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, 2017

Item 1. Schedule of Investments

The Quarterly Schedule of Portfolio Holdings follows

Portfolio of Investments (unaudited)
BALANCED INCOME FUND
June 30, 2017

	Principal
	Amount
	or Shares		Security					Value
			CORPORATE BONDS-45.3%
			Aerospace/Defense-.5%
$	200	M	Rolls-Royce, PLC, 3.625%, 10/14/2025			(a)		206,356
			Automotive-1.2%
	500	M	O'Reilly Automotive, Inc., 3.55%, 3/15/2026					504,342
			Chemicals-1.7%
			Agrium, Inc.:
	200	M	3.5%, 6/1/2023					205,587
	200	M	3.375%, 3/15/2025					200,358
	300	M	Dow Chemical Co., 3.5%, 10/1/2024					308,584
								714,529
			Consumer Non-Durables-1.0%
	400	M	Newell Brands, Inc., 4.2%, 4/1/2026					425,171
			Energy-3.0%
	500	M	BP Capital Markets, PLC, 3.216%, 11/28/2023					508,211
	300	M	Magellan Midstream Partners, LP, 5%, 3/1/2026					331,415
	465	M	Marathon Oil Corp., 3.85%, 6/1/2025					454,658
								1,294,284
			Financial Services-4.2%
	300	M	American International Group, Inc., 3.75%, 7/10/2025					306,086
	200	M	Assured Guaranty U.S. Holding, Inc., 5%, 7/1/2024					214,743
	500	M	Ford Motor Credit Co., LLC, 2.875%, 10/1/2018					505,110
	100	M	GE Capital International Funding Services, Ltd., 4.418%, 11/15/2035					109,048
	200	M	General Electric Capital Corp., 3.1%, 1/9/2023					207,563
	250	M	Key Bank NA, 3.4%, 5/20/2026					248,719
	200	M	State Street Corp., 3.55%, 8/18/2025					208,481
								1,799,750
			Financials-11.7%
			Bank of America Corp.:
	500	M	2.1532%, 4/24/2023			+		502,177
	400	M	5.875%, 2/7/2042					503,054
	400	M	Capital One Financial Corp., 3.75%, 4/24/2024					409,337
	500	M	Citigroup, Inc., 3.7%, 1/12/2026					506,613
	200	M	Deutsche Bank AG, 3.7%, 5/30/2024					200,263
	300	M	General Motors Financial Co., 5.25%, 3/1/2026					324,587
	500	M	Goldman Sachs Group, Inc., 3.625%, 1/22/2023					516,705
			JPMorgan Chase & Co.:
	300	M	3.625%, 12/1/2027					297,567
	100	M	6.4%, 5/15/2038					134,241
			Morgan Stanley:
	100	M	5.5%, 7/28/2021					110,987
	500	M	2.3732%, 5/8/2024			+		502,990
			U.S. Bancorp:
	200	M	3.6%, 9/11/2024					207,938
	200	M	3.1%, 4/27/2026					197,904
	300	M	Visa, Inc., 3.15%, 12/14/2025					304,909
			Wells Fargo & Co.:
	100	M	5.606%, 1/15/2044					119,182
	200	M	3.9%, 5/1/2045					200,585
								5,039,039
			Food/Beverage/Tobacco-1.0%
			Anheuser-Busch InBev Finance, Inc.:
	100	M	3.65%, 2/1/2026					103,211
	200	M	4.7%, 2/1/2036					220,814
	100	M	4.9%, 2/1/2046					113,316
								437,341
			Food/Drug-1.0%
	400	M	CVS Health Corp., 3.875%, 7/20/2025					416,597
			Information Technology-2.2%
	200	M	Apple, Inc., 2.5%, 2/9/2025					195,808
	300	M	Microsoft Corp., 3.7%, 8/8/2046					297,649
			Oracle Corp.:
	100	M	2.95%, 5/15/2025					100,592
	350	M	2.65%, 7/15/2026					336,248
								930,297
			Media-Broadcasting-.7%
	300	M	Comcast Corp., 4.25%, 1/15/2033					320,281
			Media-Diversified-.5%
	200	M	Time Warner, Inc., 3.6%, 7/15/2025					199,891
			Real Estate-7.3%
	300	M	Alexandria Real Estate Equities, Inc., 3.95%, 1/15/2028					305,706
	300	M	AvalonBay Communities, Inc., 3.5%, 11/15/2024					307,839
	450	M	Boston Properties, LP, 2.75%, 10/1/2026					425,732
	200	M	ERP Operating, LP, 3.375%, 6/1/2025					201,578
	300	M	Prologis, LP, 3.75%, 11/1/2025					312,862
	500	M	Realty Income Corp., 3.25%, 10/15/2022					508,119
	200	M	Simon Property Group, LP, 3.375%, 10/1/2024					203,808
	500	M	Tanger Properties, LP, 3.125%, 9/1/2026					469,482
	400	M	Welltower, Inc., 4%, 6/1/2025					414,265
								3,149,391
			Retail-General Merchandise-2.0%
	200	M	Amazon.com, Inc., 4.8%, 12/5/2034					230,929
	500	M	Home Depot, Inc., 5.875%, 12/16/2036					652,561
								883,490
			Telecommunications-2.1%
	200	M	AT&T, Inc., 5.15%, 3/15/2042					204,956
			Verizon Communications, Inc.:
	400	M	3.65%, 9/14/2018					408,984
	300	M	4.272%, 1/15/2036					290,459
								904,399
			Transportation-2.3%
	400	M	Burlington North Santa Fe, LLC, 5.15%, 9/1/2043					479,917
	200	M	Cummins, Inc., 4.875%, 10/1/2043					226,422
	300	M	Southwest Airlines Co., 3%, 11/15/2026					291,553
								997,892
			Utilities-2.9%
	200	M	Dominion Resources, Inc., 3.9%, 10/1/2025					207,392
	200	M	Duke Energy Progress, Inc., 4.15%, 12/1/2044					209,879
	500	M	Entergy Arkansas, Inc., 4.95%, 12/15/2044					515,148
	100	M	Oklahoma Gas & Electric Co., 4%, 12/15/2044					100,629
	200	M	South Carolina Electric & Gas Co., 5.45%, 2/1/2041					230,706
								1,263,754
Total Value of Corporate Bonds (cost $19,542,382)								19,486,804
			COMMON STOCKS-38.9%
			Consumer Discretionary-4.3%
	3,000		Acushnet Holdings Corporation					59,520
	341		Adient, PLC					22,295
	4,000		American Eagle Outfitters, Inc.					48,200
	3,100		Coach, Inc.					146,754
	7,100		DSW, Inc. - Class "A"					125,670
	7,800		Ford Motor Company					87,282
	3,700		HSN, Inc.					118,030
	3,300		L Brands, Inc.					177,837
	2,300		Newell Brands, Inc.					123,326
	3,700		Nordstrom, Inc.					176,971
	4,400		Regal Entertainment Group - Class "A"					90,024
	3,500		Tupperware Brands Corporation					245,805
	650		Whirlpool Corporation					124,553
	2,000		Williams-Sonoma, Inc.					97,000
	2,000		Wyndham Worldwide Corporation					200,820
								1,844,087
			Consumer Staples-5.9%
	6,600		Altria Group, Inc.					491,502
	5,700		B&G Foods, Inc.					202,920
	3,900		Coca-Cola Company					174,915
	8,100		Koninklijke Ahold Delhaize NV (ADR)					155,034
	2,100		Nu Skin Enterprises, Inc. - Class "A"					131,964
	3,000		PepsiCo, Inc.					346,470
	4,700		Philip Morris International, Inc.					552,015
	1,600		Procter & Gamble Company					139,440
	3,100		Sysco Corporation					156,023
	2,700		Wal-Mart Stores, Inc.					204,336
								2,554,619
			Energy-2.0%
	800		Chevron Corporation					83,464
	1,400		ExxonMobil Corporation					113,022
	3,000		Marathon Petroleum Corporation					156,990
	850		Occidental Petroleum Corporation					50,889
	3,400		PBF Energy, Inc. - Class "A"					75,684
	800		Phillips 66					66,152
	2,200		Royal Dutch Shell, PLC - Class "A" (ADR)					117,018
	750		Schlumberger, Ltd.					49,380
	4,400		Suncor Energy, Inc.					128,480
								841,079
			Financials-4.8%
	2,000		Ameriprise Financial, Inc.					254,580
	3,100		Berkshire Hills Bancorp, Inc.					108,965
	1,300		Chubb, Ltd.					188,994
	3,700		Discover Financial Services					230,103
	2,600		Hamilton Lane, Inc. - Class "A"					57,174
	3,200		JPMorgan Chase & Company					292,480
	3,600		MetLife, Inc.					197,784
	1,700		PNC Financial Services Group, Inc.					212,279
	4,200		U.S. Bancorp					218,064
	8,300		Waddell & Reed Financial, Inc. - Class "A"					156,704
	2,600		Wells Fargo & Company					144,066
								2,061,193
			Health Care-4.3%
	5,200		Abbott Laboratories					252,772
	4,900		AbbVie, Inc.					355,299
	6,200		GlaxoSmithKline, PLC (ADR)					267,344
	2,900		Johnson & Johnson					383,641
	3,700		Merck & Company, Inc.					237,133
	11,200		Pfizer, Inc.					376,208
								1,872,397
			Industrials-5.5%
	2,000		3M Company					416,380
	8,300		General Electric Company					224,183
	2,000		Honeywell International, Inc.					266,580
	4,964		Johnson Controls International, PLC					215,239
	5,600		Koninklijke Philips NV (ADR)					200,592
	1,400		Lockheed Martin Corporation					388,654
	3,900		Mobile Mini, Inc.					116,415
	11,200		Triton International, Ltd.					374,528
	1,200		United Technologies Corporation					146,532
								2,349,103
			Information Technology-5.6%
	3,100		Apple, Inc.					446,462
	9,000		Cisco Systems, Inc.					281,700
	4,300		Intel Corporation					145,082
	1,000		International Business Machines Corporation					153,830
	5,700		Maxim Integrated Products, Inc.					255,930
	6,800		Microsoft Corporation					468,724
	4,400		QUALCOMM, Inc.					242,968
	2,200		Symantec Corporation					62,150
	8,200		Travelport Worldwide, Ltd.					112,832
	2,900		Western Digital Corporation					256,940
								2,426,618
			Materials-1.0%
	3,200		International Paper Company					181,152
	1,150		Praxair, Inc.					152,433
	2,000		RPM International, Inc.					109,100
								442,685
			Real Estate-1.9%
	11,000		Brixmor Property Group, Inc. (REIT)					196,680
	4,300		Chesapeake Lodging Trust (REIT)					105,221
	14,100		FelCor Lodging Trust, Inc. (REIT)					101,661
	7,500		Tanger Factory Outlet Centers, Inc. (REIT)					194,850
	5,200		Urstadt Biddle Properties, Inc. - Class "A" (REIT)					102,960
	9,000		Whitestone REIT (REIT)					110,250
								811,622
			Telecommunication Services-1.3%
	8,300		AT&T, Inc.					313,159
	5,500		Verizon Communications, Inc.					245,630
								558,789
			Utilities-2.3%
	2,900		Black Hills Corporation					195,663
	3,200		Duke Energy Corporation					267,488
	3,900		Exelon Corporation					140,673
	5,600		NiSource, Inc.					142,016
	1,500		SCANA Corporation					100,515
	2,300		WEC Energy Group, Inc.					141,174
								987,529
Total Value of Common Stocks (cost $15,388,549)								16,749,721
			RESIDENTIAL MORTGAGE-BACKED SECURITIES-5.7%
			Fannie Mae
	992	M	3.5%, 9/1/2045 - 11/1/2046					1,020,430
	1,030	M	4%, 11/1/2045 - 7/1/2046					1,085,097
	266	M	4.5%, 1/1/2047					285,732
	68	M	5%, 8/1/2039					74,582
Total Value of Residential Mortgage-Backed Securities (cost $2,480,884)								2,465,841
			EXCHANGE TRADED FUNDS-2.7%
	13,250		ishares iBoxx USD High Yield Corporate Bond ETF (ETF) (cost $1,122,628)					1,171,167
			SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-4.7%
			Federal Home Loan Bank:
$	500	M	0.9%, 7/24/2017					499,711
	500	M	0.98%, 8/11/2017					499,453
	1,000	M	1.01%, 8/4/2017					999,102
Total Value of Short-Term U.S. Government Agency Obligations (cost $1,998,200)								1,998,266
			SHORT-TERM CORPORATE NOTES-1.7%
	750	M	Microsoft Corp., 1.04%, 9/5/2017 (cost $748,569)			(b)		748,406
Total Value of Investments (cost $41,281,212)				99.0	%			42,620,205
Other Assets, Less Liabilities				1.0				422,315
Net Assets				100.0	%		$	43,042,520

(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, 2017, the Fund held one 144A security with a
	value of $206,356 representing .5% of the Fund's net assets.
(b)	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, 2017, the Fund held one Section 4(2) security
	with a value of $748,406 representing 1.7% of the Fund's net assets.
+	Interest rates are determined and reset periodically. The interest rates above are
	the rates in effect at June 30, 2017.
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	REIT	Real Estate Investment Trust
	USD	United States Dollar
	At June 30, 2017, the cost of investments for federal income tax purposes was
	$41,281,608. Accumulated net unrealized appreciation on investments was
	$1,327,855, consisting of $2,056,799 gross unrealized appreciation and $728,944
	gross unrealized depreciation.

Portfolio of Investments (unaudited)
BALANCED INCOME FUND
June 30, 2017

Futures contracts outstanding at June 30, 2017:
Number  of			Value at		Value at		Unrealized
Contracts	Type	Expiration	Trade Date		June  30,  2017		Appreciation
5	5 Year U.S. Treasury Note	Sep.  2017	$	589,616	$	589,989	$         373
19	10 Year U.S. Treasury Note	Sep.  2017		2,385,564		2,385,792	228
7	U.S. Treasury Long Bond	Sep.  2017		1,064,164		1,052,426	(11,738)
(Premium  received  $395)							$  (11,137)

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, 2017:

		Level 1		Level 2		Level 3		Total
Assets
Corporate Bonds	$	-	$	19,486,804	$	-	$	19,486,804
Common Stocks		16,749,721		-		-		16,749,721
Residential
Mortgage-Backed Securities		-		2,465,841		-		2,465,841
Exchange Traded Funds		1,171,167		-		-		1,171,167
Short-Term U.S. Government
Agency Obligations		-		1,998,266		-		1,998,266
Short-Term Corporate Notes		-		748,406		-		748,406
Total Investments in Securities*	$	17,920,888	$	24,699,317	$	-	$	42,620,205
Liabilities
Futures Contracts	$	(10,742)	$	-	$	-	$	(10,742)

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

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2017. Transfers, if any, between

Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
FLOATING RATE FUND
June 30, 2017

Principal
Amount			Security					Value
			LOAN PARTICIPATIONS+-88.5%
			Aerospace/Defense-1.7%
$	1,500	M	Accudyne Industries SCA, 4.2261%, 12/13/2019				$	1,489,687
			TransDigm, Inc.:
	347	M	4.2494%, 5/14/2022					346,574
	1,352	M	4.2261%, 1/26/2024					1,354,228
								3,190,489
			Automotive-4.1%
	1,464	M	Hertz Corp., 3.9761%, 6/30/2023					1,460,555
	1,845	M	Jaguar Holding Co., 4.0132%, 8/18/2022					1,847,931
	649	M	KAR Auction Services, Inc., 3.5625%, 3/11/2021					654,969
	836	M	Key Safety Systems, Inc., 5.68%, 8/29/2021					840,892
	1,075	M	Superior Industries International, Inc., 5.7872%, 3/22/2024					1,072,313
			Truck Hero, Inc.:
	1,100	M	5.1557%, 4/22/2024					1,092,784
	500	M	9.4057%, 5/16/2025					496,720
								7,466,164
			Building Materials-.5%
	932	M	Builders FirstSource, Inc., 4.2964%, 2/29/2024					933,101
			Chemicals-3.8%
	865	M	A. Schulman, Inc., 4.3232%, 6/1/2022					868,960
	650	M	Chemours Co., 3.57%, 5/12/2022					652,220
	2,493	M	HII Holding Corp., 4.5464%, 12/20/2019					2,365,682
	492	M	Huntsman International, LLC, 4.1208%, 4/1/2023					495,459
	662	M	Methanol Holdings Trinidad, Ltd., 4.7261%, 6/30/2022					662,327
	910	M	Univar USA, Inc., 3.9761%, 7/1/2022					911,907
	950	M	Venator Materials Corp., 3%, 6/29/2024			(b)		947,625
								6,904,180
			Consumer Non-Durables-1.5%
	1,575	M	Kronos Acquisition, Inc., 5.7933%, 8/26/2022					1,589,175
	1,227	M	Reynolds Group Holdings, Inc., 4.2261%, 2/5/2023					1,229,994
								2,819,169
			Energy-2.3%
	879	M	Granite Acquisition, Inc., 5.2964%, 12/17/2021					884,838
	925	M	Jonah Energy, LLC, 7.7261%, 5/12/2021					894,937
	773	M	MEG Energy Corp., 4.5961%, 12/31/2023					753,875
	625	M	Summit Midstream Partners Holdings, LLC, 7.2261%, 5/13/2022					633,594
1,000		M	Ultra Resources, Inc., 4.1171%, 4/12/2024					995,000
								4,162,244
			Financial Services-5.1%
2,743		M	Alliant Holdings Intermediate, LLC, 4.4165%, 8/12/2022					2,744,386
642		M	Ineos U.S. Finance, LLC, 3.9761%, 3/31/2022					644,377
2,750		M	NFP Corp., 4.495%, 1/8/2024			(b)		2,767,765
3,250		M	USI Holdings Corp., 4.1796%, 5/16/2024					3,236,447
								9,392,975
			Financials-4.9%
798		M	Avolon TLB Borrower 1 U.S., LLC, 3.9622%, 3/21/2022					803,738
240		M	Helix Generation Funding, LLC, 4.96%, 6/3/2024					241,012
1,019		M	Lightstone Holding Co., LLC, 5.7261%, 1/30/2024					994,777
2,325		M	Project Leopard Holdings, Inc., 6.5%, 6/21/2023			(b)		2,333,719
1,600		M	Telenet Financing USD, LLC, 3.9089%, 6/302025					1,604,001
2,000		M	VFH Parent, LLC, 4.75%, 12/2/2021			(b)		2,015,000
1,000		M	Zelis Healthcare, Inc., 4.5%, 6/26/2022			(b)		998,750
								8,990,997
			Food/Beverage/Tobacco-2.5%
532		M	B&G Foods, Inc., 3.4761%, 11/2/2022					535,616
1,070		M	Chobani, LLC, 5.4761%, 10/10/2023					1,078,792
599		M	Jacobs Douwe Egberts International BV, 3.4375%, 7/4/2022					602,989
1,464		M	Pinnacle Foods Finance, LLC, 3.0759%, 2/2/2024					1,470,312
900		M	Post Holdings, Inc., 3.47%, 5/24/2024			(b)		902,250
								4,589,959
			Forest Products/Containers-2.8%
1,750		M	BWay Holdings Co., 4.3259%, 4/3/2024					1,750,656
			Exopack Holdings SA:
2,600		M	4.25%, 6/24/2022					2,593,520
703		M	6%, 5/8/2019			(b)		700,749
								5,044,925
			Gaming/Leisure-7.0%
			AMC Entertainment Holdings, Inc.:
874		M	3.4594%, 12/15/2022					876,779
374		M	3.4656%, 12/15/2023					375,310
2,200		M	Caesars Entertainment Resort Partners, LLC, 3.495% 4/4/2024			(b)		2,194,841
2,550		M	Delta 2 Lux Sarl, 4.5044%, 2/1/2024			(b)		2,555,380
2,500		M	Dorna Sports SL, 3.5%, 4/12/2024			(b)		2,521,875
1,310		M	La Quinta Intermediate Holdings, LLC, 3.9084%, 4/14/2021					1,316,261
617		M	Lions Gate Entertainment Corp., 4.2261%, 12/8/2023					620,635
1,461		M	Live Nation Entertainment, Inc., 3.5%, 10/31/2023					1,465,846
867		M	Seminole Hard Rock Entertainment, Inc., 4.0464%, 5/14/2020					870,146
								12,797,073
			Health Care-9.3%
1,325		M	Air Medical Group Holdings, Inc., 4.995%, 4/28/2022			(b)		1,321,065
2,000		M	American Renal Associates, Inc., 3.25%, 6/14/2024			(b)		2,001,260
			CHS/Community Health Systems, Inc.:
206		M	3.9518%, 12/31/2019					205,835
695		M	4.2018%, 1/27/2021					694,918
522		M	Cotiviti Corp., 3.8%, 9/28/2023					523,969
925		M	Endo Luxembourg Finance Co., 5.5%, 4/29/2024					933,787
1,070		M	Envision Healthcare Corp., 4.3%, 12/1/2023					1,073,636
999		M	ExamWorks Group, Inc., 4.4761%, 7/27/2023					1,006,367
530		M	Mallinckrodt International Finance SA, 4.0464%, 9/24/2024					528,862
505		M	MPH Acquisition Holdings, LLC, 4.2964%, 6/7/2023					507,733
1,867		M	Nature's Bounty Co., 4.7964%, 5/5/2023					1,870,554
382		M	Onex Carestream Finance, LP, 5.2750%, 6/7/2019					380,414
2,350		M	Patheon Holdings I BV, 4.5044%, 4/22/2024					2,357,344
1,496		M	Sterigenics-Nordion Holdings, LLC, 4.1496%, 5/15/2022					1,496,257
575		M	U.S. Anesthesia Partners, 4%, 6/23/2024			(b)		576,167
1,508		M	Valeant Pharmaceuticals International, Inc., 5.83%, 4/1/2022					1,529,736
								17,007,904
			Industrials-.6%
1,144		M	SIG Combibloc Holdings SCA, 4.2261%, 3/11/2022					1,151,950
			Information Technology-6.8%
324		M	ARRIS Group, Inc., 3.7261%, 4/26/2024					322,972
1,560		M	Avast Holdings BV, 4.5464%, 9/30/2022					1,577,382
873		M	Change Heathcare Holdings, 3.9761%, 3/1/2024					873,629
975		M	Digicel International Finance, Ltd., 4.745%, 5/27/2024			(b)		982,800
1,940		M	EIG Investors Corp., 5.2417%, 2/9/2023					1,947,283
1,873		M	Go Daddy Operating Co., LLC, 3.7261%, 2/15/2024			(b)		1,878,578
675		M	Hyland Software, Inc., 3.25%, 7/1/2022			(b)		679,570
650		M	MaxLinear, Inc., 3.6171%, 5/13/2024					650,406
1,555		M	Quest Software U.S., 7.2261%, 10/31/2022					1,582,853
625		M	TKC Holdings, Inc., 5.3758%, 2/1/2023					625,391
733		M	Western Digital Corp., 3.9761%, 4/29/2023					736,512
641		M	Zebra Technologies Corp., 3.7225%, 10/27/2021					644,515
								12,501,891
			Manufacturing-6.3%
3,500		M	Brand Energy & Infrastructure, 5.25%, 6/16/2024			(b)		3,494,540
1,373		M	Columbus McKinnon Corp., 4.2964%, 1/31/2024					1,386,791
622		M	Douglas Dynamics, LLC, 4.73%, 12/31/2021					624,984
972		M	Filtration Group, Inc., 4.4761%, 11/23/2020					974,567
994		M	Gardner Denver, Inc., 4.5464%, 7/30/2020					996,880
833		M	Gates Global, LLC, 4.54639%, 4/1/2024					835,578
892		M	Husky Injection Molding System, 4.4761%, 6/30/2021					896,979
1,042		M	RBS Global, Inc., 3.9713%, 8/21/2023					1,043,648
1,174		M	U.S. Farathane, LLC, 5.2964%, 12/23/2021					1,188,185
								11,442,152
			Media-Broadcasting-3.0%
			Altice Financing SA:
1,350		M	3.94405%, 6/22/2025					1,337,560
1,225		M	3.9080%, 7/15/2025					1,225,153
2,244		M	Altice U.S. Finance I, 3.4661%, 7/28/2025					2,242,972
			CBS Radio, Inc.:
125		M	4.495%, 10/17/2023			(b)		125,625
554		M	4.7156%, 10/17/2023					557,720
								5,489,030
			Media-Cable TV-4.0%
1,871		M	CSC Holdings, LLC, 3.4594%, 7/17/2025			(b)		1,860,775
746		M	Gray Television, Inc., 3.5505%, 2/7/2024					751,380
821		M	Midcontinent Communications, Inc., 3.5842%, 12/31/2023					826,687
102		M	Mission Broadcasting, Inc., 4.2459%, 1/17/2024					102,043
1,065		M	Nexstar Broadcasting, Inc., 4.2383%, 1/17/2024					1,070,645
613		M	Raycom TV Broadcasting, LLC, 4.2261%, 8/4/2021					614,207
1,400		M	WideOpenWest Finance, LLC, 4%, 8/18/2023			(b)		1,398,250
600		M	Ziggo Secured Finance BV, 3.6589%, 4/15/2025					598,692
								7,222,679
			Media-Diversified-.3%
487		M	Tribune Media Co., 4.2261%, 1/26/2024					490,329
			Metals/Mining-3.2%
1,247		M	Arch Coal, Inc., 5.2261%, 3/7/2024					1,247,661
1,297		M	Foresight Energy, LLC, 6.7947%, 3/28/2022					1,240,017
1,374		M	MRC Global U.S., Inc., 5.2261%, 11/8/2019					1,386,355
224		M	Peabody Energy Corp., 5.7261%, 3/31/2022					225,279
848		M	TMS International Corp., 4.6717%, 10/16/2020					852,358
840		M	Zekelman Industries, Inc., 4.7894%, 6/14/2021					846,229
								5,797,899
			Retail-General Merchandise-7.0%
1,448		M	1011778 B.C. Unlimited, 3.5035%, 2/16/2024					1,447,607
1,683		M	84 Lumber Co., 6.9661%, 10/25/2023					1,704,451
1,375		M	Bass Pro Group, LLC, 6.2964%, 12/15/2023					1,338,391
1,300		M	BJ's Wholesale Club, Inc., 4.9681%, 2/3/2024					1,262,950
913		M	CNT Holdings III Corp., 4.51%, 1/22/2023					915,331
747		M	Hanesbrands, Inc., 3.7261%, 4/29/2022					753,277
1,538		M	Harbor Freight Tools USA, Inc., 4.4761%, 8/18/2023					1,538,860
1,108		M	Landry's, Inc., 3.9128%, 10/4/2023					1,105,570
869		M	Neiman Marcus Group, Inc., 4.3387%, 10/25/2020					654,144
1,045		M	Party City Holdings, Inc., 4.188%, 8/19/2022					1,046,199
993		M	Planet Fitness Holdings, LLC, 4.2452%, 3/31/2021					993,741
								12,760,521
			Services-3.6%
2,384		M	Brickman Group, Ltd., LLC, 4.2174%, 12/18/2020					2,391,747
535		M	GW Honos Security Corp., 5.2261%, 5/24/2024					538,804
1,192		M	Harland Clarke Holdings Corp., 6.7964%, 2/9/2022					1,197,419
943		M	Monitronics International, Inc., 6.7964%, 9/30/2022					953,985
1,520		M	TKC Holdings, Inc., 5.3758%, 2/1/2023					1,520,575
								6,602,530
			Telecommunications-.6%
1,075		M	GCI Holdings, Inc., 4.2261%, 2/2/2022					1,081,742
			Utilities-3.9%
956		M	Calpine Corp., 4.05%, 1/15/2024					956,487
474		M	Dynegy, Inc., 4.4761%, 2/7/2024					473,332
			HD Supply, Inc.:
630		M	4.0464%, 8/13/2021					631,601
546		M	4.0464%, 10/17/2023					548,776
1,250		M	InterGen NV, 5.47%, 6/12/2020			(b)		1,250,006
990		M	NRG Energy, Inc., 3.5464%, 6/30/2023					989,941
1,070		M	Talen Energy Supply, LLC, 5.2261%, 7/15/2023					998,769
1,270		M	Vistra Operations Co., LLC, 3.9761%, 8/4/2023					1,257,815
								7,106,727
			Waste Management-1.1%
944		M	Advanced Disposal Services, 3.9389%, 11/10/2023					948,869
1,117		M	GFL Environmental, Inc., 4.0464%, 9/29/2023					1,122,151
								2,071,020
			Wireless Communications-2.6%
1,600		M	Intelsat Jackson Holdings SA, 4.0003%, 6/30/2019					1,587,856
1,446		M	Sprint Communications, Inc., 3.75%, 2/2/2024					1,448,183
1,738		M	Telesat Canada, 4.3%, 11/17/2023					1,750,312
								4,786,351
Total Value of Loan Participations (cost $161,590,398)								161,804,001
			CORPORATE BONDS-7.7%
			Aerospace/Defense-.2%
325		M	Bombardier, Inc., 8.75%, 12/1/2021			(a)		361,562
			Automotive-.2%
425		M	Hertz Corp., 7.625%, 6/1/2022			(a)		425,042
			Building Materials-.4%
750		M	Griffon Corp., 5.25%, 3/1/2022					766,875
			Energy-2.2%
248		M	Consolidated Energy Finance SA, 6.75%, 10/15/2019			(a)		253,270
750		M	Murphy Oil USA, Inc., 6%, 8/15/2023					795,000
750		M	Oasis Petroleum, Inc., 6.5%, 11/1/2021					731,250
400		M	Precision Drilling Corp., 6.5%, 12/15/2021					393,500
1,000		M	Targa Resources Partners, LP, 4.125%, 11/15/2019					1,016,250
800		M	Tesoro Logistics, LP, 6.25%, 10/15/2022					854,000
								4,043,270
			Financials-.5%
850		M	Icahn Enterprises, LP, 6.25%, 2/1/2022					888,250
			Health Care-1.0%
800		M	Centene Corp., 5.625%, 2/15/2021					836,000
450		M	Endo Finance, LLC, 7.25%, 1/15/2022			(a)		433,125
450		M	Molina Healthcare, Inc., 5.375%, 11/15/2022					478,688
								1,747,813
			Manufacturing-.4%
700		M	H&E Equipment Services, Inc., 7%, 9/1/2022					731,500
			Media-Cable TV-1.0%
750		M	CSC Holdings, LLC, 10.125%, 1/15/2023			(a)		871,875
500		M	DISH DBS Corp., 7.875%, 9/1/2019					552,500
425		M	Numericable Group SA, 6.25%, 5/15/2024			(a)		450,500
								1,874,875
			Metals/Mining-.4%
275		M	Aleris International, Inc., 9.5%, 4/1/2021			(a)		284,155
325		M	Teck Resources, Ltd., 8.5%, 6/1/2024			(a)		376,188
								660,343
			Services-.3%
450		M	Cimpress NV, 7%, 4/1/2022			(a)		468,000
			Telecommunications-.5%
650		M	GCI, Inc., 6.875%, 4/15/2025					706,062
225		M	Wind Acquisition Finance SA, 4.75%, 7/15/2020			(a)		227,925
								933,987
			Utilities-.5%
430		M	Calpine Corp., 6%, 1/15/2022			(a)		446,125
500		M	Dynegy, Inc., 6.75%, 11/1/2019					518,125
								964,250
			Wireless Communications-.1%
250		M	T-Mobile USA, Inc., 6.125%, 1/15/2022					263,360
Total Value of Corporate Bonds (cost $14,079,384)								14,129,127
			VARIABLE AND FLOATING RATE NOTES-.1%
			Utilities
219		M	AES Corp., 3.9307%, 6/1/2019 (cost $221,104)			+		219,548
			SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-12.3%
			Federal Home Loan Bank:
15,000		M	0.9%, 7/19/2017					14,993,400
7,500		M	1.01%, 8/4/2017					7,493,265
Total Value of U.S. Government Agency Obligations (cost $22,486,088)								22,486,665
Total Value of Investments (cost $198,376,974)				108.6	%			198,639,341
Excess of Liabilities Over Other Assets				(8.6	)			(15,780,639)
Net Assets			100.0		%		$	182,858,702

(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, 2017, the Fund held
	eleven 144A securities with an aggregate value of $4,597,767 representing
	2.5% 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, 2017.
	At June 30, 2017, the cost of investments for federal income tax purposes
	was $198,376,974. Accumulated net unrealized appreciation on investments
	was $262,367, consisting of $1,072,465 gross unrealized appreciation and
	$810,098 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, 2017:

	Level 1		Level 2		Level 3		Total
Loan Participations	$	-	$	161,804,001	$	-	$	161,804,001
Corporate Bonds		-		14,129,127		-		14,129,127
Variable and Floating Rate Notes		-		219,548		-		219,548
Short-Term U.S. Government
Agency Obligations		-		22,486,665		-		22,486,665
Total Investments in Securities*	$	-	$	198,639,341	$	-	$	198,639,341

* 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, 2017. Transfers, if

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

Portfolio of Investments (unaudited)
FUND FOR INCOME
June 30, 2017

	Principal
	Amount		Security					Value
			CORPORATE BONDS-93.1%
			Aerospace/Defense-1.4%
			Bombardier, Inc.:
$	2,600	M	8.75%, 12/1/2021			(a)		$   2,892,500
	1,675	M	7.5%, 3/15/2025			(a)		1,742,000
			Meccanica Holdings USA, Inc.:
	1,871	M	7.375%, 7/15/2039			(a)		2,254,555
	750	M	6.25%, 1/15/2040			(a)		843,750
	1,725	M	Transdigm, Inc., 6.375%, 6/15/2026					1,755,188
								9,487,993
			Automotive-4.9%
			American Axle & Manufacturing, Inc.:
	125	M	6.625%, 10/15/2022					128,750
	1,475	M	6.25%, 4/1/2025			(a)		1,441,812
	1,175	M	6.5%, 4/1/2027			(a)		1,145,625
	1,725	M	Asbury Automotive Group, Inc., 6%, 12/15/2024					1,763,812
	1,700	M	Avis Budget Car Rental, 6.375%, 4/1/2024			(a)		1,704,250
	1,900	M	Cooper-Standard Automotive, Inc., 5.625%, 11/15/2026			(a)		1,911,875
			Dana Holding Corp.:
	2,000	M	6%, 9/15/2023					2,095,000
	700	M	5.5%, 12/15/2024					729,750
	2,350	M	Fiat Chrysler Automobiles NV, 5.25%, 4/15/2023					2,399,937
			Group 1 Automotive, Inc.:
	1,700	M	5%, 6/1/2022					1,734,000
	1,425	M	5.25%, 12/15/2023			(a)		1,446,375
			Hertz Corp.:
	1,650	M	7.625%, 6/1/2022			(a)		1,650,165
	875	M	5.5%, 10/15/2024			(a)		721,875
			IHO Verwaltungs GmbH:
	1,075	M	4.125%, 9/15/2021			(a)		1,097,844
	550	M	4.5%, 9/15/2023			(a)		559,625
	3,650	M	LKQ Corp., 4.75%, 5/15/2023					3,741,250
	3,725	M	Meritor, Inc., 6.25%, 2/15/2024					3,901,938
	3,050	M	Omega U.S. Sub, LLC, 8.75%, 7/15/2023			(a)		3,240,625
	2,550	M	ZF North America Capital, Inc., 4.75%, 4/29/2025			(a)		2,699,813
								34,114,321
			Building Materials-1.0%
	2,600	M	Building Materials Corp., 5.375%, 11/15/2024			(a)		2,752,750
	4,200	M	Griffon Corp., 5.25%, 3/1/2022					4,294,500
								7,047,250
			Chemicals-4.2%
	2,000	M	A. Schulman, Inc., 6.875%, 6/1/2023					2,125,000
	1,700	M	Blue Cube Spinco, Inc., 10%, 10/15/2025					2,103,750
			Consolidated Energy Finance SA:
	1,400	M	6.875%, 6/15/2025			(a)		1,445,500
	1,366	M	6.75%, 10/15/2019			(a)		1,395,027
	1,000	M	Evolution Escrow Issuer, 7.5%, 3/15/2022			(a)		1,035,000
	1,900	M	Koppers, Inc., 6%, 2/15/2025			(a)		2,023,500
	3,100	M	Platform Specialty Products Corp., 10.375%, 5/1/2021			(a)		3,437,125
	1,925	M	PolyOne Corp., 5.25%, 3/15/2023					2,030,875
			Rain CII Carbon, LLC:
	1,867	M	8.25%, 1/15/2021			(a)		1,948,681
	5,600	M	7.25%, 4/1/2025			(a)		5,796,000
	1,850	M	Rayonier AM Products, Inc., 5.5%, 6/1/2024			(a)		1,809,541
	1,350	M	TPC Group, Inc., 8.75%, 12/15/2020			(a)		1,221,750
	2,200	M	Tronox Finance, LLC, 6.375%, 8/15/2020					2,211,000
	525	M	W.R. Grace & Co., 5.625%, 10/1/2024			(a)		563,062
								29,145,811
			Consumer Non-Durables-1.7%
	1,225	M	American Greetings Corp., 7.875%, 2/15/2025			(a)		1,330,656
	1,125	M	First Quality Finance Co., 5%, 7/1/2025			(a)		1,150,312
	2,700	M	Kronos Acquisition Holdings, 9%, 8/15/2023			(a)		2,700,000
			Reynolds Group Issuer, Inc.:
	1,800	M	5.75%, 10/15/2020					1,844,262
	850	M	5.125%, 7/15/2023			(a)		884,000
	1,375	M	Standard Industries, Inc., 5.5%, 2/15/2023			(a)		1,454,063
	2,275	M	Wolverine World Wide, Inc., 5%, 9/1/2026			(a)		2,249,406
								11,612,699
			Energy-10.4%
			Antero Resources Corp.:
	950	M	5.375%, 11/1/2021					963,062
	475	M	5.125%, 12/1/2022					478,410
	400	M	5%, 3/1/2025			(a)		390,000
	1,725	M	Baytex Energy Corp., 5.125%, 6/1/2021			(a)		1,539,562
	1,375	M	Blue Racer Midstream, LLC, 6.125%, 11/15/2022			(a)		1,392,187
	425	M	Callon Petroleum Co., 6.125%, 10/1/2024					434,562
			Carrizo Oil & Gas, Inc.:
	1,000	M	6.25%, 4/15/2023					967,500
	600	M	8.25%, 7/15/2025				(b)	615,000
			Cheniere Corpus Christi Holdings:
	850	M	7%, 6/30/2024					949,875
	825	M	5.125%, 6/30/2027			(a)		846,656
	1,050	M	CONSOL Energy, Inc., 5.875%, 4/15/2022					1,036,875
			Continental Resources, Inc.:
	3,575	M	3.8%, 6/1/2024					3,291,216
	475	M	4.9%, 6/1/2044					399,000
	825	M	Covey Park Energy, LLC, 7.5%, 5/15/2025			(a)		827,062
			Crestwood Midstream Partners, LP:
	2,175	M	6.25%, 4/1/2023					2,218,500
	1,375	M	5.75%, 4/1/2025			(a)		1,375,000
	1,775	M	Delek Logistics Partners, LP, 6.75%, 5/15/2025			(a)		1,801,625
	500	M	Diamondback Energy, Inc., 4.75%, 11/1/2024			(a)		500,000
	2,767	M	Exterran Partners, LP, 6%, 10/1/2022					2,697,825
	1,950	M	Forum Energy Technologies, Inc., 6.25%, 10/1/2021					1,911,000
			Genesis Energy, LP:
	1,400	M	6.75%, 8/1/2022					1,410,500
	225	M	6%, 5/15/2023					221,625
	500	M	5.625%, 6/15/2024					476,250
	1,150	M	Gulfport Energy Corp., 6.375%, 5/15/2025			(a)		1,137,062
	1,175	M	Hilcorp Energy I, 5.75%, 10/1/2025			(a)		1,113,312
	2,600	M	Laredo Petroleum, Inc., 5.625%, 1/15/2022					2,535,000
	1,400	M	Matador Resources Co., 6.875%, 4/15/2023					1,459,500
	1,900	M	MEG Energy Corp., 6.5%, 1/15/2025			(a)		1,736,125
			Murphy Oil Corp.:
	1,425	M	4.7%, 12/1/2022					1,379,400
	1,225	M	6.875%, 8/15/2024					1,283,188
	2,300	M	Newfield Exploration Co., 5.375%, 1/1/2026					2,392,000
	325	M	NuStar Logistics, LP, 4.8%, 9/1/2020					339,625
	1,750	M	Oasis Petroleum, Inc., 6.875%, 1/15/2023					1,701,875
			Parsley Energy, LLC:
	425	M	6.25%, 6/1/2024			(a)		448,375
	1,075	M	5.25%, 8/15/2025			(a)		1,077,688
	1,250	M	PDC Energy, Inc., 6.125%, 9/15/2024			(a)		1,275,000
	1,700	M	Precision Drilling Corp., 6.5%, 12/15/2021					1,672,375
	2,075	M	QEP Resources, Inc., 6.875%, 3/1/2021					2,163,188
	1,651	M	Range Resources Corp., 5%, 8/15/2022			(a)		1,630,363
	1,650	M	Rice Energy, Inc., 6.25%, 5/1/2022					1,726,313
	1,250	M	Rowan Cos., Inc., 4.875%, 6/1/2022					1,165,625
	700	M	RSP Permian, Inc., 5.25%, 1/15/2025			(a)		704,375
	1,025	M	SM Energy Co., 5%, 1/15/2024					912,250
			Southwestern Energy Co.:
	775	M	5.8%, 1/23/2020					793,406
	1,025	M	4.95%, 1/23/2025					1,007,063
	700	M	Suburban Propane Partners, LP, 5.875%, 3/1/2027					700,000
			Sunoco, LP:
	1,100	M	6.25%, 4/15/2021					1,152,250
	900	M	6.375%, 4/1/2023					950,220
			Targa Resources Partners, LP:
	900	M	5.25%, 5/1/2023					927,000
	2,800	M	4.25%, 11/15/2023					2,747,500
	1,150	M	5.125%, 2/1/2025			(a)		1,188,813
			Tesoro Logistics, LP:
	1,650	M	6.25%, 10/15/2022					1,761,375
	825	M	6.375%, 5/1/2024					897,188
			Ultra Petroleum, Inc.:
	625	M	6.875%, 4/15/2022			(a)		621,094
	525	M	7.125%, 4/15/2025			(a)		518,438
	1,550	M	Unit Corp., 6.625%, 5/15/2021					1,491,875
			Weatherford Bermuda, PLC:
	600	M	4.5%, 4/15/2022					532,500
	625	M	6.5%, 8/1/2036					534,375
	1,725	M	WPX Energy, Inc., 6%, 1/15/2022					1,716,375
								72,135,403
			Financials-3.4%
			Ally Financials, Inc.:
	1,600	M	8%, 3/15/2020					1,824,000
	2,825	M	8%, 11/1/2031					3,474,750
	1,825	M	Argos Merger Sub, Inc., 7.125%, 3/15/2023			(a)		1,628,812
	1,000	M	BCD Acquisition, Inc., 9.625%, 9/15/2023			(a)		1,085,000
	1,650	M	CDW, LLC, 5%, 9/1/2025					1,720,125
	1,700	M	CVR Partners, LP, 9.25%, 6/15/2023			(a)		1,785,000
	1,000	M	Dana Financing Luxembourg Sarl, 6.5%, 6/1/2026			(a)		1,066,875
			Icahn Enterprises, LP:
	2,225	M	6.25%, 2/1/2022					2,325,125
	2,075	M	6.75%, 2/1/2024					2,168,582
	1,725	M	Intesa Sanpaolo SpA, 5.017%, 6/26/2024			(a)		1,751,976
	1,350	M	Ladder Capital Finance Holdings, 5.25%, 3/15/2022			(a)		1,390,500
			Park Aerospace Holdings, Ltd.:
	600	M	5.25%, 8/15/2022			(a)		629,442
	725	M	5.5%, 2/15/2024			(a)		759,075
	1,225	M	Springleaf Finance Corp., 7.75%, 10/1/2021					1,375,063
	1,300	M	UniCredit SpA, 5.861%, 6/19/2032			(a)		1,337,779
								24,322,104
			Food/Beverage/Tobacco-.9%
	1,225	M	Barry Callebaut Services SA, 5.5%, 6/15/2023			(a)		1,333,045
			Lamb Weston Holdings, Inc.:
	875	M	4.625%, 11/1/2024			(a)		905,625
	625	M	4.875%, 11/1/2026			(a)		650,781
	1,725	M	Post Holdings, Inc., 5.5%, 3/1/2025			(a)		1,783,219
	1,700	M	Vector Group, Ltd., 6.125%, 2/1/2025			(a)		1,770,125
								6,442,795
			Food/Drug-.2%
	1,350	M	Albertson Cos., LLC, 5.75%, 3/15/2025			(a)		1,258,875
			Forest Products/Containers-2.7%
	400	M	Ardagh Holdings USA, Inc., 7.25%, 5/15/2024			(a)		439,000
			Ardagh Packaging Finance, PLC:
	2,175	M	6%, 6/30/2021			(a)		2,259,281
	525	M	4.625%, 5/15/2023			(a)		539,878
	1,850	M	Berry Plastics Group, 5.125%, 7/15/2023					1,933,250
	425	M	Flex Acquisition Co., Inc., 6.875%, 1/15/2025			(a)		442,797
	775	M	Louisiana-Pacific Corp., 4.875%, 9/15/2024					793,406
			Mercer International, Inc.:
	1,400	M	7.75%, 12/1/2022					1,506,750
	1,175	M	6.5%, 2/1/2024			(a)		1,229,861
			Owens-Brockway Glass Container, Inc.:
	450	M	5%, 1/15/2022			(a)		477,563
	625	M	5.875%, 8/15/2023			(a)		690,234
	1,875	M	5.375%, 1/15/2025			(a)		2,006,250
	450	M	6.375%, 8/15/2025			(a)		505,969
			Sealed Air Corp.:
	875	M	4.875%, 12/1/2022			(a)		935,156
	2,025	M	5.25%, 4/1/2023			(a)		2,181,938
	2,175	M	6.875%, 7/15/2033			(a)		2,512,125
								18,453,458
			Gaming/Leisure-1.9%
			International Game Technology, PLC:
	225	M	5.625%, 2/15/2020			(a)		240,334
	900	M	6.25%, 2/15/2022			(a)		987,750
	1,350	M	6.5%, 2/15/2025			(a)		1,488,375
	525	M	Lions Gate Entertainment Corp., 5.875%, 11/1/2024			(a)		555,188
	1,800	M	NCL Corp., Ltd., 4.625%, 11/15/2020			(a)		1,856,822
	1,775	M	Regal Entertainment Group, 5.75%, 3/15/2022					1,859,313
	1,900	M	Scientific Games International, Inc., 7%, 1/1/2022			(a)		2,028,250
	1,125	M	Silversea Cruise Finance, Ltd., 7.25%, 2/1/2025			(a)		1,205,156
	2,900	M	Viking Cruises, Ltd., 6.25%, 5/15/2025			(a)		2,936,250
								13,157,438
			Health Care-8.9%
	2,725	M	Centene Corp., 6.125%, 2/15/2024					2,953,028
			CHS/Community Health Systems, Inc.:
	1,125	M	7.125%, 7/15/2020					1,099,687
	950	M	5.125%, 8/1/2021					965,437
	2,450	M	6.25%, 3/31/2023					2,538,445
			DaVita HealthCare Partners, Inc.:
	1,875	M	5.75%, 8/15/2022					1,928,906
	1,775	M	5.125%, 7/15/2024					1,804,953
			Endo Finance, LLC:
	1,350	M	7.25%, 1/15/2022			(a)		1,299,375
	1,575	M	6%, 7/15/2023			(a)		1,331,662
	375	M	6%, 2/1/2025			(a)		307,500
			Fresenius Medical Care U.S. Finance II, Inc.:
	1,150	M	5.625%, 7/31/2019			(a)		1,220,437
	675	M	4.75%, 10/15/2024			(a)		712,125
			HCA, Inc.:
	3,025	M	6.5%, 2/15/2020					3,308,594
	3,300	M	6.25%, 2/15/2021					3,613,500
	175	M	7.5%, 2/15/2022					201,906
	2,425	M	5.875%, 5/1/2023					2,646,281
	375	M	5.375%, 2/1/2025					396,487
	2,400	M	5.875%, 2/15/2026					2,598,000
			HealthSouth Corp.:
	1,150	M	5.125%, 3/15/2023					1,190,250
	1,325	M	5.75%, 11/1/2024					1,366,406
	1,225	M	Kindred Healthcare, Inc., 8.75%, 1/15/2023					1,292,375
			LifePoint Health, Inc.:
	2,900	M	5.875%, 12/1/2023					3,066,750
	1,175	M	5.375%, 5/1/2024					1,219,063
			Mallinckrodt Finance SB:
	1,125	M	5.75%, 8/1/2022			(a)		1,063,125
	1,025	M	5.5%, 4/15/2025			(a)		902,000
			Molina Healthcare, Inc.:
	2,925	M	5.375%, 11/15/2022					3,111,469
	1,750	M	4.875%, 6/15/2025			(a)		1,767,500
	775	M	MPH Acquisition Holdings, 7.125%, 6/1/2024			(a)		828,281
	700	M	RegionalCare Hospital Partners, 8.25%, 5/1/2023			(a)		754,250
	3,575	M	Tenet Healthcare Corp., 6%, 10/1/2020					3,838,656
	575	M	Universal Health Services, Inc., 5%, 6/1/2026			(a)		599,438
	675	M	Universal Hospital Services, Inc., 7.625%, 8/15/2020					689,344
			Valeant Pharmaceuticals International, Inc.:
	5,200	M	6.375%, 10/15/2020			(a)		5,063,500
	1,100	M	5.625%, 12/1/2021			(a)		998,250
	400	M	6.5%, 3/15/2022			(a)		420,500
	1,125	M	7%, 3/15/2024			(a)		1,185,469
	4,600	M	6.125%, 4/15/2025			(a)		3,910,000
								62,192,949
			Information Technology-5.0%
	2,025	M	Alliance Data Systems Corp., 5.375%, 8/1/2022			(a)		2,055,375
	2,892	M	Belden, Inc., 5.5%, 9/1/2022			(a)		2,993,220
	2,200	M	CommScope Technologies Finance, LLC, 6%, 6/15/2025			(a)		2,359,500
	1,525	M	Diamond 1 Finance Corp., 6.02%, 6/15/2026			(a)		1,682,674
	2,625	M	Equinix, Inc., 5.875%, 1/15/2026					2,868,626
	2,390	M	IAC/InterActiveCorp, 4.875%, 11/30/2018					2,412,705
	625	M	J2 Cloud Services, LLC, 6%, 7/15/2025			(a)		646,875
			Match Group, Inc.:
	350	M	6.75%, 12/15/2022					365,313
	825	M	6.375%, 6/1/2024					900,281
	1,850	M	Micron Technology, Inc., 7.5%, 9/15/2023					2,072,925
	547	M	Microsemi Corp., 9.125%, 4/15/2023			(a)		627,683
	1,250	M	MSCI, Inc., 5.75%, 8/15/2025			(a)		1,360,150
	1,375	M	Nuance Communications, Inc., 6%, 7/1/2024					1,471,250
			NXP BV:
	675	M	4.125%, 6/1/2021			(a)		712,463
	2,650	M	3.875%, 9/1/2022			(a)		2,765,938
	1,300	M	Open Text Corp., 5.625%, 1/15/2023			(a)		1,361,750
	1,625	M	Rackspace Hosting, Inc., 8.625%, 11/15/2024			(a)		1,734,687
	1,800	M	Radiate Holdco, LLC, 6.625%, 2/15/2025			(a)		1,804,500
	1,225	M	Sensata Technologies BV, 6.25%, 2/15/2026			(a)		1,341,375
	750	M	Verisign, Inc., 4.75%, 7/15/2027			(a)		762,188
	2,075	M	Western Digital Corp., 10.5%, 4/1/2024					2,453,024
								34,752,502
			Manufacturing-3.6%
	2,300	M	Amkor Technology, Inc., 6.375%, 10/1/2022					2,403,500
	2,525	M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023			(a)		2,638,625
	700	M	Boise Cascade Co., 5.625%, 9/1/2024			(a)		724,500
	1,400	M	Brand Energy & Infrastructure, 8.5%, 7/15/2025			(a)		1,452,500
	2,225	M	Cloud Crane, LLC, 10.125%, 8/1/2024			(a)		2,447,500
	2,550	M	Gates Global, LLC, 6%, 7/15/2022			(a)		2,569,125
	2,775	M	Grinding Media, Inc., 7.375%, 12/15/2023			(a)		3,024,750
	3,075	M	H&E Equipment Services, Inc., 7%, 9/1/2022					3,213,375
	1,300	M	Park-Ohio Industries, Inc., 6.625%, 4/15/2027			(a)		1,367,438
			United Rentals, Inc.:
	1,425	M	5.875%, 9/15/2026					1,522,969
	1,475	M	5.5%, 5/15/2027					1,522,938
	2,050	M	Zekelman Industries, Inc., 9.875%, 6/15/2023			(a)		2,308,813
								25,196,033
			Media-Broadcasting-2.6%
			Belo Corp.:
	725	M	7.75%, 6/1/2027					808,375
	150	M	7.25%, 9/15/2027					163,500
	2,225	M	LIN Television Corp., 5.875%, 11/15/2022					2,341,813
	3,250	M	Nexstar Broadcasting, Inc., 6.125%, 2/15/2022			(a)		3,416,563
	1,350	M	Nexstar Escrow Corp., 5.625%, 8/1/2024			(a)		1,370,250
			Sinclair Television Group, Inc.:
	4,075	M	5.375%, 4/1/2021					4,197,250
	1,575	M	5.125%, 2/15/2027			(a)		1,531,688
			Sirius XM Radio, Inc.:
	1,425	M	5.75%, 8/1/2021			(a)		1,474,875
	1,175	M	3.875%, 8/1/2022			(a)	(b)	1,190,064
	1,250	M	6%, 7/15/2024			(a)		1,331,250
								17,825,628
			Media-Cable TV-9.0%
			Altice Financing SA:
	2,525	M	6.625%, 2/15/2023			(a)		2,685,186
	2,300	M	5.375%, 7/15/2023			(a)		2,399,187
	970	M	8.125%, 1/15/2024			(a)		1,059,725
	900	M	7.625%, 2/15/2025			(a)		964,125
	1,000	M	5.5%, 5/15/2026			(a)		1,052,500
	1,150	M	7.5%, 5/15/2026			(a)		1,279,375
	1,250	M	Block Communications, Inc., 6.875%, 2/15/2025			(a)		1,343,750
	1,625	M	Cable One, Inc., 5.75%, 6/15/2022			(a)		1,712,344
			CCO Holdings, LLC:
	2,950	M	5.125%, 2/15/2023					3,051,406
	3,675	M	5.875%, 4/1/2024			(a)		3,932,250
	1,350	M	5.125%, 5/1/2027			(a)		1,383,750
	2,250	M	5.875%, 5/1/2027			(a)		2,410,312
			Cequel Communications Holdings I, LLC:
	3,207	M	6.375%, 9/15/2020			(a)		3,279,157
	1,700	M	7.75%, 7/15/2025			(a)		1,887,000
			Clear Channel Worldwide Holdings, Inc. (Class "A"):
	200	M	7.625%, 3/15/2020					198,000
	750	M	6.5%, 11/15/2022					768,750
			Clear Channel Worldwide Holdings, Inc. (Class "B"):
	1,525	M	7.625%, 3/15/2020					1,523,094
	2,375	M	6.5%, 11/15/2022					2,452,662
			CSC Holdings, LLC:
	1,525	M	6.75%, 11/15/2021					1,692,750
	4,950	M	10.125%, 1/15/2023			(a)		5,754,375
	1,250	M	6.625%, 10/15/2025			(a)		1,378,250
	650	M	10.875%, 10/15/2025			(a)		784,063
			DISH DBS Corp.:
	4,125	M	7.875%, 9/1/2019					4,558,125
	950	M	5%, 3/15/2023					976,125
	1,750	M	5.875%, 11/15/2024					1,873,760
	725	M	7.75%, 7/1/2026					860,937
	2,400	M	Gray Television, Inc., 5.875%, 7/15/2026			(a)		2,454,000
			Midcontinent Communications & Finance Corp.:
	750	M	6.25%, 8/1/2021			(a)		778,500
	3,230	M	6.875%, 8/15/2023			(a)		3,496,475
			Numericable Group SA:
	1,575	M	6%, 5/15/2022			(a)		1,649,813
	2,900	M	6.25%, 5/15/2024			(a)		3,074,000
								62,713,746
			Media-Diversified-1.8%
	1,675	M	CBS Outdoor Americas Capital, 5.875%, 3/15/2025					1,760,844
	1,700	M	Clearwater Paper Corp., 4.5%, 2/1/2023					1,683,000
	750	M	EW Scripps Co., 5.125%, 5/15/2025			(a)		774,375
	1,700	M	Gannett Co., Inc., 5.125%, 7/15/2020					1,744,625
	625	M	Lamar Media Corp., 5.75%, 2/1/2026					675,781
	500	M	LSC Communication, Inc., 8.75%, 10/15/2023			(a)		523,750
	2,775	M	Tribune Co., 5.875%, 7/15/2022					2,920,688
	2,375	M	Lynx II Corp., 6.375%, 4/15/2023			(a)		2,505,625
								12,588,688
			Metals/Mining-6.6%
	2,375	M	AK Steel Corp., 7%, 3/15/2027					2,464,062
			Aleris International, Inc.:
	1,840	M	7.875%, 11/1/2020					1,743,400
	1,325	M	9.5%, 4/1/2021			(a)		1,369,109
	1,275	M	Alliance Resourse Operating Partners, LP, 7.5%, 5/1/2025			(a)		1,345,125
			ArcelorMittal:
	1,875	M	6.125%, 6/1/2025					2,109,375
	1,125	M	7.75%, 10/15/2039					1,267,031
	325	M	7.5%, 3/1/2041					359,937
	775	M	Arconic, Inc., 5.95%, 2/1/2037					784,687
	3,400	M	Cliffs Natural Resources, Inc., 5.75%, 3/1/2025			(a)		3,221,500
			Commercial Metals Co.:
	1,725	M	4.875%, 5/15/2023					1,753,031
	1,100	M	5.375%, 7/15/2027				(b)	1,123,375
	1,500	M	Constellium NV, 8%, 1/15/2023			(a)		1,552,500
	4,075	M	First Quantum Minerals, Ltd., 7.25%, 5/15/2022			(a)		4,187,062
			Freeport-McMoRan, Inc.:
	1,800	M	3.1%, 3/15/2020					1,768,500
	1,400	M	5.45%, 3/15/2043					1,214,220
			HudBay Minerals, Inc.:
	775	M	7.25%, 1/15/2023			(a)		803,094
	450	M	7.625%, 1/15/2025			(a)		473,625
	1,250	M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022			(a)		1,417,188
	1,650	M	Natural Resource Partners, LP, 10.5%, 3/15/2022					1,771,688
			Novelis, Inc.:
	2,750	M	6.25%, 8/15/2024			(a)		2,894,375
	3,975	M	5.875%, 9/30/2026			(a)		4,104,188
			Peabody Energy Corp.:
	325	M	6%, 3/31/2022			(a)		323,781
	975	M	6.375%, 3/31/2025			(a)		964,031
	3,450	M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025			(a)		3,424,125
			Teck Resources, Ltd.:
	850	M	8.5%, 6/1/2024			(a)		983,875
	2,150	M	6%, 8/15/2040					2,171,500
								45,594,384
			Real Estate-2.6%
	1,500	M	Care Capital Properties, LP, 5.125%, 8/15/2026					1,526,811
	1,950	M	Dupont Fabros Technology, LP, 5.625%, 6/15/2023					2,086,500
			Geo Group, Inc.:
	400	M	5.125%, 4/1/2023					404,000
	1,575	M	6%, 4/15/2026					1,641,937
			Iron Mountain, Inc.:
	2,600	M	6%, 8/15/2023					2,775,500
	2,875	M	5.75%, 8/15/2024					2,946,875
			Lennar Corp.:
	1,400	M	4.75%, 4/1/2021					1,489,250
	1,350	M	4.875%, 12/15/2023					1,440,281
			MPT Operating Partnership, LP:
	375	M	6.375%, 3/1/2024					409,736
	875	M	5.25%, 8/1/2026					914,016
	1,100	M	Realogy Group/Co-Issuer, 5.25%, 12/1/2021			(a)		1,158,300
	1,325	M	Starwood Property Trust, Inc., 5%, 12/15/2021			(a)		1,381,313
								18,174,519
			Retail-General Merchandise-3.0%
			AmeriGas Partners, LP:
	775	M	5.625%, 5/20/2024					802,125
	2,400	M	5.5%, 5/20/2025					2,396,256
	1,825	M	5.875%, 8/20/2026					1,879,750
	750	M	5.75%, 5/20/2027					763,125
			KFC Holding Co.:
	1,075	M	5%, 6/1/2024			(a)		1,123,375
	1,975	M	5.25%, 6/1/2026			(a)		2,083,625
	575	M	4.75%, 6/1/2027			(a)		588,656
			L Brands, Inc.:
	1,700	M	6.875%, 11/1/2035					1,649,000
	3,125	M	6.75%, 7/1/2036					3,015,625
	3,100	M	Landry's, Inc., 6.75%, 10/15/2024			(a)		3,181,375
	1,825	M	Netflix, Inc., 5.5%, 2/15/2022					1,990,947
	1,575	M	ServiceMaster Global Holdings, Inc., 5.125%, 11/15/2024			(a)		1,634,063
								21,107,922
			Services-3.0%
			ADT Corp.:
	1,900	M	3.5%, 7/15/2022					1,847,180
	1,800	M	4.125%, 6/15/2023					1,788,750
			AECOM:
	1,975	M	5.75%, 10/15/2022					2,076,219
	2,025	M	5.875%, 10/15/2024					2,212,312
	1,475	M	5.125%, 3/15/2027			(a)		1,484,219
	1,475	M	Aramark Services, Inc., 5.125%, 1/15/2024					1,554,281
	1,270	M	Cimpress NV, 7%, 4/1/2022			(a)		1,320,800
	2,250	M	GW Honos Security Corp., 8.75%, 5/15/2025			(a)		2,359,687
	675	M	KAR Auction Services, Inc., 5.125%, 6/1/2025			(a)		689,344
	1,725	M	Monitronics International, Inc., 9.125%, 4/1/2020					1,651,688
	1,700	M	Prime Security Services Borrower, LLC, 9.25%, 5/15/2023			(a)		1,851,572
	1,850	M	Reliance Intermediate Holdings, LP, 6.5%, 4/1/2023			(a)		1,988,750
								20,824,802
			Telecommunications-3.9%
	650	M	CenturyLink, Inc., 5.8%, 3/15/2022					678,437
	1,400	M	Citizens Communications Co., 9%, 8/15/2031					1,130,500
			Frontier Communications Corp.:
	525	M	7.125%, 1/15/2023					439,687
	3,225	M	11%, 9/15/2025					3,007,312
			GCI, Inc.:
	2,623	M	6.75%, 6/1/2021					2,691,854
	3,125	M	6.875%, 4/15/2025					3,394,531
	1,575	M	Qwest Corp., 7.25%, 9/15/2025					1,751,739
	2,300	M	Telesat Canada, LLC, 8.875%, 11/15/2024			(a)		2,587,500
			Wind Acquisition Finance SA:
	2,000	M	4.75%, 7/15/2020			(a)		2,026,000
	4,975	M	7.375%, 4/23/2021			(a)		5,177,109
	875	M	Windstream Services, LLC, 7.5%, 6/1/2022					785,313
			Zayo Group, LLC:
	1,075	M	6.375%, 5/15/2025					1,164,354
	2,525	M	5.75%, 1/15/2027			(a)		2,648,094
								27,482,430
			Transportation-.9%
			Fly Leasing, Ltd.:
	1,675	M	6.75%, 12/15/2020					1,760,844
	925	M	6.375%, 10/15/2021					974,719
	1,750	M	Mobile Mini, Inc., 5.875%, 7/1/2024					1,820,000
	1,450	M	XPO Logistics, Inc., 6.125%, 9/1/2023			(a)		1,515,250
								6,070,813
			Utilities-3.9%
			AES Corp.:
	2,525	M	7.375%, 7/1/2021					2,903,750
	1,225	M	5.5%, 3/15/2024					1,281,656
			Calpine Corp.:
	1,750	M	5.375%, 1/15/2023					1,712,812
	1,900	M	5.75%, 1/15/2025					1,790,750
	2,325	M	5.25%, 6/1/2026			(a)		2,290,125
			Dynegy, Inc.:
	1,450	M	6.75%, 11/1/2019					1,502,562
	2,100	M	7.375%, 11/1/2022					2,079,000
	1,750	M	8%, 1/15/2025			(a)		1,706,250
	1,351	M	FirstLight Hydro Generating Co., 8.812%, 10/15/2026					1,435,274
	372	M	Indiantown Cogeneration Utilities, LP, 9.77%, 12/15/2020					404,263
	975	M	InterGen NV, 7%, 6/30/2023			(a)		943,313
			NRG Energy, Inc.:
	1,800	M	7.25%, 5/15/2026					1,872,000
	2,825	M	6.625%, 1/15/2027					2,842,656
	1,350	M	NRG Yield Operating, LLC, 5%, 9/15/2026					1,380,375
	2,539	M	NSG Holdings, LLC, 7.75%, 12/15/2025			(a)		2,742,595
								26,887,381
			Waste Management-.2%
	1,175	M	GFL Environmental, Inc., 5.625%, 5/1/2022			(a)		1,207,312
			Wireless Communications-5.4%
			Hughes Satellite Systems Corp.:
	625	M	5.25%, 8/1/2026					655,469
	950	M	6.625%, 8/1/2026					1,023,625
			Inmarsat Finance, PLC:
	775	M	4.875%, 5/15/2022			(a)		790,500
	1,225	M	6.5%, 10/1/2024			(a)		1,310,750
			Intelsat Jackson Holdings SA:
	1,025	M	5.5%, 8/1/2023					853,313
	2,600	M	8%, 2/15/2024			(a)		2,808,000
	1,300	M	9.75%, 7/15/2025			(a)	(b)	1,301,625
			Level 3 Financing, Inc.:
	1,138	M	6.125%, 1/15/2021					1,174,985
	800	M	5.125%, 5/1/2023					832,496
	675	M	5.25%, 3/15/2026					702,074
	1,875	M	SBA Communications Corp., 4.875%, 9/1/2024			(a)	(b)	1,912,500
			Sprint Communications, Inc.:
	1,225	M	7%, 3/1/2020			(a)		1,347,892
	5,700	M	7%, 8/15/2020					6,284,250
	4,350	M	6%, 11/15/2022					4,621,875
	2,675	M	Sprint Corp., 7.875%, 9/15/2023					3,082,938
			T -Mobile USA, Inc.:
	2,475	M	6%, 3/1/2023					2,625,802
	2,725	M	6.625%, 4/1/2023					2,890,408
	300	M	6.5%, 1/15/2024					323,250
	1,075	M	6%, 4/15/2024					1,152,938
	2,225	M	Telecom Italia SpA, 5.303%, 5/30/2024					2,394,656
								38,089,346
Total Value of Corporate Bonds (cost $630,301,006)								647,886,602
			LOAN PARTICIPATIONS+-4.8%
			Automotive-.9%
	3,500	M	Superior Industries International, Inc., 5.7872%, 3/22/2024				(b)	3,491,251
	3,025	M	Truck Hero, Inc., 5.1557%, 4/22/2024					3,005,156
								6,496,407
			Building Materials-.3%
	2,171	M	Builders FirstSource, Inc., 4.2964%, 2/29/2024					2,174,114
			Energy-.3%
	2,225	M	Jonah Energy, LLC, 7.7261%, 5/12/2021					2,152,688
			Financials-.8%
			Lightstone Generation, LLC:
	144	M	5.7261%, 1/30/2024					140,418
	2,321	M	5.7261%, 1/30/2024					2,265,975
	3,500	M	Project Leopard Holdings, Inc., 6.5%, 6/21/2023				(b)	3,513,125
								5,919,518
			Gaming/Leisure-.5%
	3,250	M	Dorna Sports SL, 3.5%, 4/12/2024				(b)	3,278,437
			Health Care-.4%
			CHS/Community Health Systems, Inc.:
	483	M	3.9518%, 12/31/2019					483,018
	891	M	4.2018%, 1/27/2021					889,877
	1,429	M	ExamWorks Group, Inc., 4.4761%, 7/27/2023					1,440,237
								2,813,132
			Manufacturing-.1%
	473	M	Columbus McKinnon Corp., 4.2964%, 1/31/2024					478,204
			Metals/Mining-.1%
	773	M	Peabody Energy Corp., 5.7261%, 3/31/2022					775,961
			Retail-General Merchandise-1.0%
	3,450	M	Bass Pro Group, LLC, 6.2964%, 12/15/2023					3,358,144
	3,375	M	Harbor Freight Tools USA, Inc., 4.4761%, 8/18/2023					3,375,563
								6,733,707
			Services-.1%
	578	M	Brickman Group, Ltd., LLC, 4.2174%, 12/18/2020					580,084
			Wireless Communications-.3%
	1,850	M	Intelsat Jackson Holdings, Ltd, 4.0003%, 6/30/2019					1,835,959
Total Value of Loan Participations (cost $33,102,926)								33,238,211
			PASS-THROUGH CERTIFICATES-.6%
			Transportation
	3,911	M	American Airlines 13-2 B PTT, 5.60%, 1/15/2022 (cost $4,001,255)			(a)		4,091,930
			SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-1.1%
	7,500	M	Federal Home Loan Bank, 1.01%, 8/4/2017 (cost $7,492,845)					7,493,265
Total Value of Investments (cost $674,898,032)				99.6	%			692,710,008
Other Assets, Less Liabilities				.4				3,099,714
Net Assets				100.0	%			$ 695,809,722

(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, 2017, the Fund held
	one hundred ninety-eight 144A securities with an aggregate value of $327,623,125
	representing 47.1% 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, 2017.
	Summary of Abbreviations:
	PTT Pass Through Trust
	At June 30, 2017, the cost of investments for federal income tax purposes
	was $674,919,031. Accumulated net unrealized appreciation on
	investments was $17,790,977, consisting of $22,601,292 gross unrealized
	appreciation and $4,810,315 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, 2017:

		Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	647,886,602	$	-	$	647,886,602
Loan Participations		-		33,238,211		-		33,238,211
Pass-Through Certificates		-		4,091,930		-		4,091,930
Short-Term U.S Government
Agency Obligations		-		7,493,265		-		7,493,265
Total Investments in Securities*	$	-	$	692,710,008	$	-	$	692,710,008

* 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, 2017. Transfers, if any, between Levels are

recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
GOVERNMENT FUND
June 30, 2017

	Principal
	Amount		Security					Value
			RESIDENTIAL MORTGAGE-BACKED SECURITIES-45.5%
			Fannie Mae-30.1%
$	16,545	M	3%, 12/1/2028 - 6/1/2046				$	16,869,318
	27,179	M	3.5%, 4/1/2033 - 4/1/2046					28,085,342
	27,116	M	4%, 8/1/2026 - 11/1/2045					28,734,767
	5,928	M	4.5%, 11/1/2040 - 1/1/2042					6,458,995
	2,062	M	5%, 8/1/2039 - 11/1/2039					2,266,733
	1,763	M	5.5%, 7/1/2033 - 10/1/2039					1,972,507
								84,387,662
			Freddie Mac-4.4%
	299	M	3%, 6/1/2021					307,737
	4,799	M	3.5%, 9/1/2032 - 2/1/2046					4,961,464
	5,600	M	4%, 6/1/2047			(a)		5,896,666
	1,186	M	5%, 8/1/2039					1,317,053
								12,482,920
			Government National Mortgage Association I Program-11.0%
	604	M	4%, 6/15/2042					654,098
	7,155	M	4.5%, 9/15/2033 - 6/15/2040					7,795,267
	7,227	M	5%, 6/15/2033 - 4/15/2040					8,039,276
	5,389	M	5.5%, 3/15/2033 - 10/15/2039					6,080,391
	5,865	M	6%, 3/15/2033 - 4/15/2040					6,789,805
	1,392	M	7%, 6/15/2023 - 4/15/2034					1,497,732
								30,856,569
Total Value of Residential Mortgage-Backed Securities (cost $128,864,415)								127,727,151
			U.S. GOVERNMENT OBLIGATIONS-16.1%
			U.S. Treasury Bonds:
	3,800	M	3%, 2/15/2047					3,920,753
	3,000	M	3%, 5/15/2047					3,096,621
			U.S. Treasury Notes:
	6,000	M	0.375%, 1/15/2027 (TIPS)					5,969,141
	2,000	M	1.125%, 8/31/2021					1,947,852
	13,230	M	1.375%, 10/31/2020					13,123,287
	5,100	M	1.5%, 3/31/2023					4,960,943
	5,000	M	1.75%, 5/31/2022					4,971,290
	7,310	M	1.875%, 8/31/2022					7,296,864
Total Value of U.S. Government Obligations (cost $45,560,676)								45,286,751
			COMMERCIAL MORTGAGE-BACKED SECURITIES-15.0%
			Fannie Mae-11.1%
	2,752	M	2.27%, 1/1/2023					2,762,912
	5,500	M	2.369%, 7/25/2026					5,299,118
	4,800	M	2.49935%, 9/25/2026					4,658,208
	1,300	M	2.96%, 11/1/2018					1,318,467
	5,195	M	2.995%, 11/1/2022					5,371,041
	6,900	M	3.34%, 2/1/2027					7,241,274
	4,500	M	3.84%, 5/1/2018					4,543,326
								31,194,346
			Federal Home Loan Mortgage Corporation-3.9%
			Multi-Family Structured Pass-Through:
	1,830	M	2.454%, 8/25/2023					1,841,589
	4,330	M	2.849%, 3/25/2026					4,333,828
	4,700	M	3.08%, 1/25/2031					4,680,161
								10,855,578
Total Value of Commercial Mortgage-Backed Securities (cost $41,806,803)								42,049,924
			U.S. GOVERNMENT AGENCY OBLIGATIONS-11.3%
			Fannie Mae:
	3,100	M	1.125%, 7/20/2018					3,094,051
	1,700	M	1.375%, 2/26/2021					1,680,027
	8,000	M	1.375%, 5/28/2019					7,992,936
	5,000	M	1.5%, 2/28/2020					4,988,835
	4,300	M	1.875%, 9/18/2018					4,327,365
	4,750	M	1.875%, 9/24/2026					4,509,351
	5,000	M	Freddie Mac, 3.75%, 3/27/2019					5,202,575
Total Value of U.S. Government Agency Obligations (cost $32,306,819)								31,795,140
			COLLATERALIZED MORTGAGE OBLIGATIONS-4.9%
			Fannie Mae:
	5,936	M	3%, 10/25/2042					6,094,233
	5,701	M	4%, 2/25/2025					6,033,708
	1,639	M	Freddie Mac, 3%, 8/15/2039					1,668,045
Total Value of Collateralized Mortgage Obligations (cost $13,276,140)								13,795,986
			TAXABLE MUNICIPAL BONDS-4.8%
	4,000	M	Ford Foundation, 3.859%, 6/1/2047					4,160,156
	4,700	M	New York City Trans. Fin. Auth., 3.21%, 5/1/2029					4,634,294
	4,500	M	New York State Urban Dev. Corp., 3.27%, 3/15/2027					4,550,265
Total Value of Taxable Municipal Bonds (cost $13,232,415)								13,344,715
			COVERED BONDS-2.1%
			Financial Services
	5,700	M	Toronto-Dominion Bank, 2.5%, 1/18/2022 (cost $5,687,819)			(b)		5,743,217
Total Value of Investments (cost $280,735,087)				99.7	%			279,742,884
Other Assets, Less Liabilities				.3				885,593
Net Assets				100.0	%		$	280,628,477

(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, 2017, the Fund held one
	144A security with a value of $5,743,217 representing 2.1% of the Fund's net
	assets.
	Summary of Abbreviations:
	TIPS	Treasury Inflation-Protected Securities
	At June 30, 2017, the cost of investments for federal income tax purposes
	was $280,785,399. Accumulated net unrealized depreciation on investments
	was $1,042,515, consisting of $2,921,663 gross unrealized appreciation and
	$3,964,178 gross unrealized depreciation.

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

liabilities:

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

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, 2017:

		Level 1		Level 2		Level 3		Total
Residential
Mortgage-Backed Securities	$	-	$	127,727,151	$	-	$	127,727,151
U.S. Government Obligations		-		45,286,751		-		45,286,751
Commercial
Mortgage-Backed Securities		-		42,049,924		-		42,049,924
U.S. Government Agency
Obligations		-		31,795,140		-		31,795,140
Collateralized Mortgage
Obligations		-		13,795,986		-		13,795,986
Taxable Municipal Bonds		-		13,344,715		-		13,344,715
Covered Bonds		-		5,743,217		-		5,743,217
Total Investments in Securities	$	-	$	279,742,884	$	-	$	279,742,884

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2017. Transfers, if any, between

Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
GOVERNMENT CASH MANAGEMENT FUND
June 30, 2017

	Principal				Interest
	Amount	Security			Rate*		Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS-48.7%
		Federal Home Loan Bank:
$	4,000 M	7/14/2017			0.85	%	$   3,998,777
	3,500 M	7/17/2017			0.94		3,498,537
	7,000 M	7/18/2017			0.81		6,997,319
	4,000 M	7/24/2017			1.00		3,997,443
	6,000 M	8/4/2017			1.03		5,994,161
	3,000 M	8/8/2017			1.02		2,996,785
	7,000 M	8/15/2017			0.94		6,991,808
	9,000 M	8/16/2017			1.03		8,988,207
	5,000 M	8/30/2017			0.99		4,991,785
	5,000 M	9/15/2017			1.04		4,989,021
	3,000 M	9/20/2017			1.03		2,993,047
	7,000 M	9/22/2017			1.04		6,983,293
Total Value of U.S. Government Agency Obligations (cost $63,420,183)							63,420,183
		VARIABLE AND FLOATING RATE NOTES-15.6%
		Federal Home Loan Bank:
	7,000 M	7/17/2017			0.99		7,000,021
	3,500 M	9/5/2017			1.12		3,500,420
	5,000 M	10/20/2017			0.78		5,000,000
	4,800 M	1/26/2018			0.88		4,800,194
Total Value of Variable and Floating Rate Notes (cost $20,300,635)							20,300,635
		SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-35.6%
		U.S. Treasury Bills:
	3,000 M	7/6/2017			0.76		2,999,683
	3,000 M	7/13/2017			0.75		2,999,249
	6,000 M	7/13/2017			0.80		5,998,407
	4,500 M	7/20/2017			0.76		4,498,191
	2,000 M	8/17/2017			0.69		1,998,193
	8,000 M	8/17/2017			0.80		7,991,679
	7,000 M	9/7/2017			0.90		6,988,147
	10,000 M	9/14/2017			0.91		9,981,066
	3,000 M	9/21/2017			0.88		2,994,008
Total Value of Short-Term U.S. Government Obligations (cost $46,448,623)							46,448,623
Total Value of Investments (cost $130,169,441)**			99.9	%			130,169,441
Other Assets, Less Liabilities			.1				74,322
Net Assets			100.0	%			$ 130,243,763

*	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, 2017.
**	Aggregate cost for federal income tax purposes is the same.

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

liabilities:

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

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, 2017:
		Level 1		Level 2		Level 3		Total
U.S. Government Agency
Obligations	$	-	$	63,420,183	$	-	$	63,420,183
Variable and Floating Rate Notes:
U.S. Government Agency
Obligations		-		20,300,635		-		20,300,635
Short-Term U.S. Government
Obligations		-		46,448,623		-		46,448,623
Total Investments in Securities	$	-	$	130,169,441	$	-	$	130,169,441

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2017. Transfers, if any, between

Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
INTERNATIONAL OPPORTUNITIES BOND FUND
June 30, 2017

Principal
Amount			Security						Value
			SOVEREIGN BONDS-59.0%
			Mexico-13.7%
			United Mexican States:
288	M	MXN	7.75%, 11/23/2034					$	1,705,871
1,180	M	MXN	7.75%, 11/13/2042						6,881,532
724	M	MXN	8.5%, 5/31/2029						4,533,190
760	M	MXN	8.5%, 11/18/2038						4,794,109
									17,914,702
			Poland-8.0%
			Republic of Poland:
8,990	M	PLN	2.5%, 7/25/2026						2,296,354
19,495	M	PLN	3.25%, 7/25/2025						5,308,801
9,720	M	PLN	4%, 10/25/2023						2,793,387
									10,398,542
			Australia-6.8%
3,765	M	AUD	New South Wales Treasury Corp., 5%, 8/20/2024						3,339,089
			Queensland Treasury Corp.:
3,535	M	AUD	3.25%, 7/21/2026						2,760,075
3,240	M	AUD	4.75%, 7/21/2025						2,819,453
									8,918,617
			Malaysia-6.4%
			Federation of Malaysia:
14,190	M	MYR	3.48%, 3/15/2023						3,238,807
1,750	M	MYR	3.62%, 11/30/2021						406,501
7,020	M	MYR	3.659%, 10/15/2020						1,637,286
3,635	M	MYR	3.899%, 11/16/2027						845,979
890	M	MYR	3.9%, 11/30/2026						206,298
2,405	M	MYR	3.955%, 9/15/2025						557,750
6,540	M	MYR	4.048%, 9/30/2021						1,544,014
									8,436,635
			South Africa-4.7%
			Republic of South Africa:
46,785	M	ZAR	6.5%, 2/28/2041						2,499,372
14,655	M	ZAR	6.75%, 3/31/2021						1,083,736
38,210	M	ZAR	8.75%, 2/28/2048						2,607,451
									6,190,559
			Brazil-4.7%
			Nota Do Tesouro Nacional:
10	M	BRL	10%, 1/1/2025						2,994,342
11	M	BRL	10%, 1/1/2027						3,177,554
									6,171,896
			United Kingdom-4.5%
4,430	M	GBP	United Kingdom Gilt, 1.25%, 7/22/2018						5,826,490
			Portugal-4.3%
			Obrigacoes Do Tesouro:
1,940	M	EUR	2.875%, 10/15/2025						2,271,006
2,750	M	EUR	4.1%, 4/15/2037						3,300,374
									5,571,380
			Indonesia-4.2%
			Republic of Indonesia:
52,000,000	M	IDR	8.375%, 3/15/2034						4,206,040
15,300,000	M	IDR	9%, 3/15/2029						1,309,303
									5,515,343
			Spain-1.4%
1,090	M	EUR	Bonos Y Obligaciones Del Estado, 5.15%, 10/31/2044						1,811,596
			Turkey-.3%
1,265	M	TRY	Republic of Turkey, 10.6%, 2/11/2026						366,994
Total Value of Sovereign Bonds (cost $85,899,405)									77,122,754
			U.S. GOVERNMENT OBLIGATIONS-15.5%
			United States
6,195	M	USD	U.S. Treasury Bonds, 2.875%, 11/15/2046						6,230,454
			U.S. Treasury Notes:
8,560	M	USD	1.0725%, 4/30/2019			(a)			8,559,786
5,530	M	USD	1.1425%, 1/31/2019			(a)			5,538,334
Total Value of U.S. Government Obligations (cost $20,066,822)									20,328,574
			CORPORATE BONDS-14.7%
			United States-12.4%
			Apple, Inc.:
930	M	USD	4.5%, 2/23/2036						1,045,557
2,140	M	USD	4.65%, 2/23/2046						2,404,662
1,650	M	USD	Citigroup, Inc., 1.9454%, 1/10/2020			(a)			1,662,514
2,055	M	USD	Ford Motor Credit Co., LLC, 2.1554%, 1/9/2020			(a)			2,070,289
2,505	M	USD	General Motors Financial Co., 2.0851%, 4/13/2020			(a)			2,518,817
1,505	M	USD	HP Enterprise Co., 6.35%, 10/15/2045						1,595,926
735	M	USD	JP Morgan Chase Bank NA, 1.7302%, 9/21/2018			(a)			737,386
2,410	M	USD	NBC Universal Enterprise, 1.4982%, 4/1/2021			(a)	(b)		2,417,382
1,760	M	USD	Wells Fargo & Co., 2.1915%, 7/26/2021			(a)			1,794,037
									16,246,570
			Australia-2.0%
1,030	M	USD	Macquarie Group, Ltd., 1.7965%, 10/27/2017			(a)	(b)		1,031,780
1,500	M	USD	National Australia Bank, 1.6817%, 5/22/2020			(a)	(b)		1,503,270
									2,535,050
			United Kingdom-.3%
380	M	USD	BP Capital Markets, PLC, 3.506%, 3/17/2025						389,410
Total Value of Corporate Bonds (cost $18,677,046)									19,171,030
			GOVERNMENT REGIONAL AGENCY-3.0%
			Norway-1.5%
1,872	M	USD	Kommunalbanken AS, 1.5803%, 6/16/2020			(a)	(b)		1,889,063
			South Korea-.8%
1,010	M	USD	Export-Import Bank of Korea, 1.8068%, 8/14/2017			(a)	(b)		1,009,965
			Netherlands-.7%
974	M	USD	Bank Nederlandse Gemeenteen, 1.2284%, 7/14/2017			(a)	(b)		973,993
Total Value of Government Regional Agency (cost $3,866,776)									3,873,021
			SUPRANATIONALS-1.2%
			Venezuela-.8%
1,075	M	USD	Corp. Andina De Fomento, 2%, 5/10/2019						1,079,352
			Luxembourg-.4%
515	M	USD	European Investment Bank, 1.125%, 9/15/2017						514,867
Total Value of Supranational (cost $1,589,843)									1,594,219
			GOVERNMENT GUARANTEED PROGRAM-1.1%
			France
1,400	M	USD	Dexia Credit Local SA NY, 1.4181%, 6/5/2018 (cost $1,400,000)			(a)	(b)		1,397,577
Total Value of Investments (cost $131,499,892)				94.5	%				123,487,175
Other Assets, Less Liabilities				5.5					7,228,521
Net Assets				100.0	%			$	130,715,696

(a)	Interest rates are determined and reset periodically. The interest
	rates above are the rates in effect as June 30, 2017.
(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, 2017, the
	Fund held seven 144A securities with an aggregate value of $10,223,030
	representing 7.8% of the Fund's net assets.
	Summary of Abbreviations:
	AUD	Australian Dollar
	BRL	Brazillian Real
	EUR	Euro
	GBP	British Pound
	IDR	Indonesian Rupiah
	MXN	Mexican Peso
	MYR	Malaysian Ringgit
	PLN	Polish Zloty
	TRY	Turkish Lira
	USD	United States Dollar
	ZAR	South African Rand
	At June 30, 2017, the cost of investments for federal income tax
	purposes was $131,499,892. Accumulated net unrealized depreciation
	on investments was $8,012,717, consisting of $3,170,419 gross
	unrealized appreciation and $11,183,136 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, 2017:

	Level 1		Level 2		Level 3		Total
Sovereign Bonds
Mexico	$	-	$	17,914,702	$	-	$	17,914,702
Poland		-		10,398,542		-		10,398,542
Australia		-		8,918,617		-		8,918,617
Malaysia		-		8,436,635		-		8,436,635
South Africa		-		6,190,559		-		6,190,559
Brazil		-		6,171,896		-		6,171,896
United Kingdom		-		5,826,490		-		5,826,490
Portugal		-		5,571,380		-		5,571,380
Indonesia		-		5,515,343		-		5,515,343
Spain		-		1,811,596		-		1,811,596
Turkey		-		366,994		-		366,994
U.S. Government Obligations		-		20,328,574		-		20,328,574
Corporate Bonds
United States		-		16,246,570		-		16,246,570
Australia		-		2,535,050		-		2,535,050
United Kingdom		-		389,410		-		389,410
Government Regional Agency
Norway		-		1,889,063		-		1,889,063
South Korea		-		1,009,965		-		1,009,965
Netherlands		-		973,993		-		973,993
Supranationals
Venezuela		-		1,079,352		-		1,079,352
Luxembourg		-		514,867		-		514,867
Government Guaranteed Program
France		-		1,397,577		-		1,397,577
Total Investments in Securities	$	-	$	123,487,175	$	-	$	123,487,175
Other Financial Instruments*	$	-	$	767,195	$	-	$	767,195

*Other financial instruments are foreign exchange contracts and are considered derivative instruments, which

are valued at the net unrealized appreciation on the instrument.

During the period ended June 30, 2017, 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, 2017

	Principal
	Amount		Security					Value
			CORPORATE BONDS-98.0%
			Aerospace/Defense-1.5%
$	5,000	M	Rockwell Collins, Inc., 3.2%, 3/15/2024				$	5,075,690
	4,000	M	Rolls-Royce, PLC, 3.625%, 10/14/2025			(a)		4,127,124
								9,202,814
			Automotive-.7%
	4,000	M	O'Reilly Automotive, Inc., 3.55%, 3/15/2026					4,034,732
			Chemicals-3.0%
			Agrium, Inc.:
	2,000	M	3.5%, 6/1/2023					2,055,868
	4,000	M	3.375%, 3/15/2025					4,007,152
	4,020	M	Dow Chemical Co., 3.5%, 10/1/2024					4,135,028
	3,000	M	LYB International Finance Co. BV, 3.5%, 3/2/2027					2,963,226
	5,000	M	LyondellBasell Industries NV, 6%, 11/15/2021					5,653,685
								18,814,959
			Consumer Non-Durables-.3%
	1,800	M	Newell Brands, Inc., 4.2%, 4/1/2026					1,913,269
			Energy-10.4%
	8,600	M	BP Capital Markets, PLC, 3.216%, 11/28/2023					8,741,238
	5,000	M	Canadian Oil Sands, Ltd., 7.75%, 5/15/2019			(a)		5,433,430
	5,000	M	Continental Resources, Inc., 5%, 9/15/2022					4,925,000
	3,000	M	DCP Midstream Operating, LP, 2.5%, 12/1/2017					3,003,750
	4,000	M	Enable Midstream Partners, LP, 4.4%, 3/15/2027					4,022,104
	5,000	M	Enbridge Energy Partners, LP, 4.2%, 9/15/2021					5,221,410
			Kinder Morgan Energy Partners, LP:
	3,000	M	3.5%, 3/1/2021					3,074,439
	5,000	M	3.45%, 2/15/2023					5,036,680
	5,000	M	Magellan Midstream Partners, LP, 5%, 3/1/2026					5,523,585
			Marathon Oil Corp.:
	2,700	M	6%, 10/1/2017					2,725,804
	1,800	M	3.85%, 6/1/2025					1,759,966
	4,000	M	ONEOK Partners, LP, 3.375%, 10/1/2022					4,041,224
	5,800	M	Spectra Energy, LLC, 6.2%, 4/15/2018					5,988,123
			Valero Energy Corp.:
	4,000	M	9.375%, 3/15/2019					4,478,056
	900	M	3.4%, 9/15/2026					882,137
								64,856,946
			Financial Services-13.5%
	2,000	M	American Express Co., 7%, 3/19/2018					2,074,700
			American International Group, Inc.:
	3,700	M	3.75%, 7/10/2025					3,775,062
	2,000	M	4.7%, 7/10/2035					2,132,250
	4,500	M	Ameriprise Financial, Inc., 5.3%, 3/15/2020					4,867,785
	5,400	M	Assured Guaranty U.S. Holding, Inc., 5%, 7/1/2024					5,798,061
	4,300	M	Berkshire Hathaway, Inc., 3.4%, 1/31/2022					4,532,221
	4,500	M	Brookfield Finance, LLC, 4%, 4/1/2024					4,622,620
	2,400	M	Compass Bank, 6.4%, 10/1/2017					2,424,730
	3,750	M	ERAC USA Finance, LLC, 4.5%, 8/16/2021			(a)		4,019,505
	6,200	M	Ford Motor Credit Co., LLC, 8.125%, 1/15/2020					7,043,764
	5,000	M	GE Capital International Funding Services, Ltd., 4.418%, 11/15/2035					5,452,390
	6,400	M	General Electric Capital Corp., 4.65%, 10/17/2021					7,054,125
	4,500	M	International Lease Finance Corp., 8.25%, 12/15/2020					5,309,595
	5,000	M	Key Bank NA, 3.4%, 5/20/2026					4,974,385
	4,000	M	Liberty Mutual Group, Inc., 4.95%, 5/1/2022			(a)		4,391,788
	3,000	M	National City Corp., 6.875%, 5/15/2019					3,265,746
	4,550	M	Protective Life Corp., 7.375%, 10/15/2019					5,068,777
	3,000	M	Prudential Financial, Inc., 7.375%, 6/15/2019					3,308,310
	4,000	M	State Street Corp., 3.55%, 8/18/2025					4,169,620
								84,285,434
			Financials-26.0%
			Bank of America Corp.:
	5,925	M	5%, 5/13/2021					6,470,633
	2,000	M	2.15317%, 4/24/2023			+		2,008,708
	3,250	M	4.1%, 7/24/2023					3,445,133
	4,725	M	5.875%, 2/7/2042					5,942,330
			Barclays Bank, PLC:
	2,000	M	5.125%, 1/8/2020					2,137,612
	3,800	M	3.75%, 5/15/2024					3,921,125
	3,200	M	Capital One Financial Corp., 3.75%, 4/24/2024					3,274,694
			Citigroup, Inc.:
	2,250	M	8.5%, 5/22/2019					2,513,968
	6,200	M	4.5%, 1/14/2022					6,673,748
	4,000	M	2.27944%, 5/17/2024			+		3,999,680
	5,000	M	3.7%, 1/12/2026					5,066,135
			Deutsche Bank AG:
	2,700	M	3.375%, 5/12/2021					2,737,084
	3,000	M	3.7%, 5/30/2024					3,003,948
	4,000	M	General Motors Financial Co., 5.25%, 3/1/2026					4,327,832
			Goldman Sachs Group, Inc.:
	1,800	M	2.35%, 11/15/2021					1,777,608
	5,900	M	5.75%, 1/24/2022					6,646,686
	3,000	M	3.625%, 1/22/2023					3,100,233
	4,700	M	3.5%, 11/16/2026					4,680,627
	4,550	M	6.125%, 2/15/2033					5,703,616
			JPMorgan Chase & Co.:
	3,200	M	6%, 1/15/2018					3,272,154
	5,000	M	4.5%, 1/24/2022					5,417,600
	5,850	M	3.625%, 12/1/2027			+		5,802,556
	3,600	M	3.54%, 5/1/2028					3,615,365
	3,000	M	6.4%, 5/15/2038					4,027,215
			Morgan Stanley:
	11,500	M	5.5%, 7/28/2021					12,763,539
	3,000	M	2.3732%, 5/8/2024					3,017,940
	3,600	M	3.625%, 1/20/2027			+		3,630,244
	4,000	M	SunTrust Banks, Inc., 6%, 9/11/2017					4,031,404
			U.S. Bancorp:
	4,000	M	3.6%, 9/11/2024					4,158,764
	2,700	M	3.1%, 4/27/2026					2,671,707
	4,000	M	UBS AG, 4.875%, 8/4/2020					4,314,492
	3,000	M	UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028			(a)		3,140,433
	5,000	M	Visa, Inc., 3.15%, 12/14/2025					5,081,810
			Wells Fargo & Co.:
	8,600	M	3.45%, 2/13/2023					8,811,827
	1,000	M	3.584%, 5/22/2028			+		1,011,886
	2,000	M	4.4%, 6/14/2046					2,029,778
	4,500	M	4.75%, 12/7/2046					4,816,242
	2,350	M	Wells Fargo Bank NA, 5.85%, 2/1/2037					2,939,902
								161,986,258
			Food/Beverage/Tobacco-5.4%
			Anheuser-Busch InBev Finance, Inc.:
	4,000	M	3.75%, 1/15/2022					4,222,836
	4,000	M	3.65%, 2/1/2026					4,128,456
	4,000	M	4.9%, 2/1/2046					4,532,624
	5,225	M	Bunge Ltd. Finance Corp., 8.5%, 6/15/2019					5,846,420
	6,000	M	Ingredion, Inc., 4.625%, 11/1/2020					6,436,050
	4,000	M	Mondelez International Holdings, Inc., 2%, 10/28/2021			(a)		3,901,268
	5,000	M	PepsiCo, Inc., 3.45%, 10/6/2046					4,710,430
								33,778,084
			Food/Drug-.7%
	4,000	M	CVS Health Corp., 3.875%, 7/20/2025					4,165,968
			Forest Products/Containers-.4%
	2,500	M	Rock-Tenn Co., 4.9%, 3/1/2022					2,727,410
			Health Care-1.9%
	3,100	M	Biogen, Inc., 6.875%, 3/1/2018					3,205,307
	4,050	M	Express Scripts Holding Co., 4.75%, 11/15/2021					4,380,930
	4,000	M	Laboratory Corp. of America, 3.75%, 8/23/2022					4,161,388
								11,747,625
			Information Technology-2.4%
	2,600	M	Apple, Inc., 2.5%, 2/9/2025					2,545,507
	8,550	M	Diamond 1 Finance Corp., 4.42%, 6/15/2021			(a)		9,021,558
	3,500	M	Oracle Corp., 2.4%, 9/15/2023					3,457,545
								15,024,610
			Manufacturing-2.1%
			CRH America Finance, Inc.:
	5,000	M	8.125%, 7/15/2018					5,312,365
	2,250	M	3.4%, 5/9/2027			(a)		2,254,808
	5,000	M	Johnson Controls International, PLC, 5%, 3/30/2020					5,343,975
								12,911,148
			Media-Broadcasting-2.0%
	1,800	M	ABC, Inc., 8.75%, 8/15/2021					2,194,796
	3,950	M	British Sky Broadcasting, PLC, 9.5%, 11/15/2018			(a)		4,342,717
	5,800	M	Comcast Corp., 4.25%, 1/15/2033					6,192,097
								12,729,610
			Media-Diversified-.6%
	4,000	M	Time Warner, Inc., 3.6%, 7/15/2025					3,997,812
			Metals/Mining-3.8%
	5,000	M	Alcoa, Inc., 6.15%, 8/15/2020					5,400,000
	4,000	M	Glencore Finance Canada, Ltd., 4.95%, 11/15/2021			(a)		4,282,200
	5,000	M	Glencore Funding, LLC, 4.625%, 4/29/2024			(a)		5,234,250
	4,200	M	Newmont Mining Corp., 5.125%, 10/1/2019					4,464,235
	4,000	M	Vale Overseas, Ltd., 5.625%, 9/15/2019					4,230,000
								23,610,685
			Real Estate-9.4%
	4,600	M	Alexandria Real Estate Equities, Inc., 3.95%, 1/15/2028					4,687,497
			AvalonBay Communities, Inc.:
	3,500	M	3.5%, 11/15/2024					3,591,451
	2,800	M	3.35%, 5/15/2027					2,811,939
	4,000	M	Boston Properties, LP, 5.875%, 10/15/2019					4,290,920
			Digital Realty Trust, LP:
	2,700	M	5.25%, 3/15/2021					2,926,541
	2,700	M	4.75%, 10/1/2025					2,908,902
	4,000	M	ERP Operating, LP, 3.375%, 6/1/2025					4,031,552
	2,200	M	HCP, Inc., 4.25%, 11/15/2023					2,309,850
			Prologis, LP:
	2,000	M	3.35%, 2/1/2021					2,067,138
	1,125	M	3.75%, 11/1/2025					1,173,232
			Realty Income Corp.:
	5,528	M	3.25%, 10/15/2022					5,617,758
	1,800	M	4.125%, 10/15/2026					1,864,127
	3,000	M	Simon Property Group, LP, 3.375%, 10/1/2024					3,057,123
	5,000	M	Tanger Properties, LP, 3.125%, 9/1/2026					4,694,820
			Ventas Realty, LP:
	4,000	M	4.75%, 6/1/2021					4,282,552
	1,500	M	3.5%, 2/1/2025					1,492,738
	6,500	M	Welltower, Inc., 4%, 6/1/2025					6,731,803
								58,539,943
			Retail-General Merchandise-1.9%
	4,000	M	Amazon.com, Inc., 4.8%, 12/5/2034					4,618,580
	5,300	M	Home Depot, Inc., 5.875%, 12/16/2036					6,917,147
								11,535,727
			Telecommunications-1.9%
	4,500	M	AT&T, Inc., 4.25%, 3/1/2027					4,661,793
	7,100	M	Verizon Communications, Inc., 4.272%, 1/15/2036					6,874,206
								11,535,999
			Transportation-2.2%
	4,000	M	Burlington North Santa Fe, LLC, 5.15%, 9/1/2043					4,799,172
	3,000	M	Penske Truck Leasing Co., LP, 4.875%, 7/11/2022			(a)		3,280,932
	5,800	M	Southwest Airlines Co., 3%, 11/15/2026					5,636,684
								13,716,788
			Utilities-7.9%
	5,000	M	Duke Energy Progress, Inc., 4.15%, 12/1/2044					5,246,970
	3,000	M	E.ON International Finance BV, 5.8%, 4/30/2018			(a)		3,092,172
	3,000	M	Electricite de France SA, 3.625%, 10/13/2025			(a)		3,071,910
	3,150	M	Entergy Arkansas, Inc., 4.95%, 12/15/2044					3,245,435
	4,000	M	Exelon Generation Co., LLC, 5.2%, 10/1/2019					4,250,884
			Great River Energy Co.:
	173	M	5.829%, 7/1/2017			(a)		172,936
	6,504	M	4.478%, 7/1/2030			(a)		6,965,909
	3,000	M	MidAmerican Energy Co., 3.95%, 8/1/2047					3,093,168
	3,850	M	Ohio Power Co., 5.375%, 10/1/2021					4,288,796
	4,550	M	Oklahoma Gas & Electric Co., 4%, 12/15/2044					4,578,606
	1,929	M	San Diego Gas & Electric Co., 1.914%, 2/1/2022					1,908,154
	4,000	M	Sempra Energy, 9.8%, 2/15/2019					4,487,992
	4,000	M	South Carolina Electric & Gas Co., 5.45%, 2/1/2041					4,614,112
								49,017,044
Total Value of Corporate Bonds (cost $606,603,221)								610,132,865
			TAXABLE MUNICIPAL BONDS-.5%
	3,000	M	Ford Foundation, 3.859%, 6/1/2047 (cost $3,000,750)					3,120,117
Total Value of Investments (cost $609,603,971)				98.5	%			613,252,982
Other Assets, Less Liabilities				1.5				9,325,516
Net Assets				100.0	%		$	622,578,498

(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, 2017, the Fund held
	sixteen 144A securities with an aggregate value of $66,732,940 representing
	10.7% of the Fund's net assets.
+	Interest rates are determined and reset periodically. The interest rates
	above are the rates in effect as June 30, 2017.
	At June 30, 2017, the cost of investments for federal income tax purposes was
	$609,603,971. Accumulated net unrealized appreciation on investments was
	$3,649,011, consisting of $12,656,251 gross unrealized appreciation and
	$9,007,240 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, 2017:

		Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	610,132,865	$	-	$	610,132,865
Taxable Municipal Bonds		-		3,120,117		-		3,120,117
Total Investments in Securities*	$	-	$	613,252,982	$	-	$	613,252,982

*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, 2017. 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, 2017

	Principal
	Amount		Security				Value
			CORPORATE BONDS-73.3%
			Aerospace/Defense-.8%
$	1,000	M	Honeywell International, Inc., 1.85%, 11/1/2021				$     984,590
			Automotive-3.4%
	900	M	BMW U.S. Capital, LLC, 1.85%, 9/15/2021			(a)	884,295
			Daimler Finance NA, LLC:
	1,000	M	2.25%, 7/31/2019			(a)	1,004,831
	1,000	M	2.45%, 5/18/2020			(a)	1,006,362
	1,000	M	Toyota Motor Credit Corp., 2.6%, 1/11/2022				1,011,186
							3,906,674
			Chemicals-1.9%
	1,000	M	Dow Chemical Co., 4.25%, 11/15/2020				1,062,595
	1,000	M	Lubrizol Corp., 8.875%, 2/1/2019				1,104,300
							2,166,895
			Energy-1.7%
	1,000	M	BP Capital Markets, PLC, 3.216%, 11/28/2023				1,016,423
	1,000	M	Shell International Finance BV, 1.375%, 5/10/2019				994,384
							2,010,807
			Financial Services-10.6%
	500	M	American Express Co., 7%, 3/19/2018				518,675
	1,000	M	Ameriprise Financial, Inc., 5.3%, 3/15/2020				1,081,730
	1,000	M	BlackRock, Inc., 5%, 12/10/2019				1,074,093
	1,000	M	Capital One NA, 2.25%, 9/13/2021				982,445
	500	M	ERAC USA Finance, LLC, 6.375%, 10/15/2017			(a)	506,503
	1,825	M	Ford Motor Credit Co., LLC, 5%, 5/15/2018				1,872,078
	1,500	M	Protective Life Corp., 7.375%, 10/15/2019				1,671,026
	700	M	Prudential Financial, Inc., 7.375%, 6/15/2019				771,939
			Siemens Financieringsmaatschappij NV:
	750	M	1.45%, 5/25/2018			(a)	749,970
	1,000	M	1.7%, 9/15/2021			(a)	977,457
	1,025	M	State Street Bank & Trust, 5.25%, 10/15/2018				1,067,839
	1,000	M	UnitedHealth Group, Inc., 2.7%, 7/15/2020				1,021,489
							12,295,244
			Financials-28.8%
			Bank of America Corp.:
	1,400	M	5.65%, 5/1/2018				1,444,255
	500	M	2.881%, 4/24/2023				501,482
	900	M	Bank of Montreal, 1.9%, 8/27/2021				883,725
	900	M	Bank of New York Mellon Corp., 2.05%, 5/3/2021				892,252
	700	M	Barclays Bank, PLC, 6.75%, 5/22/2019				759,330
	2,000	M	Capital One Financial Corp., 3.05%, 3/9/2022				2,017,862
			Citigroup, Inc.:
	500	M	6.125%, 11/21/2017				508,592
	250	M	8.5%, 5/22/2019				279,330
	1,000	M	2.65%, 10/26/2020				1,010,363
	1,000	M	2.75%, 4/25/2022				999,533
	1,850	M	Citizens Bank, 2.25%, 3/2/2020				1,849,452
			Danske Bank A/S:
	1,000	M	2%, 9/8/2021			(a)	983,619
	800	M	2.7%, 3/2/2022			(a)	805,661
	1,000	M	DNB Bank ASA, 2.375%, 6/2/2021			(a)	996,190
			Goldman Sachs Group, Inc.:
	1,000	M	6.15%, 4/1/2018				1,032,278
	1,000	M	5.375%, 3/15/2020				1,079,950
	1,000	M	2.6%, 12/27/2020				1,005,925
	1,000	M	ING Groep NV, 3.15%, 3/29/2022				1,020,163
			JPMorgan Chase & Co.:
	750	M	6%, 1/15/2018				766,911
	2,000	M	4.5%, 1/24/2022				2,167,040
	800	M	Lloyds Banking Group, PLC, 3%, 1/11/2022				808,749
			Morgan Stanley:
	2,000	M	5.5%, 7/28/2021				2,219,746
	500	M	2.3362%, 1/20/2022			+	505,260
	1,000	M	Northern Trust Co., 6.5%, 8/15/2018				1,051,328
	1,340	M	Santander U.K., PLC, 2%, 8/24/2018				1,342,620
	1,300	M	U.S. Bank NA, 2.125%, 10/28/2019				1,310,096
			UBS AG:
	600	M	5.875%, 12/20/2017				612,236
	1,000	M	1.8%, 3/26/2018				1,001,715
	1,000	M	UBS Group Funding Switzerland, 3.491%, 3/23/2023			(a)	1,024,247
	900	M	Wachovia Corp., 5.75%, 2/1/2018				921,160
	1,500	M	Wells Fargo & Co., 4.6%, 4/1/2021				1,617,764
							33,418,834
			Food/Beverage/Tobacco-5.0%
	900	M	Anheuser-Busch InBev Finance, Inc., 1.9%, 2/1/2019				902,361
	1,500	M	Bunge Ltd. Finance Corp., 8.5%, 6/15/2019				1,678,398
	1,000	M	Ingredion, Inc., 4.625%, 11/1/2020				1,072,675
	900	M	Mead Johnson Nutrition Co., 3%, 11/15/2020				923,632
	800	M	Mondelez International Holdings, Inc., 2%, 10/28/2021			(a)	780,254
	500	M	Philip Morris International, Inc., 5.65%, 5/16/2018				517,267
							5,874,587
			Forest Products/Containers-.8%
	900	M	Georgia Pacific, LLC, 3.163%, 11/15/2021			(a)	919,627
			Health Care-1.6%
	900	M	AstraZeneca PLC, 2.375%, 6/12/2022				898,504
	1,000	M	Gilead Sciences, Inc., 2.55%, 9/1/2020				1,014,871
							1,913,375
			Information Technology-3.9%
	900	M	Apple, Inc., 2.5%, 2/9/2022				908,551
			Diamond 1 Finance Corp.:
	750	M	3.48%, 6/1/2019			(a)	767,884
	900	M	4.42%, 6/15/2021			(a)	949,638
	1,000	M	Oracle Corp., 1.9%, 9/15/2021				991,803
	900	M	QUALCOMM, Inc., 2.6%, 1/30/2023				897,410
							4,515,286
			Manufacturing-.2%
	250	M	CRH America, Inc., 8.125%, 7/15/2018				265,618
			Real Estate-4.8%
	1,000	M	Boston Properties, LP, 5.875%, 10/15/2019				1,072,730
	1,250	M	Realty Income Corp., 3.25%, 10/15/2022				1,270,296
	650	M	Ventas Realty, LP, 4%, 4/30/2019				668,289
	1,500	M	Wea Finance, LLC, 3.15%, 4/5/2022			(a)	1,510,056
	1,000	M	Welltower, Inc., 6.125%, 4/15/2020				1,098,141
							5,619,512
			Telecommunications-2.8%
			AT&T, Inc.:
	500	M	5.875%, 10/1/2019				541,395
	500	M	2.45%, 6/30/2020				502,918
			Verizon Communications, Inc.:
	800	M	3.65%, 9/14/2018				817,967
	1,400	M	1.75%, 8/15/2021				1,355,479
							3,217,759
			Transportation-.9%
	1,000	M	Southwest Airlines Co., 2.65%, 11/5/2020				1,012,691
			Utilities-6.1%
	500	M	Arizona Public Service Co., 8.75%, 3/1/2019				554,886
	500	M	Consolidated Edison Co., Inc. of New York, 7.125%, 12/1/2018				536,158
	500	M	Entergy Gulf States Louisiana, LLC, 6%, 5/1/2018				517,873
			Exelon Generation Co., LLC:
	1,000	M	6.2%, 10/1/2017				1,010,409
	1,000	M	3.4%, 3/15/2022				1,018,956
	86	M	Great River Energy Co., 5.829%, 7/1/2017			(a)	86,468
	1,000	M	Ohio Power Co., 6.05%, 5/1/2018				1,035,187
	500	M	Public Service Electric & Gas Co., 1.8%, 6/1/2019				499,456
	557	M	San Diego Gas & Electric Co., 1.914%, 2/1/2022				551,244
	500	M	Sempra Energy, 9.8%, 2/15/2019				560,999
	700	M	Wisconsin Public Service Corp., 1.65%, 12/4/2018				698,720
							7,070,356
Total Value of Corporate Bonds (cost $87,386,249)							85,191,855
			RESIDENTIAL MORTGAGE-BACKED SECURITIES-9.0%
			Fannie Mae-7.3%
	1,608	M	2.5%, 5/1/2030 - 8/1/2030				1,622,757
	3,221	M	3%, 8/1/2026 - 4/1/2031				3,311,601
	3,425	M	3.5%, 12/1/2025 - 12/1/2029				3,573,464
							8,507,822
			Freddie Mac-1.7%
	1,52	M	3%, 8/1/2027 - 8/1/2030				1,568,177
	401	M	3.5%, 12/1/2025				419,371
							1,987,548
Total Value of Residential Mortgage-Backed Securities (cost $10,678,516)							10,495,370
			COVERED BONDS-6.7%
			Financial Services-2.4%
	2,750	M	Stadshypotek AB, 1.875%, 10/2/2019			(a)	2,746,958
			Financials-4.3%
	2,500	M	Royal Bank of Canada, 2.2%, 9/23/2019				2,510,447
	2,500	M	Toronto-Dominion Bank, 1.95%, 4/2/2020			(a)	2,489,788
							5,000,235
Total Value of Covered Bonds (cost $7,797,684)							7,747,193
			U.S. GOVERNMENT OBLIGATIONS-4.8%
			U.S. Treasury Notes:
	1,680	M	1%, 3/15/2019				1,669,828
	2,000	M	1.125%, 7/31/2021				1,949,647
	1,920	M	1.375%, 4/30/2020				1,911,675
Total Value of U.S. Government Obligations (cost $5,593,940)							5,531,150
			U.S. GOVERNMENT AGENCY OBLIGATIONS-1.7%
	1,000	M	Federal Farm Credit Bank, 2.22%, 11/25/2022				995,787
	1,000	M	Freddie Mac, 1.375%, 5/1/2020				993,764
Total Value of U.S. Government Agency Obligations (cost $1,993,769)							1,989,551
			SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-4.7%
			Federal Home Loan Bank:
	3,000	M	0.9%, 7/24/2017				2,998,266
	2,500	M	0.935%, 7/17/2017				2,499,038
Total Value of Short-Term U.S. Government Agency Obligations (cost $5,497,235)							5,497,304
Total Value of Investments (cost $118,947,393)				100.2	%		116,452,423
Excess of Liabilities Over Other Assets				(.2)			(234,615)
Net Assets				100.0	%		$ 116,217,808

(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, 2017, the Fund held
	eighteen 144A securities with an aggregate value of $19,189,808
	representing 16.5% of the Fund's net assets.
+	Interest rates are determined and reset periodically. The interest
	rates above are the rates in effect at June 30, 2017.
	At June 30, 2017, the cost of investments for federal income tax purposes
	was $118,947,393. Accumulated net unrealized depreciation on
	investments was $2,494,970, consisting of $225,232 gross unrealized
	appreciation and $2,720,202 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, 2017:
		Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	85,191,855	$	-	$	85,191,855
Residential
Mortgage-Backed Securities		-		10,495,370		-		10,495,370
Covered Bonds		-		7,747,193		-		7,747,193
U.S. Government Obligations		-		5,531,150		-		5,531,150
U.S. Government Agency
Obligations		-		1,989,551		-		1,989,551
Short-Term U.S Government
Agency Obligations		-		5,497,304		-		5,497,304
Total Investments in Securities*	$	-	$	116,452,423	$	-	$	116,452,423

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

and covered bonds.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2017. Transfers, if any, between

Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
STRATEGIC INCOME FUND
June 30, 2017

Shares or
Principal
Amount		Security					Value
		MUTUAL FUNDS-97.2%
		First Investors Income Funds-94.2%
	2,504,464	Floating Rate Fund - Institutional Class Shares				$	24,143,036
	22,518,476	Fund For Income - Institutional Class Shares					56,746,559
	1,066,858	Government Fund - Institutional Class Shares					11,234,014
	890,087	International Opportunities Bond Fund - Institutional Class Shares					8,446,930
	2,935,605	Investment Grade Fund - Institutional Class Shares					28,357,940
	2,457,539	Limited Duration High Quality Bond Fund - Institutional Class Shares					23,395,772
							152,324,251
		First Investors Equity Funds-3.0%
	449,166	Covered Call Strategy - Institutional Class Shares					4,900,404
Total Value of Mutual Funds (cost $160,592,003)							157,224,655
		SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-2.2%
		Federal Home Loan Bank:
$	600 M	1.01%, 7/17/2017					599,769
	3,000 M	1.032%, 8/25/2017			+		3,000,939
Total Value of Short-Term U.S. Government Agency Obligations (cost $3,601,520)							3,600,708
Total Value of Investments (cost $164,193,523)			99.4	%			160,825,363
Other Assets, Less Liabilities			.6				975,640
Net Assets			100.0	%		$	161,801,003

+	Interest rates are determined and reset periodically. The interest rates above
	are the rates in effect at June 30, 2017.
	At June 30, 2017, the cost of investments for federal income tax purposes was
	$164,213,405. Accumulated net unrealized depreciation on investments was
	$3,381,066, consisting of $388,716 gross unrealized appreciation and
	$3,769,782 gross unrealized depreciation.

Portfolio of Investments (unaudited)
STRATEGIC INCOME FUND
June 30, 2017

Futures contracts outstanding at June 30, 2017:
Number  of			Value at		Value at		Unrealized
Contracts	Type	Expiration	Trade Date		June  30,  2017		Appreciation
80	5 Year U.S. Treasury Note
	(Premium  received  $1,013)	Sep.  2017	$	9,433,852	$	9,440,828	$	6,976

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, 2017:

	Level 1		Level 2		Level 3		Total
Mutual Funds
First Investors Income Funds	$	152,324,251	$	-	$	-	$	152,324,251
First Investors Equity Funds		4,900,404		-		-		4,900,404
Short-Term U.S Government
Agency Obligations		-		3,600,708				3,600,708
Total Investments in Securities	$	157,224,655	$	3,600,708	$	-	$	160,825,363
Other Assets
Futures Contracts	$	5,963	$	-	$	-	$	5,963

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2017. Transfers, if any, between Levels are

recognized at the end of the reporting period.

Security Valuation - Except as provided below, a security listed or traded on an exchange or the Nasdaq Stock Market is valued at its last sale price on the exchange or market where the security is principally traded, and lacking any sales, the security is valued at the mean between the closing bid and asked prices. Securities traded in the over-the-counter ("OTC") market (including securities listed on exchanges whose primary market is believed to be OTC) are valued at the mean between the last bid and asked prices based on quotes furnished by a market maker for such securities or an authorized pricing service. Fixed Income securities, other than short-term debt securities held by the Government Cash Management Fund, are priced based upon 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 are deemed to be unreliable, or do not appear to reflect significant events that have occurred prior to the time as of which the net asset value is calculated, the securities may be valued at fair value as determined in good faith pursuant to procedures adopted by the Board.

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

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

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

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

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

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

Equity securities 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 Government Cash Management Fund are categorized in Level 2. Foreign exchange contracts that are considered derivative instruments and are valued at the net unrealized appreciation or depreciation on the instruments are categorized in Level 2. 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, 2017, for each Fund's investments is included at the end of each Fund's schedule of investments.

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

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

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

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

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

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

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

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

The following provides more information on specific types of derivatives and activity in the Funds. The use of derivative instruments by the Funds for the period ended June 30, 2017 was related to the use of written options.

Options Contracts - Some of the Funds may write covered call options on securities, derivative instruments, or currencies the Funds own or in which it may invest. Writing call options tends to decrease the Funds' exposure to the underlying instrument. When a Fund writes a call option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund, as a writer of an option, has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the future,

swap, security or currency underlying the written option. The risk exists that the Funds may not be able to enter into a closing transaction because of an illiquid market.

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

The Funds held no option contracts written at June 30, 2017.

Interest Rate Futures Contracts - 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, or a Fund's subadviser, as applicable, to predict correctly movements in the direction of interest rates and securities prices; (2) imperfect correlation between the price of futures contracts and options thereon and movements in the prices of the securities or currencies being hedged; (3) the fact that skills needed to use these strategies are different from those needed to select portfolio securities; (4) the leverage (if any) that is created by investing in the option or futures contract; and (5) the possible absence of a liquid secondary market for any particular instrument at any time. If FIMCO's prediction of movements in the direction of the securities and interest rate markets is inaccurate, the adverse consequences to that Fund may leave it in a worse position than if such strategies were not used. Derivatives may be difficult to sell, unwind or value.

At June 30, 2017, the Balanced Income Fund and Strategic Income Fund held interest rate futures contracts, which are listed in their respective Portfolios of Investments.

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

At June 30, 2017, the International Opportunities Bond Fund had open foreign exchange contracts.

Conversion of Cash Management Fund to Government Cash Management Fund - Effective October 3, 2016, the name of the First Investors Cash Management Fund changed to the First Investors Government Cash Management Fund and the Fund converted to a "government money market fund" as defined in Rule 2a-7 under the Investment Company Act of 1940. As a government money market fund, the Fund has a policy to invest at least 99.5% of its total assets in U.S. Government Securities, cash and/or repurchase agreements that are collateralized fully by cash and/or U.S. Government Securities. In addition, the Fund has a policy to invest, under normal circumstances, at least 80% of its net assets, including any borrowings for investment purposes, in U.S. Government Securities and repurchase agreement collateralized fully by cash or U.S. Government Securities.

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/ Clark D. Wagner

Clark D. Wagner

President and Principal Executive Officer

Date: August 28, 2017

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/ Clark D. Wagner

Clark D. Wagner

President and Principal Executive Officer

By /s/ Joseph I. Benedek

Joseph I. Benedek

Treasurer and Principal Financial Officer

Date: August 28, 2017