, 7/24/2024					498,744
	500	M	11.0530%, 7/14/2025					483,750
	765	M	Innovative XCessories & Services, LLC, 7.26%, 11/29/2022					752,828
	1,058	M	Superior Industries International., Inc, 6.5224%, 5/22/2024					1,010,782
	500	M	Truck Hero, Inc., 10.7563%, 4/21/2025					483,750
								3,229,854
			Building Materials—1.6%
	1,750	M	Foundation Building Materials, 5.7051%, 8/13/2025					1,653,750
	2,484	M	Yak Access, LLC, 7.52%, 7/11/2025					2,148,984
								3,802,734
			Chemicals—5.5%
	1,481	M	Archroma Finance Sarl, 6.4204%, 8/12/2024					1,464,586
	2,464	M	ColourOz Investment, 5.4874%, 9/7/2021					2,229,905
	1,990	M	Consolidated Energy Finance SA, 4.9324%, 5/7/2025					1,935,275
			Invictus U.S. Newco, LLC:
	496	M	5.495%, 3/28/2026					484,672
	1,000	M	9.245%, 3/30/2026					990,000
	1,150	M	MacDermid, Inc., 2.25%, 11/17/2025			(a)		1,115,500
	2,400	M	Messer Industries USA, Inc., 2.5%, 10/1/2025			(a)		2,286,000
	1,233	M	PQ Group Holdings, Inc., 5.0266%, 2/7/2025					1,170,628
	1,682	M	Venator Finance Sarl, 5.5224%, 8/8/2024					1,615,173
								13,291,739
			Consumer Durables—1.0%
	2,483	M	TGP Holdings III, LLC, 7.053%, 9/25/2024					2,389,990
			Consumer Non-Durables—1.5%
	2,500	M	Energizer Holdings, Inc., 2.25%, 6/23/2025			(a)		2,438,539
	1,347	M	frontdoor, inc., 5.0625%, 8/14/2025					1,299,493
								3,738,032
			Energy—1.1%
	450	M	California Resources Corp., 7.2563%, 12/31/2022					432,000
	475	M	Centurion Pipeline, LLC, 5.63613%, 9/26/2025					454,812
	1,199	M	Foresight Energy, LLC, 8.2766%, 3/16/2022					1,179,290
	671	M	Triton Solar U.S Acqusition Co, 8.5093%, 10/29/2024					627,180
								2,693,282
			Financial Services—3.4%
	1,877	M	Alliant Holdings Intermediate, LLC, 5.2051%, 5/9/2025					1,779,044
	250	M	Natgasoline LLC, 6.25%, 11/14/2025					249,263
	2,702	M	NFP Corp., 5.5224%, 1/8/2024					2,556,535
	3,970	M	USI Holdings Corp., 5.803%, 5/16/2024					3,758,137
								8,342,979
			Financials—4.8%
			Acrisure, LLC:
	498	M	6.2724%, 11/22/2023					481,331
	494	M	6.7724%, 11/22/2023					480,172
	250	M	AI Alpine U.S. Bidco, Inc., 5.8085%, 10/24/2025					240,000
	2,306	M	AssuredPartners, Inc., 5.7724%, 10/22/2024					2,183,432
	1,244	M	Cision, Inc., 5.553%, 6/16/2023					1,197,762
	1,825	M	Empower Payments, Inc., 7.053%, 10/5/2025					1,793,063
	249	M	Global Business Group Service BV, 5.1146%, 8/13/2025					246,881
	1,489	M	Paysafe, LLC, 6.0224%, 1/3/2025					1,432,922
	1,525	M	Sedgwick Claims Management Services, Inc., 3.25%, 11/5/2025			(a)		1,462,734
	1,493	M	TransUnion, LLC, 4.5224%, 6/12/2025					1,443,994
	671	M	VFH Parent, LLC, 5.5536%, 12/2/2021					660,564
								11,622,855
			Food/Beverage/Tobacco—3.1%
	625	M	8th Avenue Food and Provisions, 6.0993%, 10/1/2025					614,650
	2,131	M	Chobani, LLC, 6.0224%, 10/9/2023					1,984,865
	740	M	Dole Food Co., Inc., 5.19%, 4/6/2024					715,704
	3,483	M	Hearthside Food Holdings, LLC, 6.2099%, 5/23/2025					3,299,669
	1,000	M	Refresco BV, 5.8661%, 1/22/2025					988,125
								7,603,013
			Gaming/Leisure—8.0%
			AMC Entertainment Holdings, Inc.:
	1,858	M	4.7051%, 12/15/2022					1,792,957
	368	M	4.7051%, 12/15/2023					355,542
	3,000	M	Boyd Gaming Corp., 4.666%, 9/15/2023					2,886,570
	1,737	M	Casablanca U.S. Holdings, Inc., 6.5266%, 3/29/2024					1,650,031
	2,000	M	Dorna Sports SL, 5.883%, 4/12/2024					1,970,000
	1,000	M	Eldorado Resorts, Inc., 4.53%, 4/17/2024					962,500
	2,540	M	Lakeland Tours, 6.7882%, 12/16/2024					2,476,695
	1,000	M	Penn National Gaming, Inc., 4.7051%, 10/15/2025					964,165
	1,850	M	Seminole Hard Rock Entertainment, Inc., 5.146%, 5/8/2020					1,834,163
	1,741	M	Sigma Bidco BV, 5.3981%, 7/2/2025					1,652,011
	2,189	M	Stars Group Holdings BV, 6.303%, 7/10/2025					2,119,904
	995	M	Station Casinos, LLC, 5.03%, 6/8/2023					955,059
								19,619,597
			Health Care—11.5%
	975	M	Air Methods Corp., 6.303%, 4/22/2024					777,562
	250	M	Albany Molecular Research, Inc., 9.34446%, 7/28/2025					244,375
			Bausch Health Cos., Inc.:
	1,690	M	5.3789%, 6/2/2025					1,616,930
	395	M	5.1289%, 6/2/2025					374,756
	1,538	M	DaVita, Inc., 5.2724%, 6/18/2021					1,528,956
	3,500	M	Envision Healthcare Corp., 6.2724%, 10/10/2025					3,284,173
	1,485	M	Equian Buyer Corp., 5.7563%, 5/20/2024					1,442,849
			Heartland Dental, LLC:
	308	M	3.75%, 4/30/2025			(a)		294,910
	2,043	M	6.2724%, 4/30/2025					1,956,606
	1,493	M	Jordan Health. Inc., 7.4696%, 5/16/2025					1,450,217
			Mallinckrodt International Finance SA:
	1,921	M	5.553%, 9/24/2024					1,781,264
	496	M	5.6181%, 2/24/2025					462,753
			NMN Holdings III Corp:
	236	M	3.75%, 11/13/2025			(a)		231,525
	1,114	M	6.1824%, 11/13/2025					1,091,475
	188	M	Onex Carestream Finance, LP, 6.3446%, 6/7/2019					184,725
	1,092	M	Parexel International Corp., 5.2724%, 9/27/2024					998,128
	500	M	PetVet Care, Inc., 8.7538%, 2/13/2026					493,750
	744	M	PharMerica Corp., 5.9551%, 9/26/2024					711,809
	498	M	R1 RCM, Inc., 7.7724%, 5/2/2025					492,525
	2,400	M	RegionalCare Hospital Partners Holdings, Inc., 7.129%, 11/17/2025					2,290,500
			Sound Inpatient Physicians, LLC:
	2,239	M	5.2724%, 6/25/2025					2,149,200
	250	M	9.2724%, 6/25/2026					240,000
	985	M	Stratose Intermediate II, 5.7724%, 6/22/2023					970,841
	2,485	M	U.S. Renal Care, 7.053%, 12/30/2022					2,377,995
	500	M	Universal Hospital Health, Inc., 3%, 10/20/2025			(a)		482,500
								27,930,324
			Information Technology—12.3%
	850	M	Cabot Microelectronics Corp., 4.8125%, 11/14/2025					847,441
	2,015	M	Change Healthcare Holdings, LLC, 5.2724%, 1/15/2024					1,918,730
	1,306	M	Corel Corp., 7.7706%, 6/5/2024			(a)		1,293,188
	4,107	M	DigiCert Holdings, Inc., 6.5224%, 10/31/2024					3,986,734
	750	M	EagleView Technology Corp., 5.9551%, 8/14/2025					717,499
	2,587	M	GTT Communications, Inc., 5.27%, 6/2/2025					2,422,092
	1,421	M	Inovalon Holdings, Inc., 5.9375%, 4/2/2025					1,382,348
	1,966	M	ION Trading Technologies, Ltd., 6.5224%, 11/21/2024					1,857,900
	1,809	M	Microchip Technology, Inc., 4.53%, 5/29/2025					1,713,712
	1,993	M	Plantronics, Inc., 5.0224%, 7/2/2025					1,921,099
	2,296	M	Project Leopard Holdings, Inc., 6.5224%, 7/7/2023					2,241,466
	1,980	M	SolarWinds, Inc., 5.2724%, 2/5/2024					1,911,938
	625	M	SuperMoose Borrower, LLC, 6.2724%, 8/29/2025					608,594
			VeriFone Systems, Inc.:
	1,000	M	6.6445%, 8/11/2025					969,580
	1,000	M	10.6445%, 8/10/2026					981,880
	2,000	M	Web.com Group, Inc., 6.1704%, 10/25/2025					1,928,340
	725	M	WeddingWire, Inc., 4.5%, 11/7/2025			(a)		712,313
	2,586	M	Western Digital Corp., 4.2556%, 4/28/2023					2,461,090
								29,875,944
			Manufacturing—7.8%
	1,985	M	Altran Technologies SA, 5.042%, 3/20/2025					1,950,262
	2,178	M	AMG Advanced Metallurgical, 5.495%, 1/30/2025					2,148,066
	3,448	M	Brand Energy & Infrastructure Services, Inc.6.7272%, 6/21/2024					3,280,883
	1,490	M	Clark Equipment Co., 4.803%, 5/17/2024					1,423,888
	990	M	Duravant., 6.053%, 7/24/2024					950,400
	1,340	M	Filtration Group Corp., 5.5224%, 3/31/2025					1,297,448
	1,463	M	GrafTech International, Ltd., 6.0224%, 2/12/2025					1,433,250
	2,668	M	Hillman Group, Inc., 6.803%, 6/2/2025					2,534,881
	2,454	M	Houghton International Corp., 5.7724%, 12/31/2019					2,438,969
	1,493	M	Minimax Viking GmbH, 5.5224%, 7/25/2025					1,451,456
								18,909,503
			Media-Broadcasting—1.8%
	2,204	M	Altice Financing SA, 5.2196%, 7/28/2025					2,077,358
	348	M	Mission Broadcasting, Inc., 4.7563%, 1/17/2024					329,282
	2,005	M	Nexstar Broadcasting, Inc., 4.7562%, 1/17/2024					1,899,921
								4,306,561
			Media-Cable TV—5.0%
	3,756	M	Atlantic Broadband, 4.8974%, 1/3/2025					3,571,436
			CSC Holdings, LLC:
	1,843	M	4.7051%, 7/18/2025					1,762,218
	249	M	4.9551%, 1/26/2026					239,733
			Gray Television, Inc.:
	1,212	M	4.5993%, 2/7/2024					1,166,543
	625	M	2.5%, 11/3/2025			(a)		605,469
	997	M	Midcontinent Communications, 4.4696%, 12/29/2023					980,000
	1,481	M	Raycom TV Broadcasting, LLC, 6.75%, 8/23/2024					1,484,027
	1,995	M	SRF Group, LLC, 5.2724%, 7/31/2025					1,827,861
	600	M	Ziggo Secured Finance Partnership, 4.9551%, 4/15/2025					566,700
								12,203,987
			Media-Diversified—.4%
	962	M	Tribune Media Co., 5.5224%, 1/29/2024					954,789
			Metals/Mining—1.4%
	1,358	M	Big River Steel, LLC, 7.803%, 8/23/2023					1,347,629
	1,386	M	MRC Global (U.S.), Inc., 5.5224%, 9/20/2024					1,347,885
	783	M	TMS International Corp., 5.275%, 8/14/2024					747,574
								3,443,088
			Retail-General Merchandise—2.9%
	1,994	M	1011778 B.C., ULC, 4.7724%, 2/17/2024					1,904,342
	1,495	M	Harbor Freight Tools USA, Inc., 5.0224%, 8/16/2023					1,413,682
	823	M	SRS Distribution, Inc., 5.7724%, 5/23/2025					770,479
	1,980	M	Staples, Inc., 6.541%, 9/12/2024					1,897,088
	1,139	M	Varisity Brands, Inc., 6.0224%, 12/16/2024					1,104,709
								7,090,300
			Services—3.9%
	1,269	M	Capri Acquistion BidCo., 5.7766%, 11/1/2024					1,230,137
	250	M	Comet Acquisition, Inc., 6.2768%, 10/22/2025					247,031
	1,350	M	Dawn Acquisition, LLC, 3.75%, 10/27/2025			(a)		1,275,750
	449	M	Garrett LX III S.A.R.L., 5.33%, 9/26/2025					427,553
	2,985	M	IQVIA, Inc., 4.2724%, 6/9/2025					2,895,450
	929	M	Monitronics International, Inc., 8.303%, 9/30/2022					817,621
	1,990	M	Multi-Color Corp., 4.5224%, 10/31/2024					1,897,078
	750	M	R.R. Donnelley & Sons Co., 7.5056%, 1/4/2024					738,750
								9,529,370
			Utilities—5.5%
	500	M	Brookfield WEC Holdings Inc., 9.2724%, 7/27/2026					490,938
	2,842	M	Calpine Corp., 5.31%, 1/15/2024					2,702,441
	1,100	M	Edgewater Generation, LLC, 3.75%, 12/12/2025					1,079,375
	2,288	M	ExGen Renewables I, LLC, 5.71%, 11/28/2024					2,196,122
	1,617	M	HD Supply, Inc., 4.27%, 10/17/2023					1,558,159
	1,581	M	Invenergy Thermal, LLC, 6.303%, 8/25/2025					1,565,470
	1,996	M	Talen Energy Supply, LLC, 6.5224%, 7/6/2023					1,969,739
	2,733	M	USIC Holdings, Inc., 5.7724%, 12/11/2023					2,599,615
								14,161,859
			Waste Management—1.6%
	2,987	M	GFL Environmental, Inc., 5.3961%, 6/2/2025					2,793,629
	1,054	M	Gopher Resource, LLC, 5.7724%, 3/6/2025					1,019,299
								3,812,928
			Wireless Communications—1.2%
	1,425	M	Sprint Communications, Inc., 5.0625%, 2/2/2024					1,375,946
	1,676	M	Telesat Canada, 5.31%, 11/17/2023					1,595,676
								2,971,622
Total Value of Loan Participations (cost $221,749,809)								214,049,287
			CORPORATE BONDS—6.8%
			Consumer Non-Durables—.5%
	1,211	M	Reynolds Group Holdings, Inc., 5.75%, 10/15/2020					1,209,870
			Energy—1.0%
	650	M	Genesis Energy, LP, 6%, 5/15/2023					602,875
	650	M	Global Partners, LP, 6.25%, 7/15/2022					617,500
	1,250	M	Sunoco, LP, 4.875%, 1/15/2023					1,221,875
								2,442,250
			Financials—.9%
	350	M	DAE Funding, LLC, 4.5%, 8/1/2022			(b)		336,875
	850	M	Icahn Enterprises, LP, 6.25%, 2/1/2022					841,500
	1,250	M	Springleaf Finance Corp., 6.875%, 3/15/2025					1,121,875
								2,300,250
			Forest Products/Containers—.8%
	1,000	M	Ardagh Holdings USA, Inc., 7.25%, 5/15/2024			(b)		1,001,250
	900	M	BWAY Holding Co., 5.5%, 4/15/2024			(b)		849,375
								1,850,625
			Health Care—.8%
	1,550	M	Bausch Health Cos., Inc., 5.5%, 3/1/2023			(b)		1,424,063
	450	M	Endo Finance, LLC, 7.25%, 1/15/2022			(b)		391,500
	250	M	Tenet Healthcare Corp., 5.125%, 5/1/2025					233,750
								2,049,313
			Media-Cable TV—.6%
	425	M	Altice France SA, 6.25%, 5/15/2024			(b)		397,906
	1,175	M	Clear Channel Worldwide Holdings, Inc. - Series "A", 6.5%, 11/15/2022					1,169,125
								1,567,031
			Metals/Mining—.4%
	1,100	M	First Quantum Minerals, Ltd., 7.25%, 5/15/2022			(b)		1,024,375
			Telecommunications—.3%
	650	M	GCI, Inc., 6.875%, 4/15/2025					633,750
			Utilities—.8%
	1,150	M	Calpine Corp., 5.375%, 1/15/2023					1,081,000
	1,000	M	Targa Resources Partners, LP, 4.25%, 11/15/2023					928,750
								2,009,750
			Wireless Communications—.7%
	1,550	M	Sprint Corp., 7.875%, 9/15/2023					1,594,563
Total Value of Corporate Bonds (cost $17,475,510)								16,681,777
Total Value of Investments (cost $239,225,319)				94.4	%			230,731,064
Other Assets, Less Liabilities				5.6				12,873,438
Net Assets				100.0	%		$	243,604,502

(a)

A portion or all of the security purchased on a when-issued or delayed delivery basis.

(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933. Certain restricted securities are exempt from the registration requirements under Rule 144A of the Securities Act of 1933 and may only be sold to qualified institutional investors. At December 31, 2018, the Fund held seven 144A securities with an aggregate value of $5,425,344 representing 2.2% of the Fund's net assets.

†

The interest rates shown on variable and floating rate notes are adjusted periodically; the rates shown are the rates in effect at December 31, 2018.

At December 31, 2018, the cost of investments for federal income tax purposes was $239,225,319. Accumulated net unrealized depreciation on investments was $8,494,255, consisting of $105,635 gross unrealized appreciation and $8,599,890 gross unrealized depreciation.

The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumption about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of December 31, 2018:

	Level 1		Level 2		Level 3		Total
Loan Participations	$	-	$	214,049,287	$	-	$	214,049,287
Corporate Bonds		-		16,681,777		-		16,681,777
Total Investments in Securities*	$	-	$	230,731,064	$	-	$	230,731,064

The Portfolio of Investments provides information on the industry categorization of loan participations and corporate bonds.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended December 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

FUND FOR INCOME

December 31, 2018

Principal Amount			Security					Value
			CORPORATE BONDS—92.1%
			Aerospace/Defense—1.7%
			Bombardier, Inc.:
$	2,600	M	8.75%, 12/1/2021			(a)		$	2,687,750
	1,950	M	7.5%, 12/1/2024			(a)			1,842,750
			Meccanica Holdings USA, Inc.:
	1,871	M	7.375%, 7/15/2039			(a)			1,973,905
	750	M	6.25%, 1/15/2040			(a)			701,250
	3,025	M	TransDigm, Inc., 5.5%, 10/15/2020						3,006,094
									10,211,749
			Automotive—2.8%
	2,875	M	Adient Global Holdings, Ltd., 4.875%, 8/15/2026			(a)			2,213,750
	3,125	M	American Axle & Manufacturing, Inc., 6.25%, 4/1/2025						2,855,469
	700	M	Asbury Automotive Group, Inc., 6%, 12/15/2024						673,750
	1,700	M	Avis Budget Group, Inc., 6.375%, 4/1/2024			(a)			1,632,000
	1,675	M	Cooper Standard Automotive, Inc., 5.625%, 11/15/2026			(a)			1,482,375
	1,000	M	Dana Financing Luxembourg Sarl, 6.5%, 6/1/2026			(a)			963,750
			Dana Holding Corp.:
	1,425	M	6%, 9/15/2023						1,423,219
	700	M	5.5%, 12/15/2024						654,500
	50	M	Group 1 Automotive, Inc., 5.25%, 12/15/2023			(a)			46,625
	1,650	M	Hertz Corp., 7.625%, 6/1/2022			(a)			1,559,250
	1,375	M	J.B. Poindexter & Co., 7.125%, 4/15/2026			(a)			1,292,500
	750	M	LKQ Corp., 4.75%, 5/15/2023						708,750
	1,875	M	Tenneco, Inc., 5%, 7/15/2026						1,451,719
									16,957,657
			Building Materials—1.2%
	2,000	M	Building Materials Corp., 5.375%, 11/15/2024			(a)			1,885,000
	3,425	M	Griffon Corp., 5.25%, 3/1/2022						3,112,469
	1,175	M	New Enterprise Stone & Lime Co., 6.25%, 3/15/2026			(a)			1,072,188
	925	M	Standard Industries, Inc., 5.5%, 2/15/2023			(a)			908,813
									6,978,470
			Chemicals—2.6%
	2,150	M	Avantor, Inc., 9%, 10/1/2025			(a)			2,155,375
	1,800	M	Blue Cube Spinco, Inc., 10%, 10/15/2025						2,043,000
	950	M	CVR Partners, LP, 9.25%, 6/15/2023			(a)			991,562
	1,600	M	PQ Corp., 6.75%, 11/15/2022			(a)			1,656,000
	4,200	M	Rain CII Carbon, LLC, 7.25%, 4/1/2025			(a)			3,822,000
	1,400	M	Rayonier AM Products, Inc., 5.5%, 6/1/2024			(a)			1,239,000
	1,675	M	Tronox, Inc., 6.5%, 4/15/2026			(a)			1,396,531
	2,400	M	Univar USA, Inc., 6.75%, 7/15/2023			(a)			2,379,000
									15,682,468
			Consumer Non-Durables—2.1%
	1,675	M	Eagle Intermediate Global Holding, 7.5%, 5/1/2025			(a)			1,573,244
	850	M	Energizer Gamma Acquisition, 6.375%, 7/15/2026			(a)			782,000
	1,700	M	Energizer Holdings, Inc., 5.5%, 6/15/2025			(a)			1,538,500
	2,400	M	First Quality Finance Co., 4.625%, 5/15/2021			(a)			2,334,000
	1,575	M	KGA Escrow, LLC, 7.5%, 8/15/2023			(a)			1,557,281
			Reynolds Group Holdings, Inc.:
	3,028	M	5.75%, 10/15/2020						3,024,676
	1,525	M	5.125%, 7/15/2023			(a)			1,454,469
									12,264,170
			Energy—12.5%
	1,700	M	Andeavor Logistics, LP, 6.875%, 12/29/2049						1,516,187
	950	M	Antero Resources Corp., 5.375%, 11/1/2021						920,312
	1,650	M	Apergy Corp., 6.375%, 5/1/2026						1,608,750
	3,461	M	Baytex Energy Corp., 5.125%, 6/1/2021			(a)			3,331,212
	1,475	M	Berry Petroleum Co., 7%, 2/15/2026			(a)			1,334,875
			Blue Racer Midstream, LLC:
	1,375	M	6.125%, 11/15/2022			(a)			1,333,750
	1,500	M	6.625%, 7/15/2026			(a)			1,402,500
	2,475	M	California Resources Corp., 8%, 12/15/2022			(a)			1,683,000
	1,300	M	Callon Petroleum Co., 6.375%, 7/1/2026						1,215,500
			Carrizo Oil & Gas, Inc.:
	500	M	6.25%, 4/15/2023						465,000
	600	M	8.25%, 7/15/2025						591,000
			Chesapeake Energy Corp.:
	975	M	4.875%, 4/15/2022						855,562
	2,425	M	7%, 10/1/2024						2,109,750
			Consolidated Energy Finance SA:
	2,425	M	6.53819%, 6/15/2022			(a)	†		2,420,036
	350	M	6.5%, 5/15/2026			(a)			336,875
	1,675	M	Covey Park Energy, LLC, 7.5%, 5/15/2025			(a)			1,448,875
			Crestwood Midstream Partners, LP:
	2,175	M	6.25%, 4/1/2023						2,104,312
	1,375	M	5.75%, 4/1/2025						1,282,187
	1,700	M	CrownRock, LP, 5.625%, 10/15/2025			(a)			1,536,375
	1,200	M	CSI Compressco, LP, 7.5%, 4/1/2025			(a)			1,122,000
	1,775	M	Delek Logistics Partners, LP, 6.75%, 5/15/2025						1,730,625
	775	M	Denbury Resources, Inc., 9%, 5/15/2021			(a)			724,625
			Diamondback Energy, Inc.:
	1,600	M	4.75%, 11/1/2024			(a)			1,552,000
	500	M	4.75%, 11/1/2024						485,000
	2,325	M	EnLink Midstream Partners, LP, 4.85%, 7/15/2026						2,099,821
	2,267	M	Exterran Partners, LP, 6%, 10/1/2022						2,142,315
	650	M	Forum Energy Technologies, Inc., 6.25%, 10/1/2021						575,250
			Genesis Energy, LP:
	1,400	M	6.75%, 8/1/2022						1,372,000
	500	M	5.625%, 6/15/2024						431,250
	1,875	M	Global Partners, LP, 6.25%, 7/15/2022						1,781,250
			Gulfport Energy Corp.:
	1,250	M	6.625%, 5/1/2023						1,187,500
	1,150	M	6.375%, 5/15/2025						1,022,062
	1,550	M	Laredo Petroleum, Inc., 6.25%, 3/15/2023						1,398,875
	1,575	M	Matador Resources Co., 5.875%, 9/15/2026						1,452,938
	2,050	M	McDermott Escrow 1, Inc., 10.625%, 5/1/2024			(a)			1,737,375
			Murphy Oil Corp.:
	500	M	4.45%, 12/1/2022						472,010
	1,100	M	5.75%, 8/15/2025						1,030,247
	700	M	5.875%, 12/1/2042						536,117
	1,850	M	Nabors Industries, Inc., 5.75%, 2/1/2025						1,405,205
	850	M	Northern Oil and Gas, Inc., 8.5%, 5/15/2023			(c)	(d)		822,375
			Oasis Petroleum, Inc.:
	1,750	M	6.875%, 1/15/2023						1,620,938
	1,125	M	6.25%, 5/1/2026			(a)			947,813
	1,650	M	Parkland Fuel Corp., 6%, 4/1/2026			(a)			1,555,125
			Parsley Energy, LLC:
	875	M	5.25%, 8/15/2025			(a)			796,250
	300	M	5.625%, 10/15/2027			(a)			274,125
			Precision Drilling Corp.:
	776	M	6.5%, 12/15/2021						726,013
	950	M	7.125%, 1/15/2026			(a)			821,750
	1,350	M	QEP Resources, Inc., 6.875%, 3/1/2021						1,366,875
	2,450	M	SM Energy Co., 5%, 1/15/2024						2,143,750
	600	M	Southwestern Energy Co., 7.5%, 4/1/2026						570,000
	700	M	Suburban Propane Partners, LP, 5.875%, 3/1/2027						623,000
			Sunoco, LP:
	1,975	M	4.875%, 1/15/2023						1,930,563
	1,125	M	5.875%, 3/15/2028						1,055,115
	725	M	Transocean Guardian, Ltd., 5.875%, 1/15/2024			(a)			697,813
	1,050	M	Transocean Pontus, Ltd., 6.125%, 8/1/2025			(a)			1,018,500
			Transocean, Inc.:
	925	M	3.8%, 10/15/2022						818,625
	1,425	M	7.25%, 11/1/2025			(a)			1,250,438
	375	M	Unit Corp., 6.625%, 5/15/2021						343,125
			Whiting Petroleum Corp.:
	1,825	M	6.25%, 4/1/2023						1,669,875
	1,250	M	6.625%, 1/15/2026						1,078,125
			WPX Energy, Inc.:
	619	M	6%, 1/15/2022						605,072
	250	M	5.75%, 6/1/2026						227,500
									74,717,288
			Financials—5.9%
	2,225	M	Ally Financial, Inc., 8%, 11/1/2031						2,480,875
	1,925	M	Arch Merger Sub, Inc., 8.5%, 9/15/2025			(a)			1,746,360
	1,525	M	Credit Suisse Group AG, 7.5%, 12/11/2023			(a)			1,554,737
	1,900	M	CSTN Merger Sub, Inc., 6.75%, 8/15/2024			(a)			1,676,750
			DAE Funding, LLC:
	775	M	5.75%, 11/15/2023			(a)			769,187
	3,600	M	5%, 8/1/2024			(a)			3,492,000
			Icahn Enterprises, LP:
	2,225	M	6.25%, 2/1/2022						2,202,750
	1,450	M	6.75%, 2/1/2024						1,440,938
	1,050	M	Intesa Sanpaolo SpA, 5.017%, 6/26/2024			(a)			953,336
			Ladder Capital Finance Holdings, LLLP:
	1,350	M	5.25%, 3/15/2022			(a)			1,316,250
	2,700	M	5.25%, 10/1/2025			(a)			2,416,500
	1,425	M	LPL Holdings, Inc., 5.75%, 9/15/2025			(a)			1,339,500
	2,500	M	Navient Corp., 5.875%, 3/25/2021						2,403,125
			Park Aerospace Holdings:
	550	M	4.5%, 3/15/2023			(a)			515,625
	3,375	M	5.5%, 2/15/2024			(a)			3,265,313
			Springleaf Finance Corp.:
	1,225	M	7.75%, 10/1/2021						1,234,188
	1,450	M	5.625%, 3/15/2023						1,341,250
	1,600	M	6.875%, 3/15/2025						1,436,000
	1,950	M	7.125%, 3/15/2026						1,744,031
	750	M	UniCredit SpA, 5.861%, 6/19/2032			(a)			660,827
	1,475	M	Wand Merger Corp., 8.125%, 7/15/2023			(a)			1,441,813
									35,431,355
			Food/Beverage/Tobacco—1.9%
	375	M	HLF Financing Sarl, LLC, 7.25%, 8/15/2026			(a)			369,844
	2,050	M	JBS USA LUX SA, 6.75%, 2/15/2028			(a)			2,006,437
	1,825	M	Pilgrim's Pride Corp., 5.875%, 9/30/2027			(a)			1,660,750
			Post Holdings, Inc.:
	1,725	M	5.5%, 3/1/2025			(a)			1,662,141
	2,800	M	5.75%, 3/1/2027			(a)			2,639,000
	3,575	M	Sigma Holdco BV, 7.875%, 5/15/2026			(a)			3,110,250
									11,448,422
			Forest Products/Containers—2.9%
			Ardagh Holdings USA, Inc.:
	1,400	M	4.625%, 5/15/2023			(a)			1,340,500
	5,950	M	7.25%, 5/15/2024			(a)			5,957,437
	1,525	M	Berry Global, Inc., 5.5%, 5/15/2022						1,523,094
	1,675	M	BWAY Holding Co., 5.5%, 4/15/2024			(a)			1,580,781
			Mercer International, Inc.:
	350	M	7.75%, 12/1/2022						361,375
	1,175	M	6.5%, 2/1/2024						1,154,438
	1,425	M	7.375%, 1/15/2025			(a)			1,425,000
	525	M	5.5%, 1/15/2026						472,500
	1,500	M	Schweitzer-Mauduit International, Inc., 6.875%, 10/1/2026			(a)			1,413,750
	2,125	M	Sealed Air Corp., 6.875%, 7/15/2033			(a)			2,130,313
									17,359,188
			Gaming/Leisure—4.5%
	2,725	M	Boyd Gaming Corp., 6.875%, 5/15/2023						2,762,469
	1,225	M	Cedar Fair, LP, 5.375%, 6/1/2024						1,203,562
	1,200	M	Golden Nugget, Inc., 8.75%, 10/1/2025			(a)			1,155,000
	2,900	M	IRB Holding Corp., 6.75%, 2/15/2026			(a)			2,544,750
	2,650	M	Jack Ohio Finance, LLC, 6.75%, 11/15/2021			(a)			2,683,125
	575	M	Lions Gate Entertainment Corp., 5.875%, 11/1/2024			(a)			570,687
	1,200	M	MGM Resorts International, 6%, 3/15/2023						1,209,000
	1,650	M	National CineMedia, LLC, 6%, 4/15/2022						1,660,313
	3,650	M	Scientific Games International, Inc., 5%, 10/15/2025			(a)			3,266,750
	1,125	M	Silversea Cruise Finance, Ltd., 7.25%, 2/1/2025			(a)			1,194,975
	600	M	Six Flags Entertainment Corp., 4.875%, 7/31/2024			(a)			567,000
	1,075	M	Stars Group Holdings BV, 7%, 7/15/2026			(a)			1,048,125
			Viking Cruises, Ltd.:
	4,150	M	6.25%, 5/15/2025			(a)			4,108,500
	1,150	M	5.875%, 9/15/2027			(a)			1,075,250
	1,675	M	Wynn Las Vegas, LLC, 5.5%, 3/1/2025			(a)			1,566,125
									26,615,631
			Health Care—8.3%
	800	M	AMN Healthcare, Inc, 5.125%, 10/1/2024			(a)			768,000
			Bausch Health Cos., Inc.:
	400	M	6.5%, 3/15/2022			(a)			403,000
	1,050	M	5.5%, 3/1/2023			(a)			964,688
	3,375	M	7%, 3/15/2024			(a)			3,417,188
	2,150	M	6.125%, 4/15/2025			(a)			1,881,250
	2,225	M	9%, 12/15/2025			(a)			2,222,219
	975	M	8.5%, 1/31/2027			(a)			948,188
			CHS/Community Health Systems, Inc.:
	950	M	5.125%, 8/1/2021						885,875
	2,450	M	6.25%, 3/31/2023						2,235,747
	1,050	M	Cimpress NV, 7%, 6/15/2026			(a)			1,013,250
	5,575	M	DaVita, Inc., 5.125%, 7/15/2024						5,240,500
			Endo Finance, LLC:
	725	M	7.25%, 1/15/2022			(a)			630,750
	1,575	M	6%, 7/15/2023			(a)			1,208,812
	375	M	6%, 2/1/2025			(a)			270,937
			HCA, Inc.:
	3,600	M	6.25%, 2/15/2021						3,690,000
	1,800	M	5.875%, 5/1/2023						1,827,000
	1,475	M	5.375%, 2/1/2025						1,441,812
	900	M	5.25%, 6/15/2026						895,500
	775	M	5.5%, 6/15/2047						736,250
			HealthSouth Corp.:
	1,150	M	5.125%, 3/15/2023						1,132,750
	1,325	M	5.75%, 11/1/2024						1,316,719
			Mallinckrodt Finance SB:
	2,575	M	5.75%, 8/1/2022			(a)			2,227,375
	1,025	M	5.5%, 4/15/2025			(a)			712,375
	1,750	M	MEDNAX, Inc., 6.25%, 1/15/2027			(a)			1,693,125
	1,925	M	Molina Healthcare, Inc., 5.375%, 11/15/2022						1,864,844
	775	M	MPH Operating Partnership, LP, 7.125%, 6/1/2024			(a)			724,625
	1,775	M	Polaris Intermediate Corp., 8.5%, 12/1/2022			(a)			1,625,669
	1,425	M	RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/2023			(a)			1,444,594
	3,000	M	Syneos Health, Inc., 7.5%, 10/1/2024			(a)			3,135,000
	625	M	Tenet Healthcare Corp., 5.125%, 5/1/2025						584,375
	2,750	M	Universal Hospital Services, Inc., 7.625%, 8/15/2020						2,732,813
									49,875,230
			Home-Building—.2%
	1,650	M	William Lyon Homes, Inc., 6%, 9/1/2023						1,493,250
			Information Technology—5.5%
	5,950	M	Alliance Data Systems Corp., 5.375%, 8/1/2022			(a)			5,823,562
	1,650	M	Anixter, Inc., 6%, 12/1/2025			(a)			1,641,750
	1,650	M	CDW, LLC, 5%, 9/1/2025						1,586,062
	3,025	M	CommScope Technologies, LLC, 6%, 6/15/2025			(a)			2,767,875
			Diamond 1 Finance Corp.:
	2,425	M	5.875%, 6/15/2021			(a)			2,428,448
	800	M	7.125%, 6/15/2024			(a)			814,616
	925	M	J2 Cloud Services, LLC, 6%, 7/15/2025			(a)			907,656
			NCR Corp.:
	1,860	M	4.625%, 2/15/2021						1,818,150
	975	M	5.875%, 12/15/2021						954,281
	1,000	M	Nielsen Finance, LLC, 5%, 4/15/2022			(a)			960,000
	1,875	M	Nuance Communications, Inc., 6%, 7/1/2024						1,872,656
	3,850	M	Rackspace Hosting, Inc., 8.625%, 11/15/2024			(a)			3,012,625
	3,975	M	Solera, LLC, 10.5%, 3/1/2024			(a)			4,253,250
	1,750	M	Symantec Corp., 5%, 4/15/2025			(a)			1,636,560
	525	M	Verisign, Inc., 4.75%, 7/15/2027						494,314
	1,800	M	Verscend Holding Corp., 9.75%, 8/15/2026			(a)			1,698,750
									32,670,555
			Manufacturing—2.2%
	2,525	M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023			(a)			2,556,562
	1,575	M	Brand Energy & Infrastructure, 8.5%, 7/15/2025			(a)			1,350,562
	1,250	M	Cloud Crane, LLC, 10.125%, 8/1/2024			(a)			1,287,500
	2,925	M	Grinding Media, Inc., 7.375%, 12/15/2023			(a)			2,844,563
	2,050	M	H&E Equipment Services, Inc., 5.625%, 9/1/2025						1,888,562
	1,300	M	Park-Ohio Industries, Inc., 6.625%, 4/15/2027						1,241,500
	2,275	M	Wabash National Corp., 5.5%, 10/1/2025			(a)			1,959,344
									13,128,593
			Media-Broadcasting—2.7%
			Belo Corp.:
	725	M	7.75%, 6/1/2027						754,000
	2,099	M	7.25%, 9/15/2027						2,172,465
	800	M	Gray Escrow, Inc., 7%, 5/15/2027			(a)			780,536
	2,225	M	LIN Television Corp., 5.875%, 11/15/2022						2,225,000
	1,175	M	Nexstar Broadcasting, Inc., 5.625%, 8/1/2024			(a)			1,101,563
			Sinclair Television Group, Inc.:
	2,175	M	5.375%, 4/1/2021						2,175,000
	475	M	5.625%, 8/1/2024			(a)			446,500
	650	M	5.875%, 3/15/2026			(a)			608,562
	1,400	M	5.125%, 2/15/2027			(a)			1,242,500
	4,350	M	Sirius XM Radio, Inc., 6%, 7/15/2024			(a)			4,377,188
									15,883,314
			Media-Cable TV—9.8%
			Altice Financing SA:
	3,675	M	6.625%, 2/15/2023			(a)			3,537,188
	1,150	M	7.5%, 5/15/2026			(a)			1,052,250
	625	M	Altice Finco SA, 7.625%, 2/15/2025			(a)			521,094
			Altice France SA:
	3,225	M	6.25%, 5/15/2024			(a)			3,019,406
	1,325	M	8.125%, 2/1/2027			(a)			1,252,125
			AMC Networks, Inc.:
	1,700	M	5%, 4/1/2024						1,615,000
	775	M	4.75%, 8/1/2025						705,250
			CCO Holdings, LLC:
	1,300	M	5.25%, 9/30/2022						1,291,062
	2,275	M	5.125%, 2/15/2023						2,223,812
	925	M	5.75%, 9/1/2023						922,687
	3,675	M	5.875%, 4/1/2024			(a)			3,665,812
	1,350	M	5.125%, 5/1/2027			(a)			1,260,765
	1,275	M	5.875%, 5/1/2027			(a)			1,239,937
	975	M	5%, 2/1/2028			(a)			899,437
	2,350	M	Clear Channel International, 8.75%, 12/15/2020			(a)			2,379,375
			Clear Channel Worldwide Holdings, Inc.:
	2,900	M	Series "A", 6.5%, 11/15/2022						2,885,500
	3,775	M	Series "B", 6.5%, 11/15/2022						3,793,875
			CSC Holdings, LLC:
	3,225	M	5.375%, 7/15/2023			(a)			3,153,082
	1,700	M	7.75%, 7/15/2025			(a)			1,729,750
	1,475	M	6.625%, 10/15/2025			(a)			1,497,125
	8,025	M	10.875%, 10/15/2025			(a)			9,038,156
	475	M	5.5%, 5/15/2026			(a)			448,875
	1,625	M	7.5%, 4/1/2028			(a)			1,629,062
			DISH DBS Corp.:
	1,650	M	5%, 3/15/2023						1,379,812
	1,750	M	5.875%, 11/15/2024						1,415,312
			Gray Television, Inc.:
	350	M	5.125%, 10/15/2024			(a)			323,575
	1,575	M	5.875%, 7/15/2026			(a)			1,472,310
	3,830	M	Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023			(a)			3,944,900
	725	M	Netflix, Inc., 4.875%, 4/15/2028						663,375
									58,959,909
			Media-Diversified—1.1%
	1,750	M	Outdoor Americas Capital, LLC, 5.875%, 3/15/2025						1,723,750
	4,525	M	Tribune Media Co., 5.875%, 7/15/2022						4,570,250
									6,294,000
			Metals/Mining—4.7%
	1,625	M	AK Steel Corp., 7%, 3/15/2027						1,275,625
	1,480	M	Allegheny Technologies, Inc., 7.875%, 8/15/2023						1,515,150
	900	M	Big River Steel, LLC, 7.25%, 9/1/2025			(a)			895,500
			Commercial Metals Co.:
	1,725	M	4.875%, 5/15/2023						1,638,750
	1,100	M	5.375%, 7/15/2027						987,250
	1,550	M	Constellium NV, 5.75%, 5/15/2024			(a)			1,433,750
	2,275	M	First Quantum Minerals, Ltd., 6.5%, 3/1/2024			(a)			1,896,781
	3,000	M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022			(a)			3,030,000
	750	M	Mountain Province Diamonds, Inc., 8%, 12/15/2022			(a)			755,062
	1,550	M	Natural Resource Partners, LP, 10.5%, 3/15/2022						1,604,250
	1,075	M	Northwest Acquisitions, ULC, 7.125%, 11/1/2022			(a)			1,064,573
	2,125	M	Novelis, Inc., 5.875%, 9/30/2026			(a)			1,885,938
	4,775	M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025			(a)			4,536,250
	2,150	M	Teck Resources, Ltd., 6%, 8/15/2040						2,010,250
	2,100	M	TMS International Corp., 7.25%, 8/15/2025			(a)			1,968,750
	2,125	M	United States Steel Corp., 6.25%, 3/15/2026						1,867,344
									28,365,223
			Real Estate—1.4%
			Geo Group, Inc.:
	400	M	5.125%, 4/1/2023						361,500
	1,575	M	6%, 4/15/2026						1,387,969
	1,125	M	Greystar Real Estate Partners, 5.75%, 12/1/2025			(a)			1,102,500
			Iron Mountain, Inc.:
	875	M	5.75%, 8/15/2024						833,438
	1,800	M	5.25%, 3/15/2028			(a)			1,597,500
	1,350	M	Lennar Corp., 4.875%, 12/15/2023						1,301,063
	625	M	MPT Operating Partnership, LP, 6.375%, 3/1/2024						643,750
	1,500	M	Sabra Health Care, LP, 5.125%, 8/15/2026						1,392,294
									8,620,014
			Retail-General Merchandise—2.0%
			1011778 B.C., ULC:
	2,875	M	4.625%, 1/15/2022			(a)			2,788,750
	1,750	M	5%, 10/15/2025			(a)			1,614,375
			AmeriGas Partners, LP:
	775	M	5.625%, 5/20/2024						736,250
	1,725	M	5.5%, 5/20/2025						1,587,000
	1,450	M	J.C. Penney Co., Inc., 8.625%, 3/15/2025						783,000
	1,075	M	KFC Holding Co., LLC, 5%, 6/1/2024			(a)			1,040,063
	2,800	M	L Brands, Inc., 6.75%, 7/1/2036						2,296,000
	875	M	SRS Distribution, Inc., 8.25%, 7/1/2026			(a)			805,000
									11,650,438
			Services—1.9%
	2,125	M	ADT Corp., 3.5%, 7/15/2022						1,973,594
	75	M	AECOM, 5.125%, 3/15/2027						64,500
			First Data Corp.:
	1,725	M	5.375%, 8/15/2023			(a)			1,699,125
	850	M	5%, 1/15/2024			(a)			821,312
	2,250	M	GW Honos Security Corp., 8.75%, 5/15/2025			(a)			2,058,750
	1,378	M	Prime Security Services Borrower, LLC, 9.25%, 5/15/2023			(a)			1,424,507
			United Rentals, Inc.:
	975	M	4.625%, 10/15/2025						872,625
	575	M	6.5%, 12/15/2026						567,813
	2,150	M	5.5%, 5/15/2027						1,999,500
									11,481,726
			Telecommunications—3.8%
	2,425	M	CenturyLink, Inc., 5.8%, 3/15/2022						2,346,187
			Frontier Communications Corp.:
	1,175	M	10.5%, 9/15/2022						822,500
	2,150	M	11%, 9/15/2025						1,349,017
	975	M	8.5%, 4/1/2026			(a)			855,563
			GCI, Inc.:
	2,023	M	6.75%, 6/1/2021						2,032,670
	5,375	M	6.875%, 4/15/2025						5,240,625
	1,575	M	Qwest Corp., 7.25%, 9/15/2025						1,623,731
	1,425	M	Telecom Italia Capital SA, 7.2%, 7/18/2036						1,368,000
	2,875	M	Telesat Canada, 8.875%, 11/15/2024			(a)			2,997,188
			Zayo Group, LLC:
	1,050	M	6%, 4/1/2023						1,000,241
	1,825	M	6.375%, 5/15/2025						1,704,094
	1,525	M	5.75%, 1/15/2027			(a)			1,364,875
									22,704,691
			Transportation—1.6%
	2,650	M	BCD Acquisition, Inc., 9.625%, 9/15/2023			(a)			2,736,125
			Fly Leasing, Ltd.:
	925	M	6.375%, 10/15/2021						925,000
	1,625	M	5.25%, 10/15/2024						1,474,687
	1,750	M	Mobile Mini, Inc., 5.875%, 7/1/2024						1,719,375
	2,925	M	XPO Logistics, Inc., 6.125%, 9/1/2023			(a)			2,832,131
									9,687,318
			Utilities—3.8%
	650	M	AES Corp., 5.125%, 9/1/2027						625,625
			Calpine Corp.:
	1,575	M	5.75%, 1/15/2025						1,445,062
	1,800	M	5.25%, 6/1/2026			(a)			1,649,250
			Cheniere Corpus Christi Holdings:
	550	M	7%, 6/30/2024						581,625
	1,675	M	5.125%, 6/30/2027						1,587,565
	425	M	Clearway Energy Operating, LLC, 5.75%, 10/15/2025			(a)			407,469
	1,600	M	DCP Midstream Operating, LP, 3.875%, 3/15/2023						1,504,000
	1,850	M	Drax Finco, PLC, 6.625%, 11/1/2025			(a)			1,822,250
	2,100	M	Dynegy, Inc., 7.375%, 11/1/2022						2,173,500
	1,775	M	Energy Transfer Partners, LP, 6.25%, 12/29/2049						1,488,781
	214	M	Indiantown Cogeneration Utilities, LP, 9.77%, 12/15/2020						227,198
	1,125	M	NRG Yield Operating, LLC, 5%, 9/15/2026						1,015,313
	2,294	M	NSG Holdings, LLC, 7.75%, 12/15/2025			(a)			2,431,198
	4,800	M	Targa Resources Partners, LP, 4.25%, 11/15/2023						4,458,000
	1,675	M	Terraform Power Operating, LLC, 5%, 1/31/2028			(a)			1,480,281
									22,897,117
			Waste Management—.5%
	2,200	M	Covanta Holding Corp., 5.875%, 7/1/2025						2,032,250
	1,175	M	GFL Environmental, Inc., 5.625%, 5/1/2022			(a)			1,089,813
									3,122,063
			Wireless Communications—4.5%
	775	M	Inmarsat Finance, PLC, 4.875%, 5/15/2022			(a)			734,623
	3,725	M	Intelsat Jackson Holdings SA, 8.5%, 10/15/2024			(a)			3,631,875
			Level 3 Financing, Inc.:
	1,500	M	6.125%, 1/15/2021						1,503,750
	2,150	M	5.125%, 5/1/2023						2,082,813
	1,475	M	5.375%, 1/15/2024						1,408,625
	5,750	M	Sprint Communications, Inc., 6%, 11/15/2022						5,657,023
			Sprint Corp.:
	4,575	M	7.875%, 9/15/2023						4,706,531
	950	M	7.125%, 6/15/2024						943,198
	650	M	7.625%, 2/15/2025						651,625
	1,325	M	7.625%, 3/1/2026						1,311,750
	4,250	M	T-Mobile USA, Inc., 6%, 4/15/2024						4,260,625
									26,892,438
Total Value of Corporate Bonds (cost $585,713,146)									551,392,277
			LOAN PARTICIPATIONS†—4.1%
			Chemicals—.5%
	3,216	M	ColourOz Investment, 5.4874%, 9/7/2021						2,910,849
			Energy—.6%
	425	M	Centurion Pipeline, LLC, 6.053%, 9/26/2025						406,937
	3,021	M	Foresight Energy, LLC, 8.2766%, 3/16/2022						2,970,503
									3,377,440
			Food/Beverage/Tobacco—.9%
	3,217	M	Chobani, LLC, 6.0223%, 10/9/2023						2,996,066
	2,264	M	Sigma Bidco BV, 5.3981%, 7/2/2025						2,147,614
									5,143,680
			Gaming/Leisure—.4%
	2,600	M	Dorna Sports SL, 5.883%, 4/12/2024						2,561,000
			Health Care—.4%
	2,319	M	Inovalon Holdings, Inc., 5.9375%, 4/2/2025						2,255,410
			Media-Diversified—.5%
	3,000	M	Tribune Media Co., 5.5223%, 1/29/2024						2,962,500
			Telecommunication Services—.8%
	5,000	M	Intelsat Jackson Holdings SA, 5.5%, 1/2/2024				(b)		4,983,750
Total Value of Loan Participations (cost $24,816,228)									24,194,629
Total Value of Investments (cost $610,529,374)				96.2	%				575,586,906
Other Assets, Less Liabilities				3.8					22,978,279
Net Assets				100.0	%			$	598,565,185

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933. Certain restricted securities are exempt from the registration requirements under Rule 144A of the Securities Act of 1933 and may only be sold to qualified institutional investors. At December 31, 2018, the Fund held one hundred seventy-five 144A securities with an aggregate value of $304,997,736 representing 51.0% of the Fund's net assets.

(b)

A portion or all of the security purchased on a when-issued or delayed delivery basis.

(c)

Denotes a PIK bond (a bond that pays interest in the form of additional bonds instead of cash.)

(d)

Denotes a step bond (a zero coupon bond that converts to a fixed interest rate at a designated date)

†

Interest rates are determined and reset periodically. The interest rates above are the rates in effect at December 31, 2018.

At December 31, 2018, the cost of investments for federal income tax purposes was $610,579,880. Accumulated net unrealized depreciation on investments was $34,992,974, consisting of $1,208,095 gross unrealized appreciation and $36,201,880 gross unrealized depreciation.

The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with
investing in those securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of December 31, 2018:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	551,392,277	$	-	$	551,392,277
Loan Participations		-		24,194,629		-		24,194,629
Total Investments in Securities*	$	-	$	575,586,906	$	-	$	575,586,906

The Portfolio of Investments provides information on the industry categorization of corporate bonds and loan participations.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended December 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

GOVERNMENT CASH MANAGEMENT FUND

December 31, 2018

Principal Amount			Security	Interest Rate*			Value
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—57.6%
			U.S. Treasury Bills:
$	2,000	M	1/10/2019		2.10	%	$	1,998,938
	3,000	M	1/15/2019		2.25			2,997,365
	3,500	M	1/17/2019		2.23			3,496,525
	7,000	M	1/17/2019		2.27			6,992,926
	6,500	M	1/22/2019		2.30			6,491,273
	4,000	M	1/24/2019		2.28			3,994,160
	9,000	M	1/29/2019		2.34			8,983,625
	7,000	M	1/31/2019		2.29			6,986,610
	9,000	M	1/8/2019		2.24			8,996,084
	1,000	M	2/14/2019		2.35			997,130
	4,000	M	2/19/2019		2.38			3,987,056
	1,800	M	2/21/2019		2.31			1,794,092
	8,000	M	2/5/2019		2.34			7,981,769
	5,000	M	2/7/2019		2.16			4,988,806
	5,000	M	3/14/2019		2.32			4,976,701
	4,500	M	3/21/2019		2.33			4,476,914
	1,500	M	3/28/2019		2.17			1,492,154
	3,500	M	3/7/2019		2.34			3,485,203
	2,000	M	4/11/2019		2.40			1,986,611
	4,000	M	5/16/2019		2.43			3,963,375
	1,500	M	5/9/2019		2.43			1,486,983
	2,000	M	6/13/2019		2.45			1,977,785
	2,000	M	7/18/2019		2.41			1,973,428
Total Value of Short-Term U.S. Government Obligations (cost $96,505,513)								96,505,513
			VARIABLE AND FLOATING RATE NOTES—21.4%
			Federal Farm Credit Bank:
	4,800	M	2/25/2019		2.68			4,801,975
	1,715	M	4/3/2019		2.29			1,715,095
	2,058	M	4/24/2019		2.46			2,058,268
	4,000	M	5/30/2019		2.44			3,999,724
	10,000	M	7/26/2019		2.70			10,015,328
	1,000	M	11/14/2019		2.61			1,001,965
			Federal Home Loan Bank:
	6,500	M	4/9/2019		2.09			6,497,772
	5,700	M	7/5/2019		2.25			5,703,661
Total Value of Variable and Floating Rate Notes (cost $35,793,788)								35,793,788
			SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS—21.2%
			Federal Home Loan Bank:
	9,000	M	1/16/2019		2.28			8,991,410
	2,000	M	1/24/2019		2.34			1,997,005
	9,000	M	1/28/2019		2.35			8,984,116
	9,000	M	2/8/2019		2.35			8,977,597
	2,000	M	2/12/2019		2.38			1,994,440
	4,500	M	3/21/2019		2.38			4,476,446
Total Value of Short-Term U.S. Government Agency Obligations (cost $35,421,014)								35,421,014
Total Value of Investments (cost $167,720,315)**					100.2	%		167,720,315
Excess of Liabilities Over Other Assets					(.2	)		(296,777	)
Net Assets					100.0	%	$	167,423,538

The interest rates shown are the effective rates at the time of purchase by the Fund. The interest rates shown on variable and floating rate notes are adjusted periodically; the rates shown are the rates in effect at December 31, 2018.

Aggregate cost for federal income tax purposes is the same.

The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of December 31, 2018:

	Level 1		Level 2		Level 3		Total
Short-Term U.S. Government Obligations	$	-	$	95,505,513	$	-	$	95,505,513
Variable and Floating Rate Notes:
U.S. Government Agency Obligations		-		35,793,788		-		35,793,788
Short-Term U.S. Government Agency Obligations		-		35,421,014		-		35,421,014
Total Investments in Securities	$	-	$	166,720,315	$	-	$	166,720,315

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended December 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

INTERNATIONAL OPPORTUNITIES BOND FUND

December 31, 2018

Principal Amount

Security

Value

SOVEREIGN BONDS—50.5%

Mexico—11.8%

United Mexican States:

288

MXN

7.75%, 11/23/2034

1,330,529

1,324

MXN

7.75%, 11/13/2042

5,955,650

533

MXN

8%, 11/7/2047

2,452,119

822

MXN

8.5%, 5/31/2029

4,116,410

851

MXN

8.5%, 11/18/2038

4,171,347

18,026,055

Malaysia—7.3%

Federation of Malaysia:

14,190

MYR

3.48%, 3/15/2023

3,389,880

1,750

MYR

3.62%, 11/30/2021

423,228

7,020

MYR

3.659%, 10/15/2020

1,702,625

8,435

MYR

3.882%, 3/10/2022

2,052,711

5,330

MYR

3.899%, 11/16/2027

1,262,159

890

MYR

3.9%, 11/30/2026

212,099

2,405

MYR

3.955%, 9/15/2025

579,409

6,540

MYR

4.048%, 9/30/2021

1,599,302

11,221,413

Poland—7.1%

Republic of Poland:

19,220

PLN

Zero Coupon, 4/25/2019 (Effective Yield 1.551%)

(c)

5,122,365

14,085

PLN

1.5%, 4/25/2020

3,780,163

7,330

PLN

3.25%, 7/25/2019

1,985,222

10,887,750

South Africa—5.6%

Republic of South Africa:

54,690

ZAR

6.5%, 2/28/2041

2,654,192

95,150

ZAR

8.75%, 2/28/2048

5,888,553

8,542,745

Brazil—4.3%

BRL

Nota Do Tesouro Nacional, 10%, 1/1/2027

6,620,777

United Kingdom—4.0%

4,760

GBP

United Kingdom Gilt, 1.75%, 7/22/2019

6,100,525

Colombia—4.0%

18,540,000

COP

Titulos De Tesoreria, 7.5%, 8/26/2026

6,043,800

Indonesia—2.7%

Republic of Indonesia:

34,800,000

IDR

8.375%, 3/15/2034

2,435,136

23,800,000

IDR

9%, 3/15/2029

1,749,090

4,184,226

Peru—2.0%

10,000

PEN

Bonos De Tesoreria, 6.15%, 8/12/2032

(d)

3,025,578

Australia—1.7%

3,625

AUD

Commonwealth of Australia, 2.75%, 10/21/2019

2,569,579

Total Value of Sovereign Bonds (cost $95,052,745)

77,222,448

CORPORATE BONDS—22.8%

United States—19.7%

1,390

USD

American Express Co., 3.19%, 11/5/2021

(a)

1,385,088

2,490

USD

Caterpillar Financial Service, 3.0182%, 3/15/2021

(a)

2,473,964

2,100

USD

Citibank NA, 2.9681%, 2/12/2021

(a)

2,078,366

1,650

USD

Citigroup, Inc., 3.2043%, 1/10/2020

(a)

1,652,422

2,395

USD

Daimler Finance NA, LLC, 3.1269%, 2/22/2021

(a)

(b)

2,366,157

Ford Motor Credit Co., LLC:

2,055

USD

3.4081%, 1/9/2020

(a)

2,034,238

930

USD

3.2183%, 4/5/2021

(a)

906,437

2,505

USD

General Motors Financial Co., Inc., 3.3663%, 4/13/2020

(a)

2,489,802

4,180

USD

Goldman Sachs Group, Inc., 3.4269%, 2/23/2023

(a)

4,042,106

1,505

USD

HP Enterprise Co., 6.35%, 10/15/2045

1,409,160

Metropolitan Life Global Funding I:

1,410

USD

3.0236%, 9/19/2019

(a)

(b)

1,408,697

2,290

USD

2.6381%, 1/8/2021

(a)

(b)

2,262,866

2,410

USD

NBCUniversal Enterprise, Inc., 2.796%, 4/1/2021

(a)

(b)

2,387,185

1,555

USD

New York Life Global Funding, 2.556%, 10/1/2020

(a)

(b)

1,548,121

1,760

USD

Wells Fargo & Co., 3.533%, 7/26/2021

(a)

1,768,819

30,213,428

Australia—1.9%

1,395

USD

Macquarie Bank, Ltd., 2.7575%, 4/4/2019

(a)

(b)

1,394,806

1,500

USD

National Australia Bank, Ltd., 3.1869%, 5/22/2020

(a)

(b)

1,499,643

2,894,449

Germany—1.2%

1,825

USD

BMW U.S. Capital, LLC, 2.7881%, 4/6/2020

(a)

(b)

1,815,791

Total Value of Corporate Bonds (cost $35,342,274)

34,923,668

U.S. GOVERNMENT OBLIGATIONS—16.4%

United States

U.S. Treasury Notes:

12,685

USD

2.4628%, 4/30/2020

(a)

12,682,095

5,360

USD

2.4748%, 10/31/2020

(a)

5,352,866

3,100

USD

2.4898%, 7/31/2019

(a)

3,101,314

4,000

USD

2.4998%, 4/30/2019

(a)

4,002,092

Total Value of U.S. Government Obligations (cost $25,151,652)

25,138,367

SUPRANATIONALS—3.6%

United States—2.9%

4,410

USD

Inter-American Development Bank, 2.3869%, 10/9/2020

(a)

4,406,512

Venezuela—.7%

1,075

USD

Corp. Andina De Formento, 2%, 5/10/2019

1,071,650

Total Value of Supranational (cost $5,481,861)

5,478,162

GOVERNMENT REGIONAL AGENCY—3.5%

Australia

1,010

AUD

New South Wales Treasury Corp., 3.5%, 3/20/2019

713,677

3,700

AUD

Queensland Treasury Corp., 4%, 6/21/2019

(d)

2,629,576

2,740

AUD

Western Australia Treasury Corp., 7%, 10/15/2019

2,002,772

Total Value of Government Regional Agency (cost $6,177,012)

5,346,025

GOVERNMENT SOVEREIGN AGENCY—1.2%

Norway

1,872

USD

Kommunalbanken AS, 3.1182%, 6/16/2020 (cost $1,882,801)

(a)

(b)

1,881,059

Total Value of Investments (cost $169,088,345)

98.0

149,989,729

Other Assets, Less Liabilities

2.0

3,014,868

Net Assets

100.0

153,004,597

(a)

Interest rates are determined and reset periodically. The interest rates above are the rates in effect as December 31, 2018.

(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933. Certain restricted securities are exempt from the registration requirements under Rule 144A of the Securities Act of 1933 and may only be sold to qualified institutional investors. At December 31, 2018, the Fund held nine 144A securities with an aggregate value of $16,564,325 representing 10.8% of the Fund's net assets.

(c)

The effective yields shown for zero coupon obligations are the effective yeilds at December 31, 2018.

(d)

Security exempt from registration under Regulation S of the Securiites Act of 1933.

At December 31, 2018, the cost of investments for federal income tax purposes was $169,088,345. Accumulated net unrealized depreciation on investments was $19,098,616, consisting of $59,824 gross unrealized appreciation and $19,158,440 gross unrealized depreciation.

At December 31, 2018, International Opportunities Bond Fund has open foreign exchange contracts as described below.

The unrealized appreciation (depreciation) on the open contracts were as follows:

International Opportunities Bond Fund

Counterparty	Settlement Date	Foreign Currency	Receive (Deliver)			Asset		Liability		Unrealized Appreciation (Depreciation)
HSBC	1/14/19	SEK		72,400,000		$	8,219,194	$	8,168,838	$	(50,356	)
MSD	1/16/19	PLN		(2,860,000	)		764,226		771,524		7,298
GS	1/18/19	CAD		12,290,000			9,450,502		9,002,344		(448,158	)
HSBC	1/24/19	NOK		18,500,000			2,265,019		2,139,594		(125,425	)
HSBC	2/15/19	SEK		16,700,000			1,875,119		1,884,248		9,129
JPM	2/22/19	JPY		1,054,000,000			9,348,115		9,616,349		268,234
HSBC	2/22/19	NOK		20,900,000			2,475,746		2,417,163		(58,583	)
MSD	2/25/19	AUD		6,230,000			4,505,972		4,388,096		(117,876	)
HSBC	2/25/19	AUD		(4,750,000	)		3,345,659		3,374,115		28,456
HSBC	3/15/19	SEK		16,600,000			1,868,212		1,872,965		4,753
CITI	3/18/19	GBP		8,710,000			11,083,170		11,101,764		18,594
BCI	3/19/19	ZAR		(21,700,000	)		1,508,254		1,490,164		(18,090	)
HSBC	3/22/19	NOK		20,800,000			2,466,998		2,405,598		(61,400	)
HSBC	3/26/19	JPY		723,000,000			6,552,177		6,596,414		44,237
HSBC	4/15/19	SEK		55,400,000			6,197,561		6,250,740		53,179

Net unrealized depreciation on open foreign exchange contracts										$	(446,008	)

A summary of abbreviations for counterparties to foeign exchange contracts are as follows:

BCI		Barclays Group, Inc.
CITI		Citigroup Global Markets
GS		Goldman Sachs & Co.
HSBC		HSBC Bank USA N.A.
JPM		J.P. Morgan Securities, Inc.
MSD		Morgan Stanley

Summary of Abbreviations:

AUD		Australian Dollar
BRL		Brazillian Real
CAD		Canadian Dollar
COP		Colombian Peso
GBP		British Pound
IDR		Indonesian Rupiah
JPY		Japanese Yen
MXN		Mexican Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
PEN		Peruvian Sol
PLN		Polish Zloty
SEK		Swedish Krona
USD		United States Dollar
ZAR		South African Rand

The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of December 31, 2018:

	Level 1		Level 2			Level 3		Total
Sovereign Bonds
Mexico	$	-	$	18,026,055		$	-	$	18,026,055
Malaysia		-		11,221,413			-		11,221,413
Poland		-		10,887,750			-		10,887,750
South Africa		-		8,542,745			-		8,542,745
Brazil		-		6,620,777			-		6,620,777
United Kingdom		-		6,100,525			-		6,100,525
Colombia		-		6,043,800			-		6,043,800
Indonesia		-		4,184,226			-		4,184,226
Peru		-		3,025,578			-		3,025,578
Australia		-		2,569,579			-		2,569,579
Corporate Bonds
United States		-		30,213,428			-		30,213,428
Australia		-		2,894,449			-		2,894,449
Germany		-		1,815,791			-		1,815,791
U.S. Government Obligations		-		25,138,367			-		25,138,367
Supranationals
United States		-		4,406,512			-		4,406,512
Venezuela		-		1,071,650			-		1,071,650
Government Regional Agency
Australia		-		5,346,025			-		5,346,025
Government Sovereign Agency
Norway		-		1,881,059			-		1,881,059
Total Investments in Securities	$	-	$	149,989,729		$	-	$	149,989,729
Other Financial Instruments*	$	-	$	(446,008	)	$	-	$	(446,008	)

Other financial instruments are foreign exchange contracts and are considered derivative instruments, which are valued at the net unrealized depreciation on the instrument.

During the period ended December 31, 2018, there were no transfers between Level 1 investments and Level 2 investments that had a material inpact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period (see Note 1A). Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

INVESTMENT GRADE FUND

December 31, 2018

Principal Amount			Security						Value
			CORPORATE BONDS—95.6%
			Aerospace/Defense—.9%
$	275	M	Bombardier, Inc., 8.75%, 12/1/2021			(a)			$	284,281
	5,000	M	Rockwell Collins, Inc., 3.5%, 3/15/2027							4,701,665
	275	M	TransDigm, Inc., 6.5%, 5/15/2025							263,656
										5,249,602
			Automotive—7.1%
	275	M	American Axle & Manufacturing, Inc., 6.25%, 4/1/2025							251,281
	50	M	Asbury Automotive Group, Inc., 6%, 12/15/2024							48,125
	275	M	Cooper Standard Automotive, Inc., 5.625%, 11/15/2026			(a)				243,375
	5,000	M	Daimler Finance NA, LLC, 3.35%, 2/22/2023			(a)				4,934,620
	545	M	Dana Holding Corp., 5.5%, 12/15/2024							509,575
			Ford Motor Credit Co., LLC:
	3,150	M	2.375%, 3/12/2019							3,144,922
	6,200	M	8.125%, 1/15/2020							6,438,297
	5,000	M	3.81%, 1/9/2024							4,619,475
			General Motors Financial Co., Inc.:
	4,451	M	2.4%, 5/9/2019							4,434,656
	4,000	M	5.25%, 3/1/2026							3,919,772
	75	M	Hertz Corp., 5.875%, 10/15/2020							73,031
	50	M	J.B. Poindexter & Co., 7.125%, 4/15/2026			(a)				47,000
			Lear Corp.:
	3,600	M	5.25%, 1/15/2025							3,701,444
	3,000	M	3.8%, 9/15/2027							2,745,348
	50	M	LKQ Corp., 4.75%, 5/15/2023							47,250
	4,000	M	O'Reilly Automotive, Inc., 3.55%, 3/15/2026							3,848,304
	75	M	Tenneco, Inc., 5%, 7/15/2026							58,069
	2,700	M	Volkswagen Group America, 4%, 11/12/2021							2,700,130
										41,764,674
			Building Materials—.1%
	100	M	Building Materials Corp., 5.375%, 11/15/2024			(a)				94,250
	150	M	Griffon Corp., 5.25%, 3/1/2022							136,312
	75	M	Standard Industries, Inc., 5.5%, 2/15/2023			(a)				73,688
										304,250
			Chemicals—3.2%
	275	M	Blue Cube Spinco, Inc., 10%, 10/15/2025							312,125
	100	M	Chemours Co., 6.625%, 5/15/2023							101,375
	4,020	M	Dow Chemical Co., 3.5%, 10/1/2024							3,883,999
	4,500	M	DowDuPont, Inc., 4.725%, 11/15/2028							4,654,768
	5,000	M	LyondellBasell Industries NV, 6%, 11/15/2021							5,288,295
	4,000	M	Nutrien, Ltd., 3.375%, 3/15/2025							3,763,172
	275	M	Rain CII Carbon, LLC, 7.25%, 4/1/2025			(a)				250,250
	145	M	Rayonier AM Products, Inc., 5.5%, 6/1/2024			(a)				128,325
	100	M	Tronox, Inc., 6.5%, 4/15/2026			(a)				83,375
	100	M	Univar USA, Inc., 6.75%, 7/15/2023			(a)				99,125
										18,564,809
			Consumer Non-Durables—.1%
	175	M	Eagle Intermediate Global Holding, 7.5%, 5/1/2025			(a)				164,369
	50	M	Energizer Gamma Acquisition, 6.375%, 7/15/2026			(a)				46,000
	75	M	Energizer Holdings, Inc., 5.5%, 6/15/2025			(a)				67,875
	100	M	First Quality Finance Co., 4.625%, 5/15/2021			(a)				97,250
	75	M	KGA Escrow, LLC, 7.5%, 8/15/2023			(a)				74,156
			Reynolds Group Holdings, Inc.:
	145	M	5.75%, 10/15/2020							145,184
	275	M	5.125%, 7/15/2023			(a)				262,281
										857,115
			Energy—11.1%
	6,600	M	Andeavor Logistics, LP, 5.25%, 1/15/2025							6,724,634
	75	M	Apergy Corp., 6.375%, 5/1/2026							73,125
	150	M	Baytex Energy Corp., 5.125%, 6/1/2021			(a)				144,375
			Blue Racer Midstream, LLC:
	275	M	6.125%, 11/15/2022			(a)				266,750
	75	M	6.625%, 7/15/2026			(a)				70,125
	4,300	M	BP Capital Markets, PLC, 3.216%, 11/28/2023							4,240,806
	125	M	California Resources Corp., 8%, 12/15/2022			(a)				85,000
	50	M	Callon Petroleum Co., 6.375%, 7/1/2026							46,750
	5,000	M	Canadian Oil Sands, Ltd., 7.75%, 5/15/2019			(a)				5,085,015
			Chesapeake Energy Corp.:
	50	M	4.875%, 4/15/2022							43,875
	125	M	7%, 10/1/2024							108,750
	150	M	Consolidated Energy Finance SA, 6.08413%, 6/15/2022			(a)	†			149,693
	4,000	M	Continental Resources, Inc., 5%, 9/15/2022							3,976,260
	75	M	Covey Park Energy, LLC, 7.5%, 5/15/2025			(a)				64,875
	75	M	CrownRock, LP, 5.625%, 10/15/2025			(a)				67,781
	25	M	Denbury Resources, Inc., 9%, 5/15/2021			(a)				23,375
	75	M	Diamondback Energy, Inc., 4.75%, 11/1/2024			(a)				72,750
	4,000	M	Enable Midstream Partners, LP, 4.4%, 3/15/2027							3,741,260
	5,000	M	Enbridge Energy Partners, LP, 4.2%, 9/15/2021							5,070,805
	100	M	EnLink Midstream Partners, LP, 4.85%, 7/15/2026							90,315
			Enterprise Products Operating:
	4,031	M	7.55%, 4/15/2038							5,117,310
	1,800	M	4.8%, 2/1/2049							1,755,461
	270	M	Exterran Partners, LP, 6%, 10/1/2022							255,150
	275	M	Global Partners, LP, 6.25%, 7/15/2022							261,250
	50	M	Gulfport Energy Corp., 6.625%, 5/1/2023							47,500
	5,000	M	Kinder Morgan Energy Partners, LP, 3.45%, 2/15/2023							4,883,550
	4,750	M	Kinder Morgan, Inc., 5.625%, 11/15/2023			(a)				5,026,526
	75	M	Laredo Petroleum, Inc., 6.25%, 3/15/2023							67,688
	5,000	M	Magellan Midstream Partners, LP, 5%, 3/1/2026							5,234,030
	75	M	Matador Resources Co., 5.875%, 9/15/2026							69,188
	75	M	McDermott Escrow 1, Inc., 10.625%, 5/1/2024			(a)				63,563
	4,300	M	Noble Energy, Inc., 3.85%, 1/15/2028							3,894,970
	50	M	Northern Oil and Gas, Inc., 9.5%, 5/15/2023				(b)	(c)		48,375
			Oasis Petroleum, Inc.:
	275	M	6.875%, 1/15/2023							254,719
	50	M	6.25%, 5/1/2026			(a)				42,125
	75	M	Parkland Fuel Corp., 6%, 4/1/2026			(a)				70,688
	100	M	Parsley Energy, LLC, 5.25%, 8/15/2025			(a)				91,000
	25	M	SM Energy Co., 6.625%, 1/15/2027							22,250
			Sunoco, LP:
	75	M	4.875%, 1/15/2023							73,313
	75	M	5.875%, 3/15/2028							70,341
	50	M	Transocean Guardian, Ltd., 5.875%, 1/15/2024			(a)				48,125
	50	M	Transocean Pontus, Ltd., 6.125%, 8/1/2025			(a)				48,500
			Transocean, Inc.:
	50	M	3.8%, 10/15/2022							44,250
	75	M	7.25%, 11/1/2025			(a)				65,813
			Valero Energy Corp.:
	2,700	M	4.35%, 6/1/2028							2,679,904
	3,500	M	6.625%, 6/15/2037							3,845,243
			Whiting Petroleum Corp.:
	275	M	5.75%, 3/15/2021							262,625
	50	M	6.25%, 4/1/2023							45,750
	75	M	6.625%, 1/15/2026							64,688
			WPX Energy, Inc.:
	270	M	5.25%, 9/15/2024							245,700
	25	M	5.75%, 6/1/2026							22,750
										64,868,664
			Financial Services—8.6%
	2,000	M	American International Group, Inc., 4.7%, 7/10/2035							1,902,702
	5,400	M	Assured Guaranty U.S. Holding, Inc., 5%, 7/1/2024							5,591,705
	4,500	M	Brookfield Finance, Inc., 4%, 4/1/2024							4,453,942
	3,750	M	ERAC USA Finance, LLC, 4.5%, 8/16/2021			(a)				3,828,352
	2,500	M	GE Capital International Funding Services, Ltd., 4.418%, 11/15/2035							2,099,800
	6,400	M	General Electric Capital Corp., 4.65%, 10/17/2021							6,423,354
	4,500	M	International Lease Finance Corp., 8.25%, 12/15/2020							4,843,215
	5,000	M	Key Bank NA, 3.4%, 5/20/2026							4,800,965
	4,000	M	Liberty Mutual Group, Inc., 4.95%, 5/1/2022			(a)				4,127,260
	75	M	Nationstar Mortgage, LLC, 6.5%, 7/1/2021							73,313
			Protective Life Corp.:
	5,135	M	7.375%, 10/15/2019							5,279,550
	3,600	M	4.3%, 9/30/2028			(a)				3,575,538
	3,000	M	Prudential Financial, Inc., 7.375%, 6/15/2019							3,054,759
										50,054,455
			Financials—19.3%
	275	M	Ally Financial, Inc., 8%, 11/1/2031							306,625
			Bank of America Corp.:
	6,000	M	4.2%, 8/26/2024							5,955,246
	2,000	M	4.271%, 7/23/2029							1,992,936
	4,725	M	5.875%, 2/7/2042							5,495,246
			Barclays Bank, PLC:
	2,000	M	5.125%, 1/8/2020							2,031,882
	3,800	M	3.75%, 5/15/2024							3,767,172
	3,200	M	Capital One Financial Corp., 3.75%, 4/24/2024							3,124,701
			Citigroup, Inc.:
	2,250	M	2.9%, 12/8/2021							2,215,152
	6,200	M	4.5%, 1/14/2022							6,339,215
	4,500	M	4.3%, 11/20/2026							4,334,422
	2,900	M	4.075%, 4/23/2029							2,824,794
			DAE Funding, LLC:
	50	M	5.75%, 11/15/2023			(a)				49,625
	275	M	5%, 8/1/2024			(a)				266,750
	3,000	M	Deutsche Bank AG of New York, 3.7%, 5/30/2024							2,728,404
			Goldman Sachs Group, Inc.:
	3,850	M	5.75%, 1/24/2022							4,032,775
	6,950	M	3.5%, 11/16/2026							6,425,873
	4,550	M	4.223%, 5/1/2029							4,387,187
	3,750	M	HSBC Holdings, PLC, 3.95%, 5/18/2024							3,731,977
	200	M	Icahn Enterprises, LP, 6.75%, 2/1/2024							198,750
			JPMorgan Chase & Co.:
	2,500	M	3.559%, 4/23/2024							2,482,565
	5,450	M	3.54%, 5/1/2028				†			5,201,496
	5,900	M	6.4%, 5/15/2038							7,187,516
	275	M	Ladder Capital Finance Holdings, LLLP, 5.25%, 10/1/2025			(a)				246,125
			Morgan Stanley:
	3,000	M	4%, 7/23/2025							2,962,185
	3,600	M	3.625%, 1/20/2027							3,424,961
	150	M	Navient Corp., 5.875%, 3/25/2021							144,188
			Park Aerospace Holdings:
	25	M	4.5%, 3/15/2023			(a)				23,438
	150	M	5.5%, 2/15/2024			(a)				145,125
			Springleaf Finance Corp.:
	175	M	5.625%, 3/15/2023							161,875
	75	M	6.875%, 3/15/2025							67,313
	100	M	7.125%, 3/15/2026							89,438
			U.S. Bancorp:
	4,000	M	3.6%, 9/11/2024							3,983,828
	2,700	M	3.1%, 4/27/2026							2,559,065
	4,000	M	UBS AG, 4.875%, 8/4/2020							4,093,524
	3,000	M	UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028			(a)				2,961,165
	75	M	Wand Merger Corp., 8.125%, 7/15/2023			(a)				73,313
			Wells Fargo & Co.:
	7,100	M	3.45%, 2/13/2023							6,957,617
	3,250	M	4.75%, 12/7/2046							3,136,374
			Wells Fargo Bank, NA:
	2,350	M	5.85%, 2/1/2037							2,658,372
	3,250	M	6.6%, 1/15/2038							4,026,373
										112,794,588
			Food/Beverage/Tobacco—3.5%
			Anheuser-Busch Co:
	2,000	M	3.65%, 2/1/2026							1,892,838
	9,000	M	4.7%, 2/1/2036							8,370,405
	25	M	HLF Financing Sarl, LLC, 7.25%, 8/15/2026			(a)				24,656
	6,000	M	Ingredion, Inc., 4.625%, 11/1/2020							6,110,028
	3,875	M	Maple Escrow Subsidiary, Inc., 3.551%, 5/25/2021			(a)				3,871,330
	275	M	Post Holdings, Inc., 5.75%, 3/1/2027			(a)				259,188
	200	M	Sigma Holdco BV, 7.875%, 5/15/2026			(a)				174,000
										20,702,445
			Forest Products/Containers—1.3%
			Ardagh Holdings USA, Inc.:
	200	M	4.625%, 5/15/2023			(a)				191,500
	200	M	7.25%, 5/15/2024			(a)				200,250
			Berry Global, Inc.:
	75	M	5.5%, 5/15/2022							74,906
	100	M	5.125%, 7/15/2023							99,280
	75	M	BWAY Holding Co., 5.5%, 4/15/2024			(a)				70,781
	75	M	Mercer International, Inc., 7.375%, 1/15/2025			(a)				75,000
	4,000	M	Packaging Corp. of America, 3.4%, 12/15/2027							3,758,344
	2,500	M	Rock-Tenn Co., 4.9%, 3/1/2022							2,574,817
	50	M	Schweitzer-Mauduit International, Inc., 6.875%, 10/1/2026			(a)				47,125
	275	M	Sealed Air Corp., 6.875%, 7/15/2033			(a)				275,688
										7,367,691
			Gaming/Leisure—.2%
			Boyd Gaming Corp.:
	50	M	6.875%, 5/15/2023							50,687
	175	M	6%, 8/15/2026							164,281
	50	M	Cedar Fair, LP, 5.375%, 6/1/2024							49,125
	100	M	CRC Escrow Issuer, LLC, 5.25%, 10/15/2025			(a)				86,250
	50	M	Golden Nugget, Inc., 8.75%, 10/1/2025			(a)				48,125
	150	M	IRB Holding Corp., 6.75%, 2/15/2026			(a)				131,625
	75	M	MGM Resorts International, 6%, 3/15/2023							75,563
	75	M	National CineMedia, LLC, 6%, 4/15/2022							75,469
	25	M	Six Flags Entertainment Corp., 4.875%, 7/31/2024			(a)				23,625
	50	M	Stars Group Holdings BV, 7%, 7/15/2026			(a)				48,750
	325	M	Viking Cruises, Ltd., 6.25%, 5/15/2025			(a)				321,750
	75	M	Wynn Las Vegas, LLC, 5.5%, 3/1/2025			(a)				70,125
										1,145,375
			Health Care—4.5%
			Bausch Health Cos., Inc.:
	275	M	6.5%, 3/15/2022			(a)				277,063
	125	M	5.5%, 3/1/2023			(a)				114,844
	125	M	8.5%, 1/31/2027			(a)				121,563
	6,750	M	Bayer U.S. Finance II, LLC, 4.375%, 12/15/2028			(a)				6,457,367
	275	M	CHS/Community Health Systems, Inc., 6.25%, 3/31/2023							250,951
	150	M	Cimpress NV, 7%, 6/15/2026			(a)				144,750
			CVS Health Corp.:
	4,000	M	3.875%, 7/20/2025							3,903,572
	1,800	M	4.3%, 3/25/2028							1,763,008
	3,000	M	5.05%, 3/25/2048							2,928,801
	275	M	DaVita, Inc., 5.125%, 7/15/2024							258,500
	4,050	M	Express Scripts Holding Co., 4.75%, 11/15/2021							4,168,722
			HCA, Inc.:
	275	M	6.25%, 2/15/2021							281,875
	50	M	5.25%, 6/15/2026							49,750
	50	M	5.5%, 6/15/2047							47,500
	275	M	HealthSouth Corp., 5.75%, 11/1/2024							273,281
	4,000	M	Laboratory Corp. of America Holdings, 3.75%, 8/23/2022							4,025,460
	275	M	Mallinckrodt Finance SB, 5.75%, 8/1/2022			(a)				237,875
	100	M	MEDNAX, Inc., 6.25%, 1/15/2027			(a)				96,750
	275	M	Molina Healthcare, Inc., 4.875%, 6/15/2025			(a)				251,969
	200	M	Syneos Health, Inc., 7.5%, 10/1/2024			(a)				209,000
	50	M	Tenet Healthcare Corp., 5.125%, 5/1/2025							46,750
	450	M	Universal Hospital Services, Inc., 7.625%, 8/15/2020							447,188
										26,356,539
			Home-Building—.0%
	75	M	William Lyon Homes, Inc., 6%, 9/1/2023							67,875
			Information Technology—2.5%
	275	M	Alliance Data Systems Corp., 5.375%, 8/1/2022			(a)				269,156
	75	M	Anixter, Inc., 6%, 12/1/2025			(a)				74,625
	275	M	CommScope Technologies, LLC, 6%, 6/15/2025			(a)				251,625
	4,000	M	Corning, Inc., 7.25%, 8/15/2036							4,510,220
			Diamond 1 Finance Corp.:
	8,550	M	4.42%, 6/15/2021			(a)				8,540,800
	100	M	5.875%, 6/15/2021			(a)				100,142
	50	M	7.125%, 6/15/2024			(a)				50,913
			NCR Corp.:
	50	M	4.625%, 2/15/2021							48,875
	50	M	5.875%, 12/15/2021							48,938
	50	M	Nielsen Finance, LLC, 5%, 4/15/2022			(a)				48,000
	100	M	Nuance Communications, Inc., 6%, 7/1/2024							99,875
	275	M	Rackspace Hosting, Inc., 8.625%, 11/15/2024			(a)				215,188
	275	M	Solera, LLC, 10.5%, 3/1/2024			(a)				294,250
	75	M	Symantec Corp., 5%, 4/15/2025			(a)				70,138
	25	M	Verisign, Inc., 4.75%, 7/15/2027							23,539
	75	M	Verscend Holding Corp., 9.75%, 8/15/2026			(a)				70,781
										14,717,065
			Manufacturing—2.0%
	275	M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023			(a)				278,438
	75	M	Brand Energy & Infrastructure, 8.5%, 7/15/2025			(a)				64,312
	4,000	M	Crane Co., 4.2%, 3/15/2048							3,678,376
	2,250	M	CRH America, Inc., 3.4%, 5/9/2027			(a)				2,069,253
	275	M	Grinding Media, Inc., 7.375%, 12/15/2023			(a)				267,437
	5,000	M	Johnson Controls International, PLC, 5%, 3/30/2020							5,105,920
										11,463,736
			Media-Cable TV—1.9%
			Comcast Corp.:
	3,250	M	4.15%, 10/15/2028							3,304,034
	5,800	M	4.25%, 1/15/2033							5,769,475
	1,800	M	4.7%, 10/15/2048							1,823,931
										10,897,440
			Media-Broadcasting—.5%
	1,800	M	ABC, Inc., 8.75%, 8/15/2021							2,050,106
	125	M	Belo Corp., 7.25%, 9/15/2027							129,375
	25	M	Gray Escrow, Inc., 7%, 5/15/2027			(a)				24,392
	200	M	Nexstar Broadcasting, Inc., 5.625%, 8/1/2024			(a)				187,500
	300	M	Sirius XM Radio, Inc., 6%, 7/15/2024			(a)				301,875
										2,693,248
			Media-Cable TV—.5%
	275	M	Altice Financing SA, 6.625%, 2/15/2023			(a)				264,688
	200	M	Altice France SA, 8.125%, 2/1/2027			(a)				189,000
	100	M	AMC Networks, Inc., 5%, 4/1/2024							95,000
			CCO Holdings, LLC:
	275	M	5.125%, 2/15/2023							268,812
	275	M	5.875%, 4/1/2024			(a)				274,312
	100	M	Clear Channel International, 8.75%, 12/15/2020			(a)				101,250
	300	M	Clear Channel Worldwide Holdings, Inc. - Series "A", 6.5%, 11/15/2022							298,500
			CSC Holdings, LLC:
	275	M	5.375%, 7/15/2023			(a)				268,867
	375	M	10.875%, 10/15/2025			(a)				422,344
	275	M	DISH DBS Corp., 5%, 3/15/2023							229,969
	250	M	Gray Television, Inc., 5.875%, 7/15/2026			(a)				233,700
	275	M	Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023			(a)				283,250
										2,929,692
			Media-Diversified—.7%
	175	M	Outdoor Americas Capital, LLC, 5.875%, 3/15/2025							172,375
	4,000	M	Time Warner, Inc., 3.6%, 7/15/2025							3,793,916
	325	M	Tribune Media Co., 5.875%, 7/15/2022							328,250
										4,294,541
			Metals/Mining—2.7%
	150	M	AK Steel Corp., 7%, 3/15/2027							117,750
	125	M	Allegheny Technologies, Inc., 7.875%, 8/15/2023							127,969
	5,000	M	Arconic, Inc., 6.15%, 8/15/2020							5,119,270
	50	M	Big River Steel, LLC, 7.25%, 9/1/2025			(a)				49,750
	275	M	Commercial Metals Co., 4.875%, 5/15/2023							261,250
	5,000	M	Glencore Funding, LLC, 4.625%, 4/29/2024			(a)				4,973,675
	275	M	HudBay Minerals, Inc., 7.25%, 1/15/2023			(a)				272,937
	125	M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022			(a)				126,250
	4,200	M	Newmont Mining Corp., 5.125%, 10/1/2019							4,256,330
	50	M	Northwest Acquisitions, ULC, 7.125%, 11/1/2022			(a)				49,515
	275	M	Novelis, Inc., 5.875%, 9/30/2026			(a)				244,063
	245	M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025			(a)				232,750
	75	M	United States Steel Corp., 6.25%, 3/15/2026							65,906
										15,897,415
			Real Estate—8.9%
	4,600	M	Alexandria Real Estate Equities, Inc., 3.95%, 1/15/2028							4,451,277
			Digital Realty Trust, LP:
	3,200	M	5.25%, 3/15/2021							3,305,898
	6,700	M	4.75%, 10/1/2025							6,854,984
	2,800	M	Duke Realty Corp., 3.25%, 6/30/2026							2,667,442
	3,700	M	Duke Realty, LP, 4%, 9/15/2028							3,680,209
	275	M	Equinix, Inc., 5.375%, 4/1/2023							274,656
	4,000	M	ERP Operating, LP, 3.375%, 6/1/2025							3,933,672
	3,500	M	Essex Portfolio, LP, 3.875%, 5/1/2024							3,513,842
	270	M	Geo Group, Inc., 5.875%, 10/15/2024							239,625
	275	M	Greystar Real Estate Partners, 5.75%, 12/1/2025			(a)				269,500
	2,200	M	HCP, Inc., 4.25%, 11/15/2023							2,205,650
	350	M	Iron Mountain, Inc., 5.75%, 8/15/2024							333,375
	5,000	M	Realty Income Corp., 3.875%, 4/15/2025							4,997,520
	3,000	M	Simon Property Group, LP, 3.375%, 10/1/2024							2,937,063
	6,000	M	STORE Capital Corp., 4.5%, 3/15/2028							5,807,514
	4,125	M	Vornado Realty, LP, 3.5%, 1/15/2025							3,981,702
	2,500	M	Welltower, Inc., 4%, 6/1/2025							2,470,760
										51,924,689
			Retail-General Merchandise—2.3%
	150	M	1011778 B.C., ULC, 4.625%, 1/15/2022			(a)				145,500
	4,200	M	Amazon.com, Inc., 4.8%, 12/5/2034							4,506,226
	275	M	AmeriGas Partners, LP, 5.5%, 5/20/2025							253,000
			Home Depot, Inc.:
	1,800	M	3.9%, 12/6/2028							1,845,882
	5,300	M	5.875%, 12/16/2036							6,378,889
	50	M	J.C. Penney Co., Inc., 8.625%, 3/15/2025							27,000
	275	M	KFC Holding Co., LLC, 5%, 6/1/2024			(a)				266,063
	25	M	SRS Distribution, Inc., 8.25%, 7/1/2026			(a)				23,000
										13,445,560
			Services—.1%
	125	M	ADT Corp., 3.5%, 7/15/2022							116,094
	400	M	AECOM, 5.125%, 3/15/2027							344,000
	200	M	First Data Corp., 5.375%, 8/15/2023			(a)				197,000
	275	M	United Rentals, Inc., 4.625%, 10/15/2025							246,125
										903,219
			Telecommunications—1.0%
	4,500	M	AT&T, Inc., 4.25%, 3/1/2027							4,410,121
	275	M	CenturyLink, Inc., 5.8%, 3/15/2022							266,062
			Frontier Communications Corp.:
	75	M	10.5%, 9/15/2022							52,500
	25	M	8.5%, 4/1/2026			(a)				21,937
	350	M	GCI, Inc., 6.875%, 4/15/2025							341,250
	100	M	Qwest Corp., 7.25%, 9/15/2025							103,094
	125	M	Telesat Canada, 8.875%, 11/15/2024			(a)				130,313
			Zayo Group, LLC:
	150	M	6%, 4/1/2023							142,892
	150	M	6.375%, 5/15/2025							140,063
										5,608,232
			Transportation—2.9%
	4,250	M	Air Lease Corp., 3.875%, 7/3/2023							4,187,159
	2,700	M	Aviation Capital Group, LLC, 3.5%, 11/1/2027			(a)				2,443,489
	275	M	BCD Acquisition, Inc., 9.625%, 9/15/2023			(a)				283,937
			Burlington Northern Santa Fe, LLC:
	1,800	M	5.75%, 5/1/2040							2,112,025
	4,000	M	5.15%, 9/1/2043							4,488,432
	200	M	Fly Leasing, Ltd., 5.25%, 10/15/2024							181,500
	3,000	M	Penske Truck Leasing Co., LP, 4.875%, 7/11/2022			(a)				3,108,573
	207	M	XPO Logistics, Inc., 6.5%, 6/15/2022			(a)				205,965
										17,011,080
			Utilities—7.2%
			Calpine Corp.:
	50	M	5.75%, 1/15/2025							45,875
	275	M	5.25%, 6/1/2026			(a)				251,969
	75	M	DCP Midstream Operating, LP, 3.875%, 3/15/2023							70,500
	5,000	M	Duke Energy Progress, Inc., 4.15%, 12/1/2044							4,873,065
	3,150	M	Entergy Arkansas, Inc., 4.95%, 12/15/2044							3,160,442
	4,000	M	Exelon Generation Co., LLC, 3.4%, 3/15/2022							3,939,916
	275	M	NRG Yield Operating, LLC, 5%, 9/15/2026							248,188
	3,850	M	Ohio Power Co., 5.375%, 10/1/2021							4,073,165
	4,550	M	Oklahoma Gas & Electric Co., 4%, 12/15/2044							4,288,926
	4,000	M	ONEOK Partners, LP, 3.375%, 10/1/2022							3,930,844
			ONEOK, Inc.:
	4,000	M	7.5%, 9/1/2023							4,549,444
	4,500	M	4.55%, 7/15/2028							4,450,009
	1,350	M	San Diego Gas & Electric Co., 1.914%, 2/1/2022							1,324,971
			Sempra Energy:
	4,000	M	9.8%, 2/15/2019							4,026,792
	2,700	M	2.93631%, 1/15/2021				†			2,655,434
	150	M	Targa Resources Partners, LP, 4.25%, 11/15/2023							139,313
										42,028,853
			Waste Management—.0%
	275	M	Covanta Holding Corp., 5.875%, 3/1/2024							259,187
			Wireless Communications—2.5%
			Intelsat Jackson Holdings SA:
	350	M	8%, 2/15/2024			(a)				361,375
	175	M	8.5%, 10/15/2024			(a)				170,625
	275	M	Level 3 Financing, Inc., 5.375%, 1/15/2024							262,625
	275	M	Sprint Communications, Inc., 6%, 11/15/2022							270,553
	275	M	Sprint Corp., 7.125%, 6/15/2024							273,031
	275	M	T-Mobile USA, Inc., 6%, 3/1/2023							276,988
			Verizon Communications, Inc.:
	6,100	M	4.329%, 9/21/2028							6,137,143
	7,100	M	4.272%, 1/15/2036							6,650,087
										14,402,427
Total Value of Corporate Bonds (cost $582,814,978)										558,574,466
			U.S. GOVERNMENT OBLIGATIONS—2.2%
			U.S. Treasury Bonds:
	6,500	M	3%, 2/15/2048							6,467,370
	6,500	M	3%, 8/15/2048							6,471,179
Total Value of U.S. Government Obligations (cost $12,437,292)										12,938,549
			PASS-THROUGH CERTIFICATES—.7%
			Transportation
	4,378	M	American Airlines 17-2 AA PTT, 3.35%, 10/15/2029 (cost $4,378,225)							4,144,506
Total Value of Investments (cost $599,630,495)				98.5	%					575,657,521
Other Assets, Less Liabilities				1.5						8,910,188
Net Assets				100.0	%				$	584,567,709

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933. Certain restricted securities are exempt from the registration requirements under Rule 144A of the Securities Act of 1933 and may only be sold to qualified institutional investors. At December 31, 2018, the Fund held one hundred seventeen 144A securities with an aggregate value of $76,608,361 representing 13.1% of the Fund's net assets.

(b)

Denotes a step bond (a zero coupon bond that converts to a fixed interest rate at a designated date)

(c)

Denotes a PIK bond (a bond that pays interest in the form of additional bonds instead of cash.)

†

Interest rates are determined and reset periodically. The interest rates above are the rates in effect as December 31, 2018.

Summary of Abbreviations:

LLLP Limited Liability Limited Partnership

ULC Unlimited Liability Corporation

PTT Pass-Through Trust

At December 31, 2018, the cost of investments for federal income tax purposes was $599,630,495. Accumulated net unrealized depreciation on investments was $23,972,974, consisting of $1,856,471 gross unrealized appreciation and $25,829,445 gross unrealized depreciation.

The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of December 31, 2018:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	558,574,466	$	-	$	558,574,466
U.S Government Obligations		-		12,938,549		-		12,938,549
Pass-Through Certificates		-		4,144,506		-		4,144,506
Total Investments in Securities*	$	-	$	575,657,521	$	-	$	575,657,521

The Portfolio of Investments provides information on the industry categorization of corporate bonds and pass-through certificates.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended December 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

LIMITED DURATION BOND FUND

December 31, 2018

Principal Amount			Security					Value
			CORPORATE BONDS—60.1%
			Aerospace/Defense—.1%
$	125	M	Bombardier, Inc., 6%, 10/15/2022			(a)		$	117,812
	100	M	TransDigm, Inc., 6%, 7/15/2022						98,750
									216,562
			Automotive—7.8%
	100	M	Avis Budget Car Rental, LLC, 5.5%, 4/1/2023						96,875
	1,800	M	Daimler Finance NA, LLC, 2.9715%, 5/4/2020			(a)	†		1,790,318
	310	M	Dana Holding Corp., 5.5%, 12/15/2024						289,850
	1,272	M	Ford Motor Credit Co., LLC, 2.943%, 1/8/2019						1,272,009
			General Motors Financial Co., Inc.:
	2,800	M	3.55%, 4/9/2021						2,762,931
	1,900	M	4.2%, 11/6/2021						1,900,405
	1,400	M	3.9863%, 1/14/2022				†		1,381,467
	100	M	Group 1 Automotive, Inc., 5.25%, 12/15/2023			(a)			93,250
	1,335	M	Harley Davidson Financial Services, 3.6468%, 3/2/2021			(a)	†		1,335,396
	25	M	Hertz Corp., 5.875%, 10/15/2020						24,344
	1,500	M	Hyundai Capital America, 3.3481%, 7/8/2021			(a)	†		1,496,157
	3,120	M	Lear Corp., 5.375%, 3/15/2024						3,209,666
	2,000	M	O'Reilly Automotive, Inc., 4.625%, 9/15/2021						2,054,214
	3,000	M	Toyota Motor Credit Corp., 2.9707%, 9/18/2020				†		2,982,384
	3,000	M	Volkswagen Group America, 3.875%, 11/13/2020			(a)			3,015,981
									23,705,247
			Building Materials—.1%
	100	M	Building Materials Corp., 5.375%, 11/15/2024			(a)			94,250
	100	M	Griffon Corp., 5.25%, 3/1/2022						90,875
	75	M	Standard Industries, Inc., 5.5%, 2/15/2023			(a)			73,688
									258,813
			Chemicals—1.1%
			Blue Cube Spinco, Inc.:
	100	M	9.75%, 10/15/2023						110,250
	100	M	10%, 10/15/2025						113,500
	75	M	Chemours Co., 6.625%, 5/15/2023						76,031
	1,000	M	Dow Chemical Co., 4.25%, 11/15/2020						1,018,175
	1,800	M	DowDuPont, Inc., 3.766%, 11/15/2020						1,818,072
	175	M	PQ Corp., 6.75%, 11/15/2022			(a)			181,125
	65	M	Rain CII Carbon, LLC, 7.25%, 4/1/2025			(a)			59,150
	35	M	Rayonier AM Products, Inc., 5.5%, 6/1/2024			(a)			30,975
	50	M	Univar USA, Inc., 6.75%, 7/15/2023			(a)			49,563
									3,456,841
			Consumer Non-Durables—.2%
	125	M	First Quality Finance Co., 4.625%, 5/15/2021			(a)			121,563
	25	M	KGA Escrow, LLC, 7.5%, 8/15/2023			(a)			24,719
			Reynolds Group Holdings, Inc.:
	73	M	5.75%, 10/15/2020						72,592
	175	M	5.125%, 7/15/2023			(a)			166,906
	150	M	Spectrum Brands Holdings, Inc., 7.75%, 1/15/2022						152,250
									538,030
			Energy—4.4%
	50	M	Baytex Energy Corp., 5.125%, 6/1/2021			(a)			48,125
	50	M	Blue Racer Midstream, LLC, 6.125%, 11/15/2022			(a)			48,500
	5,000	M	BP Capital Markets, PLC, 2.315%, 2/13/2020						4,958,080
	75	M	California Resources Corp., 8%, 12/15/2022			(a)			51,000
	125	M	Carrizo Oil & Gas, Inc., 6.25%, 4/15/2023						116,250
	25	M	Chesapeake Energy Corp., 4.875%, 4/15/2022						21,937
			Continental Resources, Inc.:
	2,720	M	5%, 9/15/2022						2,703,857
	50	M	4.5%, 4/15/2023						49,256
	125	M	Crestwood Midstream Partners, LP, 6.25%, 4/1/2023						120,937
	25	M	Denbury Resources, Inc., 9%, 5/15/2021			(a)			23,375
			Enterprise Products Operating:
	2,000	M	5.2%, 9/1/2020						2,062,342
	2,000	M	3.5%, 2/1/2022						2,006,750
	60	M	Exterran Partners, LP, 6%, 10/1/2022						56,700
	100	M	Genesis Energy, LP, 5.625%, 6/15/2024						86,250
	50	M	Global Partners, LP, 6.25%, 7/15/2022						47,500
	25	M	Gulfport Energy Corp., 6.625%, 5/1/2023						23,750
	100	M	Laredo Petroleum, Inc., 6.25%, 3/15/2023						90,250
	60	M	NGPL Pipeco, LLC, 4.375%, 8/15/2022			(a)			58,650
	50	M	Oasis Petroleum, Inc., 6.875%, 1/15/2023						46,313
	50	M	QEP Resources, Inc., 6.875%, 3/1/2021						50,625
	100	M	SM Energy Co., 5%, 1/15/2024						87,500
	125	M	Sunoco, LP, 4.875%, 1/15/2023						122,188
	100	M	Transocean Guardian, Ltd., 5.875%, 1/15/2024			(a)			96,250
	25	M	Transocean, Inc., 3.8%, 10/15/2022						22,125
			Whiting Petroleum Corp.:
	50	M	5.75%, 3/15/2021						47,750
	75	M	6.25%, 4/1/2023						68,625
	135	M	WPX Energy, Inc., 5.25%, 9/15/2024						122,850
									13,237,735
			Financial Services—6.3%
	5,000	M	American International Group, 6.4%, 12/15/2020						5,282,375
	2,100	M	Capital One NA, 2.25%, 9/13/2021						2,027,048
	1,000	M	Compass Bank, 5.5%, 4/1/2020						1,022,547
	2,145	M	International Lease Finance Corp., 8.25%, 12/15/2020						2,308,599
	75	M	Nationstar Mortgage, LLC, 6.5%, 7/1/2021						73,313
	3,000	M	PNC Bank, NA, 2.7%, 11/1/2022						2,916,825
	1,500	M	Protective Life Corp., 7.375%, 10/15/2019						1,542,225
	3,900	M	SunTrust Bank, 2.59%, 1/29/2021				†		3,863,180
									19,036,112
			Financials—13.6%
	1,600	M	Bank of America Corp., 2.369%, 7/21/2021				†		1,571,722
	900	M	Bank of Montreal, 1.9%, 8/27/2021						869,587
	2,000	M	Capital One Financial Corp., 3.05%, 3/9/2022						1,952,126
	1,000	M	Citigroup, Inc., 2.65%, 10/26/2020						987,138
			DAE Funding, LLC:
	125	M	4.5%, 8/1/2022			(a)			120,312
	50	M	5.75%, 11/15/2023			(a)			49,625
	1,000	M	DNB Bank ASA, 2.375%, 6/2/2021			(a)			976,397
	4,500	M	DNB Boligkreditt AS, 2.5%, 3/28/2022			(a)			4,434,840
			Goldman Sachs Group, Inc.:
	2,000	M	2.6%, 12/27/2020						1,963,498
	2,000	M	5.75%, 1/24/2022						2,094,948
	2,000	M	3.8013%, 6/5/2023				†		1,953,062
	125	M	Icahn Enterprises, LP, 6.25%, 2/1/2022						123,750
	1,000	M	ING Groep NV, 3.15%, 3/29/2022						983,989
			JPMorgan Chase & Co.:
	4,100	M	4.5%, 1/24/2022						4,226,383
	2,000	M	3.3899%, 4/25/2023				†		1,971,630
	50	M	Ladder Capital Finance Holdings, LLLP, 5.25%, 3/15/2022			(a)			48,750
			Lloyds Bank, PLC:
	1,000	M	6.375%, 1/21/2021						1,056,523
	800	M	3%, 1/11/2022						774,454
			Morgan Stanley:
	6,100	M	5.5%, 7/28/2021						6,396,533
	3,500	M	3.649%, 1/20/2022				†		3,489,545
	75	M	Navient Corp., 5.875%, 3/25/2021						72,094
			Park Aerospace Holdings:
	50	M	4.5%, 3/15/2023			(a)			46,875
	50	M	5.5%, 2/15/2024			(a)			48,375
			Springleaf Finance Corp.:
	50	M	7.75%, 10/1/2021						50,375
	100	M	5.625%, 3/15/2023						92,500
	3,100	M	Wells Fargo & Co., 3.45%, 2/13/2023						3,037,833
	1,800	M	Wells Fargo Bank, NA, 2.6%, 1/15/2021						1,778,166
									41,171,030
			Food/Beverage/Tobacco—2.8%
	2,000	M	Constellation Brands, Inc., 3.20925%, 11/15/2021						1,976,848
			General Mills, Inc.:
	900	M	2.9764%, 4/16/2021				†		886,330
	2,700	M	3.4588%, 10/17/2023				†		2,638,988
	1,000	M	Ingredion, Inc., 4.625%, 11/1/2020						1,018,338
	2,000	M	Maple Escrow Subsidiary, Inc., 3.551%, 5/25/2021			(a)			1,998,106
									8,518,610
			Forest Products/Containers—2.1%
	200	M	Ardagh Holdings USA, Inc., 7.25%, 5/15/2024			(a)			200,250
			Berry Global, Inc.:
	50	M	5.5%, 5/15/2022						49,937
	125	M	5.125%, 7/15/2023						124,100
	125	M	BWAY Holding Co., 5.5%, 4/15/2024			(a)			117,969
	5,487	M	Georgia-Pacific, LLC, 5.4%, 11/1/2020			(a)			5,686,974
	100	M	Mercer International, Inc., 6.5%, 2/1/2024						98,250
	100	M	Owens-Brockway Glass Container, 5.875%, 8/15/2023			(a)			100,625
	50	M	Sealed Air Corp., 4.875%, 12/1/2022			(a)			49,688
									6,427,793
			Gaming/Leisure—.1%
	25	M	Boyd Gaming Corp., 6.875%, 5/15/2023						25,344
	50	M	Jack Ohio Finance, LLC, 6.75%, 11/15/2021			(a)			50,625
	150	M	MGM Resorts International, 6%, 3/15/2023						151,125
	25	M	National CineMedia, LLC, 6%, 4/15/2022						25,156
	25	M	Six Flags Entertainment Corp., 4.875%, 7/31/2024			(a)			23,625
	50	M	Viking Cruises, Ltd., 6.25%, 5/15/2025			(a)			49,500
									325,375
			Health Care—3.8%
	150	M	AMN Healthcare, Inc, 5.125%, 10/1/2024			(a)			144,000
	125	M	Avantor, Inc., 6%, 10/1/2024			(a)			123,125
			Bausch Health Cos., Inc.:
	50	M	6.5%, 3/15/2022			(a)			50,375
	200	M	5.5%, 3/1/2023			(a)			183,750
	50	M	Centene Corp., 5.625%, 2/15/2021						50,250
	50	M	CHS/Community Health Systems, Inc., 6.25%, 3/31/2023						45,627
	2,400	M	CVS Health Corp., 2.8%, 7/20/2020						2,379,238
	150	M	DaVita, Inc., 5.125%, 7/15/2024						141,000
	1,632	M	Gilead Sciences, Inc., 2.55%, 9/1/2020						1,619,194
	6,000	M	Halfmoon Parent, Inc., 3.2%, 9/17/2020			(a)			5,977,800
	100	M	HCA, Inc., 6.25%, 2/15/2021						102,500
	150	M	HealthSouth Corp., 5.125%, 3/15/2023						147,750
			Mallinckrodt Finance SB:
	75	M	4.875%, 4/15/2020			(a)			72,750
	50	M	5.75%, 8/1/2022			(a)			43,250
	50	M	Molina Healthcare, Inc., 5.375%, 11/15/2022						48,438
	100	M	RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/2023			(a)			101,375
	150	M	Syneos Health, Inc., 7.5%, 10/1/2024			(a)			156,750
	25	M	Tenet Healthcare Corp., 5.125%, 5/1/2025						23,375
	75	M	Universal Hospital Services, Inc., 7.625%, 8/15/2020						74,531
									11,485,078
			Home-Building—.0%
	50	M	William Lyon Homes, Inc., 6%, 9/1/2023						45,250
			Information Technology—1.4%
	125	M	Alliance Data Systems Corp., 5.375%, 8/1/2022			(a)			122,344
	150	M	CommScope, Inc.of North Carolina, 5.5%, 6/15/2024			(a)			137,812
			Diamond 1 Finance Corp.:
	1,750	M	3.48%, 6/1/2019			(a)			1,745,005
	1,800	M	4.42%, 6/15/2021			(a)			1,798,063
	50	M	5.875%, 6/15/2021			(a)			50,071
	25	M	NCR Corp., 5.875%, 12/15/2021						24,469
	125	M	Nielsen Finance, LLC, 5%, 4/15/2022			(a)			120,000
	150	M	Open Text Corp., 5.625%, 1/15/2023			(a)			150,000
	50	M	Rackspace Hosting, Inc., 8.625%, 11/15/2024			(a)			39,125
	100	M	Solera, LLC, 10.5%, 3/1/2024			(a)			107,000
									4,293,889
			Manufacturing—.1%
	50	M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023			(a)			50,625
	150	M	Grinding Media, Inc., 7.375%, 12/15/2023			(a)			145,875
	125	M	SPX FLow, Inc., 5.625%, 8/15/2024			(a)			118,750
									315,250
			Media-Broadcasting—.1%
	50	M	Netflix, Inc., 5.5%, 2/15/2022						50,625
	100	M	Nexstar Broadcasting, Inc., 5.625%, 8/1/2024			(a)			93,750
	125	M	Sinclair Television Group, Inc., 5.625%, 8/1/2024			(a)			117,500
	125	M	Sirius XM Radio, Inc., 4.625%, 5/15/2023			(a)			120,313
									382,188
			Media-Cable TV—2.1%
	200	M	Altice France SA, 6.25%, 5/15/2024			(a)			187,250
	75	M	AMC Networks, Inc., 5%, 4/1/2024						71,250
	75	M	Cable One, Inc., 5.75%, 6/15/2022			(a)			75,562
			CCO Holdings, LLC:
	125	M	5.125%, 2/15/2023						122,187
	25	M	5.75%, 9/1/2023						24,937
	125	M	5.875%, 4/1/2024			(a)			124,687
	25	M	Clear Channel International, 8.75%, 12/15/2020			(a)			25,312
	200	M	Clear Channel Worldwide Holdings, Inc. - Series "A", 6.5%, 11/15/2022						199,000
	4,900	M	Comcast Corp., 3.3%, 10/1/2020						4,919,987
			CSC Holdings, LLC:
	100	M	6.75%, 11/15/2021						102,750
	75	M	5.125%, 12/15/2021			(a)			73,687
	200	M	5.375%, 7/15/2023			(a)			195,540
	50	M	DISH DBS Corp., 5%, 3/15/2023						41,812
	125	M	Gray Television, Inc., 5.125%, 10/15/2024			(a)			115,563
	150	M	Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023			(a)			154,500
									6,434,024
			Media-Diversified—.1%
	150	M	Gannett Co., Inc., 6.375%, 10/15/2023						150,938
	100	M	Outdoor Americas Capital, LLC, 5.625%, 2/15/2024						98,875
	50	M	Tribune Media Co., 5.875%, 7/15/2022						50,500
									300,313
			Metals/Mining—.6%
	50	M	AK Steel Corp., 7.5%, 7/15/2023						49,875
	150	M	Allegheny Technologies, Inc., 7.875%, 8/15/2023						153,562
	50	M	Cleveland-Cliffs, Inc., 4.875%, 1/15/2024			(a)			46,625
	125	M	Commercial Metals Co., 4.875%, 5/15/2023						118,750
	100	M	HudBay Minerals, Inc., 7.25%, 1/15/2023			(a)			99,250
	125	M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022			(a)			126,250
	25	M	Northwest Acquisitions, ULC, 7.125%, 11/1/2022			(a)			24,758
	200	M	Novelis, Inc., 6.25%, 8/15/2024			(a)			188,500
	160	M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025			(a)			152,000
	900	M	Viterra, Inc., 5.95%, 8/1/2020						927,740
									1,887,310
			Real Estate—2.1%
			Digital Realty Trust, LP:
	1,671	M	3.95%, 7/1/2022						1,682,227
	1,825	M	2.75%, 2/1/2023						1,745,258
	50	M	Equinix, Inc., 5.375%, 4/1/2023						49,937
	50	M	Geo Group, Inc., 5.125%, 4/1/2023						45,188
	50	M	Greystar Real Estate Partners, 5.75%, 12/1/2025			(a)			49,000
	175	M	Iron Mountain, Inc., 5.75%, 8/15/2024						166,688
	175	M	MPT Operating Partnership, LP, 6.375%, 3/1/2024						180,250
	1,250	M	Realty Income Corp., 3.25%, 10/15/2022						1,238,912
	1,000	M	Welltower, Inc., 6.125%, 4/15/2020						1,031,872
									6,189,332
			Retail-General Merchandise—.2%
	150	M	1011778 B.C., ULC, 4.625%, 1/15/2022			(a)			145,500
	200	M	AmeriGas Partners, LP, 5.625%, 5/20/2024						190,000
	25	M	J.C. Penney Co., Inc., 8.625%, 3/15/2025						13,500
	150	M	KFC Holding Co., LLC, 5%, 6/1/2024			(a)			145,125
									494,125
			Services—.1%
	100	M	ADT Corp., 3.5%, 7/15/2022						92,875
			First Data Corp.:
	150	M	5.375%, 8/15/2023			(a)			147,750
	100	M	5%, 1/15/2024			(a)			96,625
	50	M	Reliance Intermediate Holdings, LP, 6.5%, 4/1/2023			(a)			51,125
									388,375
			Telecommunications—.1%
	125	M	CenturyLink, Inc., 5.8%, 3/15/2022						120,937
	25	M	Frontier Communications Corp., 10.5%, 9/15/2022						17,500
	100	M	GCI, Inc., 6.75%, 6/1/2021						100,478
	175	M	Zayo Group, LLC, 6%, 4/1/2023						166,707
									405,622
			Transportation—2.0%
	3,600	M	Aviation Capital Group, LLC, 7.125%, 10/15/2020			(a)			3,787,567
	100	M	BCD Acquisition, Inc., 9.625%, 9/15/2023			(a)			103,250
	1,000	M	Heathrow Funding, Ltd., 4.875%, 7/15/2021			(a)			1,033,043
	150	M	Mobile Mini, Inc., 5.875%, 7/1/2024						147,375
	1,000	M	Southwest Airlines Co., 2.65%, 11/5/2020						987,111
			XPO Logistics, Inc.:
	30	M	6.5%, 6/15/2022			(a)			29,850
	100	M	6.125%, 9/1/2023			(a)			96,825
									6,185,021
			Utilities—8.4%
	150	M	AES Corp., 4.875%, 5/15/2023						147,000
			Calpine Corp.:
	50	M	5.875%, 1/15/2024			(a)			49,125
	150	M	5.5%, 2/1/2024						137,812
	50	M	DCP Midstream Operating, LP, 3.875%, 3/15/2023						47,000
	5,000	M	Dominion Energy, Inc., 5.2%, 8/15/2019						5,055,630
	3,000	M	DTE Energy Co., 3.3%, 6/15/2022						2,979,369
	2,385	M	Entergy Corp., 5.125%, 9/15/2020						2,435,009
	1,375	M	Exelon Generation Co., LLC, 3.4%, 3/15/2022						1,354,346
	2,402	M	Nextera Energy Capital Holding, 2.4%, 9/15/2019						2,386,990
	100	M	NRG Yield Operating, LLC, 5.375%, 8/15/2024						95,500
	2,000	M	ONEOK Partners, LP, 3.375%, 10/1/2022						1,965,422
	500	M	Public Service Electric and Gas Co., 1.8%, 6/1/2019						497,133
	390	M	San Diego Gas & Electric Co., 1.914%, 2/1/2022						382,769
			Sempra Energy:
	500	M	9.8%, 2/15/2019						503,349
	1,500	M	1.625%, 10/7/2019						1,479,540
	5,700	M	3.2382%, 3/15/2021				†		5,585,641
	160	M	Targa Resources Partners, LP, 4.25%, 11/15/2023						148,600
	100	M	Terraform Power Operating, LLC, 4.25%, 1/31/2023			(a)			93,750
									25,343,985
			Waste Management—.1%
	50	M	Covanta Holding Corp., 5.875%, 3/1/2024						47,125
	125	M	GFL Environmental, Inc., 5.625%, 5/1/2022			(a)			115,938
									163,063
			Wireless Communications—.3%
			Intelsat Jackson Holdings SA:
	200	M	8%, 2/15/2024			(a)			206,500
	75	M	8.5%, 10/15/2024			(a)			73,125
	150	M	Level 3 Financing, Inc., 5.375%, 1/15/2024						143,250
	150	M	SBA Communications Corp., 4.875%, 7/15/2022						147,750
	125	M	Sprint Communications, Inc., 6%, 11/15/2022						122,979
	150	M	Sprint Corp., 7.875%, 9/15/2023						154,313
			T-Mobile USA, Inc.:
	50	M	6%, 3/1/2023						50,362
	25	M	6%, 4/15/2024						25,063
									923,342
Total Value of Corporate Bonds (cost $185,576,228)									182,128,315
			ASSET-BACKED SECURITIES—18.3%
			Fixed Autos—7.5%
	1,850	M	CarMax Auto Owner Trust, 3.37%, 10/16/2023						1,869,418
			BMW Vehicle Lease Trust:
	1,400	M	2.07%, 10/20/2020						1,391,349
	900	M	3.26%, 7/20/2021						904,578
			GM Financial Automobile Leasing Trust:
	3,249	M	3.18%, 6/21/2021						3,255,083
	1,400	M	3.31%, 4/20/2022						1,404,586
			Hertz Vehicle Financing Trust:
	2,435	M	2.27%, 7/25/2020						2,421,478
	2,500	M	2.96%, 10/25/2021						2,478,275
	2,000	M	3.29%, 2/25/2024			(a)			1,985,364
	1,190	M	Santander Drive Auto Receivables Trust, 3.03%, 9/15/2022						1,188,977
	3,000	M	Tesla Auto Lease Trust, 3.71%, 8/20/2021			(a)			3,008,259
	2,800	M	Volkswagen Auto Loan Enhanced Trust, 3.05%, 8/20/2021						2,804,270
									22,711,637
			Fixed Communication Services—2.3%
			Verizon Owner Trust:
	5,230	M	1.92%, 12/20/2021			(a)			5,177,496
	1,670	M	3.23%, 4/20/2023						1,681,065
									6,858,561
			Fixed Credit Cards—7.3%
	2,460	M	American Credit Acceptance Trust, 2.61%, 5/10/2021			(a)			2,456,349
	3,905	M	Barclays DryRock Issuance Trust, 2.2%, 12/15/2022						3,868,726
	5,400	M	Citibank Credit Card Issuance Trust, 2.49%, 1/20/2023						5,358,847
	4,150	M	Discover Card Execution Note Trust, 2.19%, 4/17/2023				†		4,109,853
			Synchrony Credit Card Master Trust:
	5,100	M	1.93%, 6/15/2023						5,021,343
	1,500	M	2.38%, 9/15/2023						1,483,308
									22,298,426
			Fixed Manufacturing—1.2%
	3,600	M	Kubota Credit Owner Trust, 3.1%, 8/15/2022			(a)			3,619,289
Total Value of Asset-Backed Securities (cost $55,265,489)									55,487,913
			U.S. GOVERNMENT AGENCY OBLIGATIONS—7.1%
			Fannie Mae:
	5,000	M	1.25%, 5/6/2021						4,856,815
	1,700	M	1.375%, 2/26/2021						1,659,100
	5,000	M	1.5%, 2/28/2020						4,943,655
	5,000	M	Federal Home Loan Bank, 2.375%, 3/30/2020						4,989,715
	5,000	M	Freddie Mac, 3.75%, 3/27/2019						5,015,540
Total Value of U.S. Government Agency Obligations (cost $22,054,160)									21,464,825
			U.S. GOVERNMENT OBLIGATIONS—5.1%
			U.S. Treasury Notes:
	2,000	M	1.125%, 8/31/2021						1,930,938
	13,730	M	1.375%, 10/31/2020						13,454,329
Total Value of U.S. Government Obligations (cost $15,543,510)									15,385,267
			COVERED BONDS—3.2%
			Financials
	4,750	M	Canadian Imperial Bank of Commerce, 2.35%, 7/27/2022			(a)			4,659,531
	5,000	M	Royal Bank of Canada, 2.3%, 3/22/2021						4,932,675
Total Value of Covered Bonds (cost $9,769,003)									9,592,206
			COMMERCIAL MORTGAGE-BACKED SECURITIES—1.8%
			Fannie Mae—1.0%
	2,929	M	Fannie Mae, 2.995%, 11/1/2022						2,946,236
			Federal Home Loan Mortgage Corporation—.8%
	2,499	M	Multi-Family Structured Pass-Throughs, 2.7169%, 5/25/2024				†		2,488,842
Total Value of Commercial Mortgage-Backed Securities (cost $5,537,947)									5,435,078
			COLLATERALIZED MORTGAGE OBLIGATIONS—1.6%
	4,706	M	Fannie Mae, 4%, 2/25/2025 (Cost $5,074,305)						4,822,708
			UNINSURED U.S. AGENCY OBLIGATIONS—.1%
	500	M	Freddie Mac - STACR, 3.2563%, 9/25/2048 (cost $500,000)				†		499,248
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—1.6%
	5,000	M	U.S. Treasury Bills, 2.1475%, 1/8/2019 (cost $4,997,912)						4,998,130
Total Value of Investments (cost $304,318,554)				98.9	%				299,813,690
Other Assets, Less Liabilities				1.1					3,412,060
Net Assets				100.0	%			$	303,225,750

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933. Certain restricted securities are exempt from the registration requirements under Rule 144A of the Securities Act of 1933 and may only be sold to qualified institutional investors. At December 31, 2018, the Fund held ninety-seven 144A securities with an aggregate value of $63,468,567 representing 20.9% of the Fund's net assets.

†

The interest rates shown on variable and floating rate notes are adjusted periodically; the rates shown are the rates in effect at December 31, 2018.

Summary of Abbreviations:

LLLP Limited Liability Limited Partnership

STACR Structured Agency Credit Risk

ULC Unlimited Liability Corporation

At December 31, 2018, the cost of investments for federal income tax purposes was $304,318,554. Accumulated net unrealized depreciation on investments was $4,504,864, consisting of $341,314 gross unrealized appreciation and $4,846,178 gross unrealized depreciation.

The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with
investing in those securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of December 31, 2018:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	182,128,315	$	-	$	182,128,315
Asset-Backed Securities		-		55,487,913		-		55,487,913
U.S. Government Agency Obligations		-		21,464,825		-		21,464,825
U.S. Government Obligations		-		15,385,267		-		15,385,267
Covered Bonds		-		9,592,206		-		9,592,206
Commercial Mortgage-Backed Securities		-		5,435,078		-		5,435,078
Collateralized Mortgage Obligations		-		4,822,708		-		4,822,708
Uninsured U.S. Agency Obligations		-		499,248		-		499,248
Short-Term U.S. Government Obligations		-		4,998,130		-		4,998,130
Total Investments in Securities*	$	-	$	299,813,690	$	-	$	299,813,690

The Portfolio of Investments provides information on the industry categorization of corporate bonds, asset backed securities and covered bonds.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended December 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

STRATEGIC INCOME FUND

December 31, 2018

Shares or Principal Amount			Security			Value
			MUTUAL FUNDS—89.6%
			Fixed Income Funds
	3,060,487		Floating Rate Fund - Institutional Class Shares			$	28,554,347
	15,375,772		Fund For Income - Institutional Class Shares				35,671,791
	1,694,465		Intermational Opportunitiies Bond Fund - Institutional Class Shares				14,589,347
	2,026,200		Investment Grade Fund - Institutional Class Shares				18,438,420
	2,419,743		Limited Duration Bond Fund - Institutional Class Shares				22,213,240
	415,469		Tax Exempt Income Fund - Institutional Class Shares				3,772,455
	469,344		Tax Exempt Opportunities Fund - Institutional Class Shares				7,500,112
Total Value of Mutual Funds (cost $141,026,625)							130,739,712
			RESIDENTIAL MORTGAGE-BACKED SECURITIES—1.0%
$	1,500	M	Fannie Mae, 4%, 12/1/2048 (cost $1,520,625)				1,530,091
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—7.4%
			U.S. Treasury Bills:
	3,500	M	2.12%, 1/3/2019				3,499,783
	5,885	M	2.28%, 1/8/2019				5,882,799
	1,500	M	2.334%, 2/14/2019				1,495,718
Total Value of Short-Term U.S. Government Obligation (cost $10,877,694)							10,878,300
			SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS—1.4%
	2,000	M	Federal Home Loan Bank, 2.345%, 1/16/2019 (cost $1,998,043)				1,998,156
Total Value of Investments (cost $155,422,987)				99.4	%		145,146,259
Other Assets, Less Liabilities				.6			825,409
Net Assets				100.0	%	$	145,971,668

At December 31, 2018, the cost of investments for federal income tax purposes was $155,424,977. Accumulated net unrealized depreciation on investments was $10,278,718, consisting of $60,253 gross unrealized appreciation and $10,338,971 gross unrealized depreciation.

The Fund's assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of December 31, 2018:

	Level 1		Level 2		Level 3		Total
Mutual Funds
Fixed Income Funds	$	130,739,712	$	-	$	-	$	130,739,712
Residential Mortgage-Backed Securities		-		1,530,091		-		1,530,091
Short-Term U.S. Government Obigations		-		10,878,300		-		10,878,300
Short-Term U.S. Government Agency Obigations		-		1,998,156		-		1,998,156
Total Investments in Securities	$	130,739,712	$	14,406,547	$	-	$	145,146,259

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended December 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Security Valuation – Except as provided below, a security listed or traded on an exchange or the Nasdaq Stock Market is valued at its last sale price on the exchange or market where the security is principally traded, and lacking any sales, the security is valued at the mean between the closing bid and asked prices. Securities traded in the over-the-counter ("OTC") market (including securities listed on exchanges whose primary market is believed to be OTC) are valued at the mean between the last bid and asked prices based on quotes furnished by a market maker for such securities or an authorized pricing service. Fixed Income securities, other than short-term debt securities held by the Government Cash Management Fund, are priced based upon evaluated prices that are provided by a pricing service approved by the Trust’s Board of Trustees (“the Board”). Other securities may also be priced based upon evaluated prices that are provided by pricing services approved by the Board. The pricing services consider security type, rating, market condition and yield data as well as market quotations, prices provided by market makers and other available information in determining evaluated prices.

The Funds monitor for significant events occurring prior to the close of trading on the New York Stock Exchange that could have a material impact on the value of any securities that are held by the Funds. Examples of such events include trading halts, natural disasters, political events and issuer-specific developments. If the Valuation Committee of Foresters Investment Management Company, Inc. (“FIMCO”) decides that such events warrant using fair value estimates, it will take such events into consideration in determining the fair values of such securities. If market quotations or prices are not readily available or are deemed to be unreliable, or do not appear to reflect significant events that have occurred prior to the time as of which the net asset value is calculated, the securities may be valued at fair value as determined in good faith pursuant to procedures adopted by the Board.

The Government Cash Management Fund values its portfolio securities in accordance with the amortized cost method of valuation under Rule 2a-7 under the 1940 Act. Amortized cost is an approximation of market value of an instrument, whereby the difference between its acquisition cost and market value at maturity is amortized on a straight-line basis over the remaining life of the instrument. The effect of changes in the market value of a security as a result of fluctuating interest rates is not taken into account and thus the amortized cost method of valuation may result in the value of a security being higher or lower than its actual market value.

In accordance with Accounting Standards Codification 820 “Fair Value Measurements and Disclosures” (“ASC 820”), investments held by the Funds are carried at “fair value”. As defined by ASC 820, fair value is the price that a fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs are used in determining the value of the Funds’ investments.

In addition to defining fair value, ASC 820 established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 –	Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.
Level 2 –	Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 –	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumption about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Equity securities, options and futures contracts traded on an exchange or the Nasdaq Stock Market are categorized in Level 1 of the fair value hierarchy to the extent that they are actively traded and valuation adjustments are not applied. The underlying Funds in which Strategic Income Fund invests are also categorized in Level 1. Variable and floating rate, corporate, sovereign and municipal bonds, asset backed, U.S. Government and U.S. Government Agency securities, pass-through certificates, loan participations and short-term notes are categorized in Level 2 to the extent that the inputs are observable and timely, otherwise they would be categorized as Level 3. Short-term notes that are valued at amortized cost by the Government Cash Management Fund are categorized in Level 2. Foreign exchange contracts that are considered derivative instruments and are valued at the net unrealized appreciation or depreciation on the instruments are categorized in Level 2. Securities that are fair valued by the Valuation Committee may be categorized in either Level 2 or Level 3 of the fair value hierarchy depending on the relative significance of the unobservable valuation inputs.

The aggregate value by input level, as of December 31, 2018, for each Fund’s investments is included at the end of each Fund’s schedule of investments.

Investments in securities issued on a when-issued or delayed delivery basis are generally reflected in the assets of the Funds on the first business day following the date the securities are purchased and the Funds segregated assets for these transactions.

Derivatives— Some of the Funds may invest in various derivatives. A derivative is a financial instrument which has a value that is based on – or “derived from” – the values of other assets, reference rates, or indices. The Funds may invest in derivatives for hedging purposes.

Derivatives may relate to a wide variety of underlying references, such as commodities, stocks, bonds, interest rates, currency exchange rates, and related indices. Derivatives include futures contracts and options on futures contracts, forward- commitment transactions, options on securities, caps, floors, collars, swap contracts, and other financial instruments. Some derivatives, such as futures contracts and certain options, are traded on U.S. commodity and securities exchanges, while other derivatives, such as swap contracts, are privately negotiated and entered into in the over-the-counter market (“OTC”). The risks associated with the use of derivatives are different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

The use of a derivative involves the risk that a loss may be sustained as a result of the insolvency or bankruptcy of the other party to the contract (usually referred to as a “counterparty”) or the failure of the counterparty to make required payments or otherwise comply with the terms of the contract. Additionally, the use of credit derivatives can result in losses if FIMCO, or the Fund’s subadviser, as applicable, does not correctly evaluate the creditworthiness of the issuer on which the credit derivative is based.

Derivatives may be subject to liquidity risk, which exists when a particular derivative is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid (as is the case with many OTC derivatives), it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price.

Derivatives may be subject to pricing or “basis” risk, which exists when a particular derivative becomes extraordinarily expensive relative to historical prices or the prices of corresponding cash market instruments. Under certain market conditions, it may not be economically feasible to initiate a transaction or liquidate a position in time to avoid a loss or take advantage of an opportunity.

Because many derivatives have leverage or borrowing components, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment.

Like most other investments, derivative instruments are subject to the risk that the market value of the instrument will change in a way detrimental to the Funds’ interest. The Funds bear the risk that FIMCO will incorrectly forecast future market trends or the values of assets, reference rates, indices, or other financial or economic factors in establishing derivative positions for the Funds. If FIMCO attempts to use a derivative as a hedge against, or as a substitute for, a portfolio investment, the Funds will be exposed to the risk that the derivative will have or will develop an imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Funds. While hedging strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other investments. Many derivatives, in particular OTC derivatives, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the Funds.

The following provides more information on specific types of derivatives and activity in the Funds. The use of derivative instruments by the Funds for the period ended December 31, 2018 was related to the use of written options, futures contracts and foreign exchange contracts.

Options Contracts – Some of the Funds may write covered call options on securities, derivative instruments, or currencies the Funds own or in which it may invest. Writing call options tends to decrease the Funds’ exposure to the underlying instrument. When a Fund writes a call option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund, as a writer of an option, has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the future, swap, security or currency underlying the written option. The risk exists that the Funds may not be able to enter into a closing transaction because of an illiquid market.

Some of the Funds may also purchase call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included in its Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, swap, security or currency transaction to determine the realized gain or loss.

The Funds held no option contracts written at December 31, 2018.

Futures Contracts - The Funds may enter into futures contracts including interest rate futures contracts and index futures, including futures on equity market indices and debt market indices. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds may use futures contracts to manage exposure to the stock market. Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations. Any open futures contracts at period end are presented in the Schedule of Investments under the caption “Futures Contracts”. The notional amount at value reflects each contract’s exposure to the underlying instrument or index at period end.

The Funds may enter into interest rate futures contracts on U.S. Treasury obligations and options thereon that are traded on a U.S. exchange. An interest rate futures contract provides for the future sale by one party and the purchase by another party of a specified amount of a particular financial instrument (debt security) at a specified price, date, time and place. Such investments may be used for, among other purposes, the purpose of hedging against changes in the value of a Fund’s portfolio securities due to anticipated changes in interest rates and market conditions. A public market exists for interest rate futures contracts covering a number of debt securities, including long-term U.S. Treasury Bonds, 10-year U.S. Treasury Notes and three-month U.S. Treasury Bills. No price is paid upon entering into futures contracts. Instead, upon entering into a futures contract, a Fund is required to deposit with its custodian in a segregated account in the name of the futures broker through which the transaction is effected an amount of cash or U.S. Government securities generally equal to 3%-5% or less of the contract value. This amount is known as “initial margin.”

An option on an interest rate futures contract generally gives the purchaser the right, in return for the premium paid, to assume a position in a futures contract at a specified exercise price at any time prior to the expiration date of the option. The Funds may purchase put and call options on interest rate futures contracts on U.S. Treasury obligations which are traded on a U.S. exchange as a hedge against changes in interest rates, and may enter into closing transactions with respect to such options to terminate existing positions. There is no guarantee such closing transactions can be effected. When writing a call or put option on a futures contract, margin also must be deposited in accordance with applicable exchange rules. Initial margin on futures contracts is in the nature of a performance bond or good-faith deposit that is returned to a Fund upon termination of the transaction, assuming all obligations have been satisfied. Under certain circumstances, such as periods of high volatility, a Fund may be required by an exchange to increase the level of its initial margin payment. Subsequent payments, called “variation margin,” to and from the broker, are made on a daily basis as the value of the futures position varies, a process known as “marking to market.” Variation margin does not involve borrowing to finance the futures transactions, but rather represents a daily settlement of a Fund’s obligation to or from a clearing organization. A Fund is also obligated to make initial and variation margin payments when it writes options on futures contracts.

To the extent that a Fund participates in the futures or options markets, it will incur investment risks and transaction costs to which it would not be subject absent the use of these strategies. The use of these strategies involves certain special risks, including: (1) dependence on the ability of the Funds’ investment adviser, FIMCO, or a Fund’s subadviser, as applicable, to predict correctly movements in the direction of interest rates and securities prices; (2) imperfect correlation between the price of futures contracts and options thereon and movements in the prices of the securities or currencies being hedged; (3) the fact that skills needed to use these strategies are different from those needed to select portfolio securities; (4) the leverage (if any) that is created by investing in the option or futures contract; and (5) the possible absence of a liquid secondary market for any particular instrument at any time. If FIMCO’s, or a Fund’s subadviser, as applicable, prediction of movements in the direction of the securities and interest rate markets is inaccurate, the adverse consequences to that Fund may leave it in a worse position than if such strategies were not used. Derivatives may be difficult to sell, unwind or value.

At December 31, 2018, the Funds’ held no futures contracts.

Foreign Exchange Contracts—The International Opportunities Bond Fund may enter into foreign exchange contracts for the purchase or sale of foreign currencies at negotiated rates at future dates. These contracts are considered derivative instruments and the Fund may invest in them in order to hedge its currency exposure in bond positions or to gain currency exposure held by the Fund. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. Foreign exchange contracts are “marked-to-market” daily at the applicable translation rate and the resulting unrealized gains and losses are reflected in the Fund’s assets. During the period, the Fund used currency forwards to hedge currency exposure from certain bonds as well as to gain currency exposure in certain countries.

At December 31, 2018, the International Opportunities Bond Fund had open foreign exchange contracts, which are listed in its Portfolio of Investments.

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, based on their evaluation of these

disclosure controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) 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

(a) Certifications required by Rule 30a-2(a) under the Investment

Company Act of 1940 (17 CFR 270.30a-2(a)) - filed herewith

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.

First Investors Income Funds

By	/s/ E. Blake Moore Jr.
	E. Blake Moore Jr.
	President and Principal Executive Officer

Date:	February 26, 2019

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.

First Investors Income Funds

By	/s/ E. Blake Moore Jr.
	E. Blake Moore Jr.
	President and Principal Executive Officer

By	/s/ Joseph I. Benedek
	Joseph I. Benedek
	Treasurer and Principal Financial Officer

Date:	February 26, 2019