UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM N-Q

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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: JUNE 30, 2016

Item 1. Schedule of Investments

The Quarterly Schedule of Portfolio Holdings follows

Portfolio of Investments (unaudited)
CASH MANAGEMENT FUND
June 30, 2016

Principal					Interest
Amount		Security				Rate*			Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS-39.8%
		Federal Home Loan Bank:
$                   7,000	M	7/5/2016				0.29	%	$	6,999,774
6,000	M	7/6/2016				0.34			5,999,720
4,000	M	7/11/2016				0.35			3,999,611
5,000	M	7/22/2016				0.34			4,999,008
4,000	M	7/25/2016				0.35			3,999,066
2,000	M	8/24/2016				0.46			1,998,619
2,500	M	8/29/2016				0.39			2,498,402
3,000	M	9/6/2016				0.39			2,997,822
3,000	M	9/7/2016				0.39			2,997,775
4,750	M	11/18/2016				0.37			4,743,165
2,200	M	12/15/2016				0.61			2,193,773
5,000	M	12/23/2016				0.51			4,987,651
Total Value of U.S. Government Agency Obligations (cost $48,414,386)									48,414,386
		VARIABLE AND FLOATING RATE NOTES-34.1%
		Federal Farm Credit Bank:
3,000	M	8/10/2016				0.42			2,999,681
4,700	M	8/26/2016				0.47			4,699,763
1,595	M	9/12/2016				0.48			1,595,004
5,000	M	11/15/2016				0.49			5,000,578
1,030	M	12/19/2016				0.43			1,029,634
5,500	M	4/20/2017				0.50			5,500,892
		Federal Home Loan Bank:
5,000	M	7/25/2016				0.44			5,000,000
5,000	M	1/27/2017				0.44			5,000,037
5,000	M	Mississippi Business Fin. Corp. (Chevron USA, Inc.) 12/1/2030				0.38			5,000,000
5,675	M	Valdez, AK Marine Terminal Rev. (Exxon Pipeline Co., Project B), 12/1/2033				0.37			5,675,000
Total Value of Variable and Floating Rate Notes (cost $41,500,589)									41,500,589
		CORPORATE NOTES-19.7%
4,000	M	Apple, Inc., 8/15/2016			(a)	0.46			3,997,699
5,000	M	Coca-Cola Co., 8/24/2016			(a)	0.48			4,996,398
5,000	M	Microsoft Corp., 8/3/2016			(a)	0.40			4,998,166
5,000	M	PepsiCo, Inc., 8/26/2016			(a)	0.42			4,996,733
5,000	M	Pfizer, Inc., 9/19/2016			(a)	0.46			4,994,888
Total Value of Corporate Notes (cost $23,983,884)									23,983,884
		SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-5.0%
6,000	M	U.S. Treasury Bills, 8/18/2016 (cost $5,998,480)				0.19			5,998,480
Total Value of Investments (cost $119,897,339)**			98.6	%					119,897,339
Other Assets, Less Liabilities			1.4						1,694,699
Net Assets		100.0		%				$	121,592,038

*	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 June 30, 2016.
**	Aggregate cost for federal income tax purposes is the same.
(a)	Security exempt from registration under Section 4(2) of the Securities Act of 1933.
	Certain restricted securities are exempt from the registration requirements under
	Section 4(2) of the Securities Act of 1933 and may only be sold to qualified institutional
	investors. At June 30, 2016, the Fund held five Section 4(2) securities with an aggregate
	value of $23,983,884 representing 19.7% of the Fund's net assets.

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 June 30, 2016:

		Level 1		Level 2		Level 3		Total
U.S. Government Agency
Obligations	$	-	$	48,414,386	$	-	$	48,414,386
Variable and Floating Rate Notes:
U.S. Government Agency
Obligations		-		30,825,589		-		30,825,589
Municipal Bonds		-		10,675,000		-		10,675,000
Corporate Notes		-		23,983,884		-		23,983,884
Short-Term U.S. Government
Obligations		-		5,998,480		-		5,998,480
Total Investments in Securities	$	-	$	119,897,339	$	-	$	119,897,339

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2016. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
BALANCED INCOME FUND
June 30, 2016

Shares or
Principal
Amount		Security					Value
		COMMON STOCKS-37.8%
		Consumer Discretionary-3.9%
4,300		American Eagle Outfitters, Inc.				$	68,499
4,900		Ford Motor Company					61,593
1,900		Johnson Controls, Inc.					84,094
1,900		L Brands, Inc.					127,547
2,700		Newell Brands, Inc.					131,139
2,600		Regal Entertainment Group - Class "A"					57,304
8,000		Stein Mart, Inc.					61,760
2,300		Tupperware Brands Corporation					129,444
450		Whirlpool Corporation					74,988
1,200		Wyndham Worldwide Corporation					85,476
							881,844
		Consumer Staples-5.7%
4,000		Altria Group, Inc.					275,840
2,500		Coca-Cola Company					113,325
3,900		Koninklijke Ahold NV (ADR)					86,268
1,150		Nu Skin Enterprises, Inc. - Class "A"					53,118
1,800		PepsiCo, Inc.					190,692
2,800		Philip Morris International, Inc.					284,816
1,000		Procter & Gamble Company					84,670
1,800		Sysco Corporation					91,332
1,700		Wal-Mart Stores, Inc.					124,134
							1,304,195
		Energy-1.8%
400		Chevron Corporation					41,932
900		ExxonMobil Corporation					84,366
850		Marathon Petroleum Corporation					32,266
450		Occidental Petroleum Corporation					34,002
2,300		PBF Energy, Inc. - Class "A"					54,694
400		Phillips 66					31,736
900		Royal Dutch Shell, PLC - Class "A" (ADR)					49,698
300		Schlumberger, Ltd.					23,724
1,800		Suncor Energy, Inc.					49,914
							402,332
		Financials-5.7%
1,050		Ameriprise Financial, Inc.					94,342
1,900		Berkshire Hills Bancorp, Inc.					51,148
4,300		Brixmor Property Group, Inc. (REIT)					113,778
2,400		Chesapeake Lodging Trust (REIT)					55,800
700		Chubb, Ltd.					91,497
2,100		Discover Financial Services					112,539
9,300		FelCor Lodging Trust, Inc. (REIT)					57,939
1,850		JPMorgan Chase & Company					114,959
2,200		MetLife, Inc.					87,626
950		PNC Financial Services Group, Inc.					77,321
5,400		Sunstone Hotel Investors, Inc. (REIT)					65,178
2,200		Tanger Factory Outlet Centers, Inc. (REIT)					88,396
2,500		U.S. Bancorp					100,825
2,700		Urstadt Biddle Properties, Inc. - Class "A" (REIT)					66,906
2,800		Waddell & Reed Financial, Inc. - Class "A"					48,216
1,550		Wells Fargo & Company					73,362
							1,299,832
		Health Care-4.7%
2,950		Abbott Laboratories					115,964
3,250		AbbVie, Inc.					201,207
3,900		GlaxoSmithKline, PLC (ADR)					169,026
1,850		Johnson & Johnson					224,405
2,300		Merck & Company, Inc.					132,503
6,750		Pfizer, Inc.					237,668
							1,080,773
		Industrials-4.1%
1,200		3M Company					210,144
3,000		General Electric Company					94,440
1,250		Honeywell International, Inc.					145,400
3,100		Koninklijke Philips NV (ADR)					77,314
800		Lockheed Martin Corporation					198,536
5,500		TAL International Group, Inc.					73,755
2,300		Textainer Group Holdings, Ltd.					25,622
800		Tyco International, PLC					34,080
700		United Technologies Corporation					71,785
							931,076
		Information Technology-5.8%
2,200		Apple, Inc.					210,320
3,100		Applied Materials, Inc.					74,307
5,400		Cisco Systems, Inc.					154,926
3,700		HP, Inc.					46,435
2,700		Intel Corporation					88,560
700		International Business Machines Corporation					106,246
3,700		Maxim Integrated Products, Inc.					132,053
4,000		Microsoft Corporation					204,680
2,800		QUALCOMM, Inc.					149,996
4,100		Symantec Corporation					84,214
5,100		Travelport Worldwide, Ltd.					65,739
							1,317,476
		Materials-.8%
550		Praxair, Inc.					61,815
1,200		RPM International, Inc.					59,940
2,700		Steel Dynamics, Inc.					66,150
							187,905
		Telecommunication Services-1.7%
4,900		AT&T, Inc.					211,729
3,200		Verizon Communications, Inc.					178,688
							390,417
		Utilities-3.6%
2,200		AGL Resources, Inc.					145,134
1,700		Black Hills Corporation					107,168
1,850		Duke Energy Corporation					158,711
2,400		Exelon Corporation					87,264
3,400		NiSource, Inc.					90,168
1,600		SCANA Corporation					121,056
1,500		WEC Energy Group, Inc.					97,950
							807,451
Total Value of Common Stocks (cost $8,090,298)							8,603,301
		CORPORATE BONDS-32.2%
		Aerospace/Defense-.9%
$                      200	M	Rolls-Royce, PLC, 3.625%, 10/14/2025			(a)		212,520
		Automotive-1.4%
100	M	Johnson Controls, Inc., 5%, 3/30/2020					109,513
200	M	O'Reilly Automotive, Inc., 3.55%, 3/15/2026					210,118
							319,631
		Chemicals-.9%
100	M	Agrium, Inc., 3.375%, 3/15/2025					101,907
100	M	Dow Chemical Co., 4.25%, 11/15/2020					109,512
							211,419
		Energy-.4%
100	M	Plains All American Pipeline, LP, 5.875%, 8/15/2016					100,482
		Financial Services-2.8%
300	M	American International Group, Inc., 3.75%, 7/10/2025					306,330
100	M	Ameriprise Financial, Inc., 5.3%, 3/15/2020					112,114
100	M	Berkshire Hathaway, Inc., 3.4%, 1/31/2022					108,013
100	M	General Electric Capital Corp., 3.1%, 1/9/2023					106,916
							633,373
		Financials-10.2%
200	M	Bank of America Corp., 5.875%, 2/7/2042					253,374
200	M	Capital One Financial Corp., 3.75%, 4/24/2024					209,007
		Citigroup, Inc.:
200	M	4.5%, 1/14/2022					221,341
100	M	3.7%, 1/12/2026					105,480
200	M	Deutsche Bank AG, 3.7%, 5/30/2024					199,148
100	M	General Motors Financial Co., 5.25%, 3/1/2026					108,912
200	M	Goldman Sachs Group, Inc., 3.625%, 1/22/2023					210,097
100	M	JPMorgan Chase & Co., 4.5%, 1/24/2022					111,367
		Morgan Stanley:
100	M	5.5%, 7/28/2021					114,315
100	M	7.25%, 4/1/2032					138,982
200	M	U.S. Bancorp, 3.6%, 9/11/2024					215,663
200	M	Visa, Inc., 3.15%, 12/14/2025					214,079
		Wells Fargo & Co.:
100	M	3.9%, 5/1/2045					105,238
100	M	5.606%, 1/15/2044					119,897
							2,326,900
		Food/Beverage/Tobacco-1.0%
200	M	Anheuser-Busch InBev Finance, Inc., 4.7%, 2/1/2036					225,475
		Food/Drug-1.0%
200	M	CVS Health Corp., 3.875%, 7/20/2025					220,409
		Health Care-1.0%
200	M	Gilead Sciences, Inc., 3.65%, 3/1/2026					217,897
		Information Technology-1.3%
100	M	Apple, Inc., 2.5%, 2/9/2025					101,689
		Oracle Corp:
100	M	2.95%, 5/15/2025					104,047
100	M	2.65%, 7/15/2026			(b)		100,380
							306,116
		Media-Broadcasting-1.0%
200	M	Comcast Corp., 4.25%, 1/15/2033					221,073
		Real Estate Investment Trusts-3.3%
200	M	AvalonBay Communities, Inc., 3.5%, 11/15/2024					211,026
100	M	ERP Operating, LP, 3.375%, 6/1/2025					105,674
200	M	Prologis, LP, 3.75%, 11/1/2025					213,578
200	M	Simon Property Group, LP, 3.375%, 10/1/2024					214,752
							745,030
		Retail-General Merchandise-1.0%
200	M	Amazon.com, Inc., 4.8%, 12/5/2034					235,978
		Telecommunications-1.5%
100	M	AT&T, Inc., 3.8%, 3/15/2022					106,368
200	M	Verizon Communications, Inc., 5.15%, 9/15/2023					233,282
							339,650
		Transportation-1.1%
200	M	Burlington North Santa Fe, LLC, 5.15%, 9/1/2043					244,668
		Utilities-3.4%
200	M	Dominion Resources, Inc., 3.9%, 10/1/2025					214,656
200	M	Duke Energy Progress, Inc., 4.15%, 12/1/2044					220,803
200	M	Ohio Power Co., 5.375%, 10/1/2021					232,479
100	M	Oklahoma Gas & Electric Co., 4%, 12/15/2044					107,351
							775,289
Total Value of Corporate Bonds (cost $7,086,622)							7,335,910
		RESIDENTIAL MORTGAGE-BACKED SECURITIES-10.8%
		Fannie Mae
674	M	3%, 5/1/2029 - 7/14/2046			(b)		702,383
1,051	M	3.5%, 9/1/2045 - 7/14/2046			(b)		1,110,258
498	M	4%, 10/1/2035 - 7/14/2046			(b)		534,037
87	M	5%, 8/1/2039					97,716
Total Value of Residential Mortgage-Backed Securities (cost $2,431,373)							2,444,394
		U.S. GOVERNMENT OBLIGATIONS-10.5%
		U.S. Treasury Notes:
1,075	M	0.3372%, 7/31/2017			+		1,075,215
1,300	M	0.5322%, 1/31/2018			+		1,302,769
Total Value of U.S. Government Obligations (cost $2,376,209)							2,377,984
		EXCHANGE TRADED FUNDS-2.5%
6,650		iShares iBoxx USD High Yield Corporate Bond ETF (ETF) (cost $550,093)					563,188
		SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-7.9%
		Federal Home Loan Bank:
800	M	0.27%, 7/21/2016					799,929
1,000	M	0.35%, 8/26/2016					999,627
Total Value of Short-Term U.S. Government Agency Obligations (cost $1,799,336)							1,799,556
Total Value of Investments (cost $22,333,931)			101.7	%			23,124,333
Excess of Liabilities Over Other Assets			(1.7	)			(380,233)
Net Assets			100.0	%		$	22,744,100

(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 June 30, 2016, the Fund held one 144A security with a
	value of $212,520 representing 0.9% of the Fund's net assets.
(b)	A portion or all of the security purchased on a when-issued or delayed delivery
	basis.
+	The interest rates shown on variable and floating rate notes are adjusted
	periodically; the rates shown are the rates in effect at June 30, 2016.
	At June 30, 2016, the cost of investments for federal income tax purposes was
	$22,333,931. Accumulated net unrealized appreciation on investments was
	$790,402, consisting of $969,147 gross unrealized appreciation and $178,745 gross
	unrealized depreciation.
	Summary of Abbreviations:
	ADR American Depositary Receipts
	ETF Exchange Traded Fund
	REIT Real Estate Investment Trust
	USD United States Dollar

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 June 30, 2016:

		Level 1		Level 2		Level 3		Total
Common Stocks	$	8,603,301	$	-	$	-	$	8,603,301
Corporate Bonds		-		7,335,910		-		7,335,910
Residential
Mortgage-Backed Securities		-		2,444,394		-		2,444,394
U.S. Government Obligations		-		2,377,984		-		2,377,984
Exchange Traded Funds		-		563,188		-		563,188
Short-Term U.S. Government
Agency Obligations		-		1,799,556		-		1,799,556
Total Investments in Securities*	$	8,603,301	$	14,521,032	$	-	$	23,124,333

*The Portfolio of Investments provides information on the industry categorization of common stocks and corporate bonds.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2016. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
FLOATING RATE FUND
June 30, 2016

Principal
Amount		Security					Value
		LOAN PARTICIPATIONS+-85.4%
		Aerospace/Defense-1.4%
$                   539	M	B/E Aerospace, Inc., 3.75%, 11/2/2022				$	541,815
1,366	M	TransDigm, Inc., 3.75%, 2/28/2020					1,351,286
							1,893,101
		Automotive-3.2%
1,029	M	CS Intermediate Holdco 2, LLC, 4%, 4/4/2021					1,025,570
751	M	FCA U.S., LLC, 3.5%, 5/24/2017					752,303
991	M	KAR Auction Services, Inc., 3.9375%, 3/11/2021					992,044
836	M	Key Safety Systems, Inc., 5.5%, 8/29/2021					836,445
670	M	TI Group Automotive Systems, LLC, 4.5%, 6/30/2022					662,402
							4,268,764
		Building Materials-2.2%
650	M	Builders FirstSource, Inc., 6%, 7/29/2022					1,195,203
496	M	Headwaters Inc., 4%, 3/24/2022					496,250
1,301	M	USIC Holdings, Inc., 4%, 7/10/2020			(a)		1,258,787
							2,950,240
		Chemicals-5.6%
990	M	A. Schulman, Inc., 4%, 6/01/2022					985,051
297	M	Allnex Luxembourg & Cy SCA, Inc., 4.5%, 10/3/2019					295,464
154	M	Allnex USA, Inc., 4.5%, 10/3/2019					153,302
676	M	Axalta Coating Systems Dutch Holdings BBV, 3.75%, 2/1/2020					675,074
964	M	Emerald Performance Materials, LLC, 4.5%, 7/30/2021					960,098
997	M	Huntsman International, LLC., 3.75%, 10/1/2021					997,052
668	M	Methanol Holdings Trinidad, Inc., 4.25%, 6/30/2022					644,861
1,250	M	PQ Corp., 5.75%, 11/4/2022					1,251,563
500	M	Trinseo Materials Operating SCA, 4.25%, 11/5/2021					498,124
919	M	Univar USA, Inc., 4.25%, 7/1/2022					907,100
							7,367,689
		Consumer Non-Durables-1.7%
1,229	M	Reynolds Group Holdings, Inc., 4.5%, 12/1/2018					1,230,546
1,042	M	Spectrum Brands, Inc., 3.5067%, 6/23/2022					1,043,941
							2,274,487
		Energy-1.3%
887	M	Granite Acquisition, Inc., 5%, 12/17/2021					859,718
925	M	Jonah Energy, LLC, 7.5%, 5/12/2021					818,625
							1,678,343
		Financial Services-2.8%
1,728	M	Delos Finance Sarl, 3.5%, 3/6/2021					1,727,281
497	M	Ineos U.S. Finance, LLC, 3.75%, 12/15/2020					487,735
1,481	M	RPI Finance, 3.5%, 11/9/2020					1,482,778
							3,697,794
		Food/Beverage/Tobacco-4.0%
788	M	Aramark Corp., 3.25%, 9/7/2019					789,266
533	M	B&G Foods, Inc., 3.75%, 11/02/2022					535,425
941	M	JBS USA, LLC, 3.75%, 5/25/2018					941,793
947	M	Keurig Green Mountain Inc., 5.25%, 3/3/2023					947,259
		Pinnacle Foods Finance, LLC:
732	M	3.25%, 4/29/2020					732,529
748	M	3.75%, 1/13/2023					752,225
583	M	Post Holdings, Inc., 3.75%, 6/2/2021					584,908
							5,283,405
		Food/Drug-2.0%
623	M	Albertson's, LLC, 5.5%, 12/21/2022					623,925
2,075	M	Rite Aid Corp., 4.875%, 6/21/2021					2,079,323
							2,703,248
		Forest Products/Container-3.6%
983	M	Ardagh Holdings USA, Inc., 4%, 12/17/2019					982,364
		Berry Plastics Group, Inc.:
717	M	3.5%, 2/8/2020					712,717
924	M	3.75%, 10/01/2022					917,799
724	M	BWAY Holding Co., 5.55193%, 8/14/2020					721,093
710	M	Exopack Holdings SA, 4.5%, 5/8/2019					704,461
740	M	Owens-Brockway Glass Container, Inc., 3.5%, 9/1/2022					739,522
							4,777,956
		Gaming/Leisure-5.1%
883	M	AMC Entertainment, Inc., 4%, 12/15/2022					883,657
925	M	ClubCorp Club Operations, Inc., 4.25%, 12/15/2022					923,843
1,271	M	Hilton Worldwide Finance, LLC, 3.5%, 10/26/2020					1,272,451
1,075	M	La Quinta Intermediate Holdings, LLC, 3.75%, 4/14/2021					1,049,617
1,476	M	Live Nation Entertainment, Inc., 3.5%, 8/17/2020					1,476,561
284	M	Pinnacle Entertainment, Inc., 3.75%, 4/28/2023					283,833
876	M	Seminole Hard Rock Entertainment, Inc., 3.5%, 5/14/2020					873,731
							6,763,693
		Health Care-9.8%
1,019	M	Acadia Healthcare Co., Inc., 4.25%, 2/11/2022					1,008,362
		Community Health Systems, Inc.:
228	M	3.75%, 12/31/2019					221,442
769	M	4%, 1/27/2021					748,892
1,141	M	ConvaTec, Inc., 4.25%, 6/15/2020					1,134,925
569	M	DaVita Health Care Partners, Inc., 3.5%, 6/24/2021					570,437
1,169	M	Envision Healthcare Corp., 4.5%, 10/28/2022					1,170,587
445	M	ExamWorks Group, Inc., 4.75%, 6/17/2023			(a)		445,278
536	M	Grifols Worldwide Operations USA, Inc., 3.4603%, 2/27/2021					536,727
997	M	IMS Health, Inc., 3.5%, 3/17/2021			(a)		991,049
571	M	Kindred Healthcare, Inc., 4.25%, 4/9/2021					556,377
569	M	Mallinckrodt International Finance SA, 3.5%, 3/19/2021					563,278
236	M	Medpace Holdings, Inc., 4.75%, 4/1/2021					234,746
555	M	MultiPlan, Inc., 5%, 6/7/2023					556,503
1,155	M	NBTY, Inc., 5%, 5/5/2023					1,147,240
411	M	Onex Carestream Health, Inc., 5%, 6/7/2019					394,936
546	M	Select Medical Corp., 6%, 6/1/2018					546,266
2,205	M	Valeant Pharmaceuticals International, Inc., 4.75%, 12/11/2019					2,149,416
							12,976,461
		Information Technology-6.5%
378	M	Activision Blizzard, Inc., 3.25%, 10/13/2020					379,551
331	M	ARRIS Enterprises, Inc., 3.5%, 4/17/2020					327,375
1,745	M	Avago Technologies Cayman, Ltd., 4.25%, 11/3/2022					1,746,716
1,763	M	Dell International, LLC, 4%, 6/2/2023			(a)		1,754,838
1,275	M	Global Payments, Inc., 3.9603%, 4/22/2023					1,285,360
489	M	Kronos, Inc., 4.5%, 10/30/2019					489,494
756	M	Match Group, Inc., 5.5%, 11/16/2022					759,876
1,000	M	Microsemi Corp., 5.25%, 1/15/2023			(a)		990,000
925	M	Western Digital Corp., 6.25%, 4/29/2023					925,000
							8,658,210
		Manufacturing-7.2%
1,128	M	Brand Energy & Infrastructure Services, Inc., 4.75%, 11/26/2020			(a)		1,097,904
982	M	Filtration Group Corp., 4.25%, 11/23/2020			(a)		978,576
683	M	Gardner Denver, Inc., 4.25%, 7/30/2020					627,798
995	M	HD Supply, Inc., 3.75%, 8/13/2021					995,000
977	M	Husky Injection Molding System, 4.25%, 6/30/2021					971,308
1,021	M	Mirror BidCo Corp., 4.25%, 12/28/2019					1,020,723
940	M	Onex Wizard Acquisition Co. I Sarl, 4.25%, 3/11/2022					934,905
1,188	M	Rexnord, LLC, 4%, 8/21/2020			(a)		1,178,598
492	M	Trinseo Materials Operating SCA, 4.25%, 11/5/2021					490,641
1,251	M	U.S. Farathane, LLC, 5.75%, 12/23/2021			(a)		1,252,064
							9,547,517
		Media-Cable TV-4.3%
1,750	M	Altice U.S. Finance 1, Corp., 4.25%, 12/14/2022					1,750,063
1,375	M	CCO Safari III, LLC, 3.5%, 1/24/2023					1,377,063
1,025	M	CSC Holdings, LLC, 5%, 10/9/2022					1,026,922
888	M	Gray Television, Inc., 3.9375%, 6/13/2021					889,521
619	M	Raycom TV Broadcasting, LLC, 3.75%, 8/4/2021					612,785
							5,656,354
		Media-Diversified-2.0%
1,197	M	Media General, Inc., 4%, 7/31/2020					1,197,429
609	M	Tribune Media Co., 3.75%, 12/27/2020					608,868
825	M	Virgin Media Investment Holdings, Ltd., 3.6492%, 6/30/2023					803,344
							2,609,641
		Metals/Mining-3.3%
762	M	FMG Resources (August 2006), 4.25%, 6/30/2019					728,393
955	M	McJunkin Red Man Corp., 5%, 11/8/2019					928,325
1,192	M	Novelis, Inc., 4%, 6/2/2022					1,182,174
888	M	TMS International Corp., 4.5%, 10/16/2020					828,411
675	M	Zekelman Industries, Inc., 6%, 6/14/2021			(a)		673,313
							4,340,616
		Real Estate Investment Trusts-.7%
982	M	Realogy Group, LLC, 3.75%, 3/5/2020					982,982
		Retail-General Merchandise-7.7%
923	M	1-800 Contacts, 5.25%, 1/22/2023					922,110
814	M	Dollar Tree, Inc., 3.5%, 7/6/2022					814,974
522	M	General Nutrition Centers, Inc., 3.25%, 3/4/2019					515,398
988	M	Hanesbrands, Inc., 3.25%, 4/29/2022					992,438
725	M	Hertz Corp., 3.75%, 6/30/2023			(a)		725,906
909	M	Landry's, Inc., 4%, 4/24/2018			(a)		910,175
806	M	Michaels Stores, Inc., 4%, 1/28/2020					806,911
878	M	Neiman Marcus Group, Inc., 4.25%, 10/25/2020					789,795
1,140	M	Party City Holdings, Inc., 4.25%, 8/19/2022					1,126,331
990	M	PetSmart, Inc., 4.25%, 3/11/2022					987,277
1,085	M	Restaurant Brands, Inc., 3.75%, 12/10/2021					1,086,108
525	M	Yum! Brands, Inc., 3.1923%, 6/17/2023					526,149
							10,203,572
		Services-2.6%
574	M	AECOM, 3.75%, 10/15/2021					575,875
824	M	Allied Security Holdings, LLC, 4.25%, 2/12/2021					825,316
968	M	Brickman Group, Ltd., LLC, 4%, 12/18/2020					952,931
628	M	Doosan Infrascore International, Inc., 4.5%, 5/28/2021					629,917
472	M	Monitronics International, Inc., 4.25%, 3/23/2018					467,986
							3,452,025
		Telecommunications-3.3%
1,141	M	CommScope, Inc., 3.75,12/29/2022					1,143,753
		Level 3 Financing, Inc.:
285	M	3.5%, 5/31/2022					284,346
1,000	M	4%, 8/1/2019					1,000,313
		Numericable U.S., LLC:
675	M	5%, 1/8/2024					672,891
675	M	5%, 1/15/2024					672,891
650	M	Telenet Group Holding, 4.25%, 6/30/2024			(a)		645,532
							4,419,726
		Utilities-1.6%
966	M	Calpine Corp., 3.5%, 5/27/2022					955,810
1,231	M	Dynegy, Inc., 4%, 4/23/2020					1,209,454
							2,165,264
		Waste Management-.8%
1,032	M	ADS Waste Holdings, Inc., 3.75%, 10/9/2019					1,019,753
		Wireless Communications-2.7%
1,087	M	GCI Holdings, Inc., 4%, 2/2/2022					1,082,793
1,350	M	Intelsat Jackson Holdings, Ltd., 3.75%, 6/30/2019					1,230,186
1,179	M	Telesat Canada, 3.5%, 3/28/2019					1,174,391
149	M	T-Mobile USA, Inc., 3.5%, 11/9/2022					149,872
							3,637,242
Total Value of Loan Participations (cost $112,842,209)							113,328,083
		CORPORATE BONDS-8.1%
		Automotive-.5%
610	M	American Axle & Manufacturing, Inc., 7.75%, 11/15/2019					680,150
		Consumer Non-Durables-.5%
		Reynolds Group Issuer, Inc.
400	M	7.125%, 4/15/2019			(b)		406,282
225	M	3.5%, 7/15/2021					226,125
							632,407
		Energy-.6%
750	M	Targa Resources Partners, LP, 4.125%, 11/15/2019					746,250
		Financials-.4%
626	M	Consolidated Energy Finance SA, 6.75%, 10/15/2019			(b)		591,570
		Gaming/Leisure-.2%
325	M	Live Nation Entertainment, Inc., 7%, 9/1/2020			(b)		338,538
		Health Care-1.1%
800	M	Centene Corp., 5.625%, 2/15/2021			(b)		836,000
150	M	Endo Finance, LLC, 7.75%, 1/15/2022			(b)		139,874
450	M	Molina Healthcare, Inc., 5.375%, 11/15/2022			(b)		451,125
							1,426,999
		Manufacturing-.2%
150	M	HD Supply, Inc., 5.75%, 4/15/2024			(b)		156,375
150	M	Masco Corp., 3.5%, 4/1/2021					153,795
							310,170
		Media-Broadcasting-.4%
550	M	Sinclair Television Group, Inc., 6.375%, 11/1/2021					580,250
		Media-Cable TV-.9%
550	M	Cablevision Systems Corp., 8.625%, 9/15/2017					581,625
500	M	DISH DBS Corp., 7.875%, 9/1/2019					552,500
							1,134,125
		Metals/Mining-1.2%
		Novelis, Inc.:
750	M	8.375%, 12/15/2017					767,344
225	M	8.75%, 12/15/2020					234,664
550	M	Steel Dynamics, Inc., 6.125%, 8/15/2019					569,594
							1,571,602
		Real Estate-.4%
500	M	Iron Mountain, Inc., 6%, 10/1/2020			(b)		524,375
		Telecommunications-.4%
250	M	Frontier Communications Corp., 8.875%, 9/15/2020					267,813
225	M	Wind Acquisition Finance SA, 4.75%, 7/15/2020			(b)		221,625
25	M	Windstream Services, LLC, 7.75%, 10/15/2020					24,625
							514,063
		Utilities-.2%
305	M	Calpine Corp., 6%, 1/15/2022			(b)		321,013
		Wireless Communications-1.1%
850	M	MetroPCS Wireless, Inc., 6.625%, 11/15/2020					879,750
518	M	UPCB Finance V, Ltd., 7.25%, 11/15/2021			(b)		541,434
							1,421,184
Total Value of Corporate Bonds (cost $11,823,051)							10,792,696
		VARIABLE AND FLOATING RATE NOTES-.2%
		Utilities
219	M	AES Corp., 3.4142%, 6/1/2019 (cost $221,104)+					219,000
		SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-6.0%
8,000	M	U.S. Treasury Bills, 0.195%, 7/28/2016 (cost $7,998,830)					7,998,968
		SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-2.3%
3,000	M	Federal Home Loan Bank, 0.345%, 7/12/2016 (cost $2,999,684)					2,999,853
Total Value of Investments (cost $135,884,878)			102.0	%			135,338,600
Excess of Liabilities Over Other Assets			(2.0	)			(2,693,456)
Net Assets			100.0	%		$	132,645,144

(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 June 30, 2016, the Fund held eleven 144A securities
	with an aggregate value of $4,528,211 representing 3.4% 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 June 30, 2016.
	At June 30, 2016, the cost of investments for federal income tax purposes was
	$135,884,878. Accumulated net unrealized depreciation on investments was
	$546,278, consisting of $562,375 gross unrealized appreciation and $1,108,653
	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 June 30, 2016:

		Level 1		Level 2		Level 3		Total
Loan Participations	$	-	$	113,328,083	$	-	$	113,328,083
Corporate Bonds		-		10,792,696		-		10,792,696
Variable and Floating Rate Notes		-		219,000		-		219,000
Short-Term U.S. Government
Obligations		-		7,998,968		-		7,998,968
Short-Term U.S. Government
Agency Obligations		-		2,999,853		-		2,999,853
Total Investments in Securities*	$	-	$	135,338,600	$	-	$	135,338,600

* The Portfolio of Investments provides information on the industry categorization of loan participations, corporate bonds and variable and floating rate notes.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2016. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
FUND FOR INCOME
June 30, 2016

	Principal
	Amount		Security				Value
			CORPORATE BONDS-88.3%
			Aerospace/Defense-.6%
			Meccanica Holdings USA, Inc.:
$	1,025	M	6.25%, 7/15/2019			(a)	$          1,114,688
	1,871	M	7.375%, 7/15/2039			(a)	1,973,905
	750	M	6.25%, 1/15/2040			(a)	705,000
							3,793,593
			Automotive-4.9%
			American Axle & Manufacturing, Inc.:
	3,400	M	6.25%, 3/15/2021				3,540,250
	1,175	M	6.625%, 10/15/2022				1,263,125
	1,725	M	Asbury Automotive Group, Inc., 6%, 12/15/2024				1,746,562
			Dana Holding Corp.:
	2,000	M	6%, 9/15/2023				2,040,000
	700	M	5.5%, 12/15/2024				668,500
			Fiat Chrysler Automobiles NV:
	925	M	4.5%, 4/15/2020				937,719
	1,850	M	5.25%, 4/15/2023				1,845,375
	1,475	M	Goodyear Tire & Rubber Co., 7%, 5/15/2022				1,576,406
			Group 1 Automotive, Inc.:
	2,375	M	5%, 6/1/2022				2,351,250
	1,425	M	5.25%, 12/15/2023			(a)	1,407,187
	1,600	M	Hertz Corp., 6.75%, 4/15/2019				1,633,723
	3,650	M	LKQ Corp., 4.75%, 5/15/2023				3,604,375
	2,700	M	Meritor, Inc., 6.25%, 2/15/2024				2,322,000
	3,050	M	Omega U.S. Sub, LLC, 8.75%, 7/15/2023			(a)	3,004,250
	1,000	M	Oshkosh Corp., 5.375%, 3/1/2022				1,035,000
	2,050	M	Schaeffler Finance BV, 4.75%, 5/15/2021			(a)	2,103,813
			ZF North America Capital, Inc.:
	550	M	4%, 4/29/2020			(a)	563,750
	1,225	M	4.5%, 4/29/2022			(a)	1,246,438
							32,889,723
			Building Materials-.9%
	1,950	M	Building Materials Corp., 5.375%, 11/15/2024			(a)	1,993,875
	2,575	M	Griffon Corp., 5.25%, 3/1/2022				2,552,469
			Standard Industries, Inc.:
	50	M	5.125%, 2/15/2021			(a)	51,625
	1,375	M	5.5%, 2/15/2023			(a)	1,412,813
							6,010,782
			Chemicals-2.3%
			Blue Cube Spinco, Inc.:
	850	M	9.75%, 10/15/2023			(a)	988,125
	2,700	M	10%, 10/15/2025			(a)	3,132,000
	1,875	M	CVR Partners, LP, 9.25%, 6/15/2023			(a)	1,914,844
	1,675	M	PolyOne Corp., 5.25%, 3/15/2023				1,695,938
	825	M	PQ Corp., 6.75%, 11/15/2022			(a)	862,125
	1,350	M	TPC Group, Inc., 8.75%, 12/15/2020			(a)	1,063,125
	1,290	M	Trinseo SA, 6.75%, 5/1/2022			(a)	1,290,000
	2,575	M	Univar USA, Inc., 6.75%, 7/15/2023			(a)	2,555,688
			W.R. Grace & Co.:
	1,250	M	5.125%, 10/1/2021			(a)	1,287,500
	525	M	5.625%, 10/1/2024			(a)	540,094
							15,329,439
			Consumer Non-Durables-2.0%
	2,925	M	Levi Strauss & Co., 6.875%, 5/1/2022				3,118,781
			Reynolds Group Issuer, Inc.:
	2,875	M	5.75%, 10/15/2020				2,975,625
	850	M	5.125%, 7/15/2023			(a)	861,688
			Spectrum Brands Escrow Corp.:
	1,375	M	6.375%, 11/15/2020				1,438,594
	1,480	M	6.625%, 11/15/2022				1,578,050
	3,200	M	Wolverine World Wide, Inc., 6.125%, 10/15/2020				3,324,000
							13,296,738
			Energy-9.1%
			AmeriGas Finance, LLC:
	1,250	M	7%, 5/20/2022				1,325,775
	775	M	5.625%, 5/20/2024				781,781
	775	M	5.875%, 8/20/2026				777,906
			Anadarko Petroleum Corp.:
	775	M	4.5%, 7/15/2044				714,510
	225	M	3.45%, 7/15/2024				220,306
			Antero Midstream Partners, LP:
	550	M	6%, 12/1/2020				558,712
	950	M	5.375%, 11/1/2021				933,375
	925	M	Antero Resources Corp., 5.125%, 12/1/2022				892,625
	1,375	M	Blue Racer Midstream, LLC, 6.125%, 11/15/2022			(a)	1,309,687
	1,600	M	Carrizo Oil & Gas, Inc., 6.25%, 4/15/2023				1,548,000
	2,425	M	Cheniere Corpus Christi Holdings, LLC, 7%, 6/30/2024			(a)	2,493,215
	600	M	Concho Resources, Inc., 5.5%, 10/1/2022				606,000
			Continental Resources, Inc.:
	1,850	M	4.5%, 4/15/2023				1,734,375
	2,050	M	3.8%, 6/1/2024				1,798,875
	825	M	4.9%, 6/1/2044				684,750
	1,725	M	Crestwood Midstream Partners, LP, 6.25%, 4/1/2023			(a)	1,595,625
	1,350	M	Exterran Partners, LP, 6%, 10/1/2022				1,201,500
	1,125	M	Ferrellgas Partners, LP, 6.75%, 6/15/2023			(a)	992,812
	1,675	M	Forum Energy Technologies, Inc., 6.25%, 10/1/2021				1,561,937
			Genesis Energy, LP:
	525	M	5.75%, 2/15/2021				498,750
	1,400	M	6.75%, 8/1/2022				1,365,000
	1,050	M	6%, 5/15/2023				987,000
	500	M	5.625%, 6/15/2024				457,500
	1,375	M	Gibson Energy, Inc., 6.75%, 7/15/2021			(a)	1,375,000
	1,575	M	Gulfport Energy Corp., 7.75%, 11/1/2020				1,626,187
	1,425	M	Hilcorp Energy I, 5.75%, 10/1/2025			(a)	1,368,000
	600	M	Laredo Petroleum, Inc., 5.625%, 1/15/2022				564,000
			Marathon Oil Corp.:
	125	M	2.7%, 6/1/2020				117,819
	2,350	M	2.8%, 11/1/2022				2,134,305
	1,400	M	Matador Resources Co., 6.875%, 4/15/2023				1,435,000
			MPLX, LP:
	800	M	4.5%, 7/15/2023			(a)	776,537
	1,500	M	4.875%, 12/1/2024			(a)	1,463,727
	1,113	M	4.875%, 6/1/2025			(a)	1,089,699
			NuStar Logistics, LP:
	325	M	4.8%, 9/1/2020				316,875
	1,375	M	6.75%, 2/1/2021				1,395,625
	1,775	M	QEP Resources, Inc., 6.875%, 3/1/2021				1,801,625
	425	M	Range Resources Corp., 4.875%, 5/15/2025				406,938
	1,650	M	Rice Energy, Inc., 6.25%, 5/1/2022				1,645,875
			Sabine Pass Liquefaction, LLC:
	3,425	M	6.25%, 3/15/2022				3,536,313
	1,375	M	5.625%, 4/15/2023				1,387,031
	2,625	M	5.75%, 5/15/2024				2,618,438
	1,225	M	5.625%, 3/1/2025				1,225,000
	1,050	M	5.875%, 6/30/2026			(a)	1,055,250
			Southwestern Energy Co.:
	325	M	3.3%, 1/23/2018				333,775
	375	M	4.05%, 1/23/2020				370,313
	1,050	M	4.95%, 1/23/2025				1,010,625
	433	M	Suburban Propane Partners, LP, 7.375%, 8/1/2021				450,863
	1,600	M	Sunoco, LP, 6.25%, 4/15/2021			(a)	1,600,000
			Targa Resources Partners, LP:
	900	M	5.25%, 5/1/2023				855,000
	1,650	M	4.25%, 11/15/2023				1,489,125
			Tesoro Logistics, LP:
	675	M	6.25%, 10/15/2022				707,063
	825	M	6.375%, 5/1/2024				868,313
	1,550	M	Unit Corp., 6.625%, 5/15/2021				1,205,125
							61,269,462
			Financials-4.4%
			Ally Financial, Inc.:
	2,275	M	6.25%, 12/1/2017				2,388,750
	1,300	M	8%, 12/31/2018				1,423,500
	4,900	M	8%, 3/15/2020				5,524,750
	1,375	M	8%, 11/1/2031				1,598,437
	1,200	M	Argos Merger Sub, Inc., 7.125%, 3/15/2023			(a)	1,239,000
	4,666	M	Consolidated Energy Finance SA, 6.75%, 10/15/2019			(a)	4,409,370
	1,000	M	Dana Financing Luxembourg Sarl, 6.5%, 6/1/2026			(a)	976,250
			International Lease Finance Corp.:
	1,925	M	8.75%, 3/15/2017				2,013,127
	8,525	M	8.25%, 12/15/2020				10,111,247
							29,684,431
			Food/Beverage/Tobacco-1.2%
	1,225	M	Barry Callebaut Services SA, 5.5%, 6/15/2023			(a)	1,324,103
			Constellation Brands, Inc.:
	525	M	4.25%, 5/1/2023				548,625
	900	M	4.75%, 11/15/2024				951,750
	200	M	4.75%, 12/1/2025				211,750
	1,875	M	Post Holdings, Inc., 7.75%, 3/15/2024			(a)	2,069,531
	400	M	Smithfield Foods, Inc., 6.625%, 8/15/2022				420,876
	2,587	M	Sun Merger Sub, Inc., 5.875%, 8/1/2021			(a)	2,709,883
							8,236,518
			Food/Drug-.6%
	3,500	M	Rite Aid Corp., 6.125%, 4/1/2023			(a)	3,749,375
			Forest Products/Containers-3.9%
	2,175	M	Ardagh Packaging Finance, PLC, 6%, 6/30/2021			(a)	2,169,562
	1,775	M	Ball Corp., 5.25%, 7/1/2025				1,857,094
	2,350	M	Berry Plastics Group, 5.125%, 7/15/2023				2,355,875
	1,400	M	CROWN Americas, LLC, 4.5%, 1/15/2023				1,435,000
	1,100	M	Graphic Packaging International, Inc., 4.875%, 11/15/2022				1,146,750
	2,675	M	Greif, Inc., 7.75%, 8/1/2019				2,989,312
			Mercer International, Inc.:
	300	M	7%, 12/1/2019				304,500
	1,400	M	7.75%, 12/1/2022				1,407,000
			Owens-Brockway Glass Container, Inc.:
	450	M	5%, 1/15/2022			(a)	452,250
	625	M	5.875%, 8/15/2023			(a)	657,684
	1,875	M	5.375%, 1/15/2025			(a)	1,867,969
	450	M	6.375%, 8/15/2025			(a)	471,094
			Sealed Air Corp.:
	1,125	M	6.5%, 12/1/2020			(a)	1,285,313
	875	M	4.875%, 12/1/2022			(a)	903,438
	2,025	M	5.25%, 4/1/2023			(a)	2,106,000
	1,550	M	6.875%, 7/15/2033				1,650,750
	3,425	M	Silgan Holdings, Inc., 5%, 4/1/2020				3,523,469
							26,583,060
			Gaming/Leisure-4.2%
	1,625	M	AMC Entertainment, Inc., 5.75%, 6/15/2025				1,625,000
	1,125	M	ClubCorp Club Operations, Inc., 8.25%, 12/15/2023			(a)	1,125,000
			GLP Capital, LP:
	250	M	4.375%, 4/15/2021				258,125
	775	M	5.375%, 4/15/2026				800,187
	1,525	M	Hilton Worldwide Finance, LLC, 5.625%, 10/15/2021				1,579,465
			International Game Technology, PLC:
	900	M	5.625%, 2/15/2020			(a)	952,875
	900	M	6.25%, 2/15/2022			(a)	919,125
	1,350	M	6.5%, 2/15/2025			(a)	1,366,875
	4,650	M	Live Nation Entertainment, Inc., 7%, 9/1/2020			(a)	4,843,696
	675	M	MGM Growth Properties Operating Partnership, LP, 5.625%, 5/1/2024			(a)	715,500
	1,475	M	National CineMedia, LLC, 7.875%, 7/15/2021				1,534,000
			NCL Corp., Ltd.:
	1,900	M	5.25%, 11/15/2019			(a)	1,928,500
	1,800	M	4.625%, 11/15/2020			(a)	1,805,616
	1,775	M	Regal Entertainment Group, 5.75%, 3/15/2022				1,823,813
	1,650	M	Royal Caribbean Cruises, Ltd., 5.25%, 11/15/2022				1,744,875
	975	M	Scientific Games International, Inc., 6.625%, 5/15/2021				585,000
	4,125	M	Six Flags Entertainment Corp., 5.25%, 1/15/2021			(a)	4,274,531
	1,000	M	Viking Cruises, Ltd., 6.25%, 5/15/2025			(a)	760,000
							28,642,183
			Health Care-10.5%
			Centene Corp.:
	2,250	M	5.625%, 2/15/2021			(a)	2,351,250
	1,775	M	6.125%, 2/15/2024			(a)	1,891,484
			Community Health Systems, Inc.:
	256	M	5.125%, 8/15/2018				260,001
	800	M	8%, 11/15/2019				787,000
	4,325	M	7.125%, 7/15/2020				4,031,289
			DaVita HealthCare Partners, Inc.:
	1,875	M	5.75%, 8/15/2022				1,968,750
	1,775	M	5.125%, 7/15/2024				1,798,031
			Endo Finance, LLC:
	1,350	M	7.75%, 1/15/2022			(a)	1,258,875
	1,575	M	6%, 7/15/2023			(a)	1,386,000
	375	M	6%, 2/1/2025			(a)	327,187
			Fresenius Medical Care U.S. Finance II, Inc.:
	1,150	M	5.625%, 7/31/2019			(a)	1,251,338
	875	M	4.125%, 10/15/2020			(a)	903,437
	675	M	4.75%, 10/15/2024			(a)	700,312
			HCA, Inc.:
	2,075	M	8%, 10/1/2018				2,318,812
	3,025	M	6.5%, 2/15/2020				3,353,969
	1,225	M	6.25%, 2/15/2021				1,310,750
	175	M	7.5%, 2/15/2022				199,413
	225	M	5.875%, 5/1/2023				240,188
	375	M	5.375%, 2/1/2025				385,312
	2,400	M	5.875%, 2/15/2026				2,496,000
			HealthSouth Corp.:
	257	M	7.75%, 9/15/2022				266,316
	1,150	M	5.125%, 3/15/2023				1,132,750
	1,325	M	5.75%, 11/1/2024				1,336,925
	1,075	M	5.75%, 9/15/2025				1,069,625
	2,900	M	IMS Health, Inc., 6%, 11/1/2020			(a)	2,958,000
	2,200	M	Kindred Healthcare, Inc., 8.75%, 1/15/2023				2,179,386
			LifePoint Health, Inc.:
	2,300	M	5.5%, 12/1/2021				2,403,500
	725	M	5.875%, 12/1/2023				755,813
	1,175	M	5.375%, 5/1/2024			(a)	1,180,875
			Mallinckrodt Finance SB:
	775	M	4.875%, 4/15/2020			(a)	751,750
	400	M	5.75%, 8/1/2022			(a)	382,000
	1,725	M	5.5%, 4/15/2025			(a)	1,547,532
	2,925	M	Molina Healthcare, Inc., 5.375%, 11/15/2022			(a)	2,932,313
	775	M	MPH Acquisition Holdings, 7.125%, 6/1/2024			(a)	815,688
	3,000	M	NBTY, Inc., 7.625%, 5/15/2021			(a)	3,011,250
	700	M	RegionalCare Hospital Partners, 8.25%, 5/1/2023			(a)	719,250
	2,275	M	Tenet Healthcare Corp., 6%, 10/1/2020				2,411,500
	1,450	M	Universal Health Services, Inc., 5%, 6/1/2026			(a)	1,457,250
	675	M	Universal Hospital Services, Inc., 7.625%, 8/15/2020				623,531
			Valeant Pharmaceuticals International, Inc.:
	5,200	M	6.375%, 10/15/2020			(a)	4,498,000
	1,100	M	5.625%, 12/1/2021			(a)	913,000
	4,600	M	6.125%, 4/15/2025			(a)	3,703,000
	4,225	M	WellCare Health Plans, Inc., 5.75%, 11/15/2020				4,383,438
							70,652,090
			Information Technology-4.2%
	1,075	M	Activision Blizzard, Inc., 5.625%, 9/15/2021			(a)	1,127,406
	1,000	M	Anixter, Inc., 5.125%, 10/1/2021				1,020,000
	2,892	M	Belden, Inc., 5.5%, 9/1/2022			(a)	2,928,150
	1,725	M	CEB, Inc., 5.625%, 6/15/2023			(a)	1,684,031
	2,200	M	CommScope Technologies Finance, LLC, 6%, 6/15/2025			(a)	2,266,000
	2,125	M	CoreLogic, Inc., 7.25%, 6/1/2021				2,204,326
	2,000	M	Equinix, Inc., 5.875%, 1/15/2026				2,088,750
	2,916	M	IAC/InterActiveCorp, 4.875%, 11/30/2018				2,988,900
			Match Group, Inc.:
	1,850	M	6.75%, 12/15/2022			(a)	1,933,250
	825	M	6.375%, 6/1/2024			(a)	860,063
	2,150	M	Microsemi Corp., 9.125%, 4/15/2023			(a)	2,375,750
	1,250	M	MSCI, Inc., 5.75%, 8/15/2025			(a)	1,303,125
	1,600	M	Nuance Communications, Inc., 6%, 7/1/2024			(a)	1,612,000
	1,300	M	Open Text Corp., 5.625%, 1/15/2023			(a)	1,319,500
			Western Digital Corp.:
	425	M	7.375%, 4/1/2023			(a)	453,688
	2,125	M	10.5%, 4/1/2024			(a)	2,279,063
							28,444,002
			Manufacturing-3.2%
	2,300	M	Amkor Technology, Inc., 6.375%, 10/1/2022				2,222,375
	1,325	M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023			(a)	1,351,500
	2,775	M	Brand Energy & Infrastructure Services, Inc., 8.5%, 12/1/2021			(a)	2,677,875
	1,650	M	Case New Holland, Inc., 7.875%, 12/1/2017				1,782,000
	2,450	M	Dematic SA, 7.75%, 12/15/2020			(a)	2,578,625
	200	M	EDP Finance BV, 5.25%, 1/14/2021			(a)	212,500
	3,075	M	H&E Equipment Services, Inc., 7%, 9/1/2022				3,198,000
	850	M	HD Supply, Inc., 5.75%, 4/15/2024			(a)	886,125
	1,075	M	Masco Corp., 3.5%, 4/1/2021				1,102,198
	550	M	Rexel SA, 5.25%, 6/15/2020			(a)	569,594
	2,700	M	Sensata Technologies U.K. Financing Co., 6.25%, 2/15/2026			(a)	2,808,000
	2,050	M	Zekelman Industries, Inc., 9.875%, 6/15/2023			(a)	2,075,625
							21,464,417
			Media-Broadcasting-2.5%
			Belo Corp.:
	725	M	7.75%, 6/1/2027				766,687
	150	M	7.25%, 9/15/2027				153,750
	2,225	M	LIN Television Corp., 5.875%, 11/15/2022				2,247,250
	3,175	M	Nexstar Broadcasting, Inc., 6.875%, 11/15/2020				3,329,781
			Sinclair Television Group, Inc.:
	4,075	M	5.375%, 4/1/2021				4,212,531
	925	M	6.375%, 11/1/2021				975,875
			Sirius XM Radio, Inc.:
	4,050	M	5.75%, 8/1/2021			(a)	4,217,063
	625	M	6%, 7/15/2024			(a)	647,656
							16,550,593
			Media-Cable TV-8.2%
			Altice Financing SA:
	2,525	M	6.625%, 2/15/2023			(a)	2,488,690
	970	M	8.125%, 1/15/2024			(a)	943,325
	275	M	7.625%, 2/15/2025			(a)	252,656
	1,150	M	7.5%, 5/15/2026			(a)	1,129,875
			Altice U.S. Finance I Corp.:
	2,300	M	5.375%, 7/15/2023			(a)	2,291,375
	1,000	M	5.5%, 5/15/2026			(a)	1,002,500
	1,625	M	Cable One, Inc., 5.75%, 6/15/2022			(a)	1,669,687
			CCO Holdings, LLC:
	650	M	5.25%, 3/15/2021				675,520
	2,950	M	5.125%, 2/15/2023				3,003,129
	3,675	M	5.875%, 4/1/2024			(a)	3,822,000
	2,325	M	5.875%, 5/1/2027			(a)	2,406,375
			Cequel Communications Holdings I, LLC:
	1,700	M	7.75%, 7/15/2025			(a)	1,780,750
	4,525	M	6.375%, 9/15/2020			(a)	4,617,989
			Clear Channel Worldwide Holdings, Inc.:
	200	M	7.625%, 3/15/2020 - Series "A"				183,500
	4,300	M	7.625%, 3/15/2020 - Series "B"				4,112,950
	1,025	M	6.5%, 11/15/2022 - Series "A"				991,687
	1,775	M	6.5%, 11/15/2022 - Series "B"				1,783,875
	3,050	M	CSC Holdings, LLC, 6.75%, 11/15/2021				3,118,625
			DISH DBS Corp.:
	4,750	M	7.875%, 9/1/2019				5,248,750
	950	M	5%, 3/15/2023				866,875
	1,750	M	5.875%, 11/15/2024				1,634,062
	725	M	7.75%, 7/1/2026			(a)	748,562
			Gray Television, Inc.:
	3,025	M	7.5%, 10/1/2020				3,168,687
	900	M	5.875%, 7/15/2026			(a)	904,500
	1,050	M	Lynx II Corp., 6.375%, 4/15/2023			(a)	1,055,250
			Midcontinent Communications & Finance Corp.:
	2,250	M	6.25%, 8/1/2021			(a)	2,328,750
	600	M	6.875%, 8/15/2023			(a)	618,000
			Numericable Group SA:
	1,575	M	6%, 5/15/2022			(a)	1,537,594
	600	M	6.25%, 5/15/2024			(a)	576,000
							54,961,538
			Media-Diversified-1.0%
	1,700	M	Gannett Co., Inc., 5.125%, 7/15/2020				1,757,375
			Lamar Media Corp.:
	1,875	M	5.875%, 2/1/2022				1,959,375
	625	M	5.75%, 2/1/2026			(a)	651,956
	850	M	MDC Partners, Inc., 6.5%, 5/1/2024			(a)	847,875
	2,775	M	Tribune Co., 5.875%, 7/15/2022				2,775,000
							7,991,581
			Metals/Mining-4.9%
	2,325	M	Alcoa, Inc., 6.15%, 8/15/2020				2,525,531
			Aleris International, Inc.:
	2,415	M	7.875%, 11/1/2020				2,149,350
	1,325	M	9.5%, 4/1/2021			(a)	1,364,750
			ArcelorMittal SA:
	1,700	M	6.125%, 6/1/2018				1,793,296
	1,681	M	10.85%, 6/1/2019				1,987,782
	2,000	M	6.25%, 8/5/2020				2,110,000
	525	M	6.5%, 3/1/2021				542,062
	675	M	Bluescope Steel, Ltd., 6.5%, 5/15/2021			(a)	700,582
	975	M	Commercial Metals Co., 4.875%, 5/15/2023				926,250
	1,025	M	Constellium NV, 7.875%, 4/1/2021			(a)	1,059,594
			Freeport-McMoRan, Inc.:
	1,850	M	2.375%, 3/15/2018				1,822,250
	2,450	M	3.1%, 3/15/2020				2,327,500
	1,400	M	5.45%, 3/15/2043				1,130,500
	1,875	M	Glencore Funding, LLC, 3.125%, 4/29/2019			(a)	1,837,500
	1,250	M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022			(a)	1,296,875
	725	M	Kaiser Aluminum Corp., 5.875%, 5/15/2024			(a)	746,750
			Novelis, Inc.:
	2,050	M	8.375%, 12/15/2017				2,097,406
	2,500	M	8.75%, 12/15/2020				2,607,375
			Steel Dynamics, Inc.:
	1,325	M	5.125%, 10/1/2021				1,363,094
	675	M	6.375%, 8/15/2022				712,125
	1,000	M	5.5%, 10/1/2024				1,025,000
	875	M	United States Steel Corp., 8.375%, 7/1/2021			(a)	920,938
							33,046,510
			Real Estate-2.5%
	1,950	M	Dupont Fabros Technology, LP, 5.625%, 6/15/2023				2,008,500
			Geo Group, Inc.:
	1,450	M	5.875%, 1/15/2022				1,486,250
	400	M	5.125%, 4/1/2023				392,000
	950	M	5.875%, 10/15/2024				966,625
	1,575	M	6%, 4/15/2026				1,594,687
			Iron Mountain, Inc.:
	2,925	M	6%, 8/15/2023				3,093,188
	2,600	M	5.75%, 8/15/2024				2,639,000
			Lennar Corp.:
	1,075	M	4.75%, 4/1/2021				1,123,375
	1,350	M	4.875%, 12/15/2023				1,360,125
	375	M	MPT Operating Partners, LP, 6.375%, 3/1/2024				401,250
	1,100	M	Realogy Group/Co-Issuer, 5.25%, 12/1/2021			(a)	1,131,625
	725	M	Vereit Operating Partner, 4.875%, 6/1/2026				745,844
							16,942,469
			Retail-General Merchandise-2.3%
			KFC Holding Co.:
	1,075	M	5%, 6/1/2024			(a)	1,096,500
	1,325	M	5.25%, 6/1/2026			(a)	1,361,438
			L Brands, Inc.:
	1,700	M	6.875%, 11/1/2035				1,729,750
	3,125	M	6.75%, 7/1/2036				3,138,656
			Limited Brands, Inc.:
	950	M	6.9%, 7/15/2017				1,009,850
	2,425	M	8.5%, 6/15/2019				2,825,125
	2,775	M	Netflix, Inc., 5.5%, 2/15/2022				2,906,813
	1,450	M	Party City Holdings, Inc., 6.125%, 8/15/2023			(a)	1,508,000
							15,576,132
			Services-2.5%
	3,400	M	ADT Corp., 3.5%, 7/15/2022				3,132,250
			AECOM:
	1,025	M	5.75%, 10/15/2022				1,050,625
	2,025	M	5.875%, 10/15/2024				2,085,750
	825	M	Aramark Services, Inc., 5.125%, 1/15/2024				843,562
	2,125	M	Ashtead Capital, Inc., 6.5%, 7/15/2022			(a)	2,221,942
	1,725	M	Monitronics International, Inc., 9.125%, 4/1/2020				1,440,375
	1,700	M	Prime Security Services Borrower, LLC, 9.25%, 5/15/2023			(a)	1,806,250
	2,300	M	Reliance Intermediate Holdings, LP, 6.5%, 4/1/2023			(a)	2,403,500
	1,900	M	Safway Group Holding, LLC, 7%, 5/15/2018			(a)	1,904,750
							16,889,004
			Telecommunications-3.4%
			CenturyLink, Inc.:
	400	M	6.45%, 6/15/2021				408,500
	4,475	M	5.8%, 3/15/2022				4,361,738
	1,250	M	6.75%, 12/1/2023				1,232,812
	1,400	M	Citizens Communications Co., 9%, 8/15/2031				1,238,125
			Frontier Communications Corp.:
	525	M	7.125%, 1/15/2023				472,500
	3,225	M	11%, 9/15/2025				3,349,969
	1,973	M	GCI, Inc., 6.75%, 6/1/2021				2,007,527
	1,100	M	SBA Communications, Inc., 5.75%, 7/15/2020				1,135,750
			Wind Acquisition Finance SA:
	2,000	M	4.75%, 7/15/2020			(a)	1,970,000
	4,975	M	7.375%, 4/23/2021			(a)	4,763,563
			Windstream Services, LLC:
	400	M	7.75%, 10/15/2020				394,000
	1,925	M	7.5%, 6/1/2022				1,742,125
							23,076,609
			Transportation-.7%
			Aircastle, Ltd.:
	550	M	4.625%, 12/15/2018				567,875
	1,537	M	6.25%, 12/1/2019				1,671,487
	1,375	M	Fly Leasing, Ltd., 6.75%, 12/15/2020				1,387,031
	1,100	M	Mobile Mini, Inc., 5.875%, 7/1/2024			(a)	1,133,000
							4,759,393
			Utilities-2.9%
			AES Corp.:
	525	M	8%, 6/1/2020				614,250
	2,525	M	7.375%, 7/1/2021				2,859,562
	1,700	M	5.5%, 3/15/2024				1,748,875
	1,075	M	6%, 5/15/2026				1,099,187
			Calpine Corp.:
	1,100	M	5.375%, 1/15/2023				1,078,000
	600	M	5.75%, 1/15/2025				585,750
	1,275	M	ContourGlobal Power Holdings SA, 7.125%, 6/1/2019			(a)	1,320,428
	2,100	M	Dynegy, Inc., 7.375%, 11/1/2022				2,037,000
	925	M	FirstLight Hydro Generating, 8.812%, 10/15/2026				1,005,621
	472	M	Indiantown Cogeneration Utilities, LP, 9.77%, 12/15/2020				520,166
	975	M	InterGen NV, 7%, 6/30/2023			(a)	694,688
	1,175	M	NRG Energy, Inc., 7.25%, 5/15/2026			(a)	1,175,000
	2,657	M	NSG Holdings, LLC, 7.75%, 12/15/2025			(a)	2,856,018
	2,075	M	Talen Energy Supply, LLC, 4.625%, 7/15/2019			(a)	1,836,375
							19,430,920
			Waste Management-.6%
	2,050	M	ADS Waste Holdings, Inc., 8.25%, 10/1/2020				2,080,750
	1,725	M	Covanta Holding Corp., 6.375%, 10/1/2022				1,781,062
							3,861,812
			Wireless Communications-4.8%
	775	M	Inmarsat Finance, PLC, 4.875%, 5/15/2022			(a)	711,063
			Level 3 Financing, Inc.:
	1,138	M	6.125%, 1/15/2021				1,188,630
	575	M	5.125%, 5/1/2023				572,125
	2,375	M	MetroPCS Wireless, Inc., 6.625%, 11/15/2020				2,458,125
			Neptune Finco Corp.:
	2,925	M	10.125%, 1/15/2023			(a)	3,283,313
	1,250	M	6.625%, 10/15/2025			(a)	1,315,625
	650	M	10.875%, 10/15/2025			(a)	744,653
			Sprint Communications, Inc.:
	1,450	M	9%, 11/15/2018			(a)	1,549,688
	1,225	M	7%, 3/1/2020			(a)	1,288,688
			Sprint Nextel Corp.:
	6,825	M	7%, 8/15/2020				6,108,375
	4,350	M	6%, 11/15/2022				3,444,765
			T-Mobile USA, Inc.:
	4,625	M	6.25%, 4/1/2021				4,841,774
	2,725	M	6.625%, 4/1/2023				2,897,029
	1,940	M	UPCB Finance V, Ltd., 7.25%, 11/15/2021			(a)	2,029,202
							32,433,055
Total Value of Corporate Bonds (cost $594,707,508)							595,565,429
			LOAN PARTICIPATIONS+-8.8%
			Aerospace/Defense-.4%
	3,073	M	TransDigm, Inc., 3.75%, 2/28/2020				3,030,413
			Automotive-.2%
	1,495	M	CS Intermediate Holdco 2, LLC, 4%, 4/4/2021				1,489,519
			Building Materials-.4%
	2,781	M	Builders FirstSource, Inc., 6%, 7/29/2022				2,784,807
			Chemicals-.5%
	2,372	M	Axalta Coating Systems Dutch Holdings BBV, 3.75%, 2/1/2020				2,369,697
	760	M	PQ Corp., 5.75%, 11/4/2022				760,950
							3,130,647
			Energy-.3%
	2,225	M	Jonah Energy, LLC, 7.5%, 5/12/2021				1,969,125
			Food/Drug-1.1%
			Albertson's, LLC:
	1,970	M	5.5%, 12/21/2022				1,971,603
	1,934	M	5.75%, 6/22/2023				1,934,634
	469	M	B&G Foods, Inc., 3.75%, 11/2/2022				471,174
	3,215	M	Rite Aid Corp., 4.875%, 6/21/2021				3,221,697
							7,599,108
			Gaming/Leisure-.2%
	1,523	M	Seminole Hard Rock Entertainment, Inc., 3.5%, 5/14/2020				1,519,093
			Health Care-1.0%
			Community Health Systems, Inc.:
	602	M	3.75%, 12/31/2019				585,037
	1,107	M	4%, 1/27/2021				1,077,834
	3,436	M	ConvaTec, Inc., 4.25%, 6/15/2020				3,419,241
	1,440	M	ExamWorks Group, Inc., 3.75%, 6/17/2023			(b)	1,440,900
							6,523,012
			Information Technology-2.2%
	1,440	M	ARRIS Enterprises, Inc., 3.5%, 4/17/2020				1,423,475
	4,937	M	Avago Technologies Cayman, Ltd., 4.25%, 2/21/2023				4,940,711
			Dell International, LLC:
	2,007	M	3.75%, 10/29/2018				1,998,571
	1,995	M	4%, 6/2/2023			(b)	1,986,272
	3,250	M	Global Payments, Inc., 3.9603%, 4/22/2023				3,276,406
	1,085	M	Match Group, Inc., 5.5%, 11/16/2022				1,090,789
							14,716,224
			Media-Cable TV-.5%
	3,500	M	CSC Holdings, LLC, 5%, 10/9/2022				3,506,563
			Media-Diversified-.5%
	3,121	M	Tribune Media Co., 3.75%, 12/27/2020				3,121,314
			Retail-General Merchandise-.5%
	3,077	M	Restaurant Brands, Inc., 3.75%, 12/10/2021				3,080,699
			Services-.2%
	795	M	Allied Security Holdings, LLC, 4.25%, 2/12/2021				795,514
	595	M	Brickman Group, Inc., 4%, 12/18/2020				585,673
							1,381,187
			Telecommunications-.2%
	1,650	M	Telenet Financing USD, LLC, 4.25%, 6/30/2024			(b)	1,638,656
			Utilities-.4%
	2,549	M	Calpine Corp., 3.5%, 5/27/2022				2,522,697
			Wireless Communications-.2%
	1,300	M	Intelsat Jackson Holdings, Ltd., 3.75%, 6/30/2019				1,184,626
Total Value of Loan Participations (cost $59,390,516)							59,197,690
			PASS-THROUGH CERTIFICATES-.8%
			Transportation
	5,093	M	American Airlines 13-2 B PTT, 5.6%, 1/15/2022 (cost 5,194,417)			(a)	5,252,473
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-1.0%
	7,000	M	U.S. Treasury Bills, 0.195%, 7/28/2016 (cost $6,998,976)				6,999,097
			SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-.7%
	5,000	M	Federal Home Loan Bank, 0.345%, 7/12/2016 (cost 4,999,473)				4,999,755
Total Value of Investments (cost $671,290,890)				99.6	%		672,014,444
Other Assets, Less Liabilities				.4			2,488,962
Net Assets			100.0		%		$          674,503,406

(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 June 30, 2016, the Fund held one hundred fifty-one
	144A securities with an aggregate value of $248,339,485 representing 36.8% of the
	Fund's net assets.
(b)	A portion or all of the security purchased on a when-issued or delayed delivery
	basis.
	Interest rates are determined and reset periodically. The interest rates above are
	the rates in effect at June 30, 2016.
	Summary of Abbreviations:
	PTT	Pass-Through Trust
	USD	United State Dollar
	At June 30, 2016, the cost of investments for federal income tax purposes was
	$671,294,890. Accumulated net unrealized appreciation on investments was
	$719,554, consisting of $12,130,734 gross unrealized appreciation and
	$11,411,180 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 June 30, 2016:

	Level 1			Level 2	Level 3			Total
Corporate Bonds	$	-	$	595,565,429	$	-	$	595,565,429
Loan Participations		-		59,197,690		-		59,197,690
Pass-Through Certificates		-		5,252,473		-		5,252,473
Short-Term U.S Government
Obligations		-		6,999,097		-		6,999,097
Short-Term U.S Government
Agency Obligations		-		4,999,755		-		4,999,755
Total Investments in Securities*	$	-	$	672,014,444	$	-	$	672,014,444

* The Portfolio of Investments provides information on the industry categorization of corporate bonds, loan participations and pass-through

certificates.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2016. Transfers, if any, between Levels are

recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
GOVERNMENT FUND
June 30, 2016

	Principal
	Amount		Security				Value
			RESIDENTIAL MORTGAGE-BACKED SECURITIES-57.7%
			Fannie Mae-37.5%
$	34,568	M	3%, 12/1/2028 - 7/14/2046			(a)	$          36,103,630
	37,990	M	3.5%, 4/1/2033 - 7/14/2046			(a)	40,238,586
	32,248	M	4%, 8/1/2026 - 11/1/2045				34,761,266
	7,686	M	4.5%, 11/1/2040 - 1/1/2042				8,501,106
	2,791	M	5%, 8/1/2039 - 11/1/2039				3,126,389
	2,401	M	5.5%, 7/1/2033 - 10/1/2039				2,753,658
							125,484,635
			Freddie Mac-5.7%
	432	M	3%, 6/1/2021				453,227
	7,507	M	3.5%, 9/1/2032 - 2/1/2046				7,966,910
	8,452	M	4%, 11/1/2040 - 8/1/2044				9,069,419
	1,449	M	5%, 8/1/2039				1,637,914
							19,127,470
			Government National Mortgage Association I Program-14.5%
	1,702	M	4%, 11/15/2025 - 6/15/2042				1,844,330
	9,273	M	4.5%, 9/15/2033 - 6/15/2040				10,352,451
	10,401	M	5%, 6/15/2033 - 4/15/2040				11,797,027
	9,688	M	5.5%, 3/15/2033 - 10/15/2039				11,132,834
	9,982	M	6%, 2/15/2032 - 4/15/2040				11,693,342
	1,549	M	7%, 6/15/2023 - 4/15/2034				1,700,499
							48,520,483
Total Value of Residential Mortgage-Backed Securities (cost $186,947,277)							193,132,588
			U.S. GOVERNMENT OBLIGATIONS-15.5%
			U.S. Treasury Notes:
	13,230	M	1.375%, 10/31/2020				13,471,090
	5,100	M	1.5%, 3/31/2023				5,173,710
	11,380	M	1.625%, 2/15/2026				11,508,468
	12,310	M	1.875%, 8/31/2022				12,796,393
	4,510	M	2%, 2/15/2025				4,719,557
	4,140	M	2.5%, 5/15/2046				4,314,331
Total Value of U.S. Government Obligations (cost $50,312,639)							51,983,549
			U.S. GOVERNMENT AGENCY OBLIGATIONS-12.1%
			Fannie Mae:
	6,000	M	0.875%, 5/21/2018				6,024,876
	17,600	M	1.125%, 7/20/2018				17,760,266
	1,700	M	1.375%, 2/26/2021				1,718,771
	4,300	M	1.875%, 9/18/2018				4,411,310
	1,715	M	2.125%, 4/24/2026				1,763,735
	3,025	M	2.625%, 9/6/2024				3,258,194
	5,000	M	Freddie Mac, 3.75%, 3/27/2019				5,400,505
Total Value of U.S. Government Agency Obligations (cost $39,780,830)							40,337,657
			COMMERCIAL MORTGAGE-BACKED SECURITIES-7.9%
			Fannie Mae-5.0%
	2,812	M	2.27%, 1/1/2023				2,913,145
	1,300	M	2.96%, 11/1/2018				1,355,829
	4,449	M	2.996%, 11/1/2022				4,757,758
	2,850	M	3.76%, 4/1/2018				2,953,095
	4,500	M	3.84%, 5/1/2018				4,680,405
							16,660,232
			Federal Home Loan Mortgage Corporation-2.9%
			Multi-Family Structured Pass-Through:
	5,000	M	2.13%, 1/25/2019				5,123,360
	4,330	M	2.849%, 3/25/2026				4,577,377
							9,700,737
Total Value of Commercial Mortgage-Backed Securities (cost $26,443,622)							26,360,969
			COLLATERALIZED MORTGAGE OBLIGATIONS-4.6%
			Fannie Mae:
	5,492	M	3%, 2/25/2024				5,720,564
	6,332	M	4%, 2/25/2025				6,936,359
	2,495	M	Freddie Mac, 3%, 8/15/2039				2,595,044
Total Value of Collateralized Mortgage Obligations (cost $15,286,301)							15,251,967
			SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-3.6%
			Federal Home Loan Bank:
	7,000	M	0.26%, 7/29/2016				6,999,132
	5,000	M	0.345%, 7/12/2016				4,999,755
Total Value of Short-Term U.S. Government Agency Obligations (cost $11,998,057)							11,998,887
Total Value of Investments (cost $330,768,726)				101.4	%		339,065,617
Excess of Liabilities Over Other Assets				(1.4	)		(4,525,305)
Net Assets				100.0	%		$           334,540,312

(a)	A portion or all of the security purchased on a when-issued or delayed
	delivery basis.
	At June 30, 2016, the cost of investments for federal income tax purposes
	was $330,768,726. Accumulated net unrealized appreciation on
	investments was $8,296,891, consisting of $9,131,640 gross unrealized
	appreciation and $834,749 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 June 30, 2016:

	Level 1			Level 2	Level 3			Total
Residential
Mortgage-Backed Securities	$	-	$	193,132,588	$	-	$	193,132,588
U.S. Government Obligations		-		51,983,549		-		51,983,549
U.S. Government Agency
Obligations		-		40,337,657		-		40,337,657
Commercial
Mortgage-Backed Securities		-		26,360,969		-		26,360,969
Collateralized Mortgage
Obligations		-		15,251,967		-		15,251,967
Short-Term U.S Government
Agency Obligations		-		11,998,887		-		11,998,887
Total Investments in Securities	$	-	$	339,065,617	$	-	$	339,065,617

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2016.

Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
INTERNATIONAL OPPORTUNITIES BOND FUND
June 30, 2016

Principal
Amount				Security					Value
				SOVEREIGN BONDS-63.6%
				Mexico-13.9%
				United Mexican States:
$	1,130	M	MXN	7.75%, 11/13/2042					$            7,206,769
692		M	MXN	8.5%, 5/31/2029					4,565,951
760		M	MXN	8.5%, 11/18/2038					5,185,466
									16,958,186
				United Kingdom-8.8%
				United Kingdom Gilt:
565		M	GBP	1.25%, 7/22/2018					768,768
5,590		M	GBP	3.25%, 1/22/2044					9,936,793
									10,705,561
				Australia-8.6%
3,765		M	AUD	New South Wales Treasury Corp., 5%, 8/20/2024					3,413,777
				Queensland Treasury Corp.:
3,320		M	AUD	3.25%, 7/21/2026					2,642,533
3,020		M	AUD	4.75%, 7/21/2025					2,680,015
1,905		M	AUD	6%, 7/21/2022					1,733,214
									10,469,539
				Malaysia-5.9%
				Federation of Malaysia:
14,190		M	MYR	3.48%, 3/15/2023					3,494,826
1,750		M	MYR	3.62%, 11/30/2021					439,509
7,020		M	MYR	3.659%, 10/15/2020					1,763,484
5,725		M	MYR	4.048%, 9/30/2021					1,461,249
									7,159,068
				Brazil-4.2%
				Nota Do Tesouro Nacional:
8		M	BRL	9.71%, 1/1/2025					2,103,612
11		M	BRL	9.71%, 1/1/2027					2,996,149
									5,099,761
				Portugal-4.0%
				Obrigacoes Do Tesouro:
2,750		M	EUR	4.1%, 4/15/2037					3,170,859
1,355		M	EUR	4.95%, 10/25/2023					1,734,585
									4,905,444
				New Zealand-3.8%
				New Zealand Government Bonds:
1,150		M	NZD	5%, 3/15/2019					885,133
4,375		M	NZD	5.5%, 4/15/2023					3,800,502
									4,685,635
				Indonesia-3.5%
				Republic of Indonesia:
52,000,000		M	IDR	8.375%, 3/15/2034					4,191,474
1,900,000		M	IDR	9%, 3/15/2029					159,190
									4,350,664
				Poland-3.2%
				Republic of Poland:
4,680		M	PLN	3.25%, 7/25/2025					1,227,412
9,720		M	PLN	4%, 10/25/2023					2,695,291
									3,922,703
				South Africa-3.2%
				Republic of South Africa:
42,530		M	ZAR	6.5%, 2/28/2041					2,049,462
14,655		M	ZAR	6.75%, 3/31/2021					935,779
14,485		M	ZAR	8.75%, 2/28/2048					898,979
									3,884,220
				Hungary-2.9%
830,000		M	HUF	Hungary Government Bond, 6%, 11/24/2023					3,544,427
				Spain-1.6%
1,090		M	EUR	Bonos Y Obligaciones Del Estado, 5.15%, 10/31/2044					1,942,617
Total Value of Sovereign Bonds (cost $87,564,416)									77,627,825
				U.S. GOVERNMENT OBLIGATIONS-19.7%
				United States
				U.S. Treasury Notes:
8,195		M	USD	0.3372%, 7/31/2017			(a)		8,196,639
14,225		M	USD	0.5322%, 1/31/2018			(a)		14,255,299
1,580		M	USD	0.4502%, 4/30/2018			(a)		1,580,607
Total Value of U.S. Government Obligations (cost $24,026,061)									24,032,545
				CORPORATE BONDS-12.7%
				United States-4.7%
				Apple, Inc.:
930		M	USD	4.5%, 2/23/2036					1,048,786
2,405		M	USD	4.65%, 2/23/2046					2,723,448
465		M	USD	Berkshire Hathaway, Inc., 3.125%, 3/15/2026					488,172
1,505		M	USD	Hewlett Packard Enterprise Co., 6.35%, 10/15/2045			(b)		1,503,388
									5,763,794
				Australia-1.8%
				Macquarie Group, Ltd.:
1,160		M	USD	1.6366%, 1/31/2017			(a)	(b)	1,162,004
1,030		M	USD	1.2659%, 10/27/2017			(a)	(b)	1,028,086
									2,190,090
				Netherlands-1.2%
974		M	USD	Bank Nederlandse Gemeenteen, 0.6996%, 7/14/2017				(b)	973,284
420		M	USD	Shell International Finance BV, 4.55%, 8/12/2043					468,265
									1,441,549
				France-1.2%
1,400		M	USD	Dexia Credit Local SA, NY, 0.8801%, 6/5/2018			(a)	(b)	1,389,632
				Germany-1.0%
1,250		M	USD	Deutsche Bank AG, London, 1.2366%, 2/13/2017			(a)		1,248,839
				Venezuela-.9%
1,075		M	USD	Corp. Andina De Fomento, 2%, 5/10/2019					1,088,352
				South Korea-.8%
1,010		M	USD	Export-Import Bank of Korea, 1.2511%, 8/14/2017			(a)	(b)	1,008,768
				Luxembourg-.4%
515		M	USD	European Investment Bank, 1.125%, 9/15/2017					517,191
				New Zealand-.4%
470		M	USD	ANZ New Zealand International, Ltd. of London, 1.15385%, 4/27/201			(a)	(b)	470,661
				United Kingdom-.3%
380		M	USD	BP Capital Markets, PLC, 3.506%, 3/17/2025					400,478
Total Value of Corporate Bonds (cost $15,039,960)									15,519,354
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-2.5%
				United States
3,000		M	USD	Federal Home Loan Bank, 0.26%, 7/29/2016 (cost $2.999.393)					2,999,628
Total Value of Investments (cost $129,629,830)					98.5	%			120,179,352
Other Assets, Less Liabilities					1.5				1,891,612
Net Assets					100.0	%			$          122,070,964

(a)	Interest rates are determined and reset periodically. The interest
	rates above are the rates in effect as June 30, 2016.
(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
	June 30, 2016, the Fund held seven 144A securities with an
	aggregate value of $7,535,823 representing 6.2% of the Fund's net
	assets.
	Summary of Abbreviations:
	AUD	Australian Dollar
	BRL	Brazillian Real
	EUR	Euro
	GBP	British Pound
	HUF	Hungarian Forint
	IDR	Indonesian Rupiah
	MXN	Mexican Peso
	MYR	Malaysian Ringgit
	NZD	New Zealand Dollar
	PLN	Polish Zloty
	USD	United States Dollar
	ZAR	South African Rand
	At June 30, 2016, the cost of investments for federal income tax
	purposes was $129,629,830. Accumulated net unrealized
	depreciation on investments was $9,450,478, consisting of
	$1,810,393 gross unrealized appreciation and $11,260,871 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 June 30, 2016:

	Level 1		Level 2		Level 3		Total
Sovereign Bonds
Mexico	$	-	$	16,958,186	$	-	$	16,958,186
United Kingdom		-		10,705,561		-		10,705,561
Australia		-		10,469,539		-		10,469,539
Malaysia		-		7,159,068		-		7,159,068
Brazil		-		5,099,761		-		5,099,761
Portugal		-		4,905,444		-		4,905,444
New Zealand		-		4,685,635		-		4,685,635
Indonesia		-		4,350,664		-		4,350,664
Poland		-		3,922,703		-		3,922,703
South Africa		-		3,884,220		-		3,884,220
Hungary		-		3,544,427		-		3,544,427
Spain		-		1,942,617		-		1,942,617
U.S. Government Obligations		-		24,032,545		-		24,032,545
Corporate Bonds
United States		-		5,763,794		-		5,763,794
Australia		-		2,190,090		-		2,190,090
Netherlands		-		1,441,549		-		1,441,549
France		-		1,389,632		-		1,389,632
Germany		-		1,248,839		-		1,248,839
Venezuela		-		1,088,352		-		1,088,352
South Korea		-		1,008,768		-		1,008,768
Luxembourg		-		517,191		-		517,191
New Zealand		-		470,661		-		470,661
United Kingdom		-		400,478		-		400,478
Short-Term U.S Government Agency
Obligations		-		2,999,628		-		2,999,628
Total Investments in Securities	$	-	$	120,179,352	$	-	$	120,179,352
Other Financial Instruments*	$	-	$	(338,856)	$	-	$	(338,856)

*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 June 30, 2016, 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
June 30, 2016

	Principal
	Amount		Security				Value
			CORPORATE BONDS-96.6%
			Aerospace/Defense-.7%
$	4,000	M	Rolls-Royce, PLC, 3.625%, 10/14/2025			(a)	$            4,250,404
			Agriculture-.6%
	3,310	M	Cargill, Inc., 6%, 11/27/2017			(a)	3,531,568
			Automotive-1.4%
	5,000	M	Johnson Controls, Inc., 5%, 3/30/2020				5,475,650
	2,700	M	O'Reilly Automotive, Inc., 3.55%, 3/15/2026				2,836,588
							8,312,238
			Chemicals-2.8%
	2,500	M	Agrium, Inc., 3.375%, 3/15/2025				2,547,670
	3,200	M	CF Industries, Inc., 3.45%, 6/1/2023				3,202,022
	4,000	M	Dow Chemical Co., 4.25%, 11/15/2020				4,380,468
	5,000	M	LyondellBasell Industries NV, 6%, 11/15/2021				5,868,980
							15,999,140
			Consumer Durables-.8%
			Newell Brands, Inc.:
	2,300	M	4.7%, 8/15/2020				2,484,708
	1,800	M	4.2%, 4/1/2026				1,953,598
							4,438,306
			Energy-10.1%
	5,000	M	Canadian Oil Sands, Ltd., 7.75%, 5/15/2019			(a)	5,546,555
	5,000	M	Continental Resources, Inc., 5%, 9/15/2022				4,912,500
	3,000	M	DCP Midstream Operating, LP, 2.5%, 12/1/2017				2,940,000
	5,000	M	Enbridge Energy Partners, LP, 4.2%, 9/15/2021				5,133,440
	5,000	M	Kinder Morgan Energy Partners, LP, 3.45%, 2/15/2023				4,868,070
	4,000	M	Magellan Midstream Partners, LP, 5%, 3/1/2026				4,533,560
			Marathon Oil Corp.:
	2,700	M	6%, 10/1/2017				2,798,140
	1,800	M	3.85%, 6/1/2025				1,656,765
	5,000	M	Nabors Industries, Inc., 6.15%, 2/15/2018				5,145,415
	2,000	M	ONEOK Partners, LP, 3.375%, 10/1/2022				1,959,526
	4,000	M	Plains All American Pipeline, LP, 5.875%, 8/15/2016				4,019,272
	5,800	M	Spectra Energy Capital, LLC, 6.2%, 4/15/2018				6,173,131
	3,800	M	Suncor Energy, Inc., 6.1%, 6/1/2018				4,111,011
	4,000	M	Valero Energy Corp., 9.375%, 3/15/2019				4,783,012
							58,580,397
			Financial Services-14.6%
	4,000	M	American Express Co., 7%, 3/19/2018				4,371,100
			American International Group, Inc.:
	3,700	M	3.75%, 7/10/2025				3,778,074
	2,000	M	4.7%, 7/10/2035				2,074,230
	4,500	M	Ameriprise Financial, Inc., 5.3%, 3/15/2020				5,045,116
	5,400	M	Assured Guaranty U.S. Holding, Inc., 5%, 7/1/2024				5,875,195
	4,300	M	Berkshire Hathaway, Inc., 3.4%, 1/31/2022				4,644,568
	2,400	M	Compass Bank, 6.4%, 10/1/2017				2,514,830
			ERAC USA Finance, LLC:
3,750		M	4.5%, 8/16/2021			(a)	4,158,019
3,000		M	7%, 10/15/2037			(a)	4,099,944
6,200		M	Ford Motor Credit Co., LLC, 8.125%, 1/15/2020				7,400,382
			General Electric Capital Corp.:
6,400		M	4.65%, 10/17/2021				7,334,323
3,400		M	6.75%, 3/15/2032				4,779,400
2,700		M	Harley-Davidson Financial Services, Inc., 2.4%, 9/15/2019			(a)	2,783,476
1,800		M	Harley-Davidson Funding Corp., 6.8%, 6/15/2018			(a)	1,987,420
2,700		M	Key Bank NA, 3.4%, 5/20/2026				2,747,301
4,000		M	Liberty Mutual Group, Inc., 4.95%, 5/1/2022			(a)	4,425,916
3,000		M	National City Corp., 6.875%, 5/15/2019				3,383,685
4,550		M	Protective Life Corp., 7.375%, 10/15/2019				5,284,247
3,000		M	Prudential Financial, Inc., 7.375%, 6/15/2019				3,482,823
4,000		M	State Street Corp., 3.55%, 8/18/2025				4,354,980
							84,525,029
			Financials-24.0%
			Bank of America Corp.:
3,250		M	5.65%, 5/1/2018				3,484,377
5,925		M	5%, 5/13/2021				6,641,321
4,625		M	5.875%, 2/7/2042				5,859,274
			Barclays Bank, PLC:
2,000		M	5.125%, 1/8/2020				2,146,990
3,800		M	3.75%, 5/15/2024				3,910,420
3,200		M	Capital One Financial Corp., 3.75%, 4/24/2024				3,344,106
			Citigroup, Inc.:
4,200		M	6.125%, 11/21/2017				4,457,775
2,250		M	8.5%, 5/22/2019				2,653,560
2,000		M	4.5%, 1/14/2022				2,213,412
5,000		M	3.7%, 1/12/2026				5,274,015
			Deutsche Bank AG:
2,700		M	3.375%, 5/12/2021				2,712,304
3,000		M	3.7%, 5/30/2024				2,987,223
4,000		M	General Motors Financial Co., 5.25%, 3/1/2026				4,356,476
			Goldman Sachs Group, Inc.:
2,000		M	5.375%, 3/15/2020				2,226,520
5,900		M	5.75%, 1/24/2022				6,857,936
3,000		M	3.625%, 1/22/2023				3,151,458
4,550		M	6.125%, 2/15/2033				5,689,193
			JPMorgan Chase & Co.:
9,200		M	6%, 1/15/2018				9,841,314
5,000		M	4.5%, 1/24/2022				5,568,360
			Morgan Stanley:
4,050		M	5.95%, 12/28/2017				4,308,467
5,500		M	6.625%, 4/1/2018				5,963,227
6,000		M	5.5%, 7/28/2021				6,858,918
4,000		M	SunTrust Banks, Inc., 6%, 9/11/2017				4,215,908
			U.S. Bancorp:
4,000		M	3.6%, 9/11/2024				4,313,252
2,700		M	3.1%, 4/27/2026				2,811,931
4,000		M	UBS AG, 4.875%, 8/4/2020				4,490,712
5,000		M	Visa, Inc., 3.15%, 12/14/2025				5,351,975
			Wells Fargo & Co.:
2,900		M	4.6%, 4/1/2021				3,242,731
8,600		M	3.45%, 2/13/2023				8,906,530
2,000		M	4.4%, 6/14/2046				2,042,740
2,350		M	Wells Fargo Bank NA, 5.85%, 2/1/2037				2,958,671
							138,841,096
			Food/Beverage/Tobacco-4.5%
4,000		M	Anheuser-Busch InBev Finance, Inc., 3.65%, 2/1/2026				4,293,484
5,225		M	Bunge Ltd. Finance Corp., 8.5%, 6/15/2019				6,117,576
4,200		M	Dr. Pepper Snapple Group, Inc., 6.82%, 5/1/2018				4,617,253
6,000		M	Ingredion, Inc., 4.625%, 11/1/2020				6,588,906
4,000		M	SABMiller Holdings, Inc., 3.75%, 1/15/2022			(a)	4,292,184
							25,909,403
			Food/Drug-.8%
4,000		M	CVS Health Corp., 3.875%, 7/20/2025				4,408,172
			Forest Products/Container-.5%
2,500		M	Rock-Tenn Co., 4.9%, 3/1/2022				2,778,610
			Health Care-2.9%
3,100		M	Biogen, Inc., 6.875%, 3/1/2018				3,375,388
4,050		M	Express Scripts Holding Co., 4.75%, 11/15/2021				4,548,146
4,000		M	Gilead Sciences, Inc., 3.65%, 3/1/2026				4,357,944
4,000		M	Laboratory Corp. of America Holdings, 3.75%, 8/23/2022				4,217,304
							16,498,782
			Information Technology-2.2%
2,500		M	Apple, Inc., 2.5%, 2/9/2025				2,542,222
4,000		M	Diamond 1 Finance Corp., 3.48%, 6/1/2019			(a)	4,100,460
4,000		M	Hewlett Packard Enterprise Co., 2.85%, 10/5/2018			(a)	4,098,468
1,800		M	Pitney Bowes, Inc., 5.75%, 9/15/2017				1,888,706
							12,629,856
			Manufacturing-2.6%
5,000		M	CRH America, Inc., 8.125%, 7/15/2018				5,616,470
4,000		M	Ingersoll-Rand Global Holdings Co., Ltd., 6.875%, 8/15/2018				4,443,912
4,550		M	Tyco Electronics Group SA, 6.55%, 10/1/2017				4,838,420
							14,898,802
			Media-Broadcasting-2.0%
1,800		M	ABC, Inc., 8.75%, 8/15/2021				2,371,444
3,950		M	British Sky Broadcasting Group, PLC, 9.5%, 11/15/2018			(a)	4,615,551
4,000		M	Comcast Corp., 4.25%, 1/15/2033				4,421,464
							11,408,459
			Media-Diversified-1.6%
5,000		M	S&P Global, Inc., 5.9%, 11/15/2017				5,286,155
4,000		M	Time Warner, Inc., 3.6%, 7/15/2025				4,240,560
							9,526,715
			Metals/Mining-4.1%
5,000		M	Alcoa, Inc., 6.15%, 8/15/2020				5,431,250
4,000		M	Glencore Finance Canada, Ltd., 4.95%, 11/15/2021			(a)	4,004,660
4,200		M	Newmont Mining Corp., 5.125%, 10/1/2019				4,564,531
5,000		M	Rio Tinto Finance USA, Ltd., 3.75%, 9/20/2021				5,379,630
4,000		M	Vale Overseas, Ltd., 5.625%, 9/15/2019				4,130,000
							23,510,071
			Real Estate Investment Trusts-6.7%
3,500		M	AvalonBay Communities, Inc., 3.5%, 11/15/2024				3,692,948
4,000		M	Boston Properties, LP, 5.875%, 10/15/2019				4,500,392
			Digital Realty Trust, LP:
2,700		M	5.25%, 3/15/2021				3,038,178
2,250		M	3.95%, 7/1/2022				2,359,991
3,000		M	ERP Operating, LP, 3.375%, 6/1/2025				3,170,217
2,200		M	HCP, Inc., 4.25%, 11/15/2023				2,286,687
			Prologis, LP:
2,000		M	3.35%, 2/1/2021				2,118,206
1,125		M	3.75%, 11/1/2025				1,201,377
4,213		M	Realty Income Corp., 3.25%, 10/15/2022				4,326,363
3,000		M	Simon Property Group, LP, 3.375%, 10/1/2024				3,221,283
4,000		M	Ventas Realty, LP, 4.75%, 6/1/2021				4,454,544
4,000		M	Welltower, Inc., 4%, 6/1/2025				4,211,732
							38,581,918
			Retail-General Merchandise-1.3%
4,000		M	Amazon.com, Inc., 4.8%, 12/5/2034				4,719,556
2,000		M	Home Depot, Inc., 5.875%, 12/16/2036				2,737,010
							7,456,566
			Telecommunications-1.8%
3,000		M	AT&T, Inc., 3.8%, 3/15/2022				3,191,055
6,000		M	Verizon Communications, Inc., 5.15%, 9/15/2023				6,998,454
							10,189,509
			Transportation-2.9%
4,000		M	Burlington North Santa Fe, LLC, 5.15%, 9/1/2043				4,893,360
4,125		M	GATX Corp., 4.75%, 6/15/2022				4,441,268
3,000		M	Penske Truck Leasing Co., LP, 4.875%, 7/11/2022			(a)	3,275,901
4,000		M	Southwest Airlines Co., 2.65%, 11/5/2020				4,132,780
							16,743,309
			Utilities-7.7%
3,000		M	Duke Energy Progress, Inc., 4.15%, 12/1/2044				3,312,048
3,000		M	E.ON International Finance BV, 5.8%, 4/30/2018			(a)	3,216,852
3,000		M	Electricite de France SA, 3.625%, 10/13/2025			(a)	3,132,396
3,000		M	Entergy Arkansas, Inc., 4.95%, 12/15/2044				3,163,629
4,000		M	Exelon Generation Co., LLC, 5.2%, 10/1/2019				4,429,196
			Great River Energy Co.:
349		M	5.829%, 7/1/2017			(a)	362,011
3,354		M	4.478%, 7/1/2030			(a)	3,655,773
3,850		M	Ohio Power Co., 5.375%, 10/1/2021				4,475,213
4,550		M	Oklahoma Gas & Electric Co., 4%, 12/15/2044				4,884,489
2,314		M	San Diego Gas & Electric Co., 1.914%, 2/1/2022				2,317,172
4,000		M	Sempra Energy, 9.8%, 2/15/2019				4,817,412
4,000		M	South Carolina Electric & Gas Co., 5.45%, 2/1/2041				4,984,240
1,800		M	Southern Co., 2.35%, 7/1/2021				1,837,859
							44,588,290
Total Value of Corporate Bonds (cost $543,232,406)							557,606,640
			U.S. GOVERNMENT OBLIGATIONS-2.3%
			U.S. Treasury Bonds:
4,575		M	2.5%, 2/15/2045				4,764,702
4,000		M	3%, 11/15/2044				4,600,468
3,200		M	3%, 5/15/2045				3,679,376
Total Value of U.S. Government Obligations (cost $12,231,185)							13,044,546
Total Value of Investments (cost $555,463,591)				98.9	%		570,651,186
Other Assets, Less Liabilities				1.1			6,602,487
Net Assets				100.0	%		$          577,253,673

(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 June 30, 2016, the Fund held eighteen 144A securities
	with an aggregate value of $65,537,558 representing 11.4% of the Fund's net
	assets.
	At June 30, 2016, the cost of investments for federal income tax purposes was
	$555,463,591. Accumulated net unrealized appreciation on investments was
	$15,187,595, consisting of $21,564,660 gross unrealized appreciation and
	$6,377,065 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 June 30, 2016:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	557,606,640	$	-	$	557,606,640
U.S. Government Obligations		-		13,044,546		-		13,044,546
Total Investments in Securities*	$	-	$	570,651,186	$	-	$	570,651,186

*The Portfolio of Investments provides information on the industry categorization of corporate bonds.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2016.

Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
LIMITED DURATION HIGH QUALITY BOND FUND
June 30, 2016

Principal
Amount			Security				Value
			CORPORATE BONDS-62.0%
			Agriculture-.5%
$	500	M	Cargill, Inc., 6%, 11/27/2017			(a)	$              533,469
			Automotive-1.4%
	1,000	M	Daimler Finance NA, LLC, 2.45%, 5/18/2020			(a)	1,029,612
	500	M	Toyota Motor Credit Corp., 2.125%, 7/18/2019				513,598
							1,543,210
			Chemicals-2.0%
	1,000	M	Dow Chemical Co., 4.25%, 11/15/2020				1,095,117
	1,000	M	Lubrizol Corp., 8.875%, 2/1/2019				1,191,632
							2,286,749
			Consumer Durables-.4%
	500	M	Stanley Black & Decker, Inc., 2.451%, 11/17/2018				511,165
			Energy-4.2%
	650	M	ConocoPhillips Co., 1.05%, 12/15/2017				646,220
	900	M	ExxonMobil Corp., 1.708%, 3/1/2019				914,978
	1,000	M	Shell International Finance BV, 1.375%, 5/10/2019				1,003,895
	750	M	Statoil ASA, 5.25%, 4/15/2019				826,226
	450	M	Suncor Energy, Inc., 6.1%, 6/1/2018				486,830
	900	M	TransCanada Pipelines, Ltd., 1.625%, 11/9/2017				902,337
							4,780,486
			Financial Services-10.1%
			American Express Co.:
	500	M	6.15%, 8/28/2017				527,800
	500	M	7%, 3/19/2018				546,387
	1,000	M	Ameriprise Financial, Inc., 5.3%, 3/15/2020				1,121,137
	1,000	M	BlackRock, Inc., 5%, 12/10/2019				1,120,477
	750	M	Branch Banking & Trust, 1.35%, 10/1/2017				752,044
	500	M	ERAC USA Finance, LLC, 6.375%, 10/15/2017			(a)	530,162
	925	M	Ford Motor Credit Co., LLC, 5%, 5/15/2018				980,506
	1,200	M	General Electric Capital Corp., 5.625%, 5/1/2018				1,301,263
	750	M	Harley-Davidson Funding Corp., 6.8%, 6/15/2018			(a)	828,092
	500	M	Key Bank NA, 1.7%, 6/1/2018				502,521
	700	M	National City Bank, 5.25%, 12/15/2016				713,242
	500	M	Protective Life Corp., 7.375%, 10/15/2019				580,687
	700	M	Prudential Financial, Inc., 7.375%, 6/15/2019				812,659
	750	M	Siemens Financieringsmaatschappij NV, 1.45%, 5/25/2018			(a)	755,975
	500	M	UnitedHealth Group, Inc., 2.7%, 7/15/2020				521,058
							11,594,010
			Financials-17.2%
	1,400	M	Bank of America Corp., 5.65%, 5/1/2018				1,500,962
			Bank of New York Mellon Corp.:
	640	M	2.1%, 8/1/2018				652,245
	900	M	2.05%, 5/3/2021				914,767
700		M	Barclays Bank, PLC, 6.75%, 5/22/2019				786,519
			Citigroup, Inc.:
500		M	6.125%, 11/21/2017				530,687
250		M	8.5%, 5/22/2019				294,840
1,000		M	2.65%, 10/26/2020				1,018,655
1,000		M	Deutsche Bank AG, 1.875%, 2/13/2018				994,129
1,000		M	DNB Bank ASA, 2.375%, 6/2/2021			(a)	1,016,534
750		M	Fifth Third Bank, 1.15%, 11/18/2016				750,523
			Goldman Sachs Group, Inc.:
1,000		M	6.15%, 4/1/2018				1,077,944
1,000		M	5.375%, 3/15/2020				1,113,260
750		M	JPMorgan Chase & Co., 6%, 1/15/2018				802,281
			Morgan Stanley:
500		M	5.95%, 12/28/2017				531,910
1,000		M	6.625%, 4/1/2018				1,084,223
1,000		M	Northern Trust Co., 6.5%, 8/15/2018				1,106,722
700		M	Santander U.K., PLC, 2%, 8/24/2018				701,262
750		M	SunTrust Banks, Inc., 6%, 9/11/2017				790,483
800		M	U.S. Bank NA, 2.125%, 10/28/2019				820,410
600		M	UBS AG, 5.875%, 12/20/2017				637,436
900		M	Wachovia Corp., 5.75%, 2/1/2018				963,427
500		M	Wells Fargo & Co., 4.6%, 4/1/2021				559,092
1,000		M	Wells Fargo Bank NA, 1.75%, 5/24/2019				1,013,955
							19,662,266
			Food/Beverage/Tobacco-2.3%
900		M	Anheuser-Busch InBev Finance, Inc., 1.9%, 2/1/2019				915,855
500		M	Bunge Ltd. Finance Corp., 8.5%, 6/15/2019				585,414
500		M	Dr. Pepper Snapple Group, Inc., 6.82%, 5/1/2018				549,673
500		M	Philip Morris International, Inc., 5.65%, 5/16/2018				543,309
							2,594,251
			Health Care-2.0%
500		M	Biogen, Inc., 6.875%, 3/1/2018				544,417
1,000		M	Gilead Sciences, Inc., 2.55%, 9/1/2020				1,039,704
500		M	Laboratory Corp. of America Holdings, 2.2%, 8/23/2017				503,682
250		M	Quest Diagnostics, Inc., 2.7%, 4/1/2019				256,570
							2,344,373
			Industrials-.4%
500		M	PACCAR Financial Corp., 1.45%, 3/9/2018				503,938
			Information Technology-2.6%
500		M	Apple, Inc., 0.9341%, 5/6/2019				499,514
900		M	Diamond 1 Finance Corp., 4.42%, 6/15/2021			(a)	927,352
500		M	Hewlett Packard Enterprise Co., 2.85%, 10/5/2018			(a)	512,309
1,000		M	Oracle Corp., 1.9%, 9/15/2021			(b)	1,004,403
							2,943,578
			Manufacturing-1.4%
250		M	CRH America, Inc., 8.125%, 7/15/2018				280,823
500		M	Ingersoll-Rand Global Holdings Co., Ltd., 6.875%, 8/15/2018				555,489
750		M	Tyco Electronics Group SA, 6.55%, 10/1/2017				797,542
							1,633,854
			Media-Broadcasting-1.0%
1,000		M	Comcast Corp., 5.15%, 3/1/2020				1,130,622
			Media-Diversified-.5%
550		M	S&P Global, Inc., 5.9%, 11/15/2017				581,477
			Real Estate Investment Trusts-4.4%
1,000		M	Boston Properties, LP, 5.875%, 10/15/2019				1,125,098
578		M	ERP Operating, LP, 5.75%, 6/15/2017				601,814
500		M	HCP, Inc., 6.7%, 1/30/2018				537,217
1,000		M	Realty Income Corp., 3.25%, 10/15/2022				1,026,908
500		M	Simon Property Group, LP, 10.35%, 4/1/2019				609,239
1,000		M	Welltower, Inc., 6.125%, 4/15/2020				1,140,126
							5,040,402
			Retail-General Merchandise-1.6%
1,000		M	Amazon.com, Inc., 2.6%, 12/5/2019				1,043,894
800		M	McDonald's Corp., 2.1%, 12/7/2018				819,181
							1,863,075
			Telecommunications-1.7%
			AT&T, Inc.:
500		M	5.875%, 10/1/2019				566,066
500		M	2.45%, 6/30/2020				510,953
800		M	Verizon Communications, Inc., 3.65%, 9/14/2018				841,082
							1,918,101
			Transportation-.9%
1,000		M	Southwest Airlines Co., 2.65%, 11/5/2020				1,033,195
			Utilities-7.4%
860		M	Arizona Public Service Co., 8.75%, 3/1/2019			(b)	1,019,369
500		M	Consolidated Edison Co., Inc. of New York, 7.125%, 12/1/2018				570,690
500		M	Entergy Gulf States Lousiana, LLC, 6%, 5/1/2018				542,520
1,000		M	Exelon Generation Co., LLC, 6.2%, 10/1/2017				1,056,928
175		M	Great River Energy Co., 5.829%, 7/1/2017			(a)	181,006
1,000		M	Ohio Power Co., 6.05%, 5/1/2018				1,078,860
500		M	Public Service Electric & Gas Co., 1.8%, 6/1/2019				508,441
669		M	San Diego Gas & Electric Co., 1.914%, 2/1/2022				669,405
500		M	Sempra Energy, 9.8%, 2/15/2019				602,177
1,557		M	Southern Power Co., 1.85%, 12/1/2017				1,569,828
700		M	Wisconsin Public Service Corp., 1.65%, 12/4/2018				710,114
							8,509,338
Total Value of Corporate Bonds (cost $71,919,365)							71,007,559
			ASSET BACKED SECURITIES-15.5%
			Fixed Autos-8.2%
1,200		M	Avis Budget Rental Car Funding AESOP, LLC, 2.97%, 2/20/2020			(a)	1,231,193
			Ford Credit Auto Owner Trust:
297		M	0.79%, 5/15/2018				296,926
910		M	1.39%, 7/15/2020				915,848
250		M	Ford Credit Floorplan Master Owner Trust, 1.42%, 1/15/2020				250,568
620		M	GM Financial Auto Leasing Trust., 1.76%, 3/20/2020				621,967
285		M	Harley-Davidson Motorcycle Trust, 1.3%, 3/16/2020				285,760
			Honda Auto Receivables Owner Trust:
960		M	1.31%, 10/15/2020				963,772
480		M	1.46%, 10/15/2020				483,090
950		M	Hyundai Auto Receivables Trust, 1.48%, 6/15/2021				952,513
400		M	Mercedes-Benz Auto Receivables Trust, 1.34%, 12/16/2019				402,139
1,425		M	Nissan Master Owner Trust, 1.44%, 2/15/2020				1,430,500
700		M	Toyota Auto Receivables Owner Trust, 1.52%, 6/15/2020				706,708
880		M	Volkswagen Auto Lease Trust, 1.25%, 12/20/2017				880,163
							9,421,147
			Fixed Credit Card-6.5%
950		M	American Express Credit Account Master Note Trust, 1.26%, 1/15/2020				954,027
1,200		M	Barclays DryRock Issuance Trust, 2.2%, 12/15/2022				1,235,570
1,675		M	Capital One Multi-Asset Execution Trust, 1.6%, 5/17/2021				1,696,370
			Chase Issuance Trust:
770		M	1.3%, 2/18/2020				774,148
300		M	1.84%, 4/15/2022				306,347
			Discover Card Execution Note Trust:
1,320		M	2.12%, 12/15/2021				1,354,254
570		M	1.04%, 4/15/2019				570,477
500		M	Synchrony Credit Card Master Trust, 2.21%, 5/15/2024				509,937
							7,401,130
			Fixed Equipment-.8%
940		M	John Deere Owner Trust, 1.36%, 4/15/2020				943,865
Total Value of Asset Backed Securities (cost $17,675,115)							17,766,142
			RESIDENTIAL MORTGAGE-BACKED SECURITIES-12.7%
			Fannie Mae-10.2%
854		M	2.5%, 8/1/2030			(b)	885,090
3,067		M	3%, 8/1/2026 - 6/1/2030				3,229,398
7,085		M	3.5%, 10/1/2025 - 12/1/2029				7,542,665
							11,657,153
			Freddie Mac-2.5%
1,753		M	3%, 8/1/2027 - 8/1/2030				1,841,603
911		M	3.5%, 12/1/2025 - 8/1/2026				971,088
							2,812,691
Total Value of Residential Mortgage-Backed Securities (cost $14,374,526)							14,469,844
			U.S. GOVERNMENT OBLIGATIONS-4.6%
			U.S. Treasury Notes:
600		M	0.5%, 11/30/2016				600,360
1,000		M	0.75%, 2/28/2018				1,002,773
1,680		M	1%, 3/15/2019				1,694,307
1,920		M	1.375%, 4/30/2020				1,956,488
Total Value of U.S. Government Obligations (cost $5,196,774)							5,253,928
			U.S. GOVERNMENT AGENCY OBLIGATIONS-4.5%
			Fannie Mae:
450		M	1.125%, 7/20/2018				454,098
570		M	1.125%, 12/14/2018				575,390
265		M	1.5%, 6/22/2020				270,247
			Federal Home Loan Bank:
500		M	0.5%, 9/28/2016				500,205
1,730		M	0.875%, 5/24/2017				1,734,846
			Freddie Mac:
560		M	5.125%, 11/17/2017				594,926
1,035		M	1.5%, 12/30/2019				1,035,880
Total Value of U.S. Government Agency Obligations (cost $5,159,939)							5,165,592
			SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-3.1%
3,500		M	Federal Home Loan Bank, 0.26%, 7/29/2016 (cost $3,499,292)				3,499,566
Total Value of Investments (cost $117,825,011)				102.4	%		117,162,631
Excess of Liabilities Over Other Assets				(2.4	)		(2,712,071)
Net Assets				100.0	%		$          114,450,560

(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 June 30, 2016, the Fund held ten
	144A securities with an aggregate value of $7,545,704 representing 6.6% of
	the Fund's net assets.
(b)	A portion or all of the security purchased on a when-issued or delayed
	delivery basis.
	At June 30, 2016, the cost of investments for federal income tax purposes
	was $117,825,011. Accumulated net unrealized depreciation on investments
	was $662,380, consisting of $643,775 gross unrealized appreciation and
	$1,306,155 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 June 30, 2016:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	71,007,559	$	-	$	71,007,559
Asset Backed Securities		-		17,766,142		-		17,766,142
Residential
Mortgage-Backed Securities		-		14,469,844		-		14,469,844
U.S. Government Obligations		-		5,253,928		-		5,253,928
U.S. Government Agency
Obligations		-		5,165,592		-		5,165,592
Short-Term U.S Government
Agency Obligations		-		3,499,566		-		3,499,566
Total Investments in Securities*	$	-	$	117,162,631	$	-	$	117,162,631

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

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2016.

Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
STRATEGIC INCOME FUND
June 30, 2016

	Shares or
	Principal
	Amount		Security			Value
			MUTUAL FUNDS-97.6%
			First Investors Income Funds-87.6%
	1,494,083		Floating Rate Fund - Institutional Class Shares			$          14,253,548
	19,204,115		Fund For Income - Institutional Class Shares			46,473,959
	984,042		Government Fund - Institutional Class Shares			10,775,262
	812,961		International Opportunities Bond Fund - Institutional Class Shares			7,454,856
	2,196,756		Investment Grade Fund - Institutional Class Shares			21,769,854
	2,536,379		Limited Duration High Quality Bond Fund - Institutional Class Shares			24,755,055
						125,482,534
			First Investors Tax Exempt Funds-7.5%
	1,078,689		Tax Exempt Income Fund - Institutional Class Shares			10,754,532
			First Investors Equity Funds-2.5%
	355,941		Covered Call Strategy Fund - Institutional Class Shares			3,605,680
Total Value of Mutual Funds (cost $144,857,636)						139,842,746
			SHORT TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-1.6%
			Federal Home Loan Bank:
$	800	M	0.255%, 7/22/2016			799,926
	1,500	M	0.4%, 9/14/2016			1,499,155
Total Value of Short Term U.S. Government Agency Obligations (cost $2,298,631)						2,299,081
Total Value of Investments (cost $147,156,267)				99.2	%	142,141,827
Other Assets, Less Liabilities				.8		1,154,418
Net Assets				100.0	%	$         143,296,245

At June 30, 2016, the cost of investments for federal income tax purposes was

$147,163,371. Accumulated net unrealized depreciation on investments was

$5,021,544, consisting of $63,658 gross unrealized appreciation and $5,085,202 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 June 30, 2016:

		Level 1		Level 2	Level 3			Total
Mutual Funds
First Investors Income Funds	$	125,482,534	$	-	$	-	$	125,482,534
First Investors Tax Exempt
Funds		10,754,532		-		-		10,754,532
First Investors Equity Funds		3,605,680		-		-		3,605,680
Short-Term U.S Government
Agency Obligations		-		2,299,081				2,299,081
Total Investments in Securities	$	139,842,746	$	2,299,081	$	-	$	142,141,827

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2016.

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 Cash Management Fund, are priced based upon valuations that are provided by a pricing service. Other securities may also be priced based upon valuations that are provided by pricing services approved by the Trust's Board of Trustees ("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 value.

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 determined to be unreliable, the securities will be valued at fair value as determined in good faith pursuant to procedures adopted by the Board.

The 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 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. Foreign securities that are fair valued in the event that fluctuations in U.S. securities markets exceed a predetermined level or if a foreign market is closed are categorized in Level 2. 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 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. Restricted securities and 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 June 30, 2016, 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 derivatives such as futures contracts and options on futures contracts ("options"), to increase income, hedge against changes in interest rates or enhance potential return.

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, the Funds are required to deposit with their 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 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 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.

For the period ended June 30, 2016, the Funds had no open investments in futures contracts or options.

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.

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/ William Lipkus

William Lipkus

President and Principal Executive Officer

Date: August 24, 2016

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/ William Lipkus

William Lipkus

President and Principal Executive Officer

By /S/ JOSEPH I. BENEDEK

Joseph I. Benedek

Treasurer and Principal Financial Officer

Date: August 24, 2016