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 811-4325

FIRST INVESTORS LIFE SERIES 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: DECEMBER 31

DATE OF REPORTING PERIOD: SEPTEMBER 30, 2016

Item 1. Schedule of Investments

The Quarterly Schedule of Portfolio Holdings follows

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

Principal
Amount
or Shares			Security				Value
			CORPORATE BONDS-41.2%
			Automotive-1.5%
$	50	M	Johnson Controls, Inc., 5%, 3/30/2020				54,953
50		M	O'Reilly Automotive, Inc., 3.55%, 3/15/2026				53,109
							108,062
			Chemicals-.7%
50		M	Dow Chemical Co., 4.25%, 11/15/2020				54,335
			Energy-.8%
50		M	Magellan Midstream Partners, LP, 5%, 3/1/2026				57,069
			Financial Services-4.6%
100		M	American International Group, Inc., 3.75%, 7/10/2025				105,076
50		M	Ameriprise Financial, Inc., 5.3%, 3/15/2020				55,715
50		M	Berkshire Hathaway, Inc., 3.4%, 1/31/2022				54,189
			General Electric Capital Corp.:
50		M	3.1%, 1/9/2023				53,164
50		M	6.75%, 3/15/2032				70,379
							338,523
			Financials-12.2%
100		M	Bank of America Corp., 5.875%, 2/7/2042				130,850
100		M	Capital One Financial Corp., 3.75%, 4/24/2024				106,341
50		M	Citigroup, Inc., 4.5%, 1/14/2022				55,287
50		M	Deutsche Bank AG, 3.7%, 5/30/2024				47,958
100		M	General Motors Financial Co., 5.25%, 3/1/2026				110,030
50		M	Goldman Sachs Group, Inc., 3.625%, 1/22/2023				52,902
50		M	JPMorgan Chase & Co., 4.5%, 1/24/2022				55,405
			Morgan Stanley:
50		M	5.5%, 7/28/2021				57,087
50		M	7.25%, 4/1/2032				69,549
50		M	U.S. Bancorp, 3.6%, 9/11/2024				53,643
50		M	Visa, Inc., 3.15%, 12/14/2025				52,878
			Wells Fargo & Co.:
50		M	5.606%, 1/15/2044				59,865
50		M	3.9%, 5/1/2045				51,575
							903,370
			Food/Beverage/Tobacco-2.4%
			Anheuser-Busch InBev Finance, Inc.:
50		M	4.9%, 2/1/2046				59,736
100		M	4.7%, 2/1/2036				115,350
							175,086
			Food/Drug-.7%
50		M	CVS Health Corp., 3.875%, 7/20/2025				54,531
			Health Care-1.5%
100		M	Gilead Sciences, Inc., 3.65%, 3/1/2026				107,759
			Information Technology-4.1%
50		M	Apple, Inc., 2.5%, 2/9/2025				50,667
200		M	Microsoft Corp., 3.7%, 8/8/2046				202,981
50		M	Oracle Corp., 2.95%, 5/15/2025				51,704
							305,352
			Media-Broadcasting-.8%
50		M	Comcast Corp., 4.25%, 1/15/2033				55,634
			Real Estate-2.8%
50		M	AvalonBay Communities, Inc., 3.5%, 11/15/2024				52,449
100		M	Boston Properties, LP, 2.75%, 10/1/2026				98,719
50		M	Simon Property Group, LP, 3.375%, 10/1/2024				53,154
							204,322
			Retail-General Merchandise-2.6%
50		M	Amazon.com, Inc., 4.8%, 12/5/2034				58,928
100		M	Home Depot, Inc., 5.875%, 12/16/2036				137,428
							196,356
			Telecommunications-1.5%
50		M	AT&T, Inc., 3.8%, 3/15/2022				53,621
50		M	Verizon Communications, Inc., 5.15%, 9/15/2023				58,333
							111,954
			Transportation-2.4%
50		M	Burlington North Santa Fe, LLC, 5.15%, 9/1/2043				62,327
100		M	Cummins, Inc., 4.875%, 10/1/2043				118,792
							181,119
			Utilities-2.6%
50		M	Dominion Resources, Inc., 3.9%, 10/1/2025				53,895
25		M	Duke Energy Progress, Inc., 4.15%, 12/1/2044				27,430
50		M	Ohio Power Co., 5.375%, 10/1/2021				57,280
50		M	Oklahoma Gas & Electric Co., 4%, 12/15/2044				53,342
							191,947
Total Value of Corporate Bonds (cost $2,950,102)							3,045,419
			COMMON STOCKS-38.9%
			Consumer Discretionary-4.7%
1,400			American Eagle Outfitters, Inc.				25,004
1,200			DSW, Inc. - Class "A"				24,576
1,550			Ford Motor Company				18,708
842			Johnson Controls, Inc.				39,178
600			L Brands, Inc.				42,462
900			Newell Rubbermaid, Inc.				47,394
400			Penske Automotive Group, Inc.				19,272
900			Regal Entertainment Group - Class "A"				19,575
2,600			Stein Mart, Inc.				16,510
750			Tupperware Brands Corporation				49,028
100			Whirlpool Corporation				16,216
400			Wyndham Worldwide Corporation				26,932
							344,855
			Consumer Staples-6.4%
1,250			Altria Group, Inc.				79,037
1,200			B&G Foods, Inc. - Class "A"				59,016
800			Coca-Cola Company				33,856
1,176			Koninklijke Ahold Delhaize NV (ADR)				26,636
400			Nu Skin Enterprises, Inc. - Class "A"				25,912
600			PepsiCo, Inc.				65,262
850			Philip Morris International, Inc.				82,637
350			Procter & Gamble Company				31,413
600			Sysco Corporation				29,406
550			Wal-Mart Stores, Inc.				39,666
							472,841
			Energy-1.7%
100			Chevron Corporation				10,292
250			ExxonMobil Corporation				21,820
250			Marathon Petroleum Corporation				10,148
100			Occidental Petroleum Corporation				7,292
700			PBF Energy, Inc. - Class "A"				15,848
150			Phillips 66				12,083
400			Royal Dutch Shell, PLC - Class "A" (ADR)				20,028
150			Schlumberger, Ltd.				11,796
600			Suncor Energy, Inc.				16,668
							125,975
			Financials-4.1%
350			Ameriprise Financial, Inc.				34,919
600			Berkshire Hills Bancorp, Inc.				16,626
300			Chubb, Ltd.				37,695
700			Discover Financial Services				39,585
600			JPMorgan Chase & Company				39,954
700			MetLife, Inc.				31,101
250			PNC Financial Services Group, Inc.				22,523
800			U.S. Bancorp				34,312
1,550			Waddell & Reed Financial, Inc. - Class "A"				28,148
450			Wells Fargo & Company				19,926
							304,789
			Health Care-4.8%
1,050			Abbott Laboratories				44,404
1,000			AbbVie, Inc.				63,070
1,200			GlaxoSmithKline, PLC (ADR)				51,756
600			Johnson & Johnson				70,878
750			Merck & Company, Inc.				46,808
2,250			Pfizer, Inc.				76,208
							353,124
			Industrials-4.0%
400			3M Company				70,492
1,300			General Electric Company				38,506
400			Honeywell International, Inc.				46,636
1,100			Koninklijke Philips NV (ADR)				32,549
250			Lockheed Martin Corporation				59,930
500			Textainer Group Holdings, Ltd.				3,745
2,000			Triton International, Ltd.				26,380
200			United Technologies Corporation				20,320
							298,558
			Information Technology-6.8%
700			Apple, Inc.				79,135
1,100			Applied Materials, Inc.				33,165
1,750			Cisco Systems, Inc.				55,510
900			Intel Corporation				33,975
200			International Business Machines Corporation				31,770
1,100			Maxim Integrated Products, Inc.				43,923
1,350			Microsoft Corporation				77,760
900			QUALCOMM, Inc.				61,650
1,300			Symantec Corporation				32,630
1,600			Travelport Worldwide, Ltd.				24,048
500			Western Digital Corporation				29,235
							502,801
			Materials-.6%
200			Praxair, Inc.				24,166
400			RPM International, Inc.				21,488
							45,654
			Real Estate-1.7%
1,400			Brixmor Property Group, Inc. (REIT)				38,906
800			Chesapeake Lodging Trust (REIT)				18,320
2,950			FelCor Lodging Trust, Inc. (REIT)				18,968
1,643			Sunstone Hotel Investors, Inc. (REIT)				21,014
250			Tanger Factory Outlet Centers, Inc. (REIT)				9,740
900			Urstadt Biddle Properties, Inc. - Class "A" (REIT)				19,998
							126,946
			Telecommunication Services-1.6%
1,600			AT&T, Inc.				64,976
1,000			Verizon Communications, Inc.				51,980
							116,956
			Utilities-2.5%
500			Black Hills Corporation				30,610
600			Duke Energy Corporation				48,024
750			Exelon Corporation				24,967
1,100			NiSource, Inc.				26,521
450			SCANA Corporation				32,567
400			WEC Energy Group, Inc.				23,952
							186,641
Total Value of Common Stocks (cost $2,699,386)							2,879,140
			RESIDENTIAL MORTGAGE-BACKED SECURITIES-8.4%
			Fannie Mae
$	147	M	3%, 4/1/2046 - 6/1/2046				152,934
319		M	3.5%, 11/1/2045 - 10/13/2046			(a)	337,156
120		M	4%, 10/1/2035 - 10/13/2046			(a)	129,447
Total Value of Residential Mortgage-Backed Securities (cost $613,806)							619,537
			VARIABLE AND FLOATING RATE NOTES+-7.4%
300		M	Illinois State Fin. Auth. Rev., 0.85%, 7/1/2038				300,000
250		M	Valdez, AK Marine Term. Rev., 0.77%, 12/1/2033				250,000
Total Value of Variable and Floating Rate Notes (cost $550,000)							550,000
			U.S. GOVERNMENT OBLIGATIONS-3.0%
225		M	U.S. Treasury Notes, 0.5222%, 1/31/2018 (cost $225,230)			+	225,593
			EXCHANGE TRADED FUNDS-2.6%
2,175			ishares iBoxx USD High Yield Corporate Bond ETF (ETF) (cost $178,482)				189,790
Total Value of Investments (cost $7,217,006)				101.5	%		7,509,479
Excess of Liabilities Over Other Assets				(1.5	)		(113,592)
Net Assets				100.0	%		$           7,395,887

Futures contracts outstanding at September 30, 2016:

								Unrealized
Number of				Value at		Value at		Appreciation
Contracts	Type	Expiration		Trade Date		September 30, 2016		(Depreciation)
1	5  Year U.S. Treasury Note	Dec. 2016	$121,688		$121,847		$159
5	10  Year U.S. Treasury Note	Dec. 2016	655,109		654,530		(579)
2	U.S. Treasury Long Bond	Dec. 2016	341,813		347,287			5,474
								$5,054

(a)	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 September 30, 2016.
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	REIT	Real Estate Investment Trust
	USD	United States Dollar
	At September 30, 2016, the cost of investments for federal income tax
	purposes was $7,217,006. Accumulated net unrealized appreciation on
	investments was $292,473, consisting of $369,314 gross unrealized
	appreciation and $76,841 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 September 30, 2016:

		Level 1		Level 2	Level 3			Total
Assets
Corporate Bonds	$	-	$	3,045,419	$	-	$	3,045,419
Common Stocks		2,879,140		-		-		2,879,140
Residential Mortgage-Backed
Securities		-		619,537		-		619,537
Variable and Floating Rate Notes		-		550,000		-		550,000
U.S. Government
Obligations		-		225,593		-		225,593
Exchange Traded Funds		189,790		-		-		189,790
Total Investments in Securities	$	3,068,930	$	4,440,549	$	-	$	7,509,479
Other Assets
Futures Contracts	$	5,054	$	-	$	-	$	5,054

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

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

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

Principal						Interest
Amount			Security			Rate	*	Value
			U.S. GOVERNMENT AGENCY OBLIGATIONS-53.9%
			Fannie Mae:
$	400	M	10/17/2016			0.23	%	$           399,964
350		M	11/16/2016			0.33		349,859
300		M	12/21/2016			0.21		299,865
			Federal Home Loan Bank:
175		M	10/18/2016			0.55		174,960
450		M	10/27/2016			0.31		449,908
450		M	10/28/2016			0.30		449,906
500		M	10/31/2016			0.31		499,879
175		M	11/4/2016			0.55		174,914
500		M	11/28/2016			0.40		499,693
400		M	11/30/2016			0.34		399,778
			Freddie Mac:
500		M	10/6/2016			0.30		499,988
350		M	10/6/2016			0.35		349,990
600		M	11/18/2016			0.25		599,805
350		M	12/14/2016			0.37		349,741
Total Value of U.S. Government Agency Obligations (cost $5,498,250)								5,498,250
			VARIABLE AND FLOATING RATE NOTES-28.9%
			Federal Farm Credit Bank:
200		M	10/11/2016			0.54		199,998
250		M	12/19/2016			0.53		249,973
500		M	4/20/2017			0.59		500,055
			Federal Home Loan Bank:
800		M	1/27/2017			0.51		800,081
250		M	9/5/2017			0.56		250,154
450		M	Mississippi Business Fin. Corp. (Chevron USA, Inc.), 12/1/2030			0.78		450,000
500		M	Valdez, AK Marine Term. Rev. (Exxon Pipeline Co., Project B), 12/1/2033			0.77		500,000
Total Value of Variable and Floating Rate Notes (cost $2,950,261)								2,950,261
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-13.7%
			U.S. Treasury Bills:
600		M	10/13/2016			0.22		599,963
400		M	11/3/2016			0.27		399,907
400		M	2/16/2017			0.46		399,301
Total Value of Short-Term U.S. Government Obligations (cost $1,399,171)								1,399,171
Total Value of Investments (cost $9,847,682)**				96.5	%			9,847,682
Other Assets, Less Liabilities				3.5				354,002
Net Assets				100.0	%			$          10,201,684

*	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 September 30, 2016.
**	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 September 30, 2016:

	Level 1			Level 2	Level 3			Total
U.S. Government Agency Obligations	$	-	$	5,498,250	$	-	$	5,498,250
Variable and Floating Rate Notes:
U.S. Government Agency Obligations		-		2,000,261		-		2,000,261
Municipal Bonds		-		950,000		-		950,000
Short-Term U.S. Government
Obligations		-		1,399,171		-		1,399,171
Total Investments in Securities	$	-	$	9,847,682	$	-	$	9,847,682

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

are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
COVERED CALL STRATEGY
September 30, 2016

Shares			Security			Value
			COMMON STOCKS-98.7%
			Consumer Discretionary-17.5%
	200		AutoZone, Inc.			$           153,668
9,400			Ford Motor Company			113,458
6,000			General Motors Company			190,620
2,300			Home Depot, Inc.			295,964
2,900			Time Warner, Inc.			230,869
1,400			Walt Disney Company			130,004
1,100			Whirlpool Corporation			178,376
						1,292,959
			Consumer Staples-8.2%
3,100			CVS Health Corporation			275,869
3,000			PepsiCo, Inc.			326,310
						602,179
			Energy-2.8%
2,000			Chevron Corporation			205,840
			Financials-11.5%
2,600			American Express Company			166,504
600			BlackRock, Inc.			217,476
3,700			JPMorgan Chase & Company			246,383
5,100			U.S. Bancorp			218,739
						849,102
			Health Care-9.0%
600		*	Allergan, PLC			138,186
2,200			Johnson & Johnson			259,886
7,800			Pfizer, Inc.			264,186
						662,258
			Industrials-18.9%
1,200			Boeing Company			158,088
5,700			Delta Air Lines, Inc.			224,352
5,100			General Electric Company			151,062
2,500			Honeywell International, Inc.			291,475
1,900			Raytheon Company			258,647
1,600			Union Pacific Corporation			156,048
1,500			United Technologies Corporation			152,400
						1,392,072
			Information Technology-18.4%
3,400			Apple, Inc.			384,370
9,200			Cisco Systems, Inc.			291,824
7,000			Intel Corporation			264,250
1,000			International Business Machines Corporation			158,850
3,800			QUALCOMM, Inc.			260,300
						1,359,594
			Materials-3.2%
4,600			Dow Chemical Company			238,418
			Telecommunication Services-6.3%
6,300			AT&T, Inc.			255,843
4,000			Verizon Communications, Inc.			207,920
						463,763
			Utilities-2.9%
4,100			Southern Company			210,330
Total Value of Common Stocks (cost $7,120,421)				98.7	%	7,276,515
Other Assets, Less Liabilities				1.3		93,270
Net Assets				100.0	%	$           7,369,785

*	Non-income producing
	At September 30, 2016, the cost of investments for federal income tax
	purposes was $7,129,693. Accumulated net unrealized appreciation on
	investments was $146,822, consisting of $272,435 gross unrealized
	appreciation and $125,613 gross unrealized depreciation.

Portfolio of Investments (unaudited)
COVERED CALL STRATEGY FUND
September 30, 2016

	Expriration	Exercise
CALL OPTIONS WRITTEN-2.4%	Date	Price	Contracts	Value
Allergan, PLC	10/21/16	240.00	3	$           684
Allergan, PLC	11/18/16	240.00	3	1,764
American Express Company	1/20/17	65.00	26	6,578
Apple, Inc.	10/21/16	114.00	22	3,190
Apple, Inc.	10/21/16	105.00	9	7,425
Apple, Inc.	12/16/16	115.00	3	1,071
AT&T, Inc.	10/21/16	40.00	3	258
AT&T, Inc.	10/21/16	43.00	52	52
AT&T, Inc.	11/18/16	41.00	2	116
AutoZone, Inc.	12/16/16	740.00	2	9,100
BlackRock, Inc.	10/21/16	370.00	6	2,460
Boeing Company	11/18/16	135.00	11	2,739
Boeing Company	12/16/16	130.00	1	555
Chevron Corporation	10/21/16	100.00	20	8,160
Cisco Systems, Inc.	11/4/16	31.50	2	118
Cisco Systems, Inc.	11/18/16	31.00	90	11,160
CVS Health Corporation	1/20/17	95.00	4	480
CVS Health Corporation	1/20/17	97.50	27	1,917
Delta Air Lines, Inc.	10/21/16	41.00	50	3,300
Delta Air Lines, Inc.	12/16/16	40.00	7	1,400
Dow Chemical Company	12/16/16	55.00	46	3,772
Ford Motor Company	12/16/16	13.00	81	1,134
Ford Motor Company	1/20/17	12.75	13	416
General Electric Company	10/21/16	31.00	35	175
General Electric Company	10/21/16	32.00	8	16
General Electric Company	11/18/16	30.00	8	408
General Motors Company	10/21/16	32.00	60	3,420
Home Depot, Inc.	10/28/16	129.00	20	4,440
Home Depot, Inc.	1/20/17	130.00	3	1,275
Honeywell International, Inc.	12/16/16	120.00	25	4,150
Intel Corporation	10/21/16	34.00	54	21,006
Intel Corporation	10/21/16	35.00	6	1,770
Intel Corporation	10/21/16	37.00	10	1,360
International Business Machines Corporation	10/21/16	160.00	5	1,730
International Business Machines Corporation	10/21/16	165.00	5	775
Johnson & Johnson	10/21/16	118.00	22	4,224
JPMorgan Chase & Company	10/21/16	67.50	34	2,448
PepsiCo, Inc.	10/21/16	108.00	3	525
PepsiCo, Inc.	10/21/16	110.00	27	1,863
Pfizer, Inc.	10/21/16	34.00	1	44
Pfizer, Inc.	10/21/16	36.00	12	24
Pfizer, Inc.	11/18/16	35.00	65	2,015
QUALCOMM, Inc.	10/21/16	62.50	2	1,240
QUALCOMM, Inc.	11/18/16	65.00	36	17,640
Raytheon Company	11/18/16	140.00	2	324
Raytheon Company	11/18/16	145.00	17	4,556
Southern Company	11/18/16	52.50	4	264

Southern Company	11/18/16	55.00	37	481
Time Warner, Inc.	10/21/16	77.50	28	8,148
Time Warner, Inc.	10/21/16	79.00	1	174
U.S. Bancorp	10/21/16	43.00	5	375
U.S. Bancorp	10/21/16	44.00	46	1,472
Union Pacific Corporation	11/18/16	92.50	2	1,330
Union Pacific Corporation	11/18/16	95.00	14	6,860
United Technologies Corporation	10/21/16	103.00	2	210
United Technologies Corporation	11/18/16	110.00	13	221
Verizon Communications, Inc.	10/21/16	52.00	4	236
Walt Disney Company	12/16/16	95.00	3	564
Walt Disney Company	1/20/17	100.00	11	902
Whirlpool Corporation	12/16/16	165.00	1	655
Whirlpool Corporation	12/16/16	200.00	10	250
Total Value of Call Options Written (premium received $174,992)				$           165,419

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 September 30, 2016:

		Level 1	Level 2		Level 3			Total
Assets
Common Stocks*	$	7,276,515	$	-	$	-	$	7,276,515
Liabilities
Call Options Written	$	(165,419)	$	-	$	-	$	(165,419)

*The Portfolio of Investments provides information on the industry categorization for common stocks.

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

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

Portfolio of Investments (unaudited)
EQUITY INCOME FUND
September 30, 2016

Shares or
Principal
Amount				Security			Value
				COMMON STOCKS-93.5%
				Consumer Discretionary-9.3%
	13,200			American Eagle Outfitters, Inc.			$             235,752
5,787				CBS Corporation - Class "B"			316,780
17,650				Comcast Corporation - Special Shares "A"			1,170,901
5,700				Delphi Automotive, PLC			406,524
52,450				Ford Motor Company			633,072
2,150				Harman International Industries, Inc.			181,568
8,950				Home Depot, Inc.			1,151,686
20,234				Johnson Controls International, PLC			941,488
4,500				L Brands, Inc.			318,465
2,850				Lear Corporation			345,477
6,900				McDonald's Corporation			795,984
19,737				Newell Brands, Inc.			1,039,350
29,000				Regal Entertainment Group - Class "A"			630,750
11,016				Time Warner, Inc.			876,984
6,500				Tupperware Brands Corporation			424,905
4,300				Walt Disney Company			399,298
1,800				Whirlpool Corporation			291,888
5,300				Wyndham Worldwide Corporation			356,849
							10,517,721
				Consumer Staples-8.9%
23,800				Altria Group, Inc.			1,504,874
17,600				Coca-Cola Company			744,832
14,600				CVS Health Corporation			1,299,254
3,850				Dr. Pepper Snapple Group, Inc.			351,544
3,600				Kimberly-Clark Corporation			454,104
17,882				Koninklijke Ahold Delhaize NV (ADR)			405,027
3,666				Kraft Heinz Company			328,144
12,000				PepsiCo, Inc.			1,305,240
15,900				Philip Morris International, Inc.			1,545,798
15,300				Procter & Gamble Company			1,373,175
10,200				Wal-Mart Stores, Inc.			735,624
							10,047,616
				Energy-7.5%
16,800				Chevron Corporation			1,729,056
18,150				ConocoPhillips			788,980
15,400				Devon Energy Corporation			679,294
14,500				ExxonMobil Corporation			1,265,560
6,500				Halliburton Company			291,720
11,900				Marathon Petroleum Corporation			483,021
14,600				Occidental Petroleum Corporation			1,064,632
17,200				PBF Energy, Inc. - Class "A"			389,408
14,400				Royal Dutch Shell, PLC - Class "A" (ADR)			721,008
5,500				Schlumberger, Ltd.			432,520
16,100				Suncor Energy, Inc.			447,258
							8,292,457
				Financials-16.1%
28,800				AllianceBernstein Holding, LP			656,640
8,550				American Express Company			547,542
11,500				American International Group, Inc.			682,410
4,050				Ameriprise Financial, Inc.			404,068
21,700				Bank of New York Mellon Corporation			865,396
28,950				Berkshire Hills Bancorp, Inc.			802,204
13,567				Chubb, Ltd.			1,704,694
30,800				Citizens Financial Group, Inc.			761,068
13,950				Discover Financial Services			788,872
28,270				Financial Select Sector SPDR Fund (ETF)			545,611
12,000				Invesco, Ltd.			375,240
18,100				iShares S&P U.S. Preferred Stock Index Fund (ETF)			714,950
28,200				JPMorgan Chase & Company			1,877,838
23,800				MetLife, Inc.			1,057,434
15,900				Oritani Financial Corporation			249,948
10,000				PNC Financial Services Group, Inc.			900,900
5,400				Prosperity Bancshares, Inc.			296,406
14,500				SPDR S&P Regional Banking (ETF)			612,915
39,800				Sterling Bancorp			696,500
5,400				Travelers Companies, Inc.			618,570
20,600				U.S. Bancorp			883,534
16,600				Waddell & Reed Financial, Inc. - Class "A"			301,456
40,850				Wells Fargo & Company			1,808,838
							18,153,034
				Health Care-12.5%
20,100				Abbott Laboratories			850,029
19,300				AbbVie, Inc.			1,217,251
900			*	Allergan, PLC			207,279
8,192				Baxter International, Inc.			389,939
5,200				Gilead Sciences, Inc.			411,424
10,050				GlaxoSmithKline, PLC (ADR)			433,457
21,350				Johnson & Johnson			2,522,076
1,910				McKesson Corporation			318,493
10,412				Medtronic, PLC			899,597
36,020				Merck & Company, Inc.			2,248,008
74,785				Pfizer, Inc.			2,532,968
15,600				Phibro Animal Health Corporation - Class "A"			424,008
1,661				Shire, PLC (ADR)			322,001
4,950				Thermo Fisher Scientific, Inc.			787,347
9,990				Zoetis, Inc.			519,580
							14,083,457
				Industrials-10.6%
5,400				3M Company			951,642
2,800				A.O. Smith Corporation			276,612
10,500				Eaton Corporation, PLC			689,955
5,750			*	Generac Holdings, Inc.			208,725
3,000				General Dynamics Corporation			465,480
69,730				General Electric Company			2,065,403
11,800				Honeywell International, Inc.			1,375,762
8,500				Industrial Select Sector SPDR Fund (ETF)			496,230
6,300				Ingersoll-Rand, PLC			428,022
12,550				ITT, Inc.			449,792
19,100				Koninklijke Philips NV (ADR)			565,169
3,680				Lockheed Martin Corporation			882,170
13,300				Nielsen Holdings, PLC			712,481
4,350				Snap-On, Inc.			661,026
9,200				United Parcel Service, Inc. - Class "B"			1,006,112
7,900				United Technologies Corporation			802,640
							12,037,221
				Information Technology-14.1%
10,590				Apple, Inc.			1,197,199
34,000				Applied Materials, Inc.			1,025,100
5,450				Automatic Data Processing, Inc.			480,690
3,800				Broadcom, Ltd.			655,576
63,200				Cisco Systems, Inc.			2,004,704
2,786			*	Dell Technologies, Inc. - Class "V"			133,171
25,700				Hewlett Packard Enterprise Company			584,675
26,800				HP, Inc.			416,204
32,300				Intel Corporation			1,219,325
17,200				Juniper Networks, Inc.			413,832
10,950				Lam Research Corporation			1,037,075
9,000				Microchip Technology, Inc.			559,260
41,750				Microsoft Corporation			2,404,800
16,400				QUALCOMM, Inc.			1,123,400
12,500				Silicon Motion Technology Corporation (ADR)			647,375
20,800				Symantec Corporation			522,080
7,500				TE Connectivity, Ltd.			482,850
10,900				Technology Select Sector SPDR Fund (ETF)			520,802
9,500				Western Digital Corporation			555,465
							15,983,583
				Materials-3.4%
16,450				Dow Chemical Company			852,603
10,590				DuPont (E.I.) de Nemours & Company			709,212
25,100			*	Ferro Corporation			346,631
14,100				International Paper Company			676,518
6,300				LyondellBasell Industries NV - Class "A"			508,158
10,800				Olin Corporation			221,616
5,000				Steel Dynamics, Inc.			124,950
9,490				WestRock Company			460,075
							3,899,763
				Real Estate-3.4%
31,600				Brixmor Property Group, Inc. (REIT)			878,164
20,000				Chesapeake Lodging Trust (REIT)			458,000
11,550				iShares U.S. Real Estate ETF (ETF)			931,392
5,100				Select Income REIT (REIT)			137,190
17,700				Sunstone Hotel Investors, Inc. (REIT)			226,383
13,500				Tanger Factory Outlet Centers, Inc. (REIT)			525,960
28,900				Urstadt Biddle Properties, Inc. - Class "A" (REIT)			642,158
							3,799,247
				Telecommunication Services-3.7%
49,760				AT&T, Inc.			2,020,754
41,400				Verizon Communications, Inc.			2,151,972
							4,172,726
				Utilities-4.0%
7,350				American Electric Power Company, Inc.			471,943
19,200				CenterPoint Energy, Inc.			446,016
6,750				Dominion Resources, Inc.			501,322
6,900				Duke Energy Corporation			552,276
21,200				Exelon Corporation			705,748
3,400				NextEra Energy, Inc.			415,888
4,600				Portland General Electric Company			195,914
24,700				PPL Corporation			853,879
8,300				Vectren Corporation			416,660
							4,559,646
Total Value of Common Stocks (cost $76,913,975)							105,546,471
				PREFERRED STOCKS-1.8%
				Financials-.7%
200				Citizens Financial Group, Inc., Series A, 5.5%, 2049			196,500
21,200				JPMorgan Chase & Co., Series Y, 6.125%, 2049			574,308
							770,808
				Health Care-.4%
500				Allergan, PLC, Series A, 5.5%, 2018			410,815
				Real Estate-.7%
11,400				Digital Realty Trust, Inc., Series G (REIT), 5.875%, 2049			292,068
				Urstadt Biddle Properties, Inc. (REIT):
9,000				Series F, 7.125%, 2049			235,350
11,000				Series G, 6.75%, 2049			289,850
							817,268
Total Value of Preferred Stocks (cost $2,019,492)							1,998,891
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-2.7%
$	3,000	M		Federal Home Loan Bank, 0.23%, 11/23/2016 (cost $2,998,984)			2,999,109
Total Value of Investments (cost $81,932,451)					98.0	%	110,544,471
Other Assets, Less Liabilities					2.0		2,401,018
Net Assets					100.0	%	$           112,945,489

*	Non-income producing
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	REIT	Real Estate Investment Trust
	At September 30, 2016, the cost of investments for federal income tax
	purposes was $81,988,722. Accumulated net unrealized appreciation on
	investments was $28,555,749, consisting of $30,399,986 gross unrealized
	appreciation and $1,844,237 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 September 30, 2016:

	Level 1			Level 2	Level 3			Total
Common Stocks	$	105,546,471	$	-	$	-	$	105,546,471
Preferred Stocks		1,998,891		-		-		1,998,891
Short-Term U.S. Government
Agency Obligations		2,999,109		-		-		2,999,109
Total Investments in Securities*	$	110,544,471	$	-	$	-	$	110,544,471

*The Portfolio of Investments provides information on the industry categorization for common stocks and preferred stocks.

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

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

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

Principal
Amount			Security					Value
			CORPORATE BONDS-87.2%
			Aerospace/Defense-.9%
			Meccanica Holdings USA, Inc.:
$	275	M	7.375%, 7/15/2039			(a)		$           303,188
100		M	6.25%, 1/15/2040			(a)		98,750
525		M	Transdigm, Inc., 6.375%, 6/15/2026			(a)		544,688
								946,626
			Automotive-4.4%
200		M	Allison Transmission, Inc., 5%, 10/1/2024			(a)		205,500
250		M	American Axle & Manufacturing, Inc., 6.625%, 10/15/2022					265,625
250		M	Asbury Automotive Group, Inc., 6%, 12/15/2024					258,750
			Dana Holding Corp.:
200		M	6%, 9/15/2023					209,000
250		M	5.5%, 12/15/2024					256,250
450		M	Fiat Chrysler Automobiles NV, 5.25%, 4/15/2023					464,625
100		M	Goodyear Tire & Rubber Co., 7%, 5/15/2022					106,250
			Group 1 Automotive, Inc.:
325		M	5%, 6/1/2022					327,639
200		M	5.25%, 12/15/2023			(a)		201,750
100		M	Hertz Corp., 6.75%, 4/15/2019					102,324
			IHO Verwaltungs GmbH:
325		M	4.75%, 5/15/2021			(a)		337,350
200		M	4.125%, 9/15/2021			(a)		202,500
500		M	LKQ Corp., 4.75%, 5/15/2023					516,250
375		M	Meritor, Inc., 6.25%, 2/15/2024					360,938
425		M	Omega U.S. Sub, LLC, 8.75%, 7/15/2023			(a)		464,313
150		M	ZF North America Capital, Inc., 4%, 4/29/2020			(a)		159,188
								4,438,252
			Building Materials-.8%
225		M	Building Materials Corp., 5.375%, 11/15/2024			(a)		232,875
550		M	Griffon Corp., 5.25%, 3/1/2022					554,125
								787,000
			Chemicals-2.7%
			Blue Cube Spinco, Inc.:
125		M	9.75%, 10/15/2023			(a)		147,500
450		M	10%, 10/15/2025			(a)		533,250
450		M	Platform Specialty Products Corp., 10.375%, 5/1/2021			(a)		486,000
225		M	PolyOne Corp., 5.25%, 3/15/2023					234,027
125		M	PQ Corp., 6.75%, 11/15/2022			(a)		132,813
200		M	Rayonier AM Products, Inc., 5.5%, 6/1/2024			(a)		184,000
175		M	TPC Group, Inc., 8.75%, 12/15/2020			(a)		136,596
300		M	Tronox Finance, LLC, 6.375%, 8/15/2020					278,250
375		M	Univar USA, Inc., 6.75%, 7/15/2023			(a)		388,125
			W.R. Grace & Co.:
175		M	5.125%, 10/1/2021			(a)		186,375
75		M	5.625%, 10/1/2024			(a)		81,844
								2,788,780
			Consumer Non-Durables-1.2%
250		M	Kronos Acquisition Holdings, 9%, 8/15/2023			(a)		258,905
			Reynolds Group Issuer, Inc.:
425		M	5.75%, 10/15/2020					438,813
125		M	5.125%, 7/15/2023			(a)		129,219
250		M	Standard Industries, Inc., 5.5%, 2/15/2023			(a)		262,500
150		M	Wolverine World Wide, Inc., 5%, 9/1/2026			(a)		151,875
								1,241,312
			Energy-11.2%
			AmeriGas Finance, LLC:
175		M	7%, 5/20/2022					185,937
125		M	5.625%, 5/20/2024					132,812
125		M	5.875%, 8/20/2026					132,812
			Antero Resources Corp.:
125		M	5.125%, 12/1/2022					126,562
125		M	5.375%, 11/1/2021					127,031
200		M	Blue Racer Midstream, LLC, 6.125%, 11/15/2022			(a)		196,500
75		M	Callon Petroleum Co., 6.125%, 10/1/2024			(a)	(b)	77,812
200		M	Carrizo Oil & Gas, Inc., 6.25%, 4/15/2023					199,000
250		M	Cheniere Corpus Christi Holdings, 7%, 6/30/2024			(a)		271,250
			Concho Resources Holdings, Inc.:
75		M	5.5%, 10/1/2022					78,187
100		M	5.5%, 4/1/2023					103,625
			Continental Resources, Inc.:
400		M	4.5%, 4/15/2023					386,000
275		M	3.8%, 6/1/2024					253,000
100		M	4.9%, 6/1/2044					84,500
			Crestwood Midstream Partners, LP:
350		M	6%, 12/15/2020					354,375
250		M	6.25%, 4/1/2023					254,375
350		M	Exterran Partners, LP, 6%, 10/1/2022					326,375
25		M	Ferrellgas Partners, LP, 7%, 6/15/2023					22,125
275		M	Forum Energy Technologies, Inc., 6.25%, 10/1/2021					261,937
			Genesis Energy, LP:
75		M	5.75%, 2/15/2021					75,375
200		M	6.75%, 8/1/2022					207,076
150		M	6%, 5/15/2023					149,625
100		M	5.625%, 6/15/2024					98,500
300		M	Gibson Energy, Inc., 6.75%, 7/15/2021			(a)		308,250
225		M	Gulfport Energy Corp., 7.75%, 11/1/2020					234,563
375		M	Hilcorp Energy I, 5.75%, 10/1/2025			(a)		375,000
375		M	Laredo Petroleum, Inc., 5.625%, 1/15/2022					365,625
200		M	Marathon Oil Corp., 2.80%, 11/1/2022					185,487
200		M	Matador Resources Co., 6.875%, 4/15/2023					208,000
			MPLX, LP:
125		M	4.5%, 7/15/2023			(a)		127,607
225		M	4.875%, 12/1/2024					233,104
150		M	4.875%, 6/1/2025					155,259
50		M	Murphy Oil Corp., 6.875%, 8/15/2024					51,747
225		M	Newfield Exploration Co., 5.375%, 1/1/2026					226,688
			NuStar Logistics, LP:
50		M	4.8%, 9/1/2020					50,375
200		M	6.75%, 2/1/2021					216,500
250		M	Oasis Petroleum, Inc., 6.5%, 11/1/2021					240,000
50		M	Parsley Energy, LLC, 6.25%, 6/1/2024			(a)		51,875
75		M	PDC Energy, Inc., 6.125%, 9/15/2024			(a)		77,813
250		M	QEP Resources, Inc., 6.875%, 3/1/2021					261,875
321		M	Range Resources Corp., 5%, 8/15/2022			(a)		321,000
225		M	Rice Energy, Inc., 6.25%, 5/1/2022					233,438
			Sabine Pass Liquefaction, LLC:
400		M	6.25%, 3/15/2022					439,000
225		M	5.625%, 4/15/2023					241,313
350		M	5.75%, 5/15/2024					378,438
175		M	5.625%, 3/1/2025					188,781
125		M	5.875%, 6/30/2026			(a)		136,328
			Southwestern Energy Co.:
100		M	5.8%, 1/23/2020					100,250
375		M	6.7%, 1/23/2025					376,875
225		M	Sunoco, LP, 6.25%, 4/15/2021			(a)		232,313
			Targa Resources Partners, LP:
50		M	5%, 1/15/2018					51,875
100		M	5.25%, 5/1/2023					101,750
250		M	4.25%, 11/15/2023					242,813
175		M	5.125%, 2/1/2025			(a)	(b)	175,656
175		M	5.375%, 2/1/2027			(a)	(b)	176,531
			Tesoro Logistics, LP:
100		M	6.25%, 10/15/2022					107,250
100		M	6.375%, 5/1/2024					107,750
250		M	Unit Corp., 6.625%, 5/15/2021					212,188
								11,298,108
			Financials-3.4%
250		M	Albertson Companies, LLC, 5.75%, 3/15/2025			(a)		250,000
			Ally Financial, Inc.:
350		M	6.25%, 12/1/2017					364,437
150		M	8%, 12/31/2018					165,750
725		M	8%, 3/15/2020					830,125
325		M	8%, 11/1/2031					402,188
350		M	Argos Merger Sub, Inc., 7.125%, 3/15/2023			(a)		367,500
175		M	BCD Acquisition, Inc., 9.625%, 9/15/2023			(a)		183,750
474		M	Consolidated Energy Finance SA, 6.75%, 10/15/2019			(a)		470,445
275		M	CVR Partners, LP, 9.25%, 6/15/2023			(a)		267,094
150		M	Dana Financing Luxembourg, 6.5%, 6/1/2026			(a)		157,575
								3,458,864
			Food/Beverage/Tobacco-1.4%
325		M	Barry Callebaut Services SA, 5.5%, 6/15/2023			(a)		355,599
			Constellation Brands, Inc.:
75		M	4.25%, 5/1/2023					79,781
125		M	4.75%, 11/15/2024					135,937
25		M	4.75%, 12/1/2025					27,125
250		M	Post Holdings, Inc., 7.75%, 3/15/2024			(a)		281,250
50		M	Smithfield Foods, Inc., 6.625%, 8/15/2022					53,125
450		M	Sun Merger Sub, Inc., 5.875%, 8/1/2021			(a)		472,500
								1,405,317
			Food/Drug-.5%
475		M	Rite Aid Corp., 6.125%, 4/1/2023			(a)		514,387
			Forest Products/Containers-3.9%
225		M	Ardagh Packaging Finance, PLC, 6%, 6/30/2021			(a)		232,312
			Ball Corp.:
150		M	4.375%, 12/15/2020					160,875
250		M	5.25%, 7/1/2025					270,312
275		M	Berry Plastics Group, 5.125%, 7/15/2023					280,500
300		M	CROWN Americas, LLC, 4.5%, 1/15/2023					312,750
150		M	Graphic Packaging International, Inc., 4.875%, 11/15/2022					157,875
450		M	Greif, Inc., 7.75%, 8/1/2019					507,375
			Mercer International, Inc.:
50		M	7%, 12/1/2019					51,938
200		M	7.75%, 12/1/2022					212,750
			Owens-Brockway Glass Container, Inc.:
75		M	5%, 1/15/2022			(a)		79,828
75		M	5.875%, 8/15/2023			(a)		80,766
250		M	5.375%, 1/15/2025			(a)		260,938
50		M	6.375%, 8/15/2025			(a)		55,156
			Sealed Air Corp.:
50		M	6.5%, 12/1/2020			(a)		57,438
175		M	4.875%, 12/1/2022			(a)		184,406
300		M	5.25%, 4/1/2023			(a)		321,000
225		M	6.875%, 7/15/2033					242,438
500		M	Silgan Holdings, Inc., 5%, 4/1/2020					513,750
								3,982,407
			Gaming/Leisure-3.6%
225		M	AMC Entertainment, Inc., 5.75%, 6/15/2025					228,375
			GLP Capital, LP:
25		M	4.375%, 4/15/2021					26,375
100		M	5.375%, 4/15/2026					107,750
			International Game Technology, PLC:
200		M	5.625%, 2/15/2020			(a)		213,250
200		M	6.25%, 2/15/2022			(a)		213,000
200		M	6.5%, 2/15/2025			(a)		216,500
525		M	Live Nation Entertainment, Inc., 7%, 9/1/2020			(a)		544,783
125		M	MGM Growth Properties Operating Partnership, LP, 5.25%, 8/1/2026					130,000
			NCL Corp., Ltd.:
250		M	5.25%, 11/15/2019			(a)		253,750
250		M	4.625%, 11/15/2020			(a)		251,250
250		M	Regal Entertainment Group, 5.75%, 3/15/2022					258,750
425		M	Royal Caribbean Cruises, Ltd., 5.25%, 11/15/2022					464,313
575		M	Six Flags Entertainment Corp., 5.25%, 1/15/2021			(a)		593,831
150		M	Viking Cruises, Ltd., 6.25%, 5/15/2025			(a)		141,000
								3,642,927
			Health Care-9.9%
175		M	AMN Healthcare, Inc., 5.125%, 10/1/2024			(a)	(b)	177,187
			Centene Corp.:
300		M	5.625%, 2/15/2021					318,750
250		M	6.125%, 2/15/2024					271,875
			Community Health Systems, Inc.:
51		M	5.125%, 8/15/2018					51,515
175		M	7.125%, 7/15/2020					163,537
250		M	Concordia Healthcare Corp., 7%, 4/1/2022			(a)		261,875
			DaVita HealthCare Partners, Inc.:
250		M	5.75%, 8/15/2022					262,812
250		M	5.125%, 7/15/2024					255,469
			Endo Finance, LLC:
175		M	7.25%, 1/15/2022			(a)		168,875
225		M	6%, 7/15/2023			(a)		205,875
			Fresenius Medical Care U.S. Finance II, Inc.:
150		M	5.625%, 7/31/2019			(a)		163,312
100		M	4.125%, 10/15/2020			(a)		105,770
100		M	4.75%, 10/15/2024			(a)		105,500
			HCA, Inc.:
675		M	6.5%, 2/15/2020					749,250
250		M	6.25%, 2/15/2021					271,875
25		M	7.5%, 2/15/2022					28,750
25		M	5.875%, 5/1/2023					26,688
50		M	5.375%, 2/1/2025					51,688
350		M	5.875%, 2/15/2026					373,625
			HealthSouth Corp.:
175		M	5.125%, 3/15/2023					175,438
200		M	5.75%, 11/1/2024					208,124
150		M	5.75%, 9/15/2025					157,125
405		M	IMS Health, Inc., 6%, 11/1/2020			(a)		411,328
300		M	Kindred Healthcare, Inc., 8.75%, 1/15/2023					301,125
			LifePoint Health, Inc.:
325		M	5.5%, 12/1/2021					339,625
100		M	5.875%, 12/1/2023					104,000
175		M	5.375%, 5/1/2024			(a)		175,438
			Mallinckrodt Finance SB:
35		M	4.875%, 4/15/2020			(a)		35,875
75		M	5.75%, 8/1/2022			(a)		74,344
225		M	5.5%, 4/15/2025			(a)		214,875
400		M	Molina Healthcare, Inc., 5.375%, 11/15/2022					415,000
125		M	MPH Acquisition Holdings, 7.125%, 6/1/2024			(a)		134,688
425		M	NBTY, Inc., 7.625%, 5/15/2021			(a)		435,549
100		M	RegionalCare Hospital Partners, 8.25%, 5/1/2023			(a)		103,500
425		M	Tenet Healthcare Corp., 6%, 10/1/2020					450,500
225		M	Universal Health Services, Inc., 5%, 6/1/2026			(a)		234,844
64		M	Universal Hospital Services, Inc., 7.625%, 8/15/2020					61,280
			Valeant Pharmaceuticals International, Inc.:
775		M	6.375%, 10/15/2020			(a)		730,438
150		M	5.625%, 12/1/2021			(a)		134,625
650		M	6.125%, 4/15/2025			(a)		561,438
525		M	WellCare Health Plans, Inc., 5.75%, 11/15/2020					542,391
								10,015,778
			Information Technology-4.2%
150		M	Anixter, Inc., 5.125%, 10/1/2021					157,125
375		M	Belden, Inc., 5.5%, 9/1/2022			(a)		392,812
125		M	CEB, Inc., 5.625%, 6/15/2023			(a)		123,437
275		M	CommScope Technologies Finance, LLC, 6%, 6/15/2025			(a)		294,594
275		M	Equinix, Inc., 5.875%, 1/15/2026					296,312
360		M	IAC/InterActiveCorp, 4.875%, 11/30/2018					369,000
			Match Group, Inc.:
275		M	6.75%, 12/15/2022					293,563
125		M	6.375%, 6/1/2024					136,406
275		M	Micron Technology, Inc., 7.5%, 9/15/2023			(a)		306,141
150		M	Microsemi Corp., 9.125%, 4/15/2023			(a)		171,750
150		M	MSCI, Inc., 5.75%, 8/15/2025			(a)		160,875
150		M	Nuance Communications, Inc., 6%, 7/1/2024			(a)		156,750
			NXP BV:
200		M	4.125%, 6/1/2021			(a)		214,750
500		M	3.875%, 9/1/2022			(a)		525,000
175		M	Open Text Corp., 5.625%, 1/15/2023			(a)		179,375
125		M	Sensata Technologies BV, 5%, 10/1/2025			(a)		128,438
275		M	Western Digital Corp., 10.5%, 4/1/2024			(a)		319,688
								4,226,016
			Manufacturing-2.2%
325		M	Amkor Technology, Inc., 6.375%, 10/1/2022					336,781
225		M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023			(a)		231,187
100		M	Boise Cascade Co., 5.625%, 9/1/2024			(a)		102,000
400		M	Brand Energy & Infrastructure Services, Inc., 8.5%, 12/1/2021			(a)		402,000
50		M	Cloud Crane, LLC, 10.125%, 8/1/2024			(a)		52,000
325		M	Dematic SA, 7.75%, 12/15/2020			(a)		340,437
425		M	H&E Equipment Services, Inc., 7%, 9/1/2022					450,500
300		M	Zekelman Industries, Inc., 9.875%, 6/15/2023			(a)		317,250
								2,232,155
			Media-Broadcasting-2.2%
			Belo Corp.:
100		M	7.75%, 6/1/2027					108,500
25		M	7.25%, 9/15/2027					26,625
325		M	LIN Television Corp., 5.875%, 11/15/2022					342,063
			Nexstar Broadcasting, Inc.:
225		M	6.875%, 11/15/2020					234,281
200		M	6.125%, 2/15/2022			(a)		207,500
			Sinclair Television Group, Inc.:
225		M	5.125%, 2/15/2027			(a)		220,500
375		M	5.375%, 4/1/2021					389,531
			Sirius XM Radio, Inc.:
400		M	5.75%, 8/1/2021			(a)		418,910
250		M	6%, 7/15/2024			(a)		267,188
								2,215,098
			Media-Cable TV-7.4%
			Altice Financing SA:
325		M	6.625%, 2/15/2023			(a)		334,750
200		M	7.5%, 5/15/2026			(a)		208,750
275		M	5.375%, 7/15/2023			(a)		285,312
200		M	5.5%, 5/15/2026			(a)		206,000
225		M	Cable One, Inc., 5.75%, 6/15/2022			(a)		235,687
			CCO Holdings, LLC:
375		M	5.125%, 2/15/2023					391,875
500		M	5.875%, 4/1/2024			(a)		534,700
350		M	5.875%, 5/1/2027			(a)		373,625
			Cequel Communications Holdings I, LLC:
225		M	7.75%, 7/15/2025			(a)		244,125
600		M	6.375%, 9/15/2020			(a)		620,250
			Clear Channel Worldwide Holdings, Inc.:
25		M	7.625%, 3/15/2020 Series "A"					24,125
550		M	7.625%, 3/15/2020 Series "B"					547,937
100		M	6.5%, 11/15/2022 Series "A"					101,250
			CSC Holdings, LLC:
50		M	8.625%, 2/15/2019					55,937
350		M	6.75%, 11/15/2021					371,000
			DISH DBS Corp.:
675		M	7.875%, 9/1/2019					757,687
125		M	5%, 3/15/2023					121,875
250		M	5.875%, 11/15/2024					247,812
100		M	7.75%, 7/1/2026			(a)		106,500
			Gray Television, Inc.:
400		M	7.5%, 10/1/2020					415,426
250		M	5.875%, 7/15/2026			(a)		252,500
225		M	Lynx II Corp., 6.375%, 4/15/2023			(a)		237,375
			Midcontinent Communications & Finance Corp.:
300		M	6.25%, 8/1/2021			(a)		315,750
100		M	6.875%, 8/15/2023			(a)		107,000
			Numericable Group SA:
225		M	6%, 5/15/2022			(a)		230,344
200		M	6.25%, 5/15/2024			(a)		199,440
								7,527,032
			Media-Diversified-1.8%
225		M	Clearwater Paper Corp., 4.5%, 2/1/2023					226,406
225		M	Gannett Co., Inc., 5.125%, 7/15/2020					232,594
300		M	LSC Communication, Inc., 8.75%, 10/15/2023			(a)		300,000
175		M	Lamar Media Corp., 5.375%, 1/15/2024					184,625
200		M	Nexstar Escrow Corp., 5.625%, 8/1/2024			(a)		201,000
375		M	Tribune Co., 5.875%, 7/15/2022					381,328
250		M	Trinseo SA, 6.75%, 5/1/2022			(a)		265,000
								1,790,953
			Metals/Mining-5.6%
			Alcoa, Inc.:
325		M	6.15%, 8/15/2020					359,531
25		M	5.95%, 2/1/2037					25,262
			Alcoa Nederland Holding BV:
250		M	6.75%, 9/30/2024			(a)		260,312
200		M	7%, 9/30/2026			(a)		207,250
			Aleris International, Inc.:
185		M	7.875%, 11/1/2020					188,237
175		M	9.5%, 4/1/2021			(a)		189,000
			ArcelorMittal:
225		M	6.125%, 6/1/2018					239,625
225		M	10.85%, 6/1/2019					273,375
325		M	6.25%, 8/5/2020					355,062
75		M	6.5%, 3/1/2021					83,812
150		M	8%, 10/15/2039					162,750
50		M	7.75%, 3/1/2041					52,375
100		M	Bluescope Steel, Ltd., 6.5%, 5/15/2021			(a)		106,000
250		M	Commercial Metals Co., 4.875%, 5/15/2023					249,375
250		M	Constellium NV, 7.875%, 4/1/2021			(a)		267,500
			Freeport-McMoRan, Inc.:
250		M	2.375%, 3/15/2018					247,500
350		M	3.1%, 3/15/2020					336,875
200		M	5.45%, 3/15/2043					161,500
250		M	Glencore Funding, LLC, 3.125%, 4/29/2019			(a)		251,750
175		M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022			(a)		192,938
50		M	Kaiser Aluminum Corp., 5.875%, 5/15/2024					52,375
			Novelis, Inc.:
400		M	6.25%, 8/15/2024			(a)		425,500
250		M	5.875%, 9/30/2026			(a)		256,563
			Steel Dynamics, Inc.:
175		M	5.125%, 10/1/2021					182,656
100		M	6.375%, 8/15/2022					105,750
125		M	5.5%, 10/1/2024					131,250
300		M	Teck Resources, Ltd., 6%, 8/15/2040					278,250
								5,642,373
			Real Estate-2.6%
225		M	Care Capital Properties, LP, 5.125%, 8/15/2026			(a)		225,395
275		M	Dupont Fabros Technology, LP, 5.625%, 6/15/2023					290,125
			Geo Group, Inc.:
175		M	5.875%, 1/15/2022					158,375
100		M	5.125%, 4/1/2023					85,500
100		M	5.875%, 10/15/2024					86,500
225		M	6%, 4/15/2026					192,375
			Iron Mountain, Inc.:
425		M	6%, 8/15/2023					455,813
425		M	5.75%, 8/15/2024					438,813
			Lennar Corp.:
175		M	4.75%, 4/1/2021					187,250
175		M	4.875%, 12/15/2023					180,250
50		M	MPT Operating Partnership, LP, 6.375%, 3/1/2024					54,500
150		M	Realogy Group/Co-Issuer, 5.25%, 12/1/2021			(a)		158,578
75		M	Vereit Operating Partnership, LP, 4.875%, 6/1/2026					79,500
								2,592,974
			Retail-General Merchandise-1.9%
			KFC Holding Co.:
150		M	5%, 6/1/2024			(a)		157,125
200		M	5.25%, 6/1/2026			(a)		212,000
			L Brands, Inc.:
250		M	6.875%, 11/1/2035					273,750
450		M	6.75%, 7/1/2036					486,279
125		M	Landry's, Inc., 6.75%, 10/15/2024			(a)	(b)	127,500
250		M	Limited Brands, Inc., 8.5%, 6/15/2019					293,125
125		M	Netflix, Inc., 5.5%, 2/15/2022					135,156
200		M	Party City Holdings, Inc., 6.125%, 8/15/2023			(a)		214,250
								1,899,185
			Services-2.1%
275		M	ADT Corp., 3.5%, 7/15/2022					266,062
			AECOM:
250		M	5.75%, 10/15/2022					263,827
275		M	5.875%, 10/15/2024					294,937
125		M	Aramark Services, Inc., 5.125%, 1/15/2024					130,312
400		M	Ashtead Capital, Inc., 6.5%, 7/15/2022			(a)		422,500
175		M	Monitronics International, Inc., 9.125%, 4/1/2020					165,375
250		M	Prime Security Services Borrower, LLC, 9.25%, 5/15/2023			(a)		273,125
300		M	Reliance Intermediate Holdings, LP, 6.5%, 4/1/2023			(a)		316,500
								2,132,638
			Telecommunications-3.2%
			CenturyLink, Inc.:
700		M	5.8%, 3/15/2022					720,125
175		M	6.75%, 12/1/2023					182,656
200		M	Citizens Communications Co., 9%, 8/15/2031					185,000
450		M	Frontier Communications Corp., 11%, 9/15/2025					471,375
350		M	GCI, Inc., 6.75%, 6/1/2021					361,288
			Wind Acquisition Finance SA:
275		M	4.75%, 7/15/2020			(a)		278,438
675		M	7.375%, 4/23/2021			(a)		707,063
			Windstream Services, LLC:
250		M	7.5%, 6/1/2022					241,250
100		M	6.375%, 8/1/2023					91,250
								3,238,445
			Transportation-1.2%
			Aircastle, Ltd.:
75		M	4.625%, 12/15/2018					78,375
575		M	6.25%, 12/1/2019					631,062
275		M	Fly Leasing, Ltd., 6.375%, 10/15/2021					280,500
150		M	Mobile Mini, Inc., 5.875%, 7/1/2024					156,750
100		M	XPO Logistics, Inc., 6.125%, 9/1/2023			(a)		102,750
								1,249,437
			Utilities-3.2%
			AES Corp.:
75		M	8%, 6/1/2020					88,687
275		M	7.375%, 7/1/2021					316,937
250		M	5.5%, 3/15/2024					261,405
150		M	6%, 5/15/2026					158,812
			Calpine Corp.:
150		M	5.375%, 1/15/2023					150,187
75		M	5.75%, 1/15/2025					74,344
			Dynegy, Inc.:
100		M	6.75%, 11/1/2019					103,000
275		M	7.375%, 11/1/2022					272,937
221		M	FirstLight Hydro Generating, 8.812%, 10/15/2026					231,997
66		M	Indiantown Cogeneration Utilities, LP, 9.77%, 12/15/2020					71,743
			NRG Energy, Inc.:
75		M	6.25%, 7/15/2022					76,500
100		M	7.25%, 5/15/2026			(a)		102,250
225		M	6.625%, 1/15/2027			(a)		220,781
200		M	NRG Yield, Inc., 5%, 9/15/2026			(a)		196,500
351		M	NSG Holdings, LLC, 7.75%, 12/15/2025			(a)		379,396
525		M	Talen Energy Supply, LLC, 4.625%, 7/15/2019			(a)		496,125
								3,201,601
			Waste Management-.3%
275		M	ADS Waste Holdings, Inc., 8.25%, 10/1/2020					289,094
			Wireless Communications-5.4%
			Hughes Satelite Systems Corp.:
100		M	5.25%, 8/1/2026			(a)		99,000
125		M	6.625%, 8/1/2026			(a)		120,938
			Inmarsat Finance, PLC:
200		M	6.5%, 10/1/2024			(a)		201,000
150		M	4.875%, 5/15/2022			(a)		143,250
175		M	Intelsat Jackson Holdings SA, 8%, 2/15/2024			(a)		176,313
			Level 3 Financing, Inc.:
200		M	6.125%, 1/15/2021					207,750
75		M	5.125%, 5/1/2023					77,531
250		M	MetroPCS Wireless, Inc., 6.625%, 11/15/2020					257,188
			Neptune Finco Corp.:
400		M	10.125%, 1/15/2023			(a)		462,000
200		M	6.625%, 10/15/2025			(a)		217,500
225		M	SBA Communications Corp., 4.875%, 9/1/2024			(a)		227,250
			Sprint Communications, Inc.:
250		M	9%, 11/15/2018			(a)		276,875
150		M	7%, 3/1/2020			(a)		161,625
			Sprint Nextel Corp.:
950		M	7%, 8/15/2020					959,500
650		M	6%, 11/15/2022					606,125
			T -Mobile USA, Inc.:
675		M	6.25%, 4/1/2021					710,859
75		M	6.125%, 1/15/2022					79,969
450		M	6.625%, 4/1/2023					484,875
								5,469,548
Total Value of Corporate Bonds (cost $85,541,786)								88,226,307
			LOAN PARTICIPATIONS+-9.3%
			Automotive-.5%
220		M	CS Intermediate Holdco 2, LLC, 4%, 4/4/2021					221,140
250		M	Federal-Mogul Corp., 4%, 4/15/2018					247,605
								468,745
			Building Materials-.3%
313		M	Builders FirstSource, Inc., 4.75%, 7/29/2022					314,748
			Energy-.3%
300		M	Jonah Energy, LLC, 7.5%, 5/12/2021					270,750
			Food/Beverage/Tobacco-.1%
50		M	Chobani, LLC, 5.25%, 9/29/2023			(c)		49,750
			Food/Drug-.9%
			Albertson's, LLC:
299		M	4.75%, 12/21/2022					301,642
188		M	4.75%, 6/22/2023					189,937
430		M	Rite Aid Corp., 4.875%, 6/21/2021					431,343
								922,922
			Gaming/Leisure-.2%
218		M	Seminole Hard Rock Entertainment, Inc., 3.5877%, 5/14/2020					218,504
			Health Care-.9%
			Community Health Systems, Inc.:
87		M	3.75%, 12/31/2019					85,192
160		M	4%, 1/27/2021					157,016
491		M	ConvaTec, Inc., 4.25%, 6/15/2020					493,373
210		M	ExamWorks Group, Inc., 4.75%, 7/27/2023					211,837
								947,418
			Information Technology-2.4%
506		M	Avago Technologies Cayman, Ltd., 3.5243%, 2/1/2023					512,365
500		M	Avast Software BV, 5%, 8/3/2022				(b)	502,500
275		M	Dell International, LLC, 4%, 9/7/2023					276,915
500		M	Dell Software, Inc., 7%, 9/27/2022				(b)	496,354
474		M	Global Payments, Inc., 4.0244%, 4/22/2023					479,341
171		M	Match Group, Inc., 5.5%, 11/16/2022					171,691
								2,439,166
			Media-Broadcasting-.1%
100		M	Nexstar Broadcasting, Inc., 3%, 9/26/2023				(b)	100,625
			Media-CableTV-.5%
499		M	CSC Holdings, LLC, 5%, 10/9/2022					501,659
			Media-Diversified-.4%
420		M	Tribune Media Co., 3.75%, 12/27/2020					424,779
			Retail-General Merchandise-.9%
500		M	Harbor Freight Tools USA, 4%, 8/18/2023					503,646
439		M	Restaurant Brands, Inc., 3.75%, 12/10/2021					441,995
								945,641
			Services-.7%
83		M	Brickman Group, Ltd., LLC, 4%, 12/18/2020					82,627
75		M	Monitronics International, Inc., 4.25%, 9/22/2022					74,953
500		M	Safway Group Holding, LLC, 5.75%, 8/4/2023					504,166
								661,746
			Telecommunications-.3%
250		M	Telenet Group Holding, 4.3566%, 6/30/2024					252,578
			Transportation-.1%
75		M	XPO Logistics, Inc., 4.25%, 11/1/2021					75,339
			Utilities-.5%
346		M	Calpine Corp., 3.59%, 5/27/2022					346,921
175		M	Dayton Power & Light Co., 4%, 8/24/2022					177,406
								524,327
			Wireless Communications-.2%
250		M	Intelsat Jackson Holdings, Ltd., 3.75%, 6/30/2019					238,047
Total Value of Loan Participations (cost $9,292,797)								9,356,744
			PASS-THROUGH CERTIFICATES-.6%
			Transportation
631		M	American Airlines 13-2 B PTT, 5.6%, 1/15/2022 (cost $646,248)			(a)		660,836
Total Value of Investments (cost $95,480,831)				97.1	%			98,243,887
Other Assets, Less Liabilities				2.9				2,883,496
Net Assets				100.0	%			$           101,127,383

(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
	September 30, 2016, the Fund held one hundred fifty-nine 144A
	securities with an aggregate value of $40,096,049 representing 39.6%
	of the Fund's net assets.
(b)	A portion or all of the security purchased on a when-issued or delayed
	delivery basis.
(c)	Securities fair valued as determined in good faith pursuant to
	procedures adopted by the Fund's Board of Trustees. At September 30, 2016,
	the Fund held one security that was fair valued by the Valuation
	Committee with a value of $49,750 representing 0% of the Fund's net assets.
+	Interest rates are determined and reset periodically. The interest rates
	above are the rates in effect at September 30, 2016.
	Summary of Abbreviations:
	PTT	Pass-Through Trust
	At September 30, 2016, the cost of investments for federal income tax
	purposes was $95,487,018. Accumulated net unrealized appreciation
	on investments was $2,756,869, consisting of $3,364,491 gross
	unrealized appreciation and $607,622 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 September 30, 2016:

	Level 1			Level 2	Level 3			Total
Corporate Bonds	$	-	$	88,226,307	$	-	$	88,226,307
Loan Participations		-		9,356,744		-		9,356,744
Pass-Through Certificates		-		660,836		-		660,836
Total Investments in Securities*	$	-	$	98,243,887	$	-	$	98,243,887

*The Portfolio of Investments provides information on the industry categorization for 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 September 30, 2016. Transfers, if any,

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

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

Principal
Amount			Security					Value
			RESIDENTIAL MORTGAGE-BACKED SECURITIES-47.8%
			Fannie Mae-35.9%
$	4,793	M	3%, 7/1/2021 - 10/13/2046			(a)		$           5,008,433
2,970		M	3.5%, 11/1/2028 - 10/13/2046			(a)		3,149,216
1,683		M	4%, 10/1/2035 - 11/1/2045					1,819,627
277		M	4.5%, 11/1/2040 - 8/1/2041					304,343
339		M	5.5%, 7/1/2034 - 10/1/2039					387,467
150		M	9%, 11/1/2026					171,532
								10,840,618
			Freddie Mac-3.3%
291		M	3.5%, 8/1/2044 - 2/1/2046					308,048
500		M	4%, 12/1/2040 - 7/1/2044					536,041
150		M	4.5%, 5/1/2044					163,935
								1,008,024
			Government National Mortgage Association I Program-8.6%
459		M	4%, 11/15/2025 - 8/15/2041					492,699
533		M	4.5%, 12/15/2039 - 6/15/2040					593,733
979		M	5%, 6/15/2033 - 4/15/2040					1,109,474
198		M	5.5%, 2/15/2033 - 1/15/2036					225,329
145		M	6%, 11/15/2032 - 4/15/2036					169,045
								2,590,280
Total Value of Residential Mortgage-Backed Securities (cost $14,090,736)								14,438,922
			U.S. GOVERNMENT AGENCY OBLIGATIONS-23.5%
			Fannie Mae:
770		M	1.125%, 7/20/2018					773,998
125		M	1.375%, 2/26/2021					125,905
300		M	1.5%, 11/30/2020					304,221
850		M	1.625%, 11/27/2018					864,005
400		M	1.875%, 9/24/2026					398,535
			Federal Farm Credit Bank:
550		M	1.7%, 2/6/2019					559,916
300		M	2.125%, 3/6/2019					308,295
200		M	4.875%, 1/17/2017					202,564
			Federal Home Loan Bank:
750		M	1.03%, 9/28/2018					751,192
1,000		M	1.625%, 10/7/2021					998,411
			Freddie Mac:
800		M	0.875%, 3/7/2018					800,741
1,000		M	1.25%, 8/1/2019					1,007,677
Total Value of U.S. Government Agency Obligations (cost $7,082,411)								7,095,460
			U.S. GOVERNMENT OBLIGATIONS-18.6%
68		M	FDA Queens, LP, 6.99%, 6/15/2017				(b)	68,806
			U.S. Treasury Bonds:
520		M	2.5%, 2/15/2046					310,184
300		M	2.5%, 5/15/2046					538,220
			U.S. Treasury Notes:
500		M	1.125%, 8/31/2021					499,551
1,095		M	1.375%, 10/31/2020					1,107,939
300		M	1.5%, 3/31/2023					302,186
850		M	1.625%, 2/15/2026					851,644
1,260		M	1.875%, 8/31/2022					1,300,408
630		M	2%, 2/15/2025					652,517
Total Value of U.S. Government Obligations (cost $5,504,644)								5,631,455
			COMMERCIAL MORTGAGE-BACKED SECURITIES-6.1%
			Fannie Mae-3.7%
200		M	2.4994%, 9/25/2026					203,698
385		M	2.996%, 11/1/2022					409,749
500		M	3.84%, 5/1/2018					515,243
								1,128,690
			Federal Home Loan Mortgage Corporation-2.4%
			Multi-Family Structured Pass-Through:
379		M	2.849%, 3/25/2026					397,959
300		M	3.08%, 1/25/2031					324,085
								722,044
Total Value of Commercial Mortgage-Backed Securities (cost $1,859,371)								1,850,734
			COLLATERALIZED MORTGAGE OBLIGATIONS-1.8%
494		M	Fannie Mae, 4%, 2/25/2025 (cost $532,694)					537,934
			SOVEREIGN BONDS-1.0%
300		M	Ukraine Government Aid Bonds, 1.471%, 9/29/2021 (cost $300,000)					302,940
Total Value of Investments (cost $29,369,856)				98.8	%			29,857,445
Other Assets, Less Liabilities				1.2				351,083
Net Assets				100.0	%			$           30,208,528

(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 September 30, 2016, the Fund held
	one 144A security with a value of $68,806 representing .2% of the Fund's net
	assets.
	At September 30, 2016, the cost of investments for federal income tax purposes
	was $29,370,023. Accumulated net unrealized appreciation on investments
	was $487,422, consisting of $563,181 gross unrealized appreciation and
	$75,759 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 September 30, 2016:

	Level 1			Level 2	Level 3			Total
Residential
Mortgage-Backed Securities	$	-	$	14,438,922	$	-	$	14,438,922
U.S. Government Agency
Obligations		-		7,095,460		-		7,095,460
U.S. Government Obligations		-		5,631,455		-		5,631,455
Commercial
Mortgage-Backed Securities		-		1,850,734		-		1,850,734
Collateralized Mortgage
Obligations		-		537,934		-		537,934
Sovereign Bonds		-		302,940		-		302,940
Total Investments in Securities	$	-	$	29,857,445	$	-	$	29,857,445

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

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

Portfolio of Investments (unaudited)
GROWTH & INCOME FUND
September 30, 2016

Shares or
Principal
Amount				Security			Value
				COMMON STOCKS-98.6%
				Consumer Discretionary-19.2%
	112,400			American Eagle Outfitters, Inc.			$           2,007,464
79,800				Big Lots, Inc.			3,810,450
75,200				BorgWarner, Inc.			2,645,536
113,000				CBS Corporation - Class "B"			6,185,620
82,100				Delphi Automotive, PLC			5,855,372
99,900				DSW, Inc. - Class "A"			2,045,952
45,400				Foot Locker, Inc.			3,074,488
179,700				Ford Motor Company			2,168,979
36,400				Harman International Industries, Inc.			3,073,980
48,000				Home Depot, Inc.			6,176,640
107,576				Johnson International, PLC			5,005,511
58,400				L Brands, Inc.			4,132,968
43,900				Lear Corporation			5,321,558
59,900				Magna International, Inc.			2,572,705
58,300			*	Michaels Companies, Inc.			1,409,111
245,715				Newell Brands, Inc.			12,939,352
23,100				Oxford Industries, Inc.			1,563,870
52,400				Penske Automotive Group, Inc.			2,524,632
71,600			*	Select Comfort Corporation			1,546,560
128,700				Stein Mart, Inc.			817,245
79,800				Tupperware Brands Corporation			5,216,526
42,700				Walt Disney Company			3,965,122
16,100				Whirlpool Corporation			2,610,776
44,900				Wyndham Worldwide Corporation			3,023,117
							89,693,534
				Consumer Staples-9.7%
15,900				AdvancePierre Foods Holdings, Inc.			438,204
128,200				Altria Group, Inc.			8,106,086
14,500				B&G Foods, Inc. - Class "A"			713,110
96,178				Coca-Cola Company			4,070,253
77,400				CVS Health Corporation			6,887,826
149,179				Koninklijke Ahold Delhaize NV (ADR)			3,378,904
37,300				Nu Skin Enterprises, Inc. - Class "A"			2,416,294
44,100				PepsiCo, Inc.			4,796,757
78,700				Philip Morris International, Inc.			7,651,214
28,000				Procter & Gamble Company			2,513,000
21,500				Tyson Foods, Inc. - Class "A"			1,605,405
42,650				Wal-Mart Stores, Inc.			3,075,918
							45,652,971
				Energy-5.9%
36,900				Anadarko Petroleum Corporation			2,337,984
9,300				Chevron Corporation			957,156
61,400				ConocoPhillips			2,669,058
46,900				Devon Energy Corporation			2,068,759
53,400				ExxonMobil Corporation			4,660,752
26,700				Hess Corporation			1,431,654
80,222				Marathon Oil Corporation			1,268,310
90,622				Marathon Petroleum Corporation			3,678,347
26,700				Occidental Petroleum Corporation			1,946,964
26,600				PBF Energy, Inc. - Class "A"			602,224
30,650				Phillips 66			2,468,857
12,900				Schlumberger, Ltd.			1,014,456
93,607				Suncor Energy, Inc.			2,600,402
							27,704,923
				Financials-11.8%
66,706				American Express Company			4,271,852
56,800				American International Group, Inc.			3,370,512
40,800				Ameriprise Financial, Inc.			4,070,616
34,400				Chubb, Ltd.			4,322,360
138,300				Citizens Financial Group, Inc.			3,417,393
86,543				Discover Financial Services			4,894,007
145,900				Financial Select Sector SPDR Fund (ETF)			2,815,870
6,800				iShares Core S&P Mid-Cap ETF (ETF)			1,052,028
25,700				iShares Russell 2000 ETF (ETF)			3,192,197
105,888				JPMorgan Chase & Company			7,051,082
59,100				MetLife, Inc.			2,625,813
15,000				Morgan Stanley			480,900
40,100				PNC Financial Services Group, Inc.			3,612,609
66,400				SPDR S&P Regional Banking (ETF)			2,806,728
94,800				U.S. Bancorp			4,065,972
76,567				Wells Fargo & Company			3,390,387
							55,440,326
				Health Care-18.8%
113,300				Abbott Laboratories			4,791,457
89,400				AbbVie, Inc.			5,638,458
9,400			*	Allergan, PLC			2,164,914
69,800			*	AMN Healthcare Services, Inc.			2,224,526
45,039				Baxter International, Inc.			2,143,856
45,100				Cardinal Health, Inc.			3,504,270
27,600			*	Centene Corporation			1,848,096
42,722			*	Express Scripts Holding Company			3,013,183
85,300				Gilead Sciences, Inc.			6,748,936
69,400				Hill-Rom Holdings, Inc.			4,301,412
72,275				Johnson & Johnson			8,537,846
2,512			*	Mallinckrodt, PLC			175,287
18,900				McKesson Corporation			3,151,575
42,712				Medtronic, PLC			3,690,317
86,743				Merck & Company, Inc.			5,413,631
32,100			*	Mylan NV			1,223,652
800			*	Patheon NV (ADR)			23,704
230,993				Pfizer, Inc.			7,823,733
80,200				Phibro Animal Health Corporation - Class "A"			2,179,836
17,159				Shire, PLC (ADR)			3,326,444
69,443				Thermo Fisher Scientific, Inc.			11,045,604
60,100			*	VWR Corporation			1,704,436
69,572				Zoetis, Inc.			3,618,440
							88,293,613
				Industrials-8.3%
37,294				3M Company			6,572,322
95,796				General Electric Company			2,837,477
56,000				Honeywell International, Inc.			6,529,040
14,700				Ingersoll-Rand, PLC			998,718
60,500				ITT, Inc.			2,168,320
53,300				Koninklijke Philips NV (ADR)			1,577,147
5,400				Lockheed Martin Corporation			1,294,488
34,400				ManpowerGroup, Inc.			2,485,744
23,800				Nielsen Holdings, PLC			1,274,966
15,500				Robert Half International, Inc.			586,830
33,500				Snap-On, Inc.			5,090,660
29,400				Textainer Group Holdings, Ltd.			220,206
44,700				Textron, Inc.			1,776,825
104,300				Triton International, Ltd.			1,375,717
40,200				United Technologies Corporation			4,084,320
							38,872,780
				Information Technology-17.9%
80,300				Apple, Inc.			9,077,915
165,700				Applied Materials, Inc.			4,995,855
199,600				ARRIS International, PLC			5,654,668
24,200				Broadcom, Ltd.			4,174,984
241,900				Cisco Systems, Inc.			7,673,068
28,243			*	Dell Technologies, Inc. - Class "V"			1,350,015
66,400			*	eBay, Inc.			2,184,560
240,000				Hewlett Packard Enterprise Company			5,460,000
155,200				Intel Corporation			5,858,800
20,100				International Business Machines Corporation			3,192,885
69,400				Juniper Networks, Inc.			1,669,764
53,900				Methode Electronics, Inc.			1,884,883
166,100				Microsoft Corporation			9,567,360
25,800			*	NXP Semiconductors NV			2,631,858
93,100				Oracle Corporation			3,656,968
79,988				QUALCOMM, Inc.			5,479,178
16,400				Sabre Corporation			462,152
164,560				Symantec Corporation			4,130,456
22,900				TE Connectivity, Ltd.			1,474,302
64,500				Travelport Worldwide, Ltd.			969,435
37,165				Western Digital Corporation			2,173,037
							83,722,143
				Materials-1.1%
10,700				Praxair, Inc.			1,292,881
36,050				RPM International, Inc.			1,936,606
33,600				Trinseo SA			1,900,416
							5,129,903
				Real Estate-2.4%
152,200				Brixmor Property Group, Inc. (REIT)			4,229,638
20,301				Real Estate Select Sector SPDR Fund (ETF)			665,264
176,218				Sunstone Hotel Investors, Inc. (REIT)			2,253,828
48,900				Tanger Factory Outlet Centers, Inc. (REIT)			1,905,144
99,800				Urstadt Biddle Properties, Inc. - Class "A" (REIT)			2,217,556
							11,271,430
				Telecommunication Services-2.5%
141,400				AT&T, Inc.			5,742,254
113,000				Verizon Communications, Inc.			5,873,740
							11,615,994
				Utilities-1.0%
119,600				Exelon Corporation			3,981,484
21,900				NiSource, Inc.			528,009
							4,509,493
Total Value of Common Stocks (cost $290,281,724)							461,907,110
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-1.2%
$	5,500	M		Federal Home Loan Bank, 0.28%, 10/13/2016 (cost $5,499,487)			5,499,725
Total Value of Investments (cost $295,781,211)					99.8	%	467,406,835
Other Assets, Less Liabilities					.2		922,438
Net Assets					100.0	%	$           468,329,273

*	Non-income producing
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	REIT	Real Estate Investment Trust
	At September 30, 2016, the cost of investments for federal income tax
	purposes was $297,244,871. Accumulated net unrealized appreciation on
	investments was $170,161,964, consisting of $179,440,479 gross unrealized
	appreciation and $9,278,515 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 September 30, 2016:

		Level 1		Level 2	Level 3			Total
Common Stocks	$	461,907,110	$	-	$	-	$	461,907,110
Short-Term U.S. Government
Agency Obligations		-		5,499,725		-		5,499,725
Total Investments in Securities*	$	461,907,110	$	5,499,725	$	-	$	467,406,835

*The Portfolio of Investments provides information on the industry categorization for common stocks.

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

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

Portfolio of Investments (unaudited)
INTERNATIONAL FUND
September 30, 2016

Shares or
Principal
Amount				Security			Value
				COMMON STOCKS-97.6%
				United Kingdom-19.7%
	123,899			British American Tobacco, PLC			$           7,917,126
76,968				Diageo, PLC			2,205,228
15,616				DCC, PLC			1,421,900
398,655				Domino's Pizza Group, PLC			1,929,926
62,141				Imperial Brands, PLC			3,200,400
930,449				Lloyds Banking Group, PLC			657,870
67,568				Reckitt Benckiser Group, PLC			6,362,525
53,867				SABMiller, PLC			3,138,378
							26,833,353
				United States-15.2%
22,596				Accenture, PLC - Class "A"			2,760,553
5,573			*	Alphabet, Inc. - Class "C"			4,331,837
34,024				MasterCard, Inc.			3,462,622
74,771				Philip Morris International, Inc.			7,269,237
1,922			*	Priceline Group, Inc.			2,828,204
							20,652,453
				Switzerland-10.0%
405				Chocoladefabriken Lindt & Spruengli AG			2,340,787
68,812				Nestle SA - Registered			5,422,088
18,297				Roche Holding AG - Genusscheine			4,538,937
94,652				UBS Group AG			1,288,982
							13,590,794
				India-9.5%
338,844				HDFC Bank, Ltd.			6,477,885
5,239				HDFC Bank, Ltd. (ADR)			376,632
231,049				Housing Development Finance Corporation, Ltd.			4,835,615
359,548				ITC, Ltd.			1,303,346
							12,993,478
				France-6.4%
94,169				Bureau Veritas SA			2,019,970
14,867				Essilor International SA			1,917,267
3,374				Hermes International			1,373,001
10,920				L'Oreal SA			2,062,090
11,762				Sodexo SA			1,400,568
							8,772,896
				Japan-6.1%
13,722				Daito Trust Construction Company, Ltd.			2,188,781
58,900				Japan Tobacco, Inc.			2,392,477
8,800				Shimano, Inc.			1,294,769
93,789				Unicharm Corporation			2,412,589
							8,288,616
				China-4.1%
27,060			*	Alibaba Group Holding, Ltd. (ADR)			2,862,677
98,645				Tencent Holdings, Ltd.			2,708,909
							5,571,586
				Netherlands-4.0%
117,967				Unilever NV-CVA			5,443,214
				Canada-3.5%
62,603				Alimentation Couche-Tard, Inc. - Class "B"			3,033,880
26,300				Canadian National Railway Company			1,719,188
							4,753,068
				Spain-3.2%
14,346				Aena SA			2,115,986
101,375				Grifols SA			2,184,222
							4,300,208
				Germany-3.1%
46,118				SAP SE			4,192,216
				Australia-2.9%
27,604				CSL, Ltd.			2,260,562
27,830				Ramsay Health Care, Ltd.			1,685,234
							3,945,796
				Denmark-2.7%
17,782				Coloplast A/S - Series "B"			1,379,011
56,791				Novo Nordisk A/S - Series "B"			2,359,758
							3,738,769
				South Africa-2.5%
19,511				Naspers, Ltd.			3,377,148
				Belgium-2.0%
20,870				Anheuser-Busch InBev NV			2,733,621
				Ireland-1.4%
16,953				Paddy Power, PLC			1,917,756
				Hong Kong-1.3%
239,365				Link REIT (REIT)			1,759,038
Total Value of Common Stocks (cost $91,870,998)							132,864,010
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-1.4%
				United States
$	2,000	M		Federal Home Loan Bank, 0.295%, 10/21/2016 (cost $1,999,672)			1,999,820
Total Value of Investments (cost $93,870,670)					99.0	%	134,863,830
Other Assets, Less Liabilities					1.0		1,312,657
Net Assets					100.0	%	$           136,176,487

*	Non-income producing
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	REIT	Real Estate Investment Trust
	At September 30, 2016, the cost of investments for federal income tax
	purposes was $94,185,753. Accumulated net unrealized appreciation on
	investments was $40,678,077, consisting of $41,924,667 gross unrealized
	appreciation and $1,246,590 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 September 30, 2016:

		Level 1		Level 2	Level 3			Total
Common Stocks
United Kingdom	$	26,833,353	$	-	$	-	$	26,833,353
United States		20,652,453		-		-		20,652,453
Switzerland		13,590,794		-		-		13,590,794
India		12,993,478		-		-		12,993,478
France		8,772,896		-		-		8,772,896
Japan		8,288,616		-		-		8,288,616
China		5,571,586		-		-		5,571,586
Netherlands		5,443,214		-		-		5,443,214
Canada		4,753,068		-		-		4,753,068
Spain		4,300,208		-		-		4,300,208
Germany		4,192,216		-		-		4,192,216
Australia		3,945,796		-		-		3,945,796
Denmark		3,738,769		-		-		3,738,769
South Africa		3,377,148		-		-		3,377,148
Belgium		2,733,621		-		-		2,733,621
Ireland		1,917,756		-		-		1,917,756
Hong Kong		1,759,038		-		-		1,759,038
Short-Term U.S. Government
Agency Obligations		-		1,999,820		-		1,999,820
Total Investments in Securities	$	132,864,010	$	1,999,820	$	-	$	134,863,830

During the period ended September 30, 2016, there were no transfers between Level 1 investments and Level 2 investments that had a

material inpact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund

utilizing international fair value pricing during the period (see Note 1A). Transfers, if any, between Levels are recognized at the end of

the reporting period.

Transfers between Level 1 and Level 2 securities as of September 30, 2016 resulted from securities priced previously with an official

close price (Level 1 securities) or securities fair valued by the Valuation Committee (Level 2 securities). Transfers from Level 2 to Level

1 as of September 30, 2016 were $90,150,950. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
INVESTMENT GRADE FUND
September 30, 2016

	Principal
	Amount		Security				Value
			CORPORATE BONDS-95.3%
			Aerospace/Defense-.6%
$	400	M	Rolls-Royce, PLC, 3.625%, 10/14/2025			(a)	$    423,192
			Agriculture-.6%
	400	M	Cargill, Inc., 6%, 11/27/2017			(a)	420,817
			Automotive-1.3%
	500	M	Johnson Controls, Inc., 5%, 3/30/2020				549,534
	300	M	O'Reilly Automotive, Inc., 3.55%, 3/15/2026				318,653
							868,187
			Chemicals-2.6%
	300	M	Agrium, Inc., 3.375%, 3/15/2025				309,635
	250	M	CF Industries, Inc., 3.45%, 6/1/2023				252,253
	500	M	Dow Chemical Co., 4.25%, 11/15/2020				543,350
	500	M	LyondellBasell Industries NV, 6%, 11/15/2021				585,636
							1,690,874
			Consumer Non-Durables-.8%
			Newell Brands, Inc.:
	265	M	4.7%, 8/15/2020				287,022
	200	M	4.2%, 4/1/2026				218,074
							505,096
			Energy-8.8%
	575	M	Canadian Oil Sands, Ltd., 7.75%, 5/15/2019			(a)	645,841
	500	M	Continental Resources, Inc., 5%, 9/15/2022				500,000
	400	M	DCP Midstream Operating, LP, 2.5%, 12/1/2017				399,000
	500	M	Enbridge Energy Partners, LP, 4.2%, 9/15/2021				530,710
	500	M	Kinder Morgan Energy Partners, LP, 3.45%, 2/15/2023				499,136
	400	M	Magellan Midstream Partners, LP, 5%, 3/1/2026				456,552
			Marathon Oil Corp.:
	300	M	6%, 10/1/2017				310,287
	200	M	3.85%, 6/1/2025				190,273
	500	M	Nabors Industries, Inc., 6.15%, 2/15/2018				520,618
	200	M	ONEOK Partners, LP, 3.375%, 10/1/2022				202,060
	400	M	Spectra Energy Capital, LLC, 6.2%, 4/15/2018				423,248
	400	M	Suncor Energy, Inc., 6.1%, 6/1/2018				429,822
			Valero Energy Corp.:
	466	M	9.375%, 3/15/2019				548,894
	100	M	3.4%, 9/15/2026				99,542
							5,755,983
			Financial Services-14.9%
	400	M	American Express Co., 7%, 3/19/2018				431,616
			American International Group, Inc.:
	400	M	3.75%, 7/10/2025				420,304
	200	M	4.7%, 7/10/2035				217,237
	500	M	Ameriprise Financial, Inc., 5.3%, 3/15/2020				557,148
	500	M	Assured Guaranty U.S. Holding, Inc., 5%, 7/1/2024				559,541
	400	M	Berkshire Hathaway, Inc., 3.4%, 1/31/2022				433,514
	300	M	Compass Bank, 6.4%, 10/1/2017				312,399
			ERAC USA Finance, LLC:
	500	M	4.5%, 8/16/2021			(a)	554,190
	500	M	7%, 10/15/2037			(a)	684,047
	600	M	Ford Motor Credit Co., LLC, 8.125%, 1/15/2020				709,121
			General Electric Capital Corp.:
	700	M	4.65%, 10/17/2021				798,065
	450	M	6.75%, 3/15/2032				633,415
	300	M	Harley-Davidson Financial Services, Inc., 2.4%, 9/15/2019			(a)	305,857
	200	M	Harley-Davidson Funding Corp., 6.8%, 6/15/2018			(a)	217,222
	300	M	KeyBank NA, 3.4%, 5/20/2026				307,226
	400	M	Liberty Mutual Group, Inc., 4.95%, 5/1/2022			(a)	446,893
	300	M	National City Corp., 6.875%, 5/15/2019				338,134
	600	M	Protective Life Corp., 7.375%, 10/15/2019				692,346
	300	M	Prudential Financial, Inc., 7.375%, 6/15/2019				345,503
	400	M	State Street Corp., 3.55%, 8/18/2025				434,185
	300	M	U.S. Bancorp, 3.1%, 4/27/2026				310,279
							9,708,242
			Financials-25.0%
			Bank of America Corp.:
	625	M	5%, 5/13/2021				699,407
	350	M	4.1%, 7/24/2023				378,943
	475	M	5.875%, 2/7/2042				621,537
			Barclays Bank, PLC:
	400	M	5.125%, 1/8/2020				436,332
	600	M	3.75%, 5/15/2024				628,748
	300	M	Capital One Financial Corp., 3.75%, 4/24/2024				319,024
			Citigroup, Inc.:
	200	M	8.5%, 5/22/2019				233,500
	1,450	M	4.5%, 1/14/2022				1,603,327
	500	M	3.7%, 1/12/2026				528,751
			Deutsche Bank AG:
	300	M	3.375%, 5/12/2021				293,770
	400	M	3.7%, 5/30/2024				383,667
	400	M	General Motors Financial Co., 5.25%, 3/1/2026				440,120
			Goldman Sachs Group, Inc.:
	200	M	5.375%, 3/15/2020				221,643
	200	M	2.35%, 11/15/2021				199,775
	600	M	5.75%, 1/24/2022				697,733
	300	M	3.625%, 1/22/2023				317,410
	700	M	6.125%, 2/15/2033				884,496
			JPMorgan Chase & Co.:
	600	M	6%, 1/15/2018				634,027
	500	M	4.5%, 1/24/2022				554,050
	300	M	6.4%, 5/15/2038				414,224
			Morgan Stanley:
	500	M	5.95%, 12/28/2017				526,630
	600	M	6.625%, 4/1/2018				643,118
	850	M	5.5%, 7/28/2021				970,487
	600	M	SunTrust Banks, Inc., 6%, 9/11/2017				624,509
	500	M	U.S. Bancorp, 3.6%, 9/11/2024				536,426
	400	M	UBS AG, 4.875%, 8/4/2020				445,334
	500	M	Visa, Inc., 3.15%, 12/14/2025				528,784
	250	M	Wells Fargo Bank NA, 5.85%, 2/1/2037				313,905
			Wells Fargo & Co.:
	300	M	4.60%, 4/1/2021				331,415
	900	M	3.45%, 2/13/2023				928,861
							16,339,953
			Food/Beverage/Tobacco-4.8%
			Anheuser-Busch InBev Finance:
	300	M	4.9%, 2/1/2046				358,413
	400	M	3.65%, 2/1/2026				430,434
	550	M	Bunge Ltd. Finance Corp., 8.5%, 6/15/2019				645,258
	700	M	Dr. Pepper Snapple Group, Inc., 6.82%, 5/1/2018				759,375
	440	M	Ingredion, Inc., 4.625%, 11/1/2020				481,854
	400	M	SABMiller Holdings, Inc., 3.75%, 1/15/2022			(a)	433,376
							3,108,710
			Food/Drug-1.0%
	400	M	CVS Health Corp., 3.875%, 7/20/2025				436,244
	200	M	Kroger Co., 2.65%, 10/15/2026			(b)	198,941
							635,185
			Forest Products/Containers-.4%
	250	M	Rock-Tenn Co., 4.9%, 3/1/2022				281,255
			Health Care-2.6%
	300	M	Biogen, Inc., 6.875%, 3/1/2018				323,051
	450	M	Express Scripts Holding Co., 4.75%, 11/15/2021				504,684
	400	M	Gilead Sciences, Inc., 3.65%, 3/1/2026				431,034
	400	M	Laboratory Corp. of America Holdings, 3.75%, 8/23/2022				426,963
							1,685,732
			Information Technology-1.9%
	200	M	Apple, Inc., 2.5%, 2/9/2025				202,668
	400	M	Diamond 1 Finance Corp., 3.48%, 6/1/2019			(a)	411,648
	400	M	Hewlett Packard Enterprise Co., 2.85%, 10/5/2018			(a)	407,751
	200	M	Pitney Bowes, Inc., 5.75%, 9/15/2017				207,582
							1,229,649
			Manufacturing-2.7%
	750	M	CRH America, Inc., 8.125%, 7/15/2018				830,008
	400	M	Ingersoll-Rand Global Holdings Co., Ltd., 6.875%, 8/15/2018				439,912
	500	M	Tyco Electronics Group SA, 6.55%, 10/1/2017				525,465
							1,795,385
			Media-Broadcasting-2.0%
	200	M	ABC, Inc., 8.75%, 8/15/2021				258,440
	400	M	British Sky Broadcasting Group, PLC, 9.5%, 11/15/2018			(a)	463,624
	500	M	Comcast Corp., 4.25%, 1/15/2033				556,336
							1,278,400
			Media-Diversified-1.6%
	620	M	S&P Global, Inc., 5.9%, 11/15/2017				647,273
	400	M	Time Warner, Inc., 3.6%, 7/15/2025				426,265
							1,073,538
			Metals/Mining-4.0%
	500	M	Alcoa, Inc., 6.15%, 8/15/2020				553,125
	400	M	Glencore Finance Canada, Ltd., 4.95%, 11/15/2021			(a)	423,522
	500	M	Newmont Mining Corp., 5.125%, 10/1/2019				546,077
	500	M	Rio Tinto Finance USA, Ltd., 3.75%, 9/20/2021				541,319
	500	M	Vale Overseas, Ltd., 5.625%, 9/15/2019				529,375
							2,593,418
			Real Estate-6.6%
	300	M	AvalonBay Communities, Inc., 3.5%, 11/15/2024				314,695
	400	M	Boston Properties, LP, 5.875%, 10/15/2019				444,426
			Digital Realty Trust, LP:
	300	M	5.25%, 3/15/2021				335,761
	300	M	4.75%, 10/1/2025				326,105
	400	M	ERP Operating, LP, 3.375%, 6/1/2025				418,282
	200	M	HCP, Inc., 4.25%, 11/15/2023				210,306
			Prologis, LP:
	200	M	3.35%, 2/1/2021				211,656
	125	M	3.75%, 11/1/2025				134,736
	500	M	Realty Income Corp., 3.25%, 10/15/2022				517,577
	500	M	Simon Property Group, LP, 3.375%, 10/1/2024				531,538
	400	M	Ventas Realty, LP, 4.75%, 6/1/2021				444,546
	400	M	Welltower, Inc., 4%, 6/1/2025				424,909
							4,314,537
			Retail-General Merchandise-1.1%
	400	M	Amazon.com, Inc., 4.8%, 12/5/2034				471,421
	200	M	Home Depot, Inc., 5.875%, 12/16/2036				274,856
							746,277
			Telecommunications-2.2%
	400	M	AT&T, Inc., 3.8%, 3/15/2022				428,964
			Verizon Communications, Inc.:
	450	M	5.15%, 9/15/2023				524,997
	400	M	4.862%, 8/21/2046				449,876
							1,403,837
			Transportation-2.7%
	400	M	Burlington North Santa Fe, LLC, 5.15%, 9/1/2043				498,616
	440	M	GATX Corp., 4.75%, 6/15/2022				491,121
	300	M	Penske Truck Leasing Co., LP, 4.875%, 7/11/2022			(a)	335,194
	400	M	Southwest Airlines Co., 2.65%, 11/5/2020				410,891
							1,735,822
			Utilities-7.1%
	300	M	Duke Energy Progress, Inc., 4.15%, 12/1/2044				329,160
	300	M	E.ON International Finance BV, 5.8%, 4/30/2018			(a)	318,849
	300	M	Electricite de France SA, 3.625%, 10/13/2025			(a)	315,804
	300	M	Entergy Arkansas, Inc., 4.95%, 12/15/2044				318,731
	400	M	Exelon Generation Co., LLC, 5.2%, 10/1/2019				439,735
			Great River Energy Co.:
	22	M	5.829%, 7/1/2017			(a)	22,176
	264	M	4.478%, 7/1/2030			(a)	284,784
	500	M	Ohio Power Co., 5.375%, 10/1/2021				572,804
	450	M	Oklahoma Gas & Electric Co., 4%, 12/15/2044				480,082
	236	M	San Diego Gas & Electric Co., 1.914%, 2/1/2022				235,567
	604	M	Sempra Energy, 9.8%, 2/15/2019				715,431
	500	M	South Carolina Electric & Gas Co., 5.45%, 2/1/2041				631,255
							4,664,378
Total Value of Corporate Bonds (cost $60,825,269)							62,258,467
			U.S. GOVERNMENT OBLIGATIONS-3.6%
			U.S. Treasury Bonds:
	525	M	2.5%, 2/15/2045				542,678
	400	M	3%, 11/15/2044				456,188
	300	M	3%, 5/15/2045				342,123
	1,000	M	U.S. Treasury Notes, 1.25%, 7/31/2023				989,668
Total Value of U.S. Government Obligations (cost $2,257,482)							2,330,657
Total Value of Investments (cost $63,082,751)				98.9	%		64,589,124
Other Assets, Less Liabilities				1.1			714,726
Net Assets				100.0	%		$  65,303,850

(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 September 30, 2016, the Fund held
	eighteen 144A securities with an aggregate value of $7,114,787
	representing 10.9% of the Fund's net assets.
(b)	A portion or all of the security purchased on a when-issued or
	delayed delivery basis.
	At September 30, 2016, the cost of investments for federal income
	tax purposes was $63,083,439. Accumulated net unrealized
	appreciation on investments was $1,505,685, consisting of
	$2,358,681 gross unrealized appreciation and $852,996 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 September 30, 2016:

		Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	62,258,467	$	-	$	62,258,467
U.S. Government Obligations		-		2,330,657		-		2,330,657
Total Investments in Securities*	$	-	$	64,589,124	$	-	$	64,589,124

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

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

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

	Principal
	Amount		Security				Value
			CORPORATE BONDS-67.7%
			Automotive-1.4%
$	100	M	BMW U.S. Capital, LLC, 1.85%, 9/15/2021			(a)	$     99,785
			Consumer Durables-1.4%
	100	M	Stanley Black & Decker, Inc., 2.451%, 11/17/2018				102,221
			Energy-5.8%
	100	M	ConocoPhillips Co., 1.05%, 12/15/2017				99,339
	100	M	Statoil ASA, 5.25%, 4/15/2019				109,514
	100	M	Suncor Energy, Inc., 6.1%, 6/1/2018				107,456
	100	M	TransCanada Pipelines, Ltd., 1.625%, 11/9/2017				100,281
							416,590
			Financial Services-12.3%
	100	M	American Express Co., 7%, 3/19/2018				107,904
	100	M	Ameriprise Financial, Inc., 5.3%, 3/15/2020				111,430
	100	M	BlackRock, Inc., 5%, 12/10/2019				110,992
	200	M	Harley-Davidson Funding Corp., 6.8%, 6/15/2018			(a)	217,222
	100	M	Protective Life Corp., 7.375%, 10/15/2019				115,391
	100	M	Prudential Financial, Inc., 7.375%, 6/15/2019				115,168
	100	M	State Street Bank & Trust, 5.25%, 10/15/2018				107,137
							885,244
			Financials-16.1%
	100	M	Bank of America Corp., 5.65%, 5/1/2018				106,117
	100	M	Bank of Montreal, 1.9%, 8/27/2021				99,547
	100	M	Barclays Bank, PLC, 6.75%, 5/22/2019				112,147
	100	M	Citigroup, Inc., 6.125%, 11/21/2017				105,169
	200	M	Fifth Third Bank, 1.625%, 9/27/2019				199,973
	100	M	Goldman Sachs Group, Inc., 6.15%, 4/1/2018				106,549
	100	M	JPMorgan Chase & Co., 6%, 1/15/2018				105,671
	100	M	Morgan Stanley, 6.625%, 4/1/2018				107,186
	100	M	U.S. Bank NA, 2.125%, 10/28/2019				101,828
	100	M	Wells Fargo & Co., 4.60%, 4/1/2021				110,472
							1,154,659
			Food/Beverage/Tobacco-4.5%
	100	M	Anheuser-Busch InBev Finance, Inc., 1.9%, 2/1/2019				101,023
	200	M	Ingredion, Inc., 4.625%, 11/1/2020				219,024
							320,047
			Forest Products/Containers-1.5%
	100	M	Georgia Pacific, LLC, 3.163%, 11/15/2021			(a)	104,626
			Health Care-2.8%
	100	M	Gilead Sciences, Inc., 2.55%, 9/1/2020				103,348
	100	M	Teva Pharmaceutical NE, 2.2%, 7/21/2021				99,736
							203,084
			Information Technology-4.2%
	100	M	Apple, Inc., 1.55%, 8/4/2021				99,896
	100	M	Diamond 1 Finance Corp., 4.42%, 6/15/2021			(a)	104,621
	100	M	Microsoft Corp., 1.55%, 8/8/2021				99,661
							304,178
			Manufacturing-1.5%
	100	M	Tyco Electronics Group SA, 6.55%, 10/1/2017				105,093
			Real Estate-4.6%
	100	M	Boston Properties, LP, 5.875%, 10/15/2019				111,107
	100	M	Realty Income Corp., 3.25%, 10/15/2022				103,515
	100	M	Welltower, Inc., 6.125%, 4/15/2020				113,368
							327,990
			Retail-General Merchandise-1.4%
	100	M	McDonald's Corp., 2.1%, 12/7/2018				101,581
			Telecommunications-4.3%
	100	M	AT&T, Inc., 2.45%, 6/30/2020				101,936
			Verizon Communications, Inc.:
	100	M	3.65%, 9/14/2018				104,423
	100	M	1.75%, 8/15/2021				99,021
							305,380
			Utilities-5.9%
	100	M	Arizona Public Service Co., 8.75%, 3/1/2019				116,875
	100	M	Ohio Power Co., 6.05%, 5/1/2018				106,743
	100	M	Southern Power Co., 1.85%, 12/1/2017				100,665
	100	M	Wisconsin Public Service Corp., 1.65%, 12/4/2018				100,779
							425,062
Total Value of Corporate Bonds (cost $4,919,585)							4,855,540
			ASSET BACKED SECURITIES-16.8%
			Fixed Autos-8.9%
	100	M	Avis Budget Rental Car Funding AESOP, LLC, 2.97%, 2/20/2020			(a)	102,018
			Ford Credit Auto Owner Trust:
	9	M	0.79%, 5/15/2018				9,018
	90	M	1.39%, 7/15/2020				90,326
	20	M	Ford Credit Floorplan Master Owner Trust, 1.42%, 1/15/2020				20,059
	30	M	GM Financial Auto Leasing Trust, 1.76%, 3/20/2020				30,058
	15	M	Harley-Davidson Motorcycle Trust, 1.3%, 3/16/2020				15,033
	100	M	Hertz Vehicle Financing, LLC, 2.65%, 7/25/2022			(a)	101,273
	45	M	Honda Auto Receivables Owner Trust, 1.46%, 10/15/2020				45,245
	50	M	Hyundai Auto Receivables Trust, 1.48%, 6/15/2021				50,283
	25	M	Toyota Auto Receivables Owner Trust, 1.52%, 6/15/2020				25,145
	150	M	Volkswagen Auto Lease Trust, 1.25%, 12/20/2017				149,982
							638,440
			Fixed Credit Cards-5.7%
	100	M	Barclays DryRock Issuance, 2.2%, 12/15/2022				102,345
	125	M	Capital One Multi-Asset Execution Trust, 1.6%, 5/17/2021				126,057
	100	M	Chase Issuance Trust, 1.49%, 7/15/2022				100,416
	80	M	Discover Card Execution Note Trust, 2.12%, 12/15/2021				81,754
							410,572
			Fixed Equipment-2.2%
	60	M	John Deere Owner Trust, 1.36%, 4/15/2020				60,078
	100	M	Kubota Credit Owner Trust, 1.71%, 10/15/2022			(a)	100,654
							160,732
Total Value of Asset Backed Securities (cost $1,207,158)							1,209,744
			RESIDENTIAL MORTGAGE-BACKED SECURITIES-13.1%
			Fannie Mae-11.5%
	293	M	2.5%, 8/1/2030 - 10/18/2031			(b)	303,189
	286	M	3%, 8/1/2026 - 4/1/2031				300,590
	206	M	3.5%, 12/1/2025 - 12/1/2029				218,846
							822,625
			Freddie Mac-1.6%
	107	M	3%, 8/1/2027 - 8/1/2030				112,939
Total Value of Residential Mortgage-Backed Securities (cost $928,869)							935,564
			U.S. GOVERNMENT OBLIGATIONS-.4%
	25	M	U.S. Treasury Notes, 1.375%, 4/30/2020 (cost $24,850)				25,329
Total Value of Investments (cost $7,080,462)				98.0	%		7,026,177
Other Assets, Less Liabilities				2.0			144,722
Net Assets				100.0	%		$   7,170,899

(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 September 30, 2016, the Fund held seven 144A
	securities with an aggregate value of $830,199 representing 11.6% of the Fund's
	net assets.
(b)	A portion or all of the security purchased on a when-issued or delayed delivery
	basis.
	At September 30, 2016, the cost of investments for federal income tax purposes
	was $7,080,462. Accumulated net unrealized depreciation on investments was
	$54,285, consisting of $29,441 gross unrealized appreciation and $83,726 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 September 30, 2016:

		Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	4,855,540	$	-	$	4,855,540
Asset Backed Securities				1,209,744		-		1,209,744
Residential
Mortgage-Backed Securities		-		935,564		-		935,564
U.S. Government Obligations		-		25,329		-		25,329
Total Investments in Securities*	$		$	7,026,177	$	-	$	7,026,177

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

securities.

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

Portfolio of Investments (unaudited)
OPPORTUNITY FUND
September 30, 2016

	Shares or
	Principal
	Amount			Security			Value
				COMMON STOCKS-94.9%
				Consumer Discretionary-25.1%
	22,600			American Eagle Outfitters, Inc.			$     403,636
	8,800		*	Belmond, Ltd. - Class "A"			111,848
	11,600			Big Lots, Inc.			553,900
	9,100			BorgWarner, Inc.			320,138
	10,500			Caleres, Inc.			265,545
	11,500			Delphi Automotive, PLC			820,180
	16,600			DSW, Inc. - Class "A"			339,968
	6,200			Foot Locker, Inc.			419,864
	4,300			Group 1 Automotive, Inc.			274,684
	4,300			Harman International Industries, Inc.			363,135
	5,800		*	Helen of Troy, Ltd.			499,786
	6,400			L Brands, Inc.			452,928
	5,400			Lear Corporation			654,588
	8,300			Magna International, Inc.			356,485
	14,300		*	Michaels Companies, Inc.			345,631
	33,100			Newell Brands, Inc.			1,743,046
	3,300			Nordstrom, Inc.			171,204
	3,300			Oxford Industries, Inc.			223,410
	10,300			Penske Automotive Group, Inc.			496,254
	1,200			Ralph Lauren Corporation			121,368
	12,300			Ruth's Hospitality Group, Inc.			173,676
	12,800		*	Select Comfort Corporation			276,480
	15,500		*	ServiceMaster Global Holdings, Inc.			522,040
	19,800			Stein Mart, Inc.			125,730
	21,100		*	TRI Pointe Group, Inc.			278,098
	10,800			Tupperware Brands Corporation			705,996
	2,100			Whirlpool Corporation			340,536
	23,900		*	William Lyon Homes - Class "A"			443,345
	6,500			Wyndham Worldwide Corporation			437,645
							12,241,144
				Consumer Staples-5.5%
	4,100			AdvancePierre Foods Holdings, Inc.			112,996
	2,700			B&G Foods, Inc. - Class "A"			132,786
	4,500		*	Herbalife, Ltd.			278,955
	20,900			Koninklijke Ahold Delhaize NV (ADR)			473,385
	1,000			McCormick & Company, Inc.			99,920
	4,500			Nu Skin Enterprises, Inc. - Class "A"			291,510
	12,600			Pinnacle Foods, Inc.			632,142
	4,900			Tootsie Roll Industries, Inc.			180,467
	2,200			Tyson Foods, Inc. - Class "A"			164,274
	13,800		*	U.S. Foods Holding Corporation			325,818
							2,692,253
				Energy-2.8%
	1,600		*	Dril-Quip, Inc.			89,184
	4,000			EOG Resources, Inc.			386,840
	4,500			EQT Corporation			326,790
	4,300			Hess Corporation			230,566
	4,000			National Oilwell Varco, Inc.			146,960
	9,000			PBF Energy, Inc. - Class "A"			203,760
							1,384,100
				Financials-13.0%
	3,500			Ameriprise Financial, Inc.			349,195
	11,000			Berkshire Hills Bancorp, Inc.			304,810
	24,100			Citizens Financial Group, Inc.			595,511
	11,600			Discover Financial Services			655,980
	20,100			Financial Select Sector SPDR Fund (ETF)			387,930
	6,800			First Republic Bank			524,348
	4,600			Great Western Bancorp, Inc.			153,272
	6,000			iShares Core S&P Mid-Cap ETF (ETF)			928,260
	8,000			iShares Russell 2000 ETF (ETF)			993,680
	6,000			NASDAQ, Inc.			405,240
	11,000			National General Holdings Corporation			244,640
	11,300			SPDR S&P Regional Banking (ETF)			477,651
	10,600			Sterling Bancorp			185,500
	8,500			Waddell & Reed Financial, Inc. - Class "A"			154,360
							6,360,377
				Health Care-15.5%
	2,500		*	Allergan, PLC			575,775
	7,500		*	AMN Healthcare Services, Inc.			239,025
	4,000		*	AmSurg Corporation			268,200
	12,300		*	Centene Corporation			823,608
	3,500		*	Charles River Laboratories International, Inc.			291,690
	3,800			Dentsply Sirona, Inc.			225,834
	7,000			Gilead Sciences, Inc.			553,840
	12,400			Hill-Rom Holdings, Inc.			768,552
	4,000			McKesson Corporation			667,000
	200		*	Patheon NV			5,926
	2,600			Perrigo Company, PLC			240,058
	17,600			Phibro Animal Health Corporation - Class "A"			478,368
	11,600		*	Prestige Brands Holdings, Inc.			559,932
	3,800			Quest Diagnostics, Inc.			321,594
	6,300			Thermo Fisher Scientific, Inc.			1,002,078
	2,500		*	VCA, Inc.			174,950
	12,800		*	VWR Corporation			363,008
							7,559,438
				Industrials-10.0%
	6,500			A.O. Smith Corporation			642,135
	8,000			ESCO Technologies, Inc.			371,360
	3,300			Ingersoll-Rand, PLC			224,202
	11,300			ITT, Inc.			404,992
	4,200			J.B. Hunt Transport Services, Inc.			340,788
	12,400			Korn/Ferry International			260,400
	5,800			ManpowerGroup, Inc.			419,108
	4,300			Nielsen Holdings, PLC			230,351
	4,200			Regal Beloit Corporation			249,858
	3,000			Robert Half International, Inc			113,580
	2,000			Roper Technologies, Inc.			364,940
	4,800			Snap-On, Inc.			729,408
	9,050			Textron, Inc.			359,737
	12,300			Triton International, Ltd.			162,237
							4,873,096
				Information Technology-12.6%
	29,200		*	ARRIS International, PLC			827,236
	3,600			Broadcom, Ltd.			621,072
	4,500		*	Fiserv, Inc.			447,615
	12,600			Juniper Networks, Inc.			303,156
	8,400			Lam Research Corporation			795,564
	4,000			Methode Electronics, Inc.			139,880
	2,500			Sabre Corporation			70,450
	8,300			Silicon Motion Technology Corporation (ADR)			429,857
	22,400			Symantec Corporation			562,240
	700		*	Synchronoss Technologies, Inc.			28,826
	1,900			TE Connectivity, Ltd.			122,322
	13,800			Technology Select Sector SPDR Fund (ETF)			659,364
	28,500			Travelport Worldwide, Ltd.			428,355
	8,850			Western Digital Corporation			517,460
	2,800		*	Zebra Technologies Corporation - Class "A"			194,908
							6,148,305
				Materials-2.8%
	9,300		*	Ferro Corporation			128,433
	2,000			Praxair, Inc.			241,660
	22,100		*	Summit Materials, Inc. - Class "A"			409,955
	9,900			Trinseo SA			559,944
							1,339,992
				Real Estate-4.5%
	20,300			Brixmor Property Group, Inc. (REIT)			564,137
	7,500			Douglas Emmett, Inc. (REIT)			274,725
	2,300			Federal Realty Investment Trust (REIT)			354,039
	30,700			FelCor Lodging Trust, Inc. (REIT)			197,401
	2,899			Real Estate Select Sector SPDR Fund (ETF)			95,000
	31,100			Sunstone Hotel Investors, Inc. (REIT)			397,769
	7,700			Tanger Factory Outlet Centers, Inc. (REIT)			299,992
							2,183,063
				Utilities-3.1%
	200			Black Hills Corporation			12,244
	3,500			NiSource, Inc.			84,385
	7,300			Portland General Electric Company			310,907
	6,800			SCANA Corporation			492,116
	10,000			WEC Energy Group, Inc.			598,800
							1,498,452
Total Value of Common Stocks (cost $41,795,753)							46,280,220
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-2.0%
$	1,000	M		Federal Home Loan Bank, 0.295%, 10/21/2016 (cost $999,836)			999,910
Total Value of Investments (cost $42,795,589)					96.9	%	47,280,130
Other Assets, Less Liabilities					3.1		1,497,171
Net Assets				100.0		%	$   48,777,301

*	Non-income producing
	Summary of Abbreviations:
	ADR American Depositary Receipts
	ETF Exchange Traded Fund
	REIT Real Estate Investment Trust
	At September 30, 2016, the cost of investments for federal income tax purposes
	was $42,857,440. Accumulated net unrealized appreciation on investments was
	$4,422,690, consisting of $6,146,333 gross unrealized appreciation and
	$1,723,643 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 September 30, 2016:

		Level 1		Level 2		Level 3		Total
Common Stocks	$	46,280,220	$	-	$	-	$	46,280,220
Short-Term U.S. Government
Agency Obligations		-		999,910				999,910
Total Investments in Securities*	$	46,280,220	$	999,910	$	-	$	47,280,130

*The Portfolio of Investments provides information on the industry categorization for common stocks.

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

Portfolio of Investments (unaudited)
SELECT GROWTH FUND
September 30, 2016

Shares			Security			Value
			COMMON STOCKS-97.7%
			Consumer Discretionary-12.5%
	28,700		Coach, Inc.			$           1,049,272
69,560			Gentex Corporation			1,221,474
15,625			Home Depot, Inc.			2,010,625
24,300			Nordstrom, Inc.			1,260,684
13,900			Wyndham Worldwide Corporation			935,887
						6,477,942
			Consumer Staples-10.8%
22,300			Campbell Soup Company			1,219,810
13,600			Clorox Company			1,702,448
30,000			Sysco Corporation			1,470,300
16,800			Wal-Mart Stores, Inc.			1,211,616
						5,604,174
			Energy-4.6%
5,060			Chevron Corporation			520,775
5,380			ExxonMobil Corporation			469,566
8,220			Helmerich & Payne, Inc.			553,206
22,400			SM Energy Company			864,192
						2,407,739
			Financials-10.2%
27,700			Bank of New York Mellon Corporation			1,104,676
14,590			Discover Financial Services			825,065
52,170			First Horizon National Corporation			794,549
27,700			SunTrust Banks, Inc.			1,213,260
6,300			Travelers Companies, Inc.			721,665
21,300			Voya Financial, Inc.			613,866
						5,273,081
			Health Care-18.2%
7,300			C.R. Bard, Inc.			1,637,244
21,200		*	Centene Corporation			1,419,552
37,500		*	Hologic, Inc.			1,456,125
6,490			Johnson & Johnson			766,664
8,020			McKesson Corporation			1,337,335
19,900			Merck & Company, Inc.			1,241,959
19,400		*	Quintiles Transnational Holdings, Inc.			1,572,564
						9,431,443
			Industrials-10.4%
14,300			Cintas Corporation			1,610,180
8,900			General Dynamics Corporation			1,380,924
10,600			Parker-Hannifin Corporation			1,330,618
41,400		*	USG Corporation			1,070,190
						5,391,912
			Information Technology-31.0%
18,300		*	Adobe Systems, Inc.			1,986,282
1,600		*	Alphabet, Inc. - Class "A"			1,286,496
18,700		*	Arista Networks, Inc.			1,590,996
64,600		*	Cadence Design Systems, Inc.			1,649,238
51,700			Cisco Systems, Inc.			1,639,924
17,300		*	Citrix Systems, Inc.			1,474,306
14,300		*	Facebook, Inc. - Class "A"			1,834,261
7,500		*	FleetCor Technologies, Inc.			1,302,975
19,300		*	Red Hat, Inc.			1,560,019
39,600		*	Take-Two Interactive Software, Inc.			1,785,168
						16,109,665
Total Value of Common Stocks (cost $44,366,771)				97.7	%	50,695,956
Other Assets, Less Liabilities				2.3		1,211,046
Net Assets				100.0	%	$           51,907,002

*	Non-income producing
	At September 30, 2016, the cost of investments for federal income tax purposes was
	$44,366,771. Accumulated net unrealized appreciation on investments was
	$6,329,185, consisting of $7,320,258 gross unrealized appreciation and $991,073
	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 September 30, 2016:

		Level 1	Level 2		Level 3			Total
Common Stocks*	$	50,695,956	$	-	$	-	$	50,695,956

*The Portfolio of Investments provides information on the industry categorization for common stocks.

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

Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
SPECIAL SITUATIONS FUND
September 30, 2016

Shares or
Principal
Amount				Security				Value
				COMMON STOCKS-97.1%
				Consumer Discretionary-17.9%
	105,000		*	1-800-FLOWERS.COM, Inc. - Class "A"				$           962,850
89,500				American Eagle Outfitters, Inc.				1,598,470
75,000			*	Belmond, Ltd. - Class "A"				953,250
51,000				Caleres, Inc.				1,289,790
106,000			*	Century Communities, Inc.				2,280,060
106,500				Entravision Communications Corporation - Class "A"				812,595
130,000			*	Fox Factory Holding Corporation				2,986,100
16,500				Group 1 Automotive, Inc.				1,054,020
16,500				Harman International Industries, Inc.				1,393,425
65,500			*	Live Nation Entertainment, Inc.				1,799,940
40,000			*	Michaels Companies, Inc.				966,800
38,000			*	Motorcar Parts of America, Inc.				1,093,640
55,000			*	Nautilus, Inc.				1,249,600
63,000				Newell Brands, Inc.				3,317,580
29,500				Oxford Industries, Inc.				1,997,150
46,500				Penske Automotive Group, Inc.				2,240,370
81,500				Regal Entertainment Group - Class "A"				1,772,625
96,500				Ruth's Hospitality Group, Inc.				1,362,580
74,000			*	ServiceMaster Global Holdings, Inc.				2,492,320
129,000			*	TRI Pointe Group, Inc.				1,700,220
24,500				Tupperware Brands Corporation				1,601,565
22,500				Visteon Corporation				1,612,350
73,500			*	William Lyon Homes - Class "A"				1,363,425
								37,900,725
				Consumer Staples-2.5%
6,500				AdvancePierre Foods Holdings, Inc.				179,140
46,500				Pinnacle Foods, Inc.				2,332,905
34,500				Tootsie Roll Industries, Inc.				1,270,635
59,000			*	U.S. Foods Holding Corporation				1,392,990
								5,175,670
				Energy-1.5%
16,500				Delek US Holdings, Inc.				285,285
19,500			*	Dril-Quip, Inc.				1,086,930
35,500				PBF Energy, Inc. - Class "A"				803,720
38,500				Western Refining, Inc.				1,018,710
								3,194,645
				Financials-18.5%
53,000				AllianceBernstein Holding, LP (MLP)				1,208,400
56,500				American Financial Group, Inc.				4,237,500
38,000				Aspen Insurance Holdings, Ltd.				1,770,420
63,000			*	Atlas Financial Holdings, Inc.				993,510
80,500				Berkshire Hills Bancorp, Inc.				2,230,655
46,000				Brown & Brown, Inc.				1,734,660
13,000			*	Capstar Financial Holdings, Inc.				220,350
58,500				Citizens Financial Group, Inc.				1,445,535
13,500				Endurance Specialty Holdings, Ltd.				883,575
1,500			*	FB Financial Corporation				30,270
38,000			*	FCB Financial Holdings, Inc. - Class "A"				1,460,340
163,000				Financial Select Sector SPDR Fund (ETF)				3,145,900
43,000				Great Western Bancorp, Inc.				1,432,760
63,000			*	Green Bancorp, Inc.				688,590
26,500				iShares Russell 2000 ETF (ETF)				3,291,565
74,000				OceanFirst Financial Corporation				1,425,240
29,500				Opus Bank				1,043,415
29,500				Prosperity Bancshares, Inc.				1,619,255
31,000				Simmons First National Corporation - Class "A"				1,546,900
96,500				SPDR S&P Regional Banking (ETF)				4,079,055
175,000				Sterling Bancorp				3,062,500
93,000				TCF Financial Corporation				1,349,430
19,500				Waddell & Reed Financial, Inc. - Class "A"				354,120
								39,253,945
				Health Care-12.4%
24,500			*	ANI Pharmaceuticals, Inc.				1,625,575
58,500			*	Centene Corporation				3,917,160
15,500			*	Charles River Laboratories International, Inc.				1,291,770
57,500			*	DepoMed, Inc.			(a)	1,435,775
40,000			*	Globus Medical, Inc. - Class "A"				902,800
55,000				Hill-Rom Holdings, Inc.				3,408,900
15,000			*	ICON, PLC				1,160,550
23,500			*	Integra LifeSciences Holdings Corporation				1,939,925
10,000			*	LivaNova, PLC				601,100
600			*	Patheon NV				17,778
44,000				PerkinElmer, Inc.				2,468,840
68,000				Phibro Animal Health Corporation - Class "A"				1,848,240
56,500			*	Surgical Care Affilates, Inc.				2,754,940
16,500			*	VCA, Inc.				1,154,670
63,000			*	VWR Corporation				1,786,680
								26,314,703
				Industrials-12.2%
34,000				A.O. Smith Corporation				3,358,860
51,000				ESCO Technologies, Inc.				2,367,420
26,500			*	Generac Holdings, Inc.				961,950
66,000				ITT, Inc.				2,365,440
99,000				Kforce, Inc.				2,028,510
141,500			*	NCI Building Systems, Inc.				2,064,485
44,000				Orbital ATK, Inc.				3,354,120
28,000			*	Patrick Industries, Inc.				1,733,760
30,000				Regal Beloit Corporation				1,784,700
22,500				Snap-On, Inc.				3,419,100
17,000				Standex International Corporation				1,578,790
59,500				Triton International, Ltd.				784,805
								25,801,940
				Information Technology-14.7%
123,000			*	ARRIS International, PLC				3,484,590
60,900			*	Autobytel, Inc.				1,084,020
9,500				CDW Corporation				434,435
61,000			*	CommScope Holding Company, Inc.				1,836,710
8,000				Hackett Group, Inc.				132,160
17,000				IAC/InterActiveCorp				1,061,990
18,000				Lam Research Corporation				1,704,780
38,500			*	Lumentum Holdings, Inc.				1,608,145
65,500			*	Microsemi Corporation				2,749,690
36,500				MKS Instruments, Inc.				1,815,145
34,000			*	NetScout Systems, Inc.				994,500
105,000			*	Orbotech, Ltd.				3,109,050
72,500			*	Perficient, Inc.				1,460,875
55,000				Silicon Motion Technology Corporation (ADR)				2,848,450
58,000			*	Synchronoss Technologies, Inc.				2,388,440
90,000				Travelport Worldwide, Ltd.				1,352,700
35,000				Western Digital Corporation				2,046,450
14,400			*	Zebra Technologies Corporation - Class "A"				1,002,384
								31,114,514
				Materials-7.0%
42,000				AptarGroup, Inc.				3,251,220
149,500			*	Ferro Corporation				2,064,595
66,000				Olin Corporation				1,354,320
22,000				Sensient Technologies Corporation				1,667,600
83,500			*	Summit Materials, Inc. - Class "A"				1,548,925
64,500				Trinseo SA				3,648,120
25,500				WestRock Company				1,236,240
								14,771,020
				Real Estate-7.2%
85,000				Brixmor Property Group, Inc. (REIT)				2,362,150
69,000				Douglas Emmett, Inc. (REIT)				2,527,470
19,500				Federal Realty Investment Trust (REIT)				3,001,635
155,500				FelCor Lodging Trust, Inc. (REIT)				999,865
23,000				Real Estate Select Sector SPDR Fund (ETF)				753,710
139,000				Sunstone Hotel Investors, Inc. (REIT)				1,777,810
71,500				Tanger Factory Outlet Centers, Inc. (REIT)				2,785,640
51,000				Urstadt Biddle Properties, Inc. - Class "A" (REIT)				1,133,220
								15,341,500
				Utilities-3.2%
17,500				Pinnacle West Capital Corporation				1,329,825
41,500				Portland General Electric Company				1,767,485
26,500				SCANA Corporation				1,917,805
30,000				WEC Energy Group, Inc.				1,796,400
								6,811,515
Total Value of Common Stocks (cost $167,092,581)								205,680,177
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-2.4%
				Federal Home Loan Bank:
$	1,000	M		0.295%, 10/21/2016				999,910
4,000		M		0.27%, 11/23/2016				3,998,812
Total Value of Short-Term U.S. Government Agency Obligations (cost $4,998,246)								4,998,722
Total Value of Investments (cost $172,090,827)					99.5	%		210,678,899
Other Assets, Less Liabilities					.5			1,106,184
Net Assets				100.0		%		$           211,785,083

*	Non-income producing
(a)	Securities fair valued as determined in good faith pursuant to
	procedures adopted by the Fund's Board of Trustees. At September
	30, 2016, the Fund held one security that was fair valued by the
	Valuation Committee with a value of $1,435,775 representing 0.7% of
	the Fund's net assets.
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	MLP	Master Limited Partnership
	REIT	Real Estate Investment Trust
	At September 30, 2016, the cost of investments for federal income tax
	purposes was $172,249,766. Accumulated net unrealized
	appreciation on investments was $38,429,133, consisting of
	$44,641,743 gross unrealized appreciation and $6,212,610 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 September 30, 2016:

		Level 1		Level 2	Level 3			Total
Common Stocks	$	204,244,402	$	1,435,775	$	-	$	205,680,177
Short-Term U.S. Government
Agency Obligations		-		4,998,722		-		4,998,722
Total Investments in Securities*	$	204,244,402	$	6,434,497	$	-	$	210,678,899

*The Portfolio of Investments provides information on the industry categorization for common stocks.

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

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

Portfolio of Investments (unaudited)
TOTAL RETURN FUND
September 30, 2016

Shares or
Principal
Amount				Security				Value
				COMMON STOCKS-59.0%
				Consumer Discretionary-11.5%
	6,300			American Eagle Outfitters, Inc.				$           112,518
3,700				Big Lots, Inc.				176,675
3,900				BorgWarner, Inc.				137,202
5,850				CBS Corporation - Class "B"				320,229
4,200				Delphi Automotive, PLC				299,544
4,600				DSW, Inc. - Class "A"				94,208
2,100				Foot Locker, Inc.				142,212
9,300				Ford Motor Company				112,251
1,800				Harman International Industries, Inc.				152,010
2,500				Home Depot, Inc.				321,700
5,515				Johnson Controls International, PLC				256,613
3,000				L Brands, Inc.				212,310
2,250				Lear Corporation				272,745
3,150				Magna International, Inc.				135,293
2,800			*	Michaels Companies, Inc.				67,676
12,758				Newell Brands, Inc.				671,836
1,300				Oxford Industries, Inc.				88,010
2,700				Penske Automotive Group, Inc.				130,086
3,900			*	Select Comfort Corporation				84,240
6,300				Stein Mart, Inc.				40,005
4,100				Tupperware Brands Corporation				268,017
2,200				Walt Disney Company				204,292
800				Whirlpool Corporation				129,728
2,350				Wyndham Worldwide Corporation				158,226
								4,587,626
				Consumer Staples-5.9%
700				AdvancePierre Foods Holdings, Inc.				19,292
6,650				Altria Group, Inc.				420,479
700				B&G Foods, Inc. - Class "A"				34,426
5,000				Coca-Cola Company				211,600
4,000				CVS Health Corporation				355,960
7,613				Koninklijke Ahold Delhaize NV (ADR)				172,434
1,900				Nu Skin Enterprises, Inc. - Class "A"				123,082
2,200				PepsiCo, Inc.				239,294
4,100				Philip Morris International, Inc.				398,602
1,450				Procter & Gamble Company				130,138
1,300				Tyson Foods, Inc. - Class "A"				97,071
2,150				Wal-Mart Stores, Inc.				155,058
								2,357,436
				Energy-3.4%
1,800				Anadarko Petroleum Corporation				114,048
500				Chevron Corporation				51,460
3,100				ConocoPhillips				134,757
2,200				Devon Energy Corporation				97,042
2,750				ExxonMobil Corporation				240,020
1,200				Hess Corporation				64,344
3,400				Marathon Oil Corporation				53,754
4,350				Marathon Petroleum Corporation				176,567
1,300				Occidental Petroleum Corporation				94,796
1,400				PBF Energy, Inc. - Class "A"				31,696
1,450				Phillips 66				116,798
600				Schlumberger, Ltd.				47,184
4,600				Suncor Energy, Inc.				127,788
								1,350,254
				Financials-7.2%
3,300				American Express Company				211,332
2,800				American International Group, Inc.				166,152
2,100				Ameriprise Financial, Inc.				209,517
1,700				Chubb, Ltd.				213,605
7,000				Citizens Financial Group, Inc.				172,970
4,450				Discover Financial Services				251,647
7,100				Financial Select Sector SPDR Fund (ETF)				137,030
600				iShares Core S&P Mid-Cap ETF (ETF)				92,826
1,900				iShares Russell 2000 ETF (ETF)				235,999
5,500				JPMorgan Chase & Company				366,245
2,800				MetLife, Inc.				124,404
700				Morgan Stanley				22,442
1,950				PNC Financial Services Group, Inc.				175,676
3,200				SPDR S&P Regional Banking (ETF)				135,264
4,600				U.S. Bancorp				197,294
3,800				Wells Fargo & Company				168,264
								2,880,667
				Health Care-11.3%
5,650				Abbott Laboratories				238,938
4,500				AbbVie, Inc.				283,815
500			*	Allergan, PLC				115,155
3,600			*	AMN Healthcare Services, Inc.				114,732
2,217				Baxter International, Inc.				105,529
2,350				Cardinal Health, Inc.				182,595
1,500			*	Centene Corporation				100,440
2,100			*	Express Scripts Holding Company				148,113
4,100				Gilead Sciences, Inc.				324,392
3,550				Hill-Rom Holdings, Inc.				220,029
3,750				Johnson & Johnson				442,987
118			*	Mallinckrodt, PLC				8,234
1,100				McKesson Corporation				183,425
2,250				Medtronic, PLC				194,400
4,300				Merck & Company, Inc.				268,363
1,600			*	Mylan NV				60,992
12,000				Pfizer, Inc.				406,440
4,100				Phibro Animal Health Corporation - Class "A"				111,438
840				Shire, PLC (ADR)				162,842
3,500				Thermo Fisher Scientific, Inc.				556,710
3,450			*	VWR Corporation				97,842
3,500				Zoetis, Inc.				182,035
								4,509,446
				Industrials-4.9%
1,850				3M Company				326,026
4,850				General Electric Company				143,657
2,900				Honeywell International, Inc.				338,111
800				Ingersoll-Rand, PLC				54,352
3,100				ITT, Inc.				111,104
2,600				Koninklijke Philips NV (ADR)				76,934
250				Lockheed Martin Corporation				59,930
1,800				ManpowerGroup, Inc.				130,068
1,200				Nielsen Holdings, PLC				64,284
800				Robert Half International, Inc.				30,288
1,700				Snap-On, Inc.				258,332
1,300				Textainer Group Holdings, Ltd.				9,737
2,600				Textron, Inc.				103,350
5,400				Triton International, Ltd.				71,226
2,000				United Technologies Corporation				203,200
								1,980,599
				Information Technology-10.6%
4,300				Apple, Inc.				486,115
8,200				Applied Materials, Inc.				247,230
10,100			*	ARRIS International, PLC				286,133
1,200				Broadcom, Ltd.				207,024
12,400				Cisco Systems, Inc.				393,328
1,460			*	Dell Technologies, Inc. - Class "V"				69,788
3,450			*	eBay, Inc.				113,505
11,650				Hewlett Packard Enterprise Company				265,037
8,000				Intel Corporation				302,000
1,000				International Business Machines Corporation				158,850
3,300				Juniper Networks, Inc.				79,398
2,700				Methode Electronics, Inc.				94,419
8,600				Microsoft Corporation				495,360
1,200			*	NXP Semiconductors NV				122,412
4,800				Oracle Corporation				188,544
4,000				QUALCOMM, Inc.				274,000
800				Sabre Corporation				22,544
8,200				Symantec Corporation				205,820
1,100				TE Connectivity, Ltd.				70,818
3,100				Travelport Worldwide, Ltd.				46,593
1,846				Western Digital Corporation				107,936
								4,236,854
				Materials-.6%
500				Praxair, Inc.				60,415
1,800				RPM International, Inc.				96,696
1,700				Trinseo SA				96,152
								253,263
				Real Estate-1.5%
8,100				Brixmor Property Group, Inc. (REIT)				225,099
987				Real Estate Select Sector SPDR Fund (ETF)				32,344
9,000				Sunstone Hotel Investors, Inc. (REIT)				115,110
2,800				Tanger Factory Outlet Centers, Inc. (REIT)				109,088
5,200				Urstadt Biddle Properties, Inc. - Class "A" (REIT)				115,544
								597,185
				Telecommunication Services-1.5%
7,250				AT&T, Inc.				294,422
5,900				Verizon Communications, Inc.				306,682
								601,104
				Utilities-.6%
6,200				Exelon Corporation				206,398
1,100				NiSource, Inc.				26,521
								232,919
Total Value of Common Stocks (cost $21,168,380)								23,587,353
				CORPORATE BONDS-21.2%
				Agriculture-.2%
$	100	M		Cargill, Inc., 6%, 11/27/2017			(a)	105,204
				Automotive-.8%
100		M		Johnson Controls, Inc., 5%, 3/30/2020				109,907
200		M		O'Reilly Automotive, Inc., 3.55%, 3/15/2026				212,436
								322,343
				Chemicals-.8%
100		M		Agrium, Inc., 3.375%, 3/15/2025				103,212
100		M		CF Industries, Inc., 3.45%, 6/1/2023				100,901
100		M		Dow Chemical Co., 4.25%, 11/15/2020				108,670
								312,783
				Consumer Non-Durables-.3%
100		M		Newell Brands, Inc., 4.2%, 4/1/2026				109,037
				Energy-1.4%
100		M		Canadian Oil Sands, Ltd., 7.75%, 5/15/2019			(a)	112,320
100		M		DCP Midstream Operating, LP, 2.5%, 12/1/2017				99,750
100		M		Enbridge Energy Partners, LP, 4.2%, 9/15/2021				106,142
100		M		Suncor Energy, Inc., 6.1%, 6/1/2018				107,456
100		M		Valero Energy Corp., 9.375%, 3/15/2019				117,788
								543,456
				Financial Services-3.3%
100		M		American Express Co., 7%, 3/19/2018				107,904
100		M		American International Group, Inc., 3.75%, 7/10/2025				105,076
100		M		Ameriprise Financial, Inc., 5.3%, 3/15/2020				111,430
100		M		Assured Guaranty U.S. Holding, Inc., 5%, 7/1/2024				111,908
100		M		BlackRock, Inc., 5%, 12/10/2019				110,992
				ERAC USA Finance, LLC:
100		M		4.5%, 8/16/2021			(a)	110,838
100		M		3.3%, 10/15/2022			(a)	104,900
100		M		Ford Motor Credit Co., LLC, 8.125%, 1/15/2020				118,187
100		M		General Electric Capital Corp., 5.625%, 9/15/2017				104,286
100		M		Liberty Mutual Group, Inc., 4.95%, 5/1/2022			(a)	111,723
100		M		Prudential Financial, Inc., 7.375%, 6/15/2019				115,168
100		M		State Street Corp., 3.55%, 8/18/2025				108,546
								1,320,958
				Financials-4.0%
				Bank of America Corp.:
100		M		5%, 5/13/2021				111,905
100		M		4.1%, 7/24/2023				108,269
100		M		Barclays Bank, PLC, 5.125%, 1/8/2020				109,083
100		M		Capital One Financial Corp., 3.75%, 4/24/2024				106,341
				Citigroup, Inc.:
100		M		6.125%, 11/21/2017				105,169
100		M		4.5%, 1/14/2022				110,574
100		M		Deutsche Bank AG, 3.7%, 5/30/2024				95,917
100		M		Fifth Third Bancorp, 3.5%, 3/15/2022				106,118
100		M		Goldman Sachs Group, Inc., 3.625%, 1/22/2023				105,804
				JPMorgan Chase & Co.:
100		M		6%, 1/15/2018				105,671
100		M		4.5%, 1/24/2022				110,810
				Morgan Stanley:
100		M		6.625%, 4/1/2018				107,186
100		M		5.5%, 7/28/2021				114,175
100		M		SunTrust Banks, Inc., 6%, 9/11/2017				104,085
100		M		U.S. Bancorp, 3.6%, 9/11/2024				107,285
								1,608,392
				Food/Beverage/Tobacco-.5%
200		M		Anheuser-Busch InBev Finance, Inc., 3.65%, 2/1/2026				215,217
				Food/Drug-.3%
100		M		CVS Health Corp., 3.875%, 7/20/2025				109,061
				Forest Products/Containers-.3%
100		M		Rock-Tenn Co., 4.9%, 3/1/2022				112,502
				Health Care-1.1%
100		M		Biogen, Inc., 6.875%, 3/1/2018				107,683
100		M		Express Scripts Holding Co., 4.75%, 11/15/2021				112,152
100		M		Gilead Sciences, Inc., 3.65%, 3/1/2026				107,759
100		M		Laboratory Corp. of America Holdings, 3.75%, 8/23/2022				106,741
								434,335
				Higher Education-.2%
100		M		Yale University, 2.086%, 4/15/2019				102,433
				Information Technology-.8%
100		M		Apple, Inc., 2.5%, 2/9/2025				101,334
100		M		Diamond 1 Finance Corp., 3.48%, 6/1/2019			(a)	102,912
100		M		Hewlett Packard Enterprise Co., 2.85%, 10/5/2018			(a)	101,938
								306,184
				Manufacturing-.2%
100		M		Tyco Electronics Group SA, 6.55%, 10/1/2017				105,093
				Media-Broadcasting-.3%
100		M		Comcast Corp., 5.15%, 3/1/2020				112,180
				Media-Diversified-.3%
100		M		Time Warner, Inc., 3.6%, 7/15/2025				106,566
				Metals/Mining-.3%
100		M		Newmont Mining Corp., 5.125%, 10/1/2019				109,215
				Real Estate-2.1%
200		M		AvalonBay Communities, Inc., 3.5%, 11/15/2024				209,796
100		M		Digital Realty Trust, LP, 5.25%, 3/15/2021				111,920
100		M		ERP Operating, LP, 3.375%, 6/1/2025				104,570
100		M		HCP, Inc., 4.25%, 11/15/2023				105,153
100		M		Prologis, LP, 3.35%, 2/1/2021				105,828
100		M		Simon Property Group, LP, 3.375%, 10/1/2024				106,308
100		M		Ventas Realty, LP, 4.75%, 6/1/2021				111,136
								854,711
				Retail-General Merchandise-.6%
100		M		Amazon.com, Inc., 4.8%, 12/5/2034				117,855
100		M		Home Depot, Inc., 5.875%, 12/16/2036				137,428
								255,283
				Telecommunications-.6%
100		M		AT&T, Inc., 3.8%, 3/15/2022				107,241
100		M		Verizon Communications, Inc., 5.15%, 9/15/2023				116,666
								223,907
				Transportation-1.1%
100		M		Burlington North Santa Fe, LLC, 5.15%, 9/1/2043				124,654
100		M		GATX Corp., 5.2%, 3/15/2044				108,182
100		M		Penske Truck Leasing Co., LP, 4.875%, 7/11/2022			(a)	111,731
100		M		Southwest Airlines Co., 2.65%, 11/5/2020				102,723
								447,290
				Utilities-1.7%
100		M		Electricite de France SA, 3.625%, 10/13/2025			(a)	105,268
100		M		Entergy Arkansas, Inc., 4.95%, 12/15/2044				106,244
100		M		Ohio Power Co., 5.375%, 10/1/2021				114,561
100		M		Oklahoma Gas & Electric Co., 4%, 12/15/2044				106,685
100		M		Sempra Energy, 9.8%, 2/15/2019				118,449
100		M		South Carolina Electric & Gas Co., 5.45%, 2/1/2041				126,251
								677,458
Total Value of Corporate Bonds (cost $8,458,675)								8,493,608
				RESIDENTIAL MORTGAGE-BACKED SECURITIES-6.9%
				Fannie Mae-6.0%
657		M		3%, 6/1/2030 - 10/13/2046			(b)	685,714
1,086		M		3.5%, 11/1/2028 - 10/13/2046			(b)	1,150,627
281		M		4%, 7/1/2041 - 2/1/2046				303,073
116		M		4.5%, 8/1/2041				127,858
112		M		5%, 3/1/2042				125,424
								2,392,696
				Freddie Mac-.9%
83		M		3.5%, 7/1/2044				88,979
95		M		4%, 7/1/2044 - 4/1/2045				101,423
169		M		4.5%, 12/1/2043				186,909
								377,311
Total Value of Residential Mortgage-Backed Securities (cost $2,751,766)								2,770,007
				VARIABLE AND FLOATING RATE NOTES+-3.8%
				Municipal Bonds
500		M		Mississippi Business Fin. Corp., 0.85%, 12/1/2030				500,000
500		M		Illinois Fin. Auth. Rev., 0.85%, 7/1/2038				500,000
535		M		Valdez, AK Marine Term. Rev., 0.76%, 12/1/2033				535,000
Total Value of Variable and Floating Rate Notes (cost $1,535,000)								1,535,000
				U.S. GOVERNMENT OBLIGATIONS-3.5%
100		M		U.S. Treasury Bonds, 3.125%, 8/15/2044				116,735
				U.S. Treasury Notes:
250		M		0.5222%, 1/31/2018			+	250,659
600		M		0.625%, 1/15/2024 (TIPS)				649,733
350		M		2%, 2/15/2023				363,658
Total Value of U.S. Government Obligations (cost $1,348,628)								1,380,785
				ASSET BACKED SECURITIES-2.6%
				Fixed Autos-2.0%
100		M		Avis Budget Rental Car Funding AESOP, LLC, 2.97%, 2/20/2020			(a)	102,018
100		M		Ford Credit Auto Lease Trust, 1.85%, 7/15/2019				100,409
100		M		GM Financial Auto Leasing Trust, 1.76%, 3/20/2020				100,193
100		M		Harley-Davidson Motorcycle Trust, 1.3%, 3/16/2020				100,221
100		M		Hertz Vehicle Financing Trust, 2.65%, 7/25/2022			(a)	101,273
50		M		Nissan Auto Lease Trust, 1.65%, 10/15/2021				50,215
100		M		Nissan Auto Receivables Owner Trust, 1.18%, 1/15/2021				100,055
50		M		Toyota Auto Receivables Owner Trust, 1.32%, 11/15/2021				49,911
100		M		Volkswagen Auto Lease Trust, 1.25%, 12/20/2017				99,988
								804,283
				Fixed Credit Cards-.6%
100		M		Capital One Multi-Asset Execution Trust, 2.08%, 3/15/2023				102,452
100		M		Chase Issuance Trust, 1.49%, 7/15/2022				100,416
50		M		Synchrony Credit Card Master Trust, 2.38%, 9/15/2023				51,398
								254,266
Total Value of Asset Backed Securities (cost $1,056,194)								1,058,549
				U.S. GOVERNMENT AGENCY OBLIGATIONS-.9%
350		M		Fannie Mae, 1.875%, 9/24/2026 (cost $347,889)				348,718
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-3.8%
				Federal Home Loan Bank:
1,000		M		0.295%, 10/21/2016				999,910
500		M		0.33%, 11/28/2016				499,837
Total Value of Short-Term U.S. Government Obligations (cost $1,499,570)								1,499,747
Total Value of Investments (cost $38,166,102)					101.7	%		40,673,767
Excess of Liabilities Over Other Assets					(1.7	)		(683,311)
Net Assets					100.0	%		$           39,990,456

*	Non-income producing
(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
	September 30, 2016, the Fund held eleven 144A securities with an
	aggregate value of $1,170,125 representing 2.9% 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 September 30, 2016.
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	REIT	Real Estate Investment Trust
	TIPS	Treasury Inflation-Protected Securities
	At September 30, 2016, the cost of investments for federal income tax
	purposes was $38,175,374. Accumulated net unrealized appreciation
	on investments was $2,498,393, consisting of $3,396,369 gross
	unrealized appreciation and $897,976 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 September 30, 2016:

		Level 1		Level 2	Level 3			Total
Common Stocks	$	23,587,353	$	-	$	-	$	23,587,353
Corporate Bonds		-		8,493,608		-		8,493,608
Residential
Mortgage-Backed Securities		-		2,770,007		-		2,770,007
Variable and Floating Rate Notes
Municipal Bonds		-		1,535,000		-		1,535,000
U.S. Government Obligations		-		1,380,785		-		1,380,785
Asset Backed Securities		-		1,058,549		-		1,058,549
U.S. Government Agency
Obligations		-		348,718		-		348,718
Short-Term U.S. Government
Agency Obligations		-		1,499,747		-		1,499,747
Total Investments in Securities*	$	23,587,353	$	17,086,414	$	-	$	40,673,767

*The Portfolio of Investments provides information on the industry categorization for common stocks, corporate bonds,

residential mortgage-backed securities and asset backed securities.

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

Levels are recognized at the end of the reporting period.

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

The Funds monitor for significant events occurring prior to the close of trading on the New York Stock Exchange that could have a material impact on the value of any securities that are held by the Funds. Examples of such events include trading halts, natural disasters, political events and issuer-specific developments. If the Valuation Committee of Foresters Investment Management Company, Inc.'s ("FIMCO") decides that such events warrant using fair value estimates, it will take such events into consideration in determining the fair values of such securities. If market quotations or prices are not readily available or determined to be unreliable, the securities will be valued at fair value as determined in good faith pursuant to procedures adopted by the Board. The Funds also use evaluated prices from a pricing service to fair value foreign equity securities in the event that fluctuation in U.S. securities markets exceed a predetermined level or if a foreign market is closed. For valuation purposes, where applicable, quotations of foreign securities in foreign currencies are translated to U.S. dollar equivalents using the foreign exchange quotation in effect. At September 30, 2016, the Fund For Income held one security that was fair valued at a value of $49,750 representing 0% of the Fund's net assets and the Special Situations Fund held one security that was fair valued at a value of $1,435,775 representing 0.7% of the Fund's net assets.

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

Effective October 3, 2016, the name of the First Investors Life Series Cash Management Fund has been changed to the First Investors Life Series Government Cash Management Fund. The Fund intends to operate as a "government money market fund" as defined in Rule 2a-7 under the Investment Company Act of 1940. The Fund will 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, under normal circumstances, the Fund will invest 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. 

In accordance with Accounting Standards Codification ("ASC") 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. Foreign securities that are fair valued in the event that fluctuations in U.S. securities markets exceed a predetermined level or if a foreign market is closed are categorized in Level 2. Variable and floating rate, corporate, sovereign and municipal bonds, asset backed, U.S. Government and U.S. Government Agency securities, pass-through certificates, loan participations and short-term notes are categorized in Level 2 to the extent that the inputs are observable and timely, otherwise they would be categorized as Level 3. Short-term notes that are valued at amortized cost by the Cash Management Fund are categorized in Level 2. Foreign exchange contracts that are considered derivative instruments and are valued at the net unrealized appreciation or depreciation on the instruments are categorized in Level 2. Restricted securities and securities that are fair valued by the Valuation Committee may be categorized in either Level 2 or Level 3 of the fair value hierarchy depending on the relative significance of the unobservable valuation inputs.

The aggregate value by input level, as of September 30, 2016, 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 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 the Adviser 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 the Adviser 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 the Adviser 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 September 30, 2016 was related to the use of written and purchased options and interest rate futures contracts.

Options Contracts - Some of the Funds may write covered call and put options on securities, derivative instruments, or currencies the Funds own or in which it may invest. Writing put options tends to increase the Funds' exposure to the underlying instrument. Writing call options tends to decrease the Funds' exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as 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 put and call options. Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included 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.

At September 30, 2016, the Covered Call Strategy Fund had investments in options contracts which are listed in the portfolio of investments.

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 affected an amount of cash or U.S. Government securities generally equal to 3%-5% or less of the contract value. This amount is known as "initial margin."

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

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

At September 30, 2016, the Balanced Income Fund had investments in interest rate futures contracts which are listed in the portfolio of investments.

Item 2. Controls and Procedures

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded

that the Registrant's disclosure controls and procedures (as defined in

Rule 30a-3(c) under the Investment Company Act of 1940, as amended)

are effective, based on their evaluation of these disclosure controls and procedures

as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial

reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940,

as amended)  that occurred during the Registrant's last fiscal quarter that have

materially affected, or are reasonably likely to materially affect, the Registrant's

internal control over financial reporting.

Item 3. Exhibits

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

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934

and the Investment Company Act of 1940, the registrant has duly caused this

report to be signed on its behalf by the undersigned, thereunto duly

authorized.

First Investors Life Series Funds

By /S/ WILLIAM LIPKUS

William Lipkus

President and Principal Executive Officer

Date: November 28, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934

and the Investment Company Act of 1940, this report has been signed below

by the following persons on behalf of the registrant and in the capacities

and on the dates indicated.

First Investors Life Series Funds

By /S/ WILLIAM LIPKUS

William Lipkus

President and Principal Executive Officer

By /S/ JOSEPH I. BENEDEK

Joseph I. Benedek

Treasurer and Principal Financial Officer

Date: November 28, 2016