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, 2017

Item 1. Schedule of Investments

The Quarterly Schedule of Portfolio Holdings follows

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

	Principal
	Amount
	or Shares			Security				Value
				CORPORATE BONDS-47.1%
				Automotive-1.5%
$	100	M		O'Reilly Automotive, Inc., 3.55%, 3/15/2026				100,410
				Chemicals-1.6%
	100	M		Dow Chemical Co., 3.5%, 10/1/2024				103,287
				Consumer Non-Durables-1.6%
	100	M		Newell Brands, Inc., 4.2%, 4/1/2026				105,414
				Energy-4.4%
	50	M		BP Capital Markets, PLC, 3.216%, 11/28/2023				51,262
	100	M		Magellan Midstream Partners, LP, 5%, 3/1/2026				111,454
	100	M		Valero Energy Corp., 6.625%, 6/15/2037				126,551
								289,267
				Financial Services-3.2%
	100	M		American International Group, Inc., 3.75%, 7/10/2025				103,439
	100	M		General Motors Financial Co., Inc., 5.25%, 3/1/2026				108,737
								212,176
				Financials-12.9%
	100	M		Bank of America Corp., 4.1%, 7/24/2023				106,619
	100	M		Citigroup, Inc., 3.7%, 1/12/2026				102,709
	50	M		Deutsche Bank AG, 3.7%, 5/30/2024				50,796
	50	M		Goldman Sachs Group, Inc., 3.625%, 1/22/2023				51,868
	150	M		JPMorgan Chase & Co., 6.4%, 5/15/2038				200,234
	100	M		Morgan Stanley, 4%, 7/23/2025				105,533
	50	M		U.S. Bancorp, 3.6%, 9/11/2024				52,060
	50	M		Visa, Inc., 3.15%, 12/14/2025				51,279
	100	M		Wells Fargo & Co., 5.606%, 1/15/2044				121,315
								842,413
				Food/Beverage/Tobacco-1.5%
	100	M		PepsiCo, Inc., 3.45%, 10/6/2046				95,135
				Information Technology-2.3%
	100	M		Microsoft Corp., 3.7%, 8/8/2046				101,110
	50	M		Oracle Corp., 2.65%, 7/15/2026				49,171
								150,281
				Real Estate-9.3%
	100	M		Alexandria Real Estate Equities, Inc., 3.95%, 1/15/2028				102,059
	100	M		Boston Properties, LP, 2.75%, 10/1/2026				94,524
	50	M		Essex Portfolio, LP, 3.875%, 5/1/2024				52,059
	50	M		Prologis, LP, 3.75%, 11/1/2025				52,413
	150	M		Realty Income Corp., 3.25%, 10/15/2022				153,718
	50	M		Simon Property Group, LP, 3.375%, 10/1/2024				51,193
	100	M		Welltower, Inc., 4%, 6/1/2025				104,419
								610,385
				Retail-General Merchandise-2.4%
				Amazon.com, Inc.:
	50	M		4.8%, 12/5/2034				56,803
	100	M		4.05%, 8/22/2047			(a)	102,352
								159,155
				Telecommunications-1.5%
	100	M		Verizon Communications, Inc., 4.272%, 1/15/2036				98,549
				Transportation-3.3%
	100	M		Cummins, Inc., 4.875%, 10/1/2043				115,095
	100	M		Southwest Airlines Co., 3%, 11/15/2026				97,866
								212,961
				Utilities-1.6%
	50	M		Dominion Resources, Inc., 3.9%, 10/1/2025				52,203
	50	M		Oklahoma Gas & Electric Co., 4%, 12/15/2044				50,203
								102,406
Total Value of Corporate Bonds (cost $3,061,932)								3,081,839
				COMMON STOCKS-39.1%
				Consumer Discretionary-4.0%
	600			Acushnet Holdings Corp.				10,656
	84			Adient, PLC				7,055
	600			Coach, Inc.				24,168
	1,100			DSW, Inc. - Class "A"				23,628
	550			Ford Motor Co.				6,583
	300			HSN, Inc.				11,715
	600			L Brands, Inc.				24,966
	100			Newell Brands, Inc.				4,267
	500			Nordstrom, Inc.				23,575
	1,200			Regal Entertainment Group - Class "A"				19,200
	550			Tupperware Brands Corp.				34,001
	100			Whirlpool Corp.				18,444
	400			Williams-Sonoma, Inc.				19,944
	300			Wyndham Worldwide Corp.				31,623
								259,825
				Consumer Staples-5.5%
	950			Altria Group, Inc.				60,249
	800			B&G Foods, Inc.				25,480
	600			Coca-Cola Co.				27,006
	1,226			Koninklijke Ahold Delhaize NV (ADR)				22,889
	300			Nu Skin Enterprises, Inc. - Class "A"				18,444
	500			PepsiCo, Inc.				55,715
	650			Philip Morris International, Inc.				72,157
	250			Procter & Gamble Co.				22,745
	500			Sysco Corp.				26,975
	400			Wal-Mart Stores, Inc.				31,256
								362,916
				Energy-2.0%
	100			Chevron Corp.				11,750
	200			ExxonMobil Corp.				16,396
	500			Marathon Petroleum Corp.				28,040
	100			Occidental Petroleum Corp.				6,421
	500			PBF Energy, Inc. - Class "A"				13,805
	100			Phillips 66				9,161
	300			Royal Dutch Shell, PLC - Class "A" (ADR)				18,174
	100			Schlumberger, Ltd.				6,976
	600			Suncor Energy, Inc.				21,018
								131,741
				Financials-4.9%
	300			Ameriprise Financial, Inc.				44,553
	500			Berkshire Hills Bancorp, Inc.				19,375
	45		*	Brighthouse Financial, Inc.				2,736
	200			Chubb, Ltd.				28,510
	500			Discover Financial Services				32,240
	500			Hamilton Lane, Inc. - Class "A"				13,425
	500			JPMorgan Chase & Co.				47,755
	500			MetLife, Inc.				25,975
	250			PNC Financial Services Group, Inc.				33,693
	600			U.S. Bancorp				32,154
	1,200			Waddell & Reed Financial, Inc. - Class "A"				24,084
	350			Wells Fargo & Co.				19,303
								323,803
				Health Care-5.4%
	850			Abbott Laboratories				45,356
	800			AbbVie, Inc.				71,088
	1,000			GlaxoSmithKline, PLC (ADR)				40,600
	500			Johnson & Johnson				65,005
	800			Koninklijke Philips NV (ADR)				32,960
	550			Merck & Co., Inc.				35,216
	1,700			Pfizer, Inc.				60,690
								350,915
				Industrials-4.9%
	300			3M Co.				62,970
	1,200			General Electric Co.				29,016
	300			Honeywell International, Inc.				42,522
	700			Johnson Controls International, PLC				28,203
	200			Lockheed Martin Corp.				62,058
	600			Mobile Mini, Inc.				20,670
	1,800		*	Triton International, Ltd.				59,904
	150			United Technologies Corp.				17,412
								322,755
				Information Technology-5.6%
	500			Apple, Inc.				77,060
	1,350			Cisco Systems, Inc.				45,400
	700			Intel Corp.				26,656
	900			Maxim Integrated Products, Inc.				42,939
	1,050			Microsoft Corp.				78,215
	700			QUALCOMM, Inc.				36,288
	1,250			Travelport Worldwide, Ltd.				19,625
	500			Western Digital Corp.				43,200
								369,383
				Materials-1.1%
	600			International Paper Co.				34,092
	150			Praxair, Inc.				20,961
	300			RPM International, Inc.				15,402
								70,455
				Real Estate-2.1%
	1,700			Brixmor Property Group, Inc. (REIT)				31,960
	650			Chesapeake Lodging Trust (REIT)				17,531
	942			RLJ Lodging Trust (REIT)				20,724
	1,200			Tanger Factory Outlet Centers, Inc. (REIT)				29,304
	750			Urstadt Biddle Properties, Inc. - Class "A" (REIT)				16,275
	1,400			Whitestone REIT (REIT)				18,270
								134,064
				Telecommunication Services-1.3%
	1,150			AT&T, Inc.				45,045
	800			Verizon Communications, Inc.				39,592
								84,637
				Utilities-2.3%
	400			Black Hills Corp.				27,548
	500			Duke Energy Corp.				41,960
	600			Exelon Corp.				22,602
	800			NiSource, Inc.				20,472
	200			SCANA Corp.				9,698
	400			WEC Energy Group, Inc.				25,112
								147,392
Total Value of Common Stocks (cost $2,284,692)								2,557,886
				RESIDENTIAL MORTGAGE-BACKED SECURITIES-5.4%
				Fannie Mae:
$	203	M		3.5%, 6/1/2046				209,973
	95	M		4%, 3/1/2047				100,136
	40	M		4.5%, 1/1/2047				42,915
Total Value of Residential Mortgage-Backed Securities (cost $358,767)								353,024
				EXCHANGE TRADED FUNDS-2.5%
	1,820			iShares iBoxx USD High Yield Corporate Bond ETF (ETF) (cost $154,357)				161,543
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-1.5%
$	100	M		Federal Home Loan Bank, 1.005%, 10/17/2017 (cost $99,952)				99,959
Total Value of Investments (cost $5,959,700)					95.6	%		6,254,251
Other Assets, Less Liabilities					4.4			290,664
Net Assets					100.0	%		$             6,544,915

*	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, 2017, the Fund held one 144A security
	with a value of $102,352 representing 1.6% of the Fund's net assets.
	Summary of Abbreviations:
	ADR American Depositary Receipts
	ETF Exchange Traded Fund
	REIT Real Estate Investment Trust
	At September 30, 2017, the cost of investments for federal income tax purposes
	was $5,959,789. Accumulated net unrealized appreciation on investments was
	$304,344, consisting of $429,210 gross unrealized appreciation and $124,866
	gross unrealized depreciation.

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

Futures contracts outstanding at September 30, 2017:
Number of			Value at			Value at			Unrealized
Contracts	Type	Expiration	Trade Date			September 30, 2017			Appreciation
5	5 Year U.S. Treasury Note	Dec.  2017		$	118,344	$	119,175	$	831
19	10 Year U.S. Treasury Note	Dec.  2017			633,164		639,702		6,538
7	U.S. Treasury Long Bond	Dec.  2017			155,250		157,675		2,425
(Premium  received  $89)								$	9,794

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, 2017:
		Level 1		Level 2		Level 3		Total
Assets
Corporate Bonds	$	-	$	3,081,839	$	-	$	3,081,839
Common Stocks		2,557,886		-		-		2,557,886
Residential Mortgage-Backed
Securities		-		353,024		-		353,024
Exchange Traded Funds		161,543		-		-		161,543
Short-Term U.S. Government
Agency Obligations		-		99,959		-		99,959
Total Investments in Securities*	$	2,719,429	$	3,534,822	$	-	$	6,254,251
Other Assets
Futures Contracts	$	9,883	$	-	$	-	$	9,883

*The Portfolio of Investments provide information on the industry categorization for corporate bonds and commom stocks.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended September 30, 2017. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
COVERED CALL STRATEGY FUND
September 30, 2017

	Shares		Security			Value
			COMMON STOCKS-101.0%
			Consumer Discretionary-6.9%
	400	*	AutoZone, Inc.			$               238,044
	3,100		CBS Corp. - Class "B"			179,800
	1,300		Whirlpool Corp.			239,772
						657,616
			Consumer Staples-4.7%
	6,700		Mondelez International, Inc.			272,422
	2,300		Walgreens Boots Alliance, Inc.			177,606
						450,028
			Energy-10.3%
	2,400		Chevron Corp.			282,000
	2,200		ExxonMobil Corp.			180,356
	5,900		Halliburton Co.			271,577
	3,200		Valero Energy Corp.			246,176
						980,109
			Financials-23.6%
	3,800		American Express Co.			343,748
	17,600		Bank of America Corp.			445,984
	800		BlackRock, Inc.			357,672
	4,800		JPMorgan Chase & Co.			458,448
	8,100		Morgan Stanley			390,177
	4,600		U.S. Bancorp			246,514
						2,242,543
			Health Care-13.8%
	1,700		Allergan, PLC			348,415
	3,500		Bristol-Myers Squibb Co.			223,090
	5,000		Medtronic, PLC			388,850
	9,700		Pfizer, Inc.			346,290
						1,306,645
			Industrials-17.8%
	4,000		Delta Air Lines, Inc.			192,880
	800		General Dynamics Corp.			164,464
	9,600		General Electric Co.			232,128
	3,100		Honeywell International, Inc.			439,394
	800		Lockheed Martin Corp.			248,232
	1,800		Union Pacific Corp.			208,746
	1,700		United Parcel Service, Inc. - Class "B"			204,153
						1,689,997
			Information Technology-16.4%
	2,700		Apple, Inc.			416,124
	1,100		Broadcom, Ltd.			266,794
	6,500		Cisco Systems, Inc.			218,595
	8,100		Intel Corp.			308,448
	7,200		Oracle Corp.			348,120
						1,558,081
			Materials-7.5%
	7,400		DowDuPont, Inc.			512,302
	3,500		Nucor Corp.			196,140
						708,442
Total Value of Common Stocks (cost $8,663,596)				101.0	%	9,593,461
Excess of Liabilities Over Other Assets				(1.0)		(101,851)
Net Assets				100.0	%	$             9,491,610

*	Non-income producing
	At September 30, 2017, the cost of investments for federal income tax
	purposes was $8,457,752. Accumulated net unrealized appreciation on
	investments was $856,715, consisting of $1,110,185 gross unrealized
	appreciation and $253,470 gross unrealized depreciation.

Portfolio of Investments (unaudited)
COVERED CALL STRATEGY FUND
September 30, 2017

	Expiration	Exercise
CALL OPTIONS WRITTEN-2.9%	Date	Price	Contracts	Value
Allergan, PLC	10/20/17	$230.00	16	$352
Allergan, PLC	10/20/17	220.00	1	66
American Express Co.	10/20/17	89.00	38	8,588
Apple, Inc.	10/20/17	155.00	27	5,994
AutoZone, Inc.	10/20/17	570.00	3	9,069
AutoZone, Inc.	12/15/17	600.00	1	2,802
Bank of America Corp.	10/20/17	27.00	59	354
Bank of America Corp.	10/20/17	25.50	117	5,148
BlackRock, Inc.	10/20/17	420.00	2	5,804
BlackRock, Inc.	1/19/18	440.00	1	2,140
BlackRock, Inc.	1/19/18	420.00	5	17,515
Bristol-Myers Squibb Co.	10/20/17	62.50	5	875
Bristol-Myers Squibb Co.	12/15/17	60.00	30	14,250
Broadcom, Ltd.	10/20/17	240.00	11	7,480
CBS Corp.	10/20/17	60.00	2	110
CBS Corp.	12/15/17	67.50	29	957
Chevron Corp.	12/15/17	120.00	1	162
Chevron Corp.	12/15/17	110.00	23	18,906
Cisco Systems, Inc.	11/3/17	33.50	65	3,185
Delta Air Lines, Inc.	10/20/17	49.00	40	3,440
DowDuPont, Inc.	11/17/17	70.00	74	9,694
ExxonMobil Corp.	1/19/18	87.50	17	714
ExxonMobil Corp.	1/19/18	85.00	5	495
General Dynamics Corp.	10/20/17	200.00	7	4,200
General Dynamics Corp.	1/19/18	210.00	1	520
General Electric Co.	10/20/17	25.00	96	1,248
Halliburton Co.	10/20/17	45.00	59	8,850
Honeywell International, Inc.	12/15/17	140.00	31	13,950
Intel Corp.	11/17/17	37.00	81	12,879
JPMorgan Chase & Co.	12/15/17	95.00	48	14,640
Lockheed Martin Corp.	10/20/17	310.00	1	420
Lockheed Martin Corp.	10/20/17	300.00	7	7,840
Medtronic, PLC	10/20/17	80.00	3	93
Medtronic, PLC	10/27/17	83.00	47	329
Mondelez International, Inc.	10/20/17	41.00	67	3,283
Morgan Stanley	10/20/17	48.00	81	9,558
Nucor Corp.	10/20/17	57.50	33	2,079
Nucor Corp.	10/20/17	55.00	2	380
Oracle Corp.	11/17/17	50.00	72	3,600
Pfizer, Inc.	11/17/17	36.00	97	5,238
U.S. Bancorp	11/3/17	54.00	3	249
U.S. Bancorp	11/17/17	55.00	43	2,795
Union Pacific Corp.	12/15/17	105.00	18	21,600

United Parcel Service, Inc.	10/13/17	116.00	16	6,920
United Parcel Service, Inc.	11/3/17	118.00	1	370
Valero Energy Corp.	12/15/17	75.00	2	768
Valero Energy Corp.	12/15/17	70.00	20	15,320
Valero Energy Corp.	12/15/17	67.50	10	9,750
Walgreens Boots Alliance, Inc.	10/20/17	82.50	23	138
Whirlpool Corp.	10/20/17	175.00	13	13,877
Total Value of Call Options Written (premium received $207,652)				$278,994

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, 2017:

		Level 1		Level 2		Level 3		Total
Assets
Common Stocks*	$	9,593,461	$	-	$	-	$	9,593,461
Liabilities
Call Options Written	$	(278,994)	$	-	$	-	$	(278,994)

*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, 2017. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
EQUITY INCOME FUND
September 30, 2017

	Shares or
	Principal
	Amount			Security			Value
				COMMON STOCKS-94.7%
				Consumer Discretionary-8.4%
	17,000			Acushnet Holdings Corp.			$       301,920
	13,200			American Eagle Outfitters, Inc.			188,760
	3,400			Big Lots, Inc.			182,138
	8,687			CBS Corp. - Class "B"			503,846
	7,600			Coach, Inc.			306,128
	36,200			Comcast Corp. - Class "A"			1,392,976
	4,800			Delphi Automotive, PLC			472,320
	42,350			Ford Motor Co.			506,930
	7,950			Home Depot, Inc.			1,300,302
	8,200			HSN, Inc.			320,210
	4,800			L Brands, Inc.			199,728
	5,900			McDonald's Corp.			924,412
	9,537			Newell Brands, Inc.			406,944
	4,500			Oxford Industries, Inc.			285,930
	23,500			Regal Entertainment Group - Class "A"			376,000
	11,016			Time Warner, Inc.			1,128,589
	3,600			Tupperware Brands Corp.			222,552
	4,300			Walt Disney Co.			423,851
	1,400			Whirlpool Corp.			258,216
	7,500			Wyndham Worldwide Corp.			790,575
							10,492,327
				Consumer Staples-9.2%
	23,100			Altria Group, Inc.			1,465,002
	15,900			B&G Foods, Inc.			506,415
	17,800			Coca-Cola Co.			801,178
	12,000			CVS Health Corp.			975,840
	4,350			Dr. Pepper Snapple Group, Inc.			384,844
	6,400			Kimberly-Clark Corp.			753,152
	21,282			Koninklijke Ahold Delhaize NV (ADR)			397,335
	3,666			Kraft Heinz Co.			284,298
	3,400			Molson Coors Brewing Co.			277,576
	12,300			PepsiCo, Inc.			1,370,589
	16,200			Philip Morris International, Inc.			1,798,362
	14,200			Procter & Gamble Co.			1,291,916
	14,600			Wal-Mart Stores, Inc.			1,140,844
							11,447,351
				Energy-7.5%
	17,200			Chevron Corp.			2,021,000
	16,150			ConocoPhillips			808,307
	16,500			Devon Energy Corp.			605,715
	15,600			ExxonMobil Corp.			1,278,888
	5,700			Halliburton Co.			262,371
	13,800			Marathon Petroleum Corp.			773,904
	17,800			Occidental Petroleum Corp.			1,142,938
	15,800			PBF Energy, Inc. - Class "A"			436,238
	14,400			Royal Dutch Shell, PLC - Class "A" (ADR)			872,352
	7,100			Schlumberger, Ltd.			495,296
	20,400			Suncor Energy, Inc.			714,612
							9,411,621
				Financials-18.2%
	29,700			AllianceBernstein Holding, LP (MLP)			721,710
	9,350			American Express Co.			845,801
	7,700			American International Group, Inc.			472,703
	4,950			Ameriprise Financial, Inc.			735,124
	16,400			Bank of New York Mellon Corp.			869,528
	19,850			Berkshire Hills Bancorp, Inc.			769,187
	12,767			Chubb, Ltd.			1,819,936
	15,600			Citizens Financial Group, Inc.			590,772
	9,600			Comerica, Inc.			732,096
	12,550			Discover Financial Services			809,224
	29,070			Financial Select Sector SPDR Fund (ETF)			751,750
	9,400			IBERIABANK Corp.			772,210
	13,900			Invesco, Ltd.			487,056
	21,000			iShares S&P U.S. Preferred Stock Index Fund (ETF)			815,010
	25,900			JPMorgan Chase & Co.			2,473,709
	21,100			MetLife, Inc.			1,096,145
	9,400			PNC Financial Services Group, Inc.			1,266,838
	11,900			Prosperity Bancshares, Inc.			782,187
	13,500			SPDR S&P Regional Banking (ETF)			766,260
	29,900			Sterling Bancorp			737,035
	5,400			Travelers Cos., Inc.			661,608
	20,900			U.S. Bancorp			1,120,031
	17,400			Waddell & Reed Financial, Inc. - Class "A"			349,218
	42,450			Wells Fargo & Co.			2,341,118
							22,786,256
				Health Care-12.3%
	18,400			Abbott Laboratories			981,824
	16,300			AbbVie, Inc.			1,448,418
	8,492			Baxter International, Inc.			532,873
	9,000			Gilead Sciences, Inc.			729,180
	10,050			GlaxoSmithKline, PLC (ADR)			408,030
	19,550			Johnson & Johnson			2,541,696
	16,300			Koninklijke Philips NV (ADR)			671,560
	10,912			Medtronic, PLC			848,626
	33,520			Merck & Co., Inc.			2,146,286
	74,585			Pfizer, Inc.			2,662,685
	14,400			Phibro Animal Health Corp. - Class "A"			533,520
	3,850			Thermo Fisher Scientific, Inc.			728,420
	3,100			UnitedHealth Group, Inc.			607,135
	8,490			Zoetis, Inc.			541,322
							15,381,575
				Industrials-11.0%
	5,500			3M Co.			1,154,450
	5,600			A.O. Smith Corp.			332,808
	12,400			Eaton Corp., PLC			952,196
	3,400			General Dynamics Corp.			698,972
	50,230			General Electric Co.			1,214,561
	11,800			Honeywell International, Inc.			1,672,532
	13,300			Industrial Select Sector SPDR Fund (ETF)			944,300
	9,700			Ingersoll-Rand, PLC			864,949
	5,850			ITT, Inc.			258,980
	24,834			Johnson Controls International, PLC			1,000,562
	3,680			Lockheed Martin Corp.			1,141,867
	22,000			Schneider National, Inc.			556,600
	1,450			Snap-On, Inc.			216,065
	23,100			Triton International, Ltd.			768,768
	8,500			United Parcel Service, Inc. - Class "B"			1,020,765
	8,200			United Technologies Corp.			951,856
							13,750,231
				Information Technology-13.2%
	8,790			Apple, Inc.			1,354,715
	15,400			Applied Materials, Inc.			802,186
	5,450			Automatic Data Processing, Inc.			595,794
	3,000			Broadcom, Ltd.			727,620
	66,700			Cisco Systems, Inc.			2,243,121
	14,200			HP Enterprise Co.			208,882
	26,800			HP, Inc.			534,928
	34,100			Intel Corp.			1,298,528
	11,600			Juniper Networks, Inc.			322,828
	3,150			Lam Research Corp.			582,876
	10,400			Microchip Technology, Inc.			933,712
	35,350			Microsoft Corp.			2,633,222
	5,100		*	NXP Semiconductors NV			576,759
	11,700			QUALCOMM, Inc.			606,528
	8,900			Silicon Motion Technology Corp. (ADR)			427,467
	20,800			Symantec Corp.			682,448
	7,500			TE Connectivity, Ltd.			622,950
	10,900			Technology Select Sector SPDR Fund (ETF)			644,190
	8,400			Western Digital Corp.			725,760
							16,524,514
				Materials-5.4%
	28,832			DowDuPont, Inc.			1,996,010
	5,300			Eastman Chemical Co.			479,597
	6,000			FMC Corp.			535,860
	13,500			International Paper Co.			767,070
	6,300		*	Louisiana-Pacific Corp.			170,604
	7,700			LyondellBasell Indst NV - Class "A"			762,685
	5,400			Praxair, Inc.			754,596
	10,400			Sealed Air Corp.			444,288
	15,590			WestRock Co.			884,421
							6,795,131
				Real Estate-2.4%
	31,100			Brixmor Property Group, Inc. (REIT)			584,680
	16,900			Chesapeake Lodging Trust (REIT)			455,793
	2,800			Federal Realty Investment Trust (REIT)			347,788
	8,850			iShares U.S. Real Estate ETF (ETF)			706,938
	12,000			Sunstone Hotel Investors, Inc. (REIT)			192,840
	31,600			Urstadt Biddle Properties, Inc. (REIT) - Class "A"			685,720
							2,973,759
				Telecommunication Services-3.2%
	46,760			AT&T, Inc.			1,831,589
	43,100			Verizon Communications, Inc.			2,133,019
							3,964,608
				Utilities-3.9%
	7,350			American Electric Power Co., Inc.			516,264
	19,200			CenterPoint Energy, Inc.			560,832
	6,750			Dominion Energy, Inc.			519,277
	6,900			Duke Energy Corp.			579,048
	24,500			Exelon Corp.			922,915
	3,400			NextEra Energy, Inc.			498,270
	20,200			PPL Corp.			766,590
	8,300			Vectren Corp.			545,891
							4,909,087
Total Value of Common Stocks (cost $78,967,782)							118,436,460
				PREFERRED STOCKS-1.7%
				Financials-.6%
	200			Citizens Financial Group, Inc., Series A, 5.5%, 2049			209,000
	21,200			JPMorgan Chase & Co., Series Y, 6.125%, 2020			567,100
							776,100
				Health Care-.3%
	500			Allergan, PLC, Series A, 5.5%, 2018			368,910
				Real Estate-.8%
	11,400			Digital Realty Trust, Inc., (REIT), Series G, 5.875%, 2049			286,824
				Urstadt Biddle Properties, Inc.(REIT):
	9,000			Series F, 7.125% 2049			228,330
	11,000			Series G, 6.75%, 2049			289,465
	8,300			Series H, 6.25%, 2022			214,472
							1,019,091
Total Value of Preferred Stocks (cost $2,226,992)							2,164,101
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-2.0%
				Federal Home Loan Bank:
$	500	M		1.01%, 10/10/2017			499,891
	500	M		1.005%, 10/17/2017			499,796
	1,000	M		1.015%, 10/19/2017			999,537
	500	M		1.025%, 11/9/2017			499,478
Total Value of Short-Term U.S. Government Agency Obligations (cost $2,498,516)							2,498,702
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-.8%
	1,000	M		U.S. Treasury Bills, 0.935%, 10/26/2017 (cost $999,325)			999,379
Total Value of Investments (cost $84,692,615)					99.2	%	124,098,642
Other Assets, Less Liabilities					.8		986,046
Net Assets					100.0	%	$  125,084,688

*	Non-income producing
	Summary of Abbreviations:
	ADR American Depositary Receipts
	ETF Exchange Traded Fund
	MLP Master Limited Partnership
	REIT Real Estate Investment Trust
	At September 30, 2017, the cost of investments for federal income tax
	purposes was $84,751,600. Accumulated net unrealized appreciation on
	investments was $39,345,738, consisting of $40,822,666 gross unrealized
	appreciation and $1,476,928 gross unrealized depreciation.

Portfolio of Investments (unaudited)
EQUITY INCOME FUND
September 30, 2017

	Expiration	Exercise
CALL OPTIONS WRITTEN-0.0%	Date	Price	Contracts	Value
General Electric Co.	10/06/17	$24.00	20	$620
Johnson & Johnson	10/06/17	135.00	10	30
PepsiCo, Inc.	10/06/17	115.00	10	140
3M Co.	10/06/17	207.50	2	514
Premium received $3,797				$1,304

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, 2017:

		Level 1		Level 2		Level 3		Total
Common Stocks	$	118,436,460	$	-	$	-	$	118,436,460
Preferred Stocks		2,164,101		-		-		2,164,101
Short-Term U.S. Government
Agency Obligations		-		2,498,702		-		2,498,702
Short-Term U.S. Government
Obligations		-		999,379		-		999,379
Total Investments in Securities*	$	120,600,561	$	3,498,081	$	-	$	124,098,642
Liabilities
Call Options Written	$	(1,304)	$	-	$	-	$	(1,304)

*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, 2017. Transfers, if any, between Levels are recognized at the end of the reporting period.

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

	Principal
	Amount		Security						Value
			CORPORATE BONDS-92.9%
			Aerospace/Defense-1.6%
			Bombardier, Inc.:
$	375	M	8.75%, 12/1/2021			(a)			$     403,875
	300	M	7.5%, 3/15/2025			(a)			301,320
			Meccanica Holdings USA, Inc.:
	275	M	7.375%, 7/15/2039			(a)			337,563
	100	M	6.25%, 1/15/2040			(a)			113,500
	525	M	TransDigm, Inc., 6.375%, 6/15/2026						539,112
									1,695,370
			Automotive-4.9%
	225	M	Adient Global Holdings, Ltd., 4.875%, 8/15/2026			(a)			231,187
	200	M	Allison Transmission, Inc., 5%, 10/1/2024			(a)			208,070
	225	M	American Axle & Manufacturing, Inc., 6.25%, 4/1/2025			(a)			230,062
	250	M	Asbury Automotive Group, Inc., 6%, 12/15/2024						262,500
	225	M	Avis Budget Group, Inc., 6.375%, 4/1/2024			(a)			235,687
	175	M	Cooper Standard Automotive, Inc., 5.625%, 11/15/2026			(a)			179,375
	150	M	Dana Financing Luxembourg Sarl, 6.5%, 6/1/2026			(a)			162,375
			Dana Holding Corp.:
	200	M	6%, 9/15/2023						211,500
	250	M	5.5%, 12/15/2024						263,750
	450	M	Fiat Chrysler Automobiles NV, 5.25%, 4/15/2023						481,500
			Group 1 Automotive, Inc.:
	325	M	5%, 6/1/2022						338,406
	200	M	5.25%, 12/15/2023			(a)			203,500
			Hertz Corp.:
	250	M	7.625%, 6/1/2022			(a)			258,437
	150	M	5.5%, 10/15/2024			(a)			135,750
	500	M	LKQ Corp., 4.75%, 5/15/2023						518,805
	450	M	Meritor, Inc., 6.25%, 2/15/2024						480,938
	425	M	Omega U.S. Sub, LLC, 8.75%, 7/15/2023			(a)			452,625
	325	M	ZF North America Capital. Inc., 4.75%, 4/29/2025			(a)			344,094
									5,198,561
			Building Materials-.8%
	500	M	Building Materials Corp., 5.375%, 11/15/2024			(a)			533,900
	300	M	Griffon Corp., 5.25%, 3/1/2022						306,000
									839,900
			Chemicals-3.2%
	275	M	A. Schulman, Inc., 6.875%, 6/1/2023						286,688
	175	M	CF Industries, Inc., 4.95%, 6/1/2043						162,750
	150	M	CVR Partners, LP, 9.25%, 6/15/2023			(a)			160,312
	225	M	Chemours Co., 6.625%, 5/15/2023						240,469
	125	M	Evolution Escrow Issurer, LLC, 7.5%, 3/15/2022			(a)			132,344
	250	M	Nova Chemicals Corp., 5.25%, 6/1/2027			(a)			253,125
	400	M	PolyOne Corp., 5.25%, 3/15/2023						426,000
	225	M	PQ Corp., 6.75%, 11/15/2022			(a)			244,688
			Rain CII Carbon, LLC:
	232	M	8.25%, 1/15/2021			(a)			240,990
	850	M	7.25%, 4/1/2025			(a)			898,875
	275	M	Rayonier AM Products, Inc., 5.5%, 6/1/2024			(a)			267,781
	25	M	TPC Group, Inc., 8.75%, 12/15/2020			(a)			24,375
	75	M	W.R. Grace & Co., 5.625%, 10/1/2024			(a)			82,687
									3,421,084
			Consumer Non-Durables-1.3%
	150	M	American Greetings Corp., 7.875%, 2/15/2025			(a)			163,125
	175	M	First Quality Finance Co., 5%, 7/1/2025			(a)			180,906
	400	M	Kronos Acquisition, Inc., 9%, 8/15/2023			(a)			391,000
			Reynolds Group Holdings, Inc.:
	275	M	5.75%, 10/15/2020						280,170
	125	M	5.125%, 7/15/2023			(a)			130,606
	250	M	Standard Industries, Inc., 5.5%, 2/15/2023			(a)			265,313
									1,411,120
			Energy-12.0%
			Antero Resources Corp.:
	125	M	5.375%, 11/1/2021						128,750
	50	M	5.125%, 12/1/2022						51,375
	50	M	5%, 3/1/2025						51,000
	250	M	Baytex Energy Corp., 5.125%, 6/1/2021			(a)			234,375
	200	M	Blue Racer Midstream, LLC, 6.125%, 11/15/2022			(a)			208,500
	75	M	Callon Petroleum Co., 6.125%, 10/1/2024						78,000
			Carrizo Oil & Gas, Inc.:
	125	M	6.25%, 4/15/2023						127,500
	75	M	8.25%, 7/15/2025						81,844
	325	M	Chesapeake Energy Corp., 8%, 1/15/2025			(a)	(b)		329,062
	250	M	Concho Resources, Inc., 5.5%, 4/1/2023						257,262
	350	M	CONSOL Energy, Inc., 5.875%, 4/15/2022						355,250
			Consolidated Energy Finance SA:
	225	M	6.875%, 6/15/2025			(a)			236,531
	200	M	6.75%, 10/15/2019			(a)			203,750
			Continental Resources, Inc.:
	200	M	4.5%, 4/15/2023						201,000
	275	M	3.8%, 6/1/2024						266,750
	50	M	4.9%, 6/1/2044						45,625
	125	M	Covey Park Energy, LLC, 7.5%, 5/15/2025			(a)			129,844
			Crestwood Midstream Partners, LP:
	250	M	6.25%, 4/1/2023						259,062
	200	M	5.75%, 4/1/2025						205,000
	275	M	Delek Logistics Partners, LP, 6.75%, 5/15/2025			(a)			278,437
	75	M	Diamondback Energy, Inc., 4.75%, 11/1/2024						76,875
	225	M	Endeavor Energy Resources, LP, 7%, 8/15/2021			(a)			233,719
	400	M	Exterran Partners, LP, 6%, 10/1/2022						391,000
	275	M	Forum Energy Technologies, Inc., 6.25%, 10/1/2021						277,062
			Genesis Energy, LP:
	200	M	6.75%, 8/1/2022						205,500
	100	M	5.625%, 6/15/2024						97,500
	175	M	Gulfport Energy Corp., 6.375%, 5/15/2025						177,844
	175	M	Hilcorp Energy I, LP, 5.75%, 10/1/2025			(a)			177,844
	525	M	Jonah Energy, LLC, 7.25%, 10/15/2025			(a)	(b)		530,250
	375	M	Laredo Petroleum, Inc., 5.625%, 1/15/2022						379,687
	200	M	Matador Resources Co., 6.875%, 4/15/2023						212,750
	250	M	MEG Energy Corp., 6.5%, 1/15/2025			(a)			245,000
			Murphy Oil Corp.:
	200	M	4.7%, 12/1/2022						200,500
	125	M	6.875%, 8/15/2024						133,593
	175	M	5.75%, 8/15/2025						180,670
	350	M	Newfield Exploration Co., 5.375%, 1/1/2026						369,688
	125	M	NGPL Pipeco, LLC, 4.875%, 8/15/2027			(a)			131,294
	250	M	Oasis Petroleum, Inc., 6.875%, 1/15/2023						255,000
			Parsley Energy, LLC:
	50	M	6.25%, 6/1/2024			(a)			52,875
	275	M	5.25%, 8/15/2025			(a)			280,844
	175	M	PDC Energy, Inc., 6.125%, 9/15/2024						183,750
	225	M	Precision Drilling Corp., 6.5%, 12/15/2021						228,938
	200	M	QEP Resources, Inc., 6.875%, 3/1/2021						211,500
	275	M	Range Resources Corp., 4.875%, 5/15/2025						272,250
	225	M	Rice Energy, Inc., 6.25%, 5/1/2022						235,406
	175	M	Rowan Cos., Inc., 4.875%, 6/1/2022						164,938
	100	M	RSP Permian, Inc., 5.25%, 1/15/2025			(a)			102,000
	100	M	SESI, LLC, 7.75%, 9/15/2024			(a)			103,750
	150	M	SM Energy Co., 5%, 1/15/2024						142,125
			Southwestern Energy Co.:
	150	M	6.7%, 1/23/2025						152,625
	200	M	7.75%, 10/1/2027						207,750
	100	M	Suburban Propane Partners, LP, 5.875%, 3/1/2027						99,500
			Sunoco, LP:
	225	M	6.25%, 4/15/2021						236,329
	175	M	6.375%, 4/1/2023						186,813
			Targa Resources Partners, LP:
	100	M	5.25%, 5/1/2023						102,250
	425	M	4.25%, 11/15/2023						423,406
			Tesoro Logistics, LP:
	375	M	6.25%, 10/15/2022						400,781
	100	M	6.375%, 5/1/2024						109,000
	175	M	Unit Corp., 6.625%, 5/15/2021						176,313
			Weatherford Bermuda, PLC:
	100	M	4.5%, 4/15/2022						93,500
	100	M	6.5%, 8/1/2036						86,250
			Whiting Petroleum Corp.:
	100	M	5%, 3/15/2019						100,530
	150	M	6.25%, 4/1/2023						148,313
	250	M	WPX Energy, Inc., 6%, 1/15/2022						259,688
									12,766,117
			Financials-5.5%
			Ally Financial, Inc.:
	150	M	8%, 3/15/2020						169,221
	425	M	8%, 11/1/2031						550,332
	175	M	Arch Merger Sub, Inc., 8.5%, 9/15/2025			(a)			170,625
	275	M	Argos Merger Sub, Inc., 7.125%, 3/15/2023			(a)			215,132
	175	M	AssuredPartners, Inc., 7%, 8/15/2025			(a)			179,594
	225	M	Credit Suisse Group AG, 7.5%, 12/11/2023			(a)			254,853
	375	M	CSTN Merger Sub, Inc., 6.75%, 8/15/2024			(a)			374,531
	550	M	DAE Funding, LLC, 5%, 8/1/2024			(a)			565,125
			Icahn Enterprises, LP:
	300	M	6.25%, 2/1/2022						313,500
	400	M	6.75%, 2/1/2024						423,500
	500	M	Intesa Sanpaolo SpA, 5.017%, 6/26/2024			(a)			509,023
			Ladder Capital Finance Holdings, LLLP:
	200	M	5.25%, 3/15/2022			(a)			204,500
	400	M	5.25%, 10/1/2025			(a)			397,252
	375	M	LPL Holdings, Inc., 5.75%, 9/15/2025			(a)			389,700
	125	M	Radian Group, Inc., 4.5%, 10/1/2024						127,813
	225	M	Royal Bank of Scotland Group, PLC, 8.625%, 8/15/2021						250,031
	175	M	Springleaf Finance Corp., 7.75%, 10/1/2021						198,354
	500	M	UniCredit SpA, 5.861%, 6/19/2032			(a)			525,284
									5,818,370
			Food/Beverage/Tobacco-1.6%
	325	M	Barry Callebault Services SA, 5.5%, 6/15/2023			(a)			354,933
			Lamb Weston Holdings, Inc.:
	125	M	4.625%, 11/1/2024			(a)			130,937
	100	M	4.875%, 11/1/2026			(a)			105,250
			Pilgrim's Pride Corp.:
	25	M	5.75%, 3/15/2025			(a)			25,875
	150	M	5.875%, 9/30/2027			(a)			153,563
			Post Holdings, Inc.:
	250	M	5.5%, 3/1/2025			(a)			260,000
	400	M	5.75%, 3/1/2027			(a)			414,000
	225	M	Vector Group, Ltd., 6.125%, 2/1/2025			(a)			233,438
									1,677,996
			Forest Products/Containers-2.4%
	675	M	Ardagh Holdings USA, Inc., 7.25%, 5/15/2024			(a)			742,918
	400	M	BWAY Holding Co., 7.25%, 4/15/2025			(a)			413,000
	125	M	Crown Americas, LLC, 4.25%, 9/30/2026						126,562
	125	M	Louisiana-Pacific Corp., 4.875%, 9/15/2024						129,108
			Mercer International, Inc.:
	200	M	7.75%, 12/1/2022						213,000
	175	M	6.5%, 2/1/2024						182,438
			Owens-Brockway Glass Container, Inc.:
	250	M	5.375%, 1/15/2025			(a)			269,375
	50	M	6.375%, 8/15/2025			(a)			56,656
	325	M	Sealed Air Corp., 6.875%, 7/15/2033			(a)			382,688
									2,515,745
			Gaming/Leisure-2.8%
	275	M	CRC Escrow Issuer 5.25% 10/15/2025			(a)	(b)	(c)	275,000
	425	M	Golden Nugget, Inc., 8.75%, 10/1/2025			(a)			433,500
			International Game Technology, PLC:
	200	M	6.25%, 2/15/2022			(a)			222,100
	200	M	6.5%, 2/15/2025			(a)			225,750
	500	M	Landry's, Inc., 6.75%, 10/15/2024			(a)			506,875
	75	M	Lions Gate Entertainment Corp., 5.875%, 11/1/2024			(a)			79,125
	150	M	Regal Entertainment Group, 5.75%, 3/15/2022						155,250
	475	M	Scientific Games International, Inc., 7%, 1/1/2022			(a)			505,281
	175	M	Silversea Cruise Finance, Ltd., 7.25%, 2/1/2025			(a)			188,125
	400	M	Viking Cruises, Ltd., 6.25%, 5/15/2025			(a)			414,500
									3,005,506
			Health Care-8.6%
	375	M	Centene Corp., 6.125%, 2/15/2024						406,406
			CHS/Community Health Systems, Inc.:
	175	M	7.125%, 7/15/2020						158,594
	100	M	5.125%, 8/1/2021						99,000
	375	M	6.25%, 3/31/2023						369,844
	400	M	DaVita, Inc., 5.125%, 7/15/2024						401,750
			Endo Finance, LLC:
	275	M	7.25%, 1/15/2022			(a)			258,500
	225	M	6%, 7/15/2023			(a)			186,750
			Fresenius Medical Care U.S. Finance II, Inc.:
	150	M	5.625%, 7/31/2019			(a)			159,212
	100	M	4.75%, 10/15/2024			(a)			108,387
			HCA, Inc.:
	475	M	6.5%, 2/15/2020						518,344
	250	M	6.25%, 2/15/2021						271,250
	550	M	5.875%, 5/1/2023						599,500
	50	M	5.375%, 2/1/2025						52,812
	350	M	5.875%, 2/15/2026						376,687
			HealthSouth Corp.:
	175	M	5.125%, 3/15/2023						181,729
	200	M	5.75%, 11/1/2024						205,625
			LifePoint Health, Inc.:
	400	M	5.875%, 12/1/2023						424,120
	275	M	5.375%, 5/1/2024						287,031
			Mallinckrodt Finance SB:
	275	M	5.75%, 8/1/2022			(a)			270,188
	225	M	5.5%, 4/15/2025			(a)			204,188
			Molina Healthcare, Inc.:
	400	M	5.375%, 11/15/2022						414,240
	250	M	4.875%, 6/15/2025			(a)			247,500
	125	M	MPH Operating Partnership, LP, 7.125%, 6/1/2024			(a)			134,688
	100	M	RegionalCare Hospital Partners Holdings Inc., 8.25%, 5/1/2023			(a)			105,625
	600	M	Tenet Healthcare Corp., 6%, 10/1/2020						640,926
	100	M	Universal Health Services, Inc., 5%, 6/1/2026			(a)			105,750
	64	M	Universal Hospital Services, Inc., 7.625%, 8/15/2020						65,120
			Valeant Pharmaceuticals International, Inc.:
	925	M	6.375%, 10/15/2020			(a)			929,625
	50	M	6.5%, 3/15/2022			(a)			53,000
	150	M	7%, 3/15/2024			(a)			160,514
	650	M	6.125%, 4/15/2025			(a)			572,000
	175	M	West Street Merger Sub, Inc., 6.375%, 9/1/2025			(a)			175,000
									9,143,905
			Information Technology-3.9%
	300	M	Alliance Data Systems Corp., 5.375%, 8/1/2022			(a)			310,500
	250	M	CDW, LLC, 5%, 9/1/2025						263,750
	250	M	CommScope Technologies, LLC, 6%, 6/15/2025			(a)			268,437
	225	M	Diamond 1 Finance Corp., 6.02%, 6/15/2026			(a)			250,293
	350	M	Equinix, Inc., 5.875%, 1/15/2026						385,437
	100	M	J2 Cloud Services, LLC, 6%, 7/15/2025			(a)			105,125
			Match Group, Inc.:
	275	M	6.75%, 12/15/2022						284,969
	125	M	6.375%, 6/1/2024						136,563
	79	M	Microsemi Corp., 9.125%, 4/15/2023			(a)			90,554
	150	M	MSCI, Inc., 5.75%, 8/15/2025			(a)			164,438
	275	M	NXP BV, 3.875%, 9/1/2022			(a)			287,375
	175	M	Open Text Corp., 5.625%, 1/15/2023			(a)			184,188
	325	M	Rackspace Hosting, Inc., 8.625%, 11/15/2024			(a)			347,620
	250	M	Radiate Holdco, LLC, 6.625%, 2/15/2025			(a)			245,000
	125	M	Sensata Technologies BV, 5%, 10/1/2025			(a)			132,381
	225	M	Solera, LLC, 10.5%, 3/1/2024			(a)			257,276
	100	M	Verisign, Inc., 4.75%, 7/15/2027						103,500
	325	M	Western Digital Corp., 10.5%, 4/1/2024						382,688
									4,200,094
			Manufacturing-3.4%
	375	M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023			(a)			393,281
	100	M	Boise Cascade Co., 5.625%, 9/1/2024			(a)			105,625
	200	M	Brand Energy & Infrastructure Services, Inc., 8.5%, 7/15/2025			(a)			217,000
	250	M	Cloud Crane, LLC, 10.125%, 8/1/2024			(a)			278,125
	375	M	Gates Global, LLC, 6%, 7/15/2022			(a)			387,187
	75	M	GrafTech International, Ltd., 6.375%, 11/15/2020						73,312
	425	M	Grinding Media, Inc., 7.375%, 12/15/2023			(a)			462,187
	300	M	H&E Equipment Services, Inc., 5.625%, 9/1/2025			(a)			317,250
	200	M	Park-Ohio Industries, Inc., 6.625%, 4/15/2027						216,500
			United Rentals, Inc.:
	150	M	4.625%, 10/15/2025						152,250
	150	M	5.875%, 9/15/2026						163,500
	175	M	5.5%, 5/15/2027						187,031
	350	M	Wabash National Corp., 5.5%, 10/1/2025			(a)			357,438
	300	M	Zekelman Industries, Inc., 9.875%, 6/15/2023			(a)			339,000
									3,649,686
			Media-Broadcasting-1.9%
			Belo Corp.:
	100	M	7.75%, 6/1/2027						113,750
	25	M	7.25%, 9/15/2027						28,250
	325	M	LIN Television Corp., 5.875%, 11/15/2022						340,437
			Nexstar Broadcasting, Inc.:
	225	M	6.125%, 2/15/2022			(a)			235,688
	200	M	5.625%, 8/1/2024			(a)			207,500
			Sinclair Television Group, Inc.:
	375	M	5.375%, 4/1/2021						385,313
	125	M	5.125%, 2/15/2027			(a)			122,031
			Sirius XM Radio, Inc.:
	200	M	3.875%, 8/1/2022			(a)			205,540
	325	M	6%, 7/15/2024			(a)			350,594
									1,989,103
			Media-Cable TV-8.8%
			Altice Financing SA:
	325	M	6.625%, 2/15/2023			(a)			345,312
	200	M	7.5%, 5/15/2026			(a)			220,500
	200	M	Altice Finco SA, 7.625%, 2/15/2025			(a)			211,750
			Altice U.S. Finance I Corp.:
	275	M	5.375%, 7/15/2023			(a)			291,500
	200	M	5.5%, 5/15/2026			(a)			211,438
	100	M	AMC Networks, Inc., 4.75%, 8/1/2025						101,250
	175	M	Block Communications, Inc., 6.875%, 2/15/2025			(a)			190,802
	225	M	Cable One, Inc., 5.75%, 6/15/2022			(a)			235,687
			CCO Holdings, LLC:
	375	M	5.125%, 2/15/2023						388,125
	500	M	5.875%, 4/1/2024			(a)			531,875
	200	M	5.125%, 5/1/2027			(a)	(b)		203,250
	425	M	5.875%, 5/1/2027			(a)			446,250
	150	M	5%, 2/1/2028			(a)			150,232
	225	M	Cequel Communications Holdings I, LLC, 7.75%, 7/15/2025			(a)			249,750
			Clear Channel Worldwide Holdings, Inc.:
	25	M	7.625%, 3/15/2020 - Series "A"						24,750
	250	M	7.625%, 3/15/2020 - Series "B"						247,812
	100	M	6.5%, 11/15/2022 - Series "A"						103,125
	325	M	6.5%, 11/15/2022 - Series "B"						336,375
			CSC Holdings, LLC:
	250	M	6.75%, 11/15/2021						276,875
	650	M	10.125%, 1/15/2023			(a)			751,563
	200	M	6.625%, 10/15/2025			(a)			219,500
	200	M	10.875%, 10/15/2025			(a)			247,750
			DISH DBS Corp.:
	475	M	7.875%, 9/1/2019						520,125
	125	M	5%, 3/15/2023						128,047
	250	M	5.875%, 11/15/2024						262,969
	100	M	7.75%, 7/1/2026						115,067
	250	M	Gray Television, Inc., 5.875%, 7/15/2026			(a)			258,125
	150	M	Mediacom Broadband. LLC, 5.5%, 4/15/2021						153,563
	525	M	Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023			(a)			568,313
	250	M	Netflix, Inc., 5.5%, 2/15/2022						273,750
	600	M	Numericable Group SA, 6.25%, 5/15/2024			(a)			635,850
	425	M	Virgin Media Finance, PLC, 6.375%, 4/15/2023			(a)			445,719
									9,346,999
			Media-Diversified-1.3%
	100	M	E.W. Scripps Co., 5.125%, 5/15/2025			(a)			102,250
	225	M	Gannett Co., Inc., 5.125%, 7/15/2020						231,187
	300	M	Lamar Media Corp., 5.375%, 1/15/2024						317,250
	75	M	LSC Communications, Inc., 8.75%, 10/15/2023			(a)			77,531
	225	M	Outdoor Americas Capital, LLC, 5.875%, 3/15/2025						236,531
	375	M	Tribune Media Co., 5.875%, 7/15/2022						391,875
									1,356,624
			Metals/Mining-7.9%
	475	M	AK Steel Corp., 7%, 3/15/2027						486,281
	200	M	Alcoa Nederland Holding BV, 7%, 9/30/2026			(a)			227,500
			Aleris International, Inc.:
	260	M	7.875%, 11/1/2020						261,300
	75	M	9.5%, 4/1/2021			(a)			80,250
	175	M	Alliance Resourse Operating Partners, LP, 7.5%, 5/1/2025			(a)			182,219
			ArcelorMittal SA:
	275	M	6.125%, 6/1/2025						317,625
	150	M	7.75%, 10/15/2039						180,750
	50	M	7.25%, 3/1/2041						59,437
	175	M	Big River Steel, LLC, 7.25%, 9/1/2025			(a)			186,112
	400	M	Cliffs Natural Resources, Inc., 5.75%, 3/1/2025			(a)			385,500
			Commercial Metals Co.:
	250	M	4.875%, 5/15/2023						262,500
	175	M	5.375%, 7/15/2027						184,187
	250	M	Constellium NV, 8%, 1/15/2023			(a)			265,625
	600	M	First Quantum Minerals, Ltd., 7.25%, 5/15/2022			(a)			617,250
			Freeport-McMoRan, Inc.:
	250	M	3.1%, 3/15/2020						251,437
	250	M	4.55%, 11/14/2024						251,500
	200	M	5.45%, 3/15/2043						187,875
			HudBay Minerals, Inc.:
	175	M	7.25%, 1/15/2023			(a)			187,250
	75	M	7.625%, 1/15/2025			(a)			81,564
	175	M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022			(a)			196,437
	475	M	Natural Resource Partners, LP, 10.5%, 3/15/2022						504,688
			Novelis, Inc.:
	575	M	6.25%, 8/15/2024			(a)			600,990
	600	M	5.875%, 9/30/2026			(a)			610,500
	125	M	Peabody Energy Corp., 6.375%, 3/31/2025			(a)			128,906
	625	M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025			(a)			648,438
			Teck Resources, Ltd.:
	125	M	8.5%, 6/1/2024			(a)			143,750
	300	M	6%, 8/15/2040						327,000
	600	M	TMS International Corp., 7.25%, 8/15/2025			(a)			615,000
									8,431,871
			Real Estate-2.2%
	150	M	Communications Sales & Leasing, Inc., 7.125%, 12/15/2024			(a)			127,875
	275	M	Dupont Fabros Technology, LP, 5.625%, 6/15/2023						293,480
			Geo Group, Inc.:
	100	M	5.125%, 4/1/2023						101,750
	225	M	6%, 4/15/2026						237,656
	425	M	Iron Mountain, Inc., 5.75%, 8/15/2024						440,406
	175	M	Lennar Corp., 4.875%, 12/15/2023						185,719
			MPT Operating Partnership, LP:
	50	M	6.375%, 3/1/2024						54,188
	125	M	5.25%, 8/1/2026						129,688
	200	M	5%, 10/15/2027						205,500
	150	M	Realogy Group/Co-Issuer, 5.25%, 12/1/2021			(a)			156,375
	225	M	Sabra Health Care, LP, 5.125%, 8/15/2026						231,202
	200	M	Starwood Property Trust, Inc., 5%, 12/15/2021						209,250
									2,373,089
			Retail-General Merchandise-2.0%
	250	M	1011778 B.C. Unlimited Liability Co., 5%, 10/15/2025			(a)	(b)		254,350
			AmeriGas Partners, LP:
	125	M	5.625%, 5/20/2024						132,344
	350	M	5.5%, 5/20/2025						361,375
	275	M	5.875%, 8/20/2026						287,375
			KFC Holding Co., LLC:
	150	M	5%, 6/1/2024			(a)			158,437
	275	M	5.25%, 6/1/2026			(a)			291,844
	75	M	4.75%, 6/1/2027			(a)			77,437
			L Brands, Inc.:
	100	M	6.875%, 11/1/2035						97,500
	450	M	6.75%, 7/1/2036						437,535
									2,098,197
			Services-2.1%
	275	M	ADT Corp., 3.5%, 7/15/2022						276,375
			AECOM, 5.875%:
	275	M	5.875%, 10/15/2024						305,992
	225	M	5.125%, 3/15/2027						233,156
	375	M	APX Group, Inc., 8.75%, 12/1/2020						387,656
	200	M	Aramark Services, Inc., 5.125%, 1/15/2024						212,750
	250	M	Cimpress NV, 7%, 4/1/2022			(a)			260,312
	325	M	GW Honos Security Corp., 8.75%, 5/15/2025			(a)			347,344
	100	M	KAR Auction Services, Inc., 5.125%, 6/1/2025			(a)			104,250
	175	M	Monitronics International, Inc., 9.125%, 4/1/2020						156,625
									2,284,460
			Telecommunications-4.0%
	125	M	CenturyLink, Inc., 5.8%, 3/15/2022						125,056
			Frontier Communications Corp.:
	275	M	6.25%, 9/15/2021						226,792
	200	M	11%, 9/15/2025						170,500
	200	M	9%, 8/15/2031						156,500
			GCI, Inc.:
	350	M	6.75%, 6/1/2021						359,187
	450	M	6.875%, 4/15/2025						486,000
	225	M	Qwest Corp., 7.25%, 9/15/2025						249,345
	375	M	Sprint Capital Corp., 6.875%, 11/15/2028						420,938
	600	M	Telecom Italia SpA, 5.303%, 5/30/2024						654,750
	350	M	Telesat Canada, 8.875%, 11/15/2024			(a)			395,063
	275	M	Wind Acquisition Finance SA, 4.75%, 7/15/2020			(a)			278,696
			Windstream Services, LLC:
	125	M	7.75%, 10/1/2021						93,125
	100	M	6.375%, 8/1/2023						71,250
			Zayo Group, LLC:
	50	M	6.375%, 5/15/2025						54,069
	475	M	5.75%, 1/15/2027			(a)			504,688
									4,245,959
			Transportation-1.4%
			Avolon TLB Borrower 1 (U.S.), LLC:
	100	M	5.25%, 8/15/2022			(a)			104,375
	100	M	5.5%, 2/15/2024			(a)			105,250
	175	M	BCD Acquisition, Inc., 9.625%, 9/15/2023			(a)			193,375
			Fly Leasing, Ltd.:
	275	M	6.375%, 10/15/2021						288,406
	200	M	5.25%, 10/15/2024				(b)	(c)	200,000
	225	M	Mobile Mini, Inc., 5.875%, 7/1/2024						236,250
	325	M	XPO Logistics, Inc., 6.125%, 9/1/2023			(a)			340,438
									1,468,094
			Utilities-3.9%
			AES Corp.:
	200	M	7.375%, 7/1/2021						229,520
	175	M	5.5%, 3/15/2024						183,094
	150	M	6%, 5/15/2026						162,187
	100	M	5.125%, 9/1/2027						102,750
			Avantor, Inc.:
	150	M	6%, 10/1/2024			(a)	(b)		153,937
	250	M	9%, 10/1/2025			(a)	(b)		256,095
			Calpine Corp.:
	250	M	5.375%, 1/15/2023						244,412
	225	M	5.75%, 1/15/2025						213,469
	225	M	5.25%, 6/1/2026			(a)			225,000
	375	M	Cheniere Energy Partners, LP, 5.25%, 10/1/2025			(a)			384,375
			Dynegy, Inc.:
	275	M	7.375%, 11/1/2022						287,031
	275	M	8%, 1/15/2025			(a)			286,000
	212	M	FirstLight Hydro Generation Co., 8.812%, 10/15/2026						221,805
	52	M	Indiantown Cogeneration Utilities, LP, 9.77%, 12/15/2020						56,255
			NRG Energy, Inc.:
	75	M	6.25%, 7/15/2022						79,125
	100	M	7.25%, 5/15/2026						107,750
	225	M	6.625%, 1/15/2027						236,813
	200	M	NRG Yield Operating, LLC, 5%, 9/15/2026						209,000
	336	M	NSG Holdings, LLC, 7.75%, 12/15/2025			(a)			365,160
	175	M	Targa Resources Partners, LP, 5.125%, 2/1/2025						180,906
									4,184,684
			Waste Management-.5%
	325	M	Covanta Holding Corp., 5.875%, 7/1/2025						320,531
	175	M	GFL Environmental, Inc., 5.625%, 5/1/2022			(a)			182,875
									503,406
			Wireless Communications-4.9%
	150	M	CB Escrow Corp., 8%, 10/15/2025			(a)	(b)		151,500
			Hughes Satellite Systems Corp.:
	225	M	6.5%, 6/15/2019						240,187
	100	M	5.25%, 8/1/2026						104,375
	125	M	6.625%, 8/1/2026						134,062
			Inmarsat Finance, PLC:
	150	M	4.875%, 5/15/2022			(a)			153,750
	200	M	6.5%, 10/1/2024			(a)			216,000
			Intelsat Jackson Holdings SA:
	150	M	5.5%, 8/1/2023						127,875
	375	M	8%, 2/15/2024			(a)			404,062
	200	M	9.75%, 7/15/2025			(a)			202,500
			Level 3 Financing, Inc.:
	100	M	5.125%, 5/1/2023						101,938
	75	M	5.25%, 3/15/2026						77,039
	400	M	SBA Communications Corp., 4.875%, 9/1/2024						412,500
			Sprint Communications, Inc.:
	50	M	7%, 3/1/2020			(a)			54,813
	475	M	7%, 8/15/2020						520,182
	650	M	6%, 11/15/2022						697,463
	450	M	7.875%, 9/15/2023						523,125
			T-Mobile USA, Inc.:
	375	M	6%, 3/1/2023						396,094
	450	M	6.625%, 4/1/2023						474,759
	50	M	6.5%, 1/15/2024						53,400
	150	M	6%, 4/15/2024						159,563
									5,205,187
Total Value of Corporate Bonds (cost $95,781,155)									98,831,127
			LOAN PARTICIPATIONS+-5.3%
			Automotive-.9%
	499	M	Superior Industries International, Inc., 5.7356%, 3/22/2024						492,480
	449	M	Truck Hero, Inc., 5.3261%, 4/21/2024						448,033
									940,513
			Energy-.3%
	300	M	Jonah Energy, LLC, 9.75%, 5/12/2021						300,095
			Financials-.3%
	359	M	Lightstone Holdco, LLC, 5.735%, 1/30/2024						358,123
			Gaming/Leisure-.7%
	500	M	Dorna Sports SL, 3.5%, 4/12/2024				(b)		502,188
	215	M	Seminole Hard Rock Entertainment, Inc., 4.0464%, 5/14/2020						216,380
									718,568
			Health Care-.2%
	208	M	ExamWorks Group, Inc., 4.485%, 7/27/2023						209,463
			Information Technology-.7%
	275	M	DigiCert Holdings, Inc., 5.75%, 9/19/2024				(b)		278,051
	500	M	Project Leopard Holdings, Inc., 6.8328%, 6/20/2023						503,855
									781,906
			Metals/Mining-.4%
	375	M	Big River Steel, LLC, 6.3328%, 8/15/2023						380,625
	68	M	Peabody Energy Corp., 4.735%, 2/8/2022						68,597
									449,222
			Retail-General Merchandise-1.8%
	500	M	Bass Pro Group, LLC, 6.235%, 11/4/2023						472,290
	491	M	Harbor Freight Tools USA, Inc., 4.485%, 8/18/2023						493,554
	925	M	Staples, Inc., 5%, 8/14/2024				(b)		922,109
									1,887,953
Total Value of Loan Participations (cost $5,624,984)									5,645,843
			PASS-THROUGH CERTIFICATES-.7%
			Transportation
	743	M	American Airlines 13-2 B PTT, 5.60%, 1/15/2022 (cost $763,580)			(a)			779,958
Total Value of Investments (cost $102,169,719)				98.9	%				105,256,928
Other Assets, Less Liabilities				1.1					1,160,957
Net Assets				100.0	%				$  106,417,885

(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, 2017, the Fund
	held one hundred eighty-seven 144A securities with an aggregate value of
	$50,984,962 representing 47.9% 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, 2017, the Fund
	held two securities that were fair valued by the Valuation Committee with an
	aggregate value of $475,000 representing .4% 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, 2017.
	Summary of Abbreviations:
	LLLP Limited Liability Limited Partnership
	PTT Pass-Through Trust
	At September 30, 2017, the cost of investments for federal income tax
	purposes was $102,174,220. Accumulated net unrealized appreciation on
	investments was $3,082,708, consisting of $3,641,609 gross unrealized
	appreciation and $558,901 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, 2017:

		Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	98,831,127	$	-	$	98,831,127
Loan Participations		-		5,645,843		-		5,645,843
Pass-Through Certificates		-		779,958				779,958
Total Investments in Securities*	$	-	$	105,256,928	$	-	$	105,256,928

*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, 2017. Transfers, if any, between Levels are recognized at the end of the reporting period.

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

	Principal
	Amount		Security				Value
			RESIDENTIAL MORTGAGE-BACKED SECURITIES-36.0%
			Fannie Mae-26.2%
$	2,815	M	3%, 7/1/2021 - 6/1/2046				$       2,859,826
	2,721	M	3.5%, 11/1/2028 - 6/1/2046				2,821,688
	1,116	M	4%, 10/1/2035 - 4/1/2047				1,181,506
	224	M	4.5%, 11/1/2040 - 8/1/2041				242,635
	269	M	5.5%, 7/1/2034 - 10/1/2039				301,405
	136	M	9%, 11/1/2026				151,313
							7,558,373
			Freddie Mac-3.8%
	136	M	3.5%, 2/1/2046				140,860
	784	M	4%, 12/1/2040 - 6/1/2047				826,855
	120	M	4.5%, 5/1/2044				128,788
							1,096,503
			Government National Mortgage Association I Program-6.0%
	166	M	4%, 8/15/2041				176,101
	400	M	4.5%, 12/15/2039 - 6/15/2040				433,761
	741	M	5%, 6/15/2033 - 4/15/2040				821,197
	173	M	5.5%, 2/15/2033 - 1/15/2036				194,727
	87	M	6%, 11/15/2032				97,584
							1,723,370
Total Value of Residential Mortgage-Backed Securities (cost $10,361,850)							10,378,246
			U.S. GOVERNMENT AGENCY OBLIGATIONS-24.0%
			Fannie Mae-7.1%
	770	M	1.125%, 7/20/2018				768,574
	125	M	1.375%, 2/26/2021				123,522
	300	M	1.5%, 11/30/2020				298,126
	850	M	1.625%, 11/27/2018				851,203
			Federal Farm Credit Bank-3.0%
	550	M	1.7%, 2/6/2019				551,589
	300	M	2.125%, 3/6/2019				302,718
	200	M	3%, 9/13/2029				198,409
			Federal Home Loan Bank-6.0%
	750	M	1.03%, 9/28/2018				747,406
	300	M	1.375%, 5/28/2019				299,573
	1,000	M	1.625%, 10/7/2021				982,904
			Freddie Mac-7.3%
	800	M	0.875%, 3/7/2018				798,897
	1,000	M	1.25%, 8/1/2019				995,429
Total Value of U.S. Government Agency Obligations (cost $6,955,868)							6,918,350
			COMMERCIAL MORTGAGE-BACKED SECURITIES-14.8%
			Fannie Mae-9.0%
	500	M	2.369%, 7/25/2026				485,288
	200	M	2.49935%, 9/25/2026				195,881
	470	M	2.995%, 11/1/2022				483,975
	600	M	3.34%, 2/1/2027				630,505
	300	M	3.4%, 6/1/2031				305,606
	500	M	3.84%, 5/1/2018				501,702
							2,602,957
			Federal Home Loan Mortgage Corporation-5.8%
			Multi-Family Structured Pass-Through:
	300	M	1.60722%, 5/25/2024			+	300,757
	500	M	1.67167%, 8/25/2027			+	500,782
	170	M	2.454%, 8/25/2023				170,664
	379	M	2.849%, 3/25/2026				379,468
	300	M	3.08%, 1/25/2031				301,669
							1,653,340
Total Value of Commercial Mortgage-Backed Securities (cost $4,355,502)							4,256,297
			U.S. GOVERNMENT OBLIGATIONS-14.6%
			U.S. Treasury Bonds:
	300	M	2.5%, 2/15/2046				279,064
	120	M	2.5%, 5/15/2046				111,511
	200	M	2.75%, 8/15/2047				195,691
	100	M	4.5%, 2/15/2036				128,664
			U.S. Treasury Notes:
	200	M	1.125%, 8/31/2021				194,965
	1,095	M	1.375%, 10/31/2020				1,086,081
	300	M	1.5%, 3/31/2023				292,102
	1,010	M	1.875%, 8/31/2022				1,007,574
	300	M	1.875%, 8/31/2024				294,697
	630	M	2%, 2/15/2025				621,509
Total Value of U.S. Government Obligations (cost $4,252,169)							4,211,858
			COVERED BONDS-4.3%
			Financial Services
	650	M	Canadian Imperial Bank of Commerce, 2.35%, 7/27/2022			(a)	648,523
	600	M	Toronto-Dominion Bank, 2.5%, 1/18/2022			(a)	604,096
Total Value of Covered Bonds (cost $1,249,235)							1,252,619
			TAXABLE MUNICIPAL BONDS-3.4%
	300	M	New York City, NY Trans. Fin. Auth. Rev., 3.21%, 5/1/2029				296,790
	500	M	New York State Urban Dev. Corp. Rev., 3.27%, 3/15/2027				505,900
	75	M	Texas State Wtr. Dev. Brd. Rev., 3.7%, 10/15/2047			(b)	75,013
	100	M	University of North Carolina at Chapel Hill Rev., 3.326%, 12/1/2038				98,060
Total Value of Taxable Municipal Bonds (cost $977,275)							975,763
			COLLATERALIZED MORTGAGE OBLIGATIONS-1.6%
	443	M	Fannie Mae, 4%, 2/25/2025 (cost 477,727)				466,918
			SOVEREIGN BONDS-1.0%
	300	M	Ukraine Government Aid Bonds, 1.471%, 9/29/2021 (cost $300,000)				295,179
Total Value of Investments (cost $28,929,626)				99.7	%		28,755,230
Other Assets, Less Liabilities				.3			84,662
Net Assets				100.0	%		$      28,839,892

(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, 2017, the Fund
	held two 144A securities with a value of $1,252,619 representing 4.3% 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, 2017.
	At September 30, 2017, the cost of investments for federal income tax
	purposes was $28,929,626. Accumulated net unrealized depreciation on
	investments was $174,396, consisting of $150,844 gross unrealized
	appreciation and $325,240 gross unrealized depreciation.

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

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

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

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

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

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of September 30, 2017:

		Level 1		Level 2		Level 3		Total
Residential
Mortgage-Backed Securities	$	-	$	10,378,246	$	-	$	10,378,246
U.S. Government Agency
Obligations		-		6,918,350		-		6,918,350
Commercial
Mortgage-Backed Securities		-		4,256,297		-		4,256,297
U.S. Government Obligations		-		4,211,858		-		4,211,858
Covered Bonds		-		1,252,619		-		1,252,619
Taxable Municipal Bonds		-		975,763		-		975,763
Collateralized Mortgage
Obligations		-		466,918		-		466,918
Sovereign Bonds		-		295,179		-		295,179
Total Investments in Securities	$	-	$	28,755,230	$	-	$	28,755,230

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended September 30, 2017. Transfers, if any, between Levels are recognized at the end of the reporting period.

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

	Principal					Interest
	Amount		Security				Rate	*		Value
			U.S. GOVERNMENT AGENCY OBLIGATIONS-52.8%
			Fannie Mae:
$	600	M	10/23/2017				0.95	%	$	599,652
	400	M	11/8/2017				1.02			399,569
	700	M	12/1/2017				0.99			698,825
	192	M	12/13/2017				1.03			191,599
			Federal Home Loan Bank:
	300	M	10/4/2017				1.06			299,973
	500	M	11/3/2017				1.06			499,513
	865	M	11/10/2017				1.05			863,990
	355	M	11/16/2017				1.03			354,532
	250	M	11/17/2017				1.03			249,664
	250	M	11/24/2017				1.04			249,610
	500	M	12/20/2017				1.06			498,826
Total Value of U.S. Government Agency Obligations (cost $4,905,753)										4,905,753
			VARIABLE AND FLOATING RATE NOTES-11.3%
			Federal Home Loan Bank:
	400	M	10/20/2017				0.93			400,000
	400	M	1/26/2018				1.04			399,983
	250	M	2/26/2018				1.16			250,039
Total Value of Variable and Floating Rate Notes (cost $1,050,022)										1,050,022
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-35.0%
			U.S. Treasury Bills:
	700	M	10/19/2017				0.93			699,674
	350	M	11/2/2017				0.94			349,708
	700	M	11/2/2017				1.06			699,339
	600	M	11/16/2017				0.95			599,270
	400	M	11/16/2017				1.01			399,482
	500	M	12/14/2017				1.02			498,949
Total Value of Short-Term U.S. Government Obligations (cost $3,246,422)										3,246,422
Total Value of Investments (cost $9,202,197)**				99.1	%					9,202,197
Other Assets, Less Liabilities				.9						85,080
Net Assets				100.0	%				$	9,287,277

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

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

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

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs

may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield

curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumption

about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For

example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in

an active market.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of September 30, 2017:

	Level 1		Level 2		Level 3		Total
U.S. Government Agency Obigations	$	-	$	4,905,753	$	-	$	4,905,753
Variable and Floating Rate Notes:
U.S. Government Agency Obligations		-		1,050,022		-		1,050,022
Short-Term U.S. Government
Obligations		-		3,246,422		-		3,246,422
Total Investments in Securities	$	-	$	9,202,197	$	-	$	9,202,197

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

are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
GROWTH & INCOME FUND
September 30, 2017

	Shares or
	Principal
	Amount			Security				Value
				COMMON STOCKS-97.2%
				Consumer Discretionary-14.2%
	105,700			Acushnet Holdings Corp.			$	1,877,232
	10,757			Adient, PLC				903,480
	53,700			Aramark Holdings Corp.				2,180,757
	87,500			Big Lots, Inc.				4,687,375
	58,700			BorgWarner, Inc.				3,007,201
	107,600			CBS Corp. - Class "B"				6,240,800
	57,700			Coach, Inc.				2,324,156
	26,600			Delphi Automotive, PLC				2,617,440
	128,800			DSW, Inc. - Class "A"				2,766,624
	66,800			Ford Motor Co.				799,596
	48,000			Home Depot, Inc.				7,850,880
	25,700			HSN, Inc.				1,003,585
	68,600			L Brands, Inc.				2,854,446
	13,600			Lear Corp.				2,353,888
	61,400			Magna International, Inc.				3,277,532
	80,600		*	Michaels Cos., Inc.				1,730,482
	83,715			Newell Brands, Inc.				3,572,119
	38,200			Oxford Industries, Inc.				2,427,228
	33,400			Penske Automotive Group, Inc.				1,588,838
	5,900			Ross Stores, Inc.				380,963
	47,500		*	Select Comfort Corp.				1,474,875
	77,800			Tupperware Brands Corp.				4,809,596
	42,700			Walt Disney Co.				4,208,939
	17,400			Whirlpool Corp.				3,209,256
	1,100			Williams-Sonoma, Inc.				54,846
	38,100			Wyndham Worldwide Corp.				4,016,121
								72,218,255
				Consumer Staples-9.3%
	129,100			Altria Group, Inc.				8,187,522
	95,300			B&G Foods, Inc.				3,035,305
	96,178			Coca-Cola Co.				4,328,972
	77,400			CVS Health Corp.				6,294,168
	169,979			Koninklijke Ahold Delhaize NV (ADR)				3,173,508
	40,300			Nu Skin Enterprises, Inc. - Class "A"				2,477,644
	44,100			PepsiCo, Inc.				4,914,063
	78,700			Philip Morris International, Inc.				8,736,487
	28,000			Procter & Gamble Co.				2,547,440
	42,650			Wal-Mart Stores, Inc.				3,332,671
								47,027,780
				Energy-5.9%
	36,900			Anadarko Petroleum Corp.				1,802,565
	9,300			Chevron Corp.				1,092,750
	61,400			ConocoPhillips				3,073,070
	46,900			Devon Energy Corp.				1,721,699
	53,400			ExxonMobil Corp.				4,377,732
	26,700			Hess Corp.				1,251,963
	80,222			Marathon Oil Corp.				1,087,810
	103,722			Marathon Petroleum Corp.				5,816,730
	26,700			Occidental Petroleum Corp.				1,714,407
	26,600			PBF Energy, Inc. - Class "A"				734,426
	30,650			Phillips 66				2,807,847
	12,900			Schlumberger, Ltd.				899,904
	101,907			Suncor Energy, Inc.				3,569,802
								29,950,705
				Financials-16.1%
	73,606			American Express Co.				6,658,399
	45,800			American International Group, Inc.				2,811,662
	42,200			Ameriprise Financial, Inc.				6,267,122
	5,863		*	Brighthouse Financial, Inc.				356,470
	34,400			Chubb, Ltd.				4,903,720
	144,000			Citizens Financial Group, Inc.				5,453,280
	20,500			Comerica, Inc.				1,563,330
	87,443			Discover Financial Services				5,638,325
	147,700			Financial Select Sector SPDR Fund (ETF)				3,819,522
	38,700			Hamilton Lane, Inc. - Class "A"				1,039,095
	47,900			IBERIABANK Corp.				3,934,985
	14,800			iShares Russell 2000 ETF (ETF)				2,193,064
	115,388			JPMorgan Chase & Co.				11,020,708
	64,500			MetLife, Inc.				3,350,775
	15,000			Morgan Stanley				722,550
	40,100			PNC Financial Services Group, Inc.				5,404,277
	67,200			SPDR S&P Regional Banking (ETF)				3,814,272
	134,600			Sterling Bancorp				3,317,890
	94,800			U.S. Bancorp				5,080,332
	76,567			Wells Fargo & Co.				4,222,670
								81,572,448
				Health Care-15.5%
	114,300			Abbott Laboratories				6,099,048
	89,400			AbbVie, Inc.				7,944,084
	5,300			Allergan, PLC				1,086,235
	50,900		*	AMN Healthcare Services, Inc.				2,326,130
	45,039			Baxter International, Inc.				2,826,197
	25,100		*	Centene Corp.				2,428,927
	58,400			Gilead Sciences, Inc.				4,731,568
	24,000			Hill-Rom Holdings, Inc.				1,776,000
	72,275			Johnson & Johnson				9,396,473
	53,300			Koninklijke Philips NV (ADR)				2,195,960
	2,512		*	Mallinckrodt, PLC				93,873
	33,512			Medtronic, PLC				2,606,228
	87,443			Merck & Co., Inc.				5,598,975
	233,493			Pfizer, Inc.				8,335,700
	80,200			Phibro Animal Health Corp. - Class "A"				2,971,410
	17,159			Shire, PLC (ADR)				2,627,729
	53,443			Thermo Fisher Scientific, Inc.				10,111,416
	31,500		*	VWR Corp.				1,042,965
	69,572			Zoetis, Inc.				4,435,911
								78,634,829
				Industrials-11.0%
	33,294			3M Co.				6,988,411
	16,300			Apogee Enterprises, Inc.				786,638
	60,300		*	Gardner Denver Holdings, Inc.				1,659,456
	140,896			General Electric Co.				3,406,865
	56,000			Honeywell International, Inc.				7,937,440
	14,700			Ingersoll-Rand, PLC				1,310,799
	136,076			Johnson Controls International, PLC				5,482,502
	5,400			Lockheed Martin Corp.				1,675,566
	21,000			ManpowerGroup, Inc.				2,474,220
	91,200			Masco Corp.				3,557,712
	17,000		*	MasTec, Inc.				788,800
	29,900			Owens Corning				2,312,765
	115,800			Schneider National, Inc. - Class "B"				2,929,740
	17,400			Snap-On, Inc.				2,592,774
	12,100			Stanley Black & Decker, Inc.				1,826,737
	157,800		*	Triton International, Ltd.				5,251,584
	40,200			United Technologies Corp.				4,666,416
								55,648,425
				Information Technology-17.8%
	82,800			Apple, Inc.				12,761,136
	87,100			Applied Materials, Inc.				4,537,039
	106,200		*	ARRIS International, PLC				3,025,638
	11,100			Belden, Inc.				893,883
	16,300			Broadcom, Ltd.				3,953,402
	241,900			Cisco Systems, Inc.				8,135,097
	28,243		*	Dell Technologies, Inc. - Class "V"				2,180,642
	9,784			DXC Technology Co.				840,250
	67,200		*	eBay, Inc.				2,584,512
	21,800		*	FleetCor Technologies, Inc.				3,373,986
	157,000			Intel Corp.				5,978,560
	20,200			Methode Electronics, Inc.				855,470
	168,100			Microsoft Corp.				12,521,769
	62,400			NetApp, Inc.				2,730,624
	33,600		*	NXP Semiconductors NV				3,799,824
	94,100			Oracle Corp.				4,549,735
	86,088			QUALCOMM, Inc.				4,462,802
	106,960			Symantec Corp.				3,509,358
	22,900			TE Connectivity, Ltd.				1,902,074
	22,600		*	Tech Data Corp.				2,008,010
	84,500			Travelport Worldwide, Ltd.				1,326,650
	52,165			Western Digital Corp.				4,507,056
								90,437,517
				Materials-2.4%
	800			Eastman Chemical Co.				72,392
	74,300			International Paper Co.				4,221,726
	16,100			Praxair, Inc.				2,249,814
	36,050			RPM International, Inc.				1,850,807
	53,200			Sealed Air Corp.				2,272,704
	21,600			Trinseo SA				1,449,360
								12,116,803
				Real Estate-1.8%
	194,900			Brixmor Property Group, Inc. (REIT)				3,664,120
	20,301			Real Estate Select Sector SPDR Fund (ETF)				654,504
	104,700			Tanger Factory Outlet Centers, Inc. (REIT)				2,556,774
	99,800			Urstadt Biddle Properties, Inc. - Class "A" (REIT)				2,165,660
								9,041,058
				Telecommunication Services-2.2%
	142,600			AT&T, Inc.				5,585,642
	114,300			Verizon Communications, Inc.				5,656,707
								11,242,349
				Utilities-1.0%
	121,100			Exelon Corp.				4,561,837
	21,900			NiSource, Inc.				560,421
								5,122,258
Total Value of Common Stocks (cost $287,415,296)								493,012,427
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-2.0%
				Federal Home Loan Bank:
$	500	M		1.005%, 10/17/2017				499,796
	1,000	M		1.015%, 10/19/2017				999,537
	1,500	M		1.02%, 10/20/2017				1,499,265
	3,000	M		1.02%, 10/30/2017				2,997,714
	4,000	M		1.025%, 11/9/2017				3,995,820
Total Value of Short-Term U.S. Government Agency Obligations (cost $9,991,266)								9,992,132
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-.4%
	2,000	M		U.S. Treasury Bills, 0.935%, 10/26/2017 (cost $1,998,649)				1,998,758
Total Value of Investments (cost $297,405,211)					99.6	%		505,003,317
Other Assets, Less Liabilities					.4			1,821,955
Net Assets					100.0	%	$	506,825,272

*	Non-income producing
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	REIT	Real Estate Investment Trust
	At September 30, 2017, the cost of investments for federal income tax
	purposes was $298,783,633. Accumulated net unrealized appreciation on
	investments was $206,219,684, consisting of $215,160,628 gross unrealized
	appreciation and $8,940,944 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, 2017:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	493,012,427	$	-	$	-	$	493,012,427
Short-Term U.S. Government
Agency Obligations		-		9,992,132		-		9,992,132
Short-Term U.S. Government
Obligations		-		1,998,758		-		1,998,758
Total Investments in Securities*	$	493,012,427	$	11,990,890	$	-	$	505,003,317

*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, 2017. Transfers, if any,

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

Portfolio of Investments (unaudited)
INTERNATIONAL FUND
September 30, 2017

	Shares			Security				Value
				COMMON STOCKS-96.6%
				United Kingdom-14.8%
	103,986			British American Tobacco, PLC			$	6,510,011
	25,286			DCC, PLC				2,454,836
	81,819			Diageo, PLC				2,689,402
	605,718			Domino's Pizza Group, PLC				2,517,771
	58,929			Reckitt Benckiser Group, PLC				5,379,866
	146,503			RELX NV				3,118,448
								22,670,334
				United States-13.9%
	19,541			Accenture, PLC - Class "A"				2,639,403
	48,781			Mastercard, Inc. - Class "A"				6,887,877
	44,757			Philip Morris International, Inc.				4,968,475
	1,990		*	Priceline Group, Inc.				3,643,332
	30,414			Visa, Inc. - Class "A"				3,200,769
								21,339,856
				India-8.6%
	281,192			HDFC Bank, Ltd.				7,773,245
	203,389			Housing Development Finance Corp., Ltd.				5,424,589
								13,197,834
				Canada-6.8%
	95,544			Alimentation Couche-Tard, Inc. - Class "B"				4,357,005
	37,690			Canadian National Railway Co.				3,122,735
	5,484			Constellation Software, Inc.				2,991,928
								10,471,668
				Switzerland-5.9%
	52,373			Nestle SA				4,386,276
	11,454			Roche Holding AG - Genusscheine				2,923,973
	97,328			UBS Group AG				1,663,426
								8,973,675
				France-5.7%
	14,443			Essilor International SA				1,788,092
	7,324			L'Oreal SA				1,557,248
	7,228			LVMH Moet Hennessy Louis Vuitton SE				1,994,299
	12,188			Sodexo SA				1,519,719
	12,759			Teleperformance				1,904,576
								8,763,934
				Japan-5.1%
	13,122			Daito Trust Construction Co., Ltd.				2,390,589
	3,400			Keyence Corp.				1,805,377
	16,800			Shimano, Inc.				2,238,009
	57,689			Unicharm Corp.				1,320,656
								7,754,631
				Netherlands-4.7%
	120,564			Unilever NV - CVA				7,130,390
				Ireland-4.6%
	520,631			Allied Irish Banks, PLC				3,128,955
	39,050			Paddy Power Betfair, PLC				3,896,231
								7,025,186
				Spain-4.5%
	17,141			Aena SA				3,094,537
	79,899			Grifols SA - Class "A"				2,327,751
	39,466			Industria de Diseno Textil SA				1,487,263
								6,909,551
				Germany-3.4%
	47,267			SAP SE				5,178,086
				China-3.4%
	29,745		*	Alibaba Group Holding, Ltd. (ADR)				5,137,259
				Belgium-2.8%
	36,421			Anheuser-Busch InBev SA				4,360,533
				South Africa-2.2%
	15,839			Naspers, Ltd.				3,416,112
	5,478			Novus Holdings, Ltd.				2,642
								3,418,754
				Australia-2.1%
	14,181			CSL, Ltd.				1,490,114
	36,404			Ramsay Health Care, Ltd.				1,778,424
								3,268,538
				Taiwan-2.0%
	80,548			Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)				3,024,577
				Hong Kong-1.7%
	60,348			Tencent Holdings, Ltd.				2,597,291
				Israel-1.6%
	21,263			Check Point Software Technologies, Inc.				2,424,407
				Brazil-1.5%
	340,988			Ambev SA (ADR)				2,247,111
				Mexico-1.3%
	21,318			Fomento Economico Mexicana SAB de CV - Class "B" (ADR)				2,036,509
Total Value of Common Stocks (cost $99,153,580)								147,930,124
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-1.7%
				United States
$	2,500	M		Federal Home Loan Bank, 1.015%, 11/6/2017 (cost $2,497,392)				2,497,592
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-.3%
				United States
	500	M		U.S. Treasury Bills, 0.935%, 10/26/2017 (cost $499,662)				499,690
Total Value of Investments (cost $102,150,634)					98.6	%		150,927,406
Other Assets, Less Liabilities					1.4			2,181,569
Net Assets					100.0	%	$	153,108,975

*	Non-income producing
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	At September 30, 2017, the cost of investments for federal income tax
	purposes was $102,476,911. Accumulated net unrealized appreciation on
	investments was $48,450,495, consisting of $49,180,128 gross unrealized
	appreciation and $729,633 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, 2017:

	Level 1		Level 2		Level 3		Total
Common Stocks
United Kingdom	$	22,670,334	$	-	$	-	$	22,670,334
United States		21,339,856		-		-		21,339,856
India		13,197,834		-		-		13,197,834
Canada		10,471,668		-		-		10,471,668
Switzerland		8,973,675		-		-		8,973,675
France		8,763,934		-		-		8,763,934
Japan		7,754,631		-		-		7,754,631
Netherlands		7,130,390		-		-		7,130,390
Ireland		7,025,186		-		-		7,025,186
Spain		6,909,551		-		-		6,909,551
Germany		5,178,086		-		-		5,178,086
China		5,137,259		-		-		5,137,259
Belgium		4,360,533		-		-		4,360,533
South Africa		3,418,754		-		-		3,418,754
Australia		3,268,538		-		-		3,268,538
Taiwan		3,024,577		-		-		3,024,577
Hong Kong		2,597,291		-		-		2,597,291
Israel		2,424,407		-		-		2,424,407
Brazil		2,247,111		-		-		2,247,111
Mexico		2,036,509		-		-		2,036,509
Short-Term U.S. Government
Agency Obligations		-		2,497,592		-		2,497,592
Short-Term U.S. Government
Obligations		-		499,690		-		499,690
Total Investments in Securities	$	147,930,124	$	2,997,282	$	-	$	150,927,406

During the period ended September 30, 2017, there were no transfers between Level 1 investments and Level 2 investments that had a

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

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

the reporting period.

Portfolio of Investments (unaudited)
INVESTMENT GRADE FUND
September 30, 2017

	Principal
	Amount		Security						Value
			CORPORATE BONDS-97.0%
			Aerospace/Defense-1.4%
$	500	M	Rockwell Collins, Inc., 3.2%, 3/15/2024					$	509,974
	400	M	Rolls-Royce, PLC, 3.625%, 10/14/2025			(a)			414,415
									924,389
			Automotive-.6%
	400	M	O'Reilly Automotive, Inc., 3.55%, 3/15/2026						401,638
			Chemicals-2.7%
	300	M	Agrium, Inc., 3.375%, 3/15/2025						302,308
	500	M	Dow Chemical Co., 3.5%, 10/1/2024						516,437
	400	M	LYB International Finance Co. BV, 3.5%, 3/2/2027						398,646
	500	M	LyondellBasell Industries NV, 6%, 11/15/2021						564,581
									1,781,972
			Consumer Non-Durables-.3%
	200	M	Newell Brands, Inc., 4.2%, 4/1/2026						210,828
			Energy-11.5%
	900	M	BP Capital Markets, PLC, 3.216%, 11/28/2023						922,716
	575	M	Canadian Oil Sands, Ltd., 7.75%, 5/15/2019			(a)			622,758
	500	M	Continental Resources, Inc., 5%, 9/15/2022						510,000
	400	M	DCP Midstream Operating, LP, 2.5%, 12/1/2017						400,290
	400	M	Enable Midstream Partners, LP, 4.4%, 3/15/2027						407,611
	500	M	Enbridge Energy Partners, LP, 4.2%, 9/15/2021						523,004
	200	M	EQT Corp., 2.5%, 10/1/2020				(b)		200,884
			Kinder Morgan Energy Partners, LP:
	300	M	3.5%, 3/1/2021						307,662
	500	M	3.45%, 2/15/2023						506,172
			Magellan Midstream Partners, LP:
	500	M	5%, 3/1/2026						557,268
	300	M	4.2%, 10/3/2047				(b)		297,627
	200	M	Marathon Oil Corp., 3.85%, 6/1/2025						198,933
	400	M	Noble Energy, Inc., 3.85%, 1/15/2028						401,618
	400	M	ONEOK Partners, LP, 3.375%, 10/1/2022						404,464
	400	M	Spectra Energy, LLC, 6.2%, 4/15/2018						408,568
			Valero Energy Corp.:
	466	M	9.375%, 3/15/2019						513,236
	300	M	6.625%, 6/15/2037						379,653
									7,562,464
			Financial Services-12.4%
	200	M	American Express Co., 7%, 3/19/2018						205,009
			American International Group, Inc.:
	400	M	3.75%, 7/10/2025						413,758
	200	M	4.7%, 7/10/2035						215,343
	500	M	Assured Guaranty U.S. Holding, Inc., 5%, 7/1/2024						545,602
	400	M	Berkshire Hathaway, Inc., 3.4%, 1/31/2022						419,997
	300	M	Brookfield Finance, Inc., 4%, 4/1/2024						311,163
	300	M	Compass Bank, 6.4%, 10/1/2017						300,000
	500	M	ERAC USA Finance, LLC, 4.5%, 8/16/2021			(a)			534,179
	600	M	Ford Motor Credit Co., LLC, 8.125%, 1/15/2020						676,132
	500	M	GE Capital International Funding Services, Ltd., 4.418%, 11/15/2035						544,733
	700	M	General Electric Capital Corp., 4.65%, 10/17/2021						766,973
	400	M	General Motors Financial Co., Inc., 5.25%, 3/1/2026						434,948
	500	M	International Lease Finance Corp., 8.25%, 12/15/2020						585,507
	500	M	Key Bank NA, 3.4%, 5/20/2026						498,504
	400	M	Liberty Mutual Group, Inc., 4.95%, 5/1/2022			(a)			437,244
	300	M	National City Corp., 6.875%, 5/15/2019						322,955
	600	M	Protective Life Corp., 7.375%, 10/15/2019						658,866
	300	M	Prudential Financial, Inc., 7.375%, 6/15/2019						327,290
									8,198,203
			Financials-25.8%
			Bank of America Corp.:
	625	M	5%, 5/13/2021						680,626
	550	M	4.1%, 7/24/2023						586,406
	475	M	5.875%, 2/7/2042						611,042
			Barclays Bank, PLC:
	400	M	5.125%, 1/8/2020						425,681
	600	M	3.75%, 5/15/2024						623,433
	300	M	Capital One Financial Corp., 3.75%, 4/24/2024						310,250
			Citigroup, Inc.:
	200	M	8.5%, 5/22/2019						220,733
	450	M	4.5%, 1/14/2022						484,559
	500	M	3.7%, 1/12/2026						513,545
	400	M	3.4%, 5/1/2026						401,605
			Deutsche Bank AG:
	300	M	3.375%, 5/12/2021						306,014
	400	M	3.7%, 5/30/2024						406,366
			Goldman Sachs Group, Inc.:
	200	M	2.35%, 11/15/2021						198,483
	600	M	5.75%, 1/24/2022						672,871
	300	M	3.625%, 1/22/2023						311,207
	300	M	3.272%, 9/29/2025						300,857
	500	M	3.5%, 11/16/2026						501,883
	700	M	6.125%, 2/15/2033						881,420
			JPMorgan Chase & Co.:
	300	M	6%, 1/15/2018						303,831
	500	M	4.5%, 1/24/2022						542,075
	1,100	M	3.54%, 5/1/2028						1,111,369
	300	M	6.4%, 5/15/2038						400,467
			Morgan Stanley:
	1,450	M	5.5%, 7/28/2021						1,609,787
	300	M	4%, 7/23/2025						316,598
	400	M	3.625%, 1/20/2027						405,912
			U.S. Bancorp:
	500	M	3.6%, 9/11/2024						520,597
	300	M	3.1%, 4/27/2026						298,932
	400	M	UBS AG, 4.875%, 8/4/2020						429,394
	300	M	UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028			(a)			315,316
	500	M	Visa, Inc., 3.15%, 12/14/2025						512,792
			Wells Fargo & Co.:
	900	M	3.45%, 2/13/2023						922,835
	500	M	4.75%, 12/7/2046						550,281
	250	M	Wells Fargo Bank NA, 5.85%, 2/1/2037						313,802
									16,990,969
			Food/Beverage/Tobacco-4.3%
			Anheuser-Busch InBev Finance, Inc.:
	400	M	3.65%, 2/1/2026						414,528
	400	M	4.9%, 2/1/2046						453,628
	400	M	Anheuser-Busch InBev Worldwide, Inc., 3.75%, 1/15/2022						423,486
	550	M	Bunge Limited Finance Corp., 8.5%, 6/15/2019						607,724
	440	M	Ingredion, Inc., 4.625%, 11/1/2020						469,824
	500	M	PepsiCo, Inc., 3.45%, 10/6/2046						475,676
									2,844,866
			Food/Drug-.6%
	400	M	CVS Health Corp., 3.875%, 7/20/2025						417,887
			Forest Products/Containers-.4%
	250	M	Rock-Tenn Co., 4.9%, 3/1/2022						272,238
			Health Care-1.8%
	300	M	Biogen, Inc., 6.875%, 3/1/2018						306,450
	450	M	Express Scripts Holding Co., 4.75%, 11/15/2021						488,696
	400	M	Laboratory Corp. of America Holdings, 3.75%, 8/23/2022						416,348
									1,211,494
			Information Technology-1.9%
	900	M	Diamond 1 Finance Corp., 4.42%, 6/15/2021			(a)			945,713
	300	M	Oracle Corp., 2.4%, 9/15/2023						298,548
									1,244,261
			Manufacturing-2.4%
			CRH America, Inc.:
	750	M	8.125%, 7/15/2018						786,000
	250	M	3.4%, 5/9/2027			(a)			251,636
	500	M	Johnson Controls International, PLC, 5%, 3/30/2020						532,771
									1,570,407
			Media-Broadcasting-2.2%
	200	M	ABC, Inc., 8.75%, 8/15/2021						241,259
	400	M	British Sky Broadcasting Group, PLC, 9.5%, 11/15/2018			(a)			432,462
	700	M	Comcast Corp., 4.25%, 1/15/2033						754,005
									1,427,726
			Media-Diversified-.5%
	400	M	Time Warner, Inc., 3.6%, 7/15/2025						402,087
			Metals/Mining-3.1%
	500	M	Arconic, Inc., 6.15%, 8/15/2020						547,997
			Glencore Funding, LLC:
	400	M	4.125%, 5/30/2023			(a)			416,944
	500	M	4.625%, 4/29/2024			(a)			530,750
	500	M	Newmont Mining Corp., 5.125%, 10/1/2019						526,409
									2,022,100
			Real Estate-9.0%
	400	M	Alexandria Real Estate Equities, Inc., 3.95%, 1/15/2028						408,234
	400	M	Boston Properties, LP, 5.875%, 10/15/2019						427,749
			Digital Realty Trust, LP:
	300	M	5.25%, 3/15/2021						326,048
	300	M	4.75%, 10/1/2025						325,632
	200	M	Duke Realty Corp., 3.25%, 6/30/2026						198,154
	400	M	ERP Operating, LP, 3.375%, 6/1/2025						409,036
	300	M	Essex Portfolio, LP, 3.875%, 5/1/2024						312,352
	200	M	HCP, Inc., 4.25%, 11/15/2023						212,533
			Prologis, LP:
	200	M	3.35%, 2/1/2021						207,224
	125	M	3.75%, 11/1/2025						131,033
			Realty Income Corp.:
	500	M	3.25%, 10/15/2022						512,394
	200	M	4.125%, 10/15/2026						207,510
	500	M	Simon Property Group, LP, 3.375%, 10/1/2024						511,927
	500	M	Tanger Properties, LP, 3.125%, 9/1/2026						470,611
	400	M	Ventas Realty, LP, 4.75%, 6/1/2021						428,244
	800	M	Welltower, Inc., 4%, 6/1/2025						835,354
									5,924,035
			Retail-General Merchandise-2.3%
			Amazon.com, Inc.:
	200	M	3.15%, 8/22/2027			(a)			201,845
	400	M	4.8%, 12/5/2034						454,424
	200	M	4.05%, 8/22/2047			(a)			204,704
	500	M	Home Depot, Inc., 5.875%, 12/16/2036						650,674
									1,511,647
			Telecommunications-2.6%
			AT&T, Inc.:
	500	M	4.25%, 3/1/2027						515,613
	300	M	5.3%, 8/14/2058						304,527
	900	M	Verizon Communications, Inc., 4.272%, 1/15/2036						886,941
									1,707,081
			Transportation-2.4%
	400	M	Burlington Northern Santa Fe, LLC, 5.15%, 9/1/2043						477,052
	300	M	Penske Truck Leasing Co., LP, 4.875%, 7/11/2022			(a)			327,040
	600	M	Southwest Airlines Co., 3%, 11/15/2026						587,197
	200	M	Union Pacific Corp., 3.6%, 9/15/2037						202,810
									1,594,099
			Utilities-8.8%
	500	M	Duke Energy Progress, Inc., 4.15%, 12/1/2044						534,622
	300	M	E.ON International Finance BV, 5.8%, 4/30/2018			(a)			306,778
	300	M	Electricite de France SA, 3.625%, 10/13/2025			(a)			308,670
	300	M	Entergy Arkansas, Inc., 4.95%, 12/15/2044						311,930
	400	M	Exelon Generation Co., LLC, 3.4%, 3/15/2022						410,124
	429	M	Great River Energy, 4.478%, 7/1/2030			(a)			463,786
	300	M	MidAmerican Energy Co., 3.95%, 8/1/2047						312,746
	500	M	Ohio Power Co., 5.375%, 10/1/2021						556,721
	450	M	Oklahoma Gas & Electric Co., 4%, 12/15/2044						451,828
	400	M	ONEOK, Inc., 7.5%, 9/1/2023						479,716
	200	M	Peco Energy Co., 3.7%, 9/15/2047						200,718
	193	M	San Diego Gas & Electric Co., 1.914%, 2/1/2022						191,738
	604	M	Sempra Energy, 9.8%, 2/15/2019						666,118
	500	M	South Carolina Electric & Gas Co., 5.45%, 2/1/2041						589,764
									5,785,259
Total Value of Corporate Bonds (cost $63,659,892)									64,005,650
			PASS-THROUGH CERTIFICATES-.8%
			Transportation
	500	M	American Airlines 17-2 AA PTT, 3.35%, 10/15/2029 (cost $500,000)						508,800
Total Value of Investments (cost $64,159,892)				97.8	%				64,514,450
Other Assets, Less Liabilities				2.2					1,443,874
Net Assets			100.0		%			$	65,958,324

(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, 2017, the Fund
	held sixteen 144A securities with an aggregate value of $6,714,240
	representing 10.2% 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, 2017, the cost of investments for federal income tax
	purposes was $64,160,580. Accumulated net unrealized appreciation on
	investments was $353,870, consisting of $1,422,620 gross unrealized
	appreciation and $1,068,750 gross unrealized depreciation.
	Summary of Abbreviations:
	PTT	Pass-Through Trust

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, 2017:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	64,005,650	$	-	$	64,005,650
Pass-Through Certificates		-		508,800		-		508,800
Total Investments in Securities*	$	-	$	64,514,450	$	-	$	64,514,450

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

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

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

Portfolio of Investments (unaudited)
LIMITED DURATION HIGH QUALITY BOND FUND
September 30, 2017

	Principal
	Amount		Security					Value
			CORPORATE BONDS-77.4%
			Automotive-4.2%
$	100	M	BMW U.S. Capital, LLC, 1.85%, 9/15/2021			(a)	$	98,302
	200	M	O'Reilly Automotive, Inc., 4.625%, 9/15/2021					214,975
								313,277
			Chemicals-1.4%
	100	M	Dow Chemical Co., 4.25%, 11/15/2020					105,661
			Energy-1.4%
	100	M	BP Capital Markets, PLC, 3.216%, 11/28/2023					102,524
			Financial Services-8.5%
	100	M	Ameriprise Financial, Inc., 5.3%, 3/15/2020					107,551
	100	M	BlackRock, Inc., 5%, 12/10/2019					106,730
	100	M	Protective Life Corp., 7.375%, 10/15/2019					109,811
	100	M	Prudential Financial, Inc., 7.375%, 6/15/2019					109,097
	100	M	State Street Bank & Trust Co., 5.25%, 10/15/2018					103,462
	100	M	UnitedHealth Group, Inc., 2.7%, 7/15/2020					102,030
								638,681
			Financials-29.6%
	100	M	Bank of America Corp., 5.65%, 5/1/2018					102,298
	100	M	Bank of Montreal, 1.9%, 8/27/2021					98,692
	100	M	Bank of New York Mellon Corp., 2.05%, 5/3/2021					99,602
	250	M	Bank of Nova Scotia, 1.875%, 9/20/2021			(a)		245,373
	100	M	Barclays Bank, PLC, 6.75%, 5/22/2019					107,593
	100	M	Capital One Financial Corp., 3.05%, 3/9/2022					101,244
			Citigroup, Inc.:
	100	M	6.125%, 11/21/2017					100,600
	100	M	2.75%, 4/25/2022					100,586
	250	M	Citizens Bank, 2.25%, 3/2/2020					250,472
	200	M	Danske Bank A/S, 2.7%, 3/2/2022			(a)		201,220
	100	M	Deutsche Bank AG of New York, 2.7%, 7/13/2020					100,472
	100	M	Goldman Sachs Group, Inc., 2.3661%, 6/5/2023					100,642
	100	M	JPMorgan Chase & Co., 4.5%, 1/24/2022					108,415
	200	M	Lloyds Bank, PLC, 3%, 1/11/2022					201,857
	200	M	Morgan Stanley, 2.4869%, 1/20/2022					202,910
	100	M	Wells Fargo & Co., 3.45%, 2/13/2023					102,537
								2,224,513
			Food/Beverage/Tobacco-8.5%
	100	M	Anheuser-Busch InBev Finance, Inc., 1.9%, 2/1/2019					100,291
	200	M	Bunge Limited Finance Corp., 8.5%, 6/15/2019					220,990
	200	M	Ingredion, Inc., 4.625%, 11/1/2020					213,556
	100	M	Mead Johnson Nutrition Co., 3%, 11/15/2020					102,782
								637,619
			Forest Products/Containers-1.4%
	100	M	Georgia-Pacific, LLC, 3.163%, 11/15/2021			(a)		102,283
			Health Care-2.7%
	100	M	AstraZeneca, PLC, 2.375%, 6/12/2022					99,259
	100	M	Gilead Sciences, Inc., 2.55%, 9/1/2020					101,821
								201,080
			Information Technology-2.7%
	100	M	Apple, Inc., 2.5%, 2/9/2022					101,385
	100	M	QUALCOMM, Inc., 2.6%, 1/30/2023					100,310
								201,695
			Real Estate-6.9%
	100	M	American Tower Trust I, 3.07%, 3/15/2023			(a)		100,410
	100	M	Boston Properties, LP, 5.875%, 10/15/2019					106,937
	100	M	Digital Realty Trust, LP, 2.75%, 2/1/2023					99,681
	100	M	Realty Income Corp., 3.25%, 10/15/2022					102,479
	100	M	Welltower, Inc., 6.125%, 4/15/2020					109,771
								519,278
			Retail-General Merchandise-1.3%
	100	M	Amazon.com, Inc., 2.4%, 2/22/2023			(a)		99,881
			Telecommunications-2.6%
	100	M	AT&T, Inc., 2.45%, 6/30/2020					100,777
	100	M	Verizon Communications, Inc., 1.75%, 8/15/2021					97,975
								198,752
			Transportation-2.0%
	141	M	Heathrow Funding, Ltd., 4.875%, 7/15/2021			(a)		151,386
			Utilities-4.2%
	100	M	Arizona Public Service Company, 8.75%, 3/1/2019					109,258
	100	M	Ohio Power Co., 6.05%, 5/1/2018					102,527
	100	M	Wisconsin Public Service Corp., 1.65%, 12/4/2018					99,871
								311,656
Total Value of Corporate Bonds (cost $5,909,163)								5,808,286
			RESIDENTIAL MORTGAGE-BACKED SECURITIES-11.9%
			Fannie Mae-8.3%
	36	M	2.5%, 8/1/2030					36,737
	405	M	3%, 8/1/2026 - 4/1/2031					416,638
	162	M	3.5%, 12/1/2025 - 12/1/2029					169,719
								623,094
			Freddie Mac-3.6%
	263	M	3%, 8/1/2027 - 12/1/2031			(b)		270,116
Total Value of Residential Mortgage-Backed Securities (cost $900,362)								893,210
			U.S. GOVERNMENT OBLIGATIONS-4.8%
			U.S. Treasury Notes:
	120	M	1.125%, 7/31/2021					117,098
	148	M	1.375%, 4/30/2020					147,286
	100	M	1.875%, 7/31/2022					99,795
Total Value of U.S. Government Obligations (cost $365,172)								364,179
			COVERED BONDS-3.3%
	250	M	Stadshypotek AB, 1.875%, 10/2/2019 (cost $251,852)			(a)		249,220
			U.S. GOVERNMENT AGENCY OBLIGATIONS-.7%
	50	M	Freddie Mac, 1.375%, 5/1/2020 (cost $49,807)					49,746
Total Value of Investments (cost $7,476,356)				98.1	%			7,364,641
Other Assets, Less Liabilities				1.9				145,025
Net Assets				100.0	%		$	7,509,666

(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, 2017, the Fund held eight 144A securities with an
	aggregate value of $1,248,075 representing 16.6% 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, 2017, the cost of investments for federal income
	tax purposes was $7,476,356. Accumulated net unrealized
	depreciation on investments was $111,715, consisting of $16,038
	gross unrealized appreciation and $127,753 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, 2017:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	5,808,286	$	-	$	5,808,286
Residential
Mortgage-Backed Securities		-		893,210		-		893,210
U.S. Government Obligations		-		364,179		-		364,179
Covered Bonds		-		249,220		-		249,220
U.S. Government Agency
Obligations		-		49,746		-		49,746
Total Investments in Securities*	$	-	$	7,364,641	$	-	$	7,364,641

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

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

Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
OPPORTUNITY FUND
September 30, 2017

	Shares			Security				Value
				COMMON STOCKS-95.2%
				Consumer Discretionary-20.7%
	19,700			Acushnet Holdings Corp.			$	349,872
	10,100			Aramark Holdings Corp.				410,161
	10,400		*	Belmond, Ltd. - Class "A"				141,960
	13,400			Big Lots, Inc.				717,838
	7,700			BorgWarner, Inc.				394,471
	12,600			Coach, Inc.				507,528
	6,000			Dana Holding Corp.				167,760
	4,100			Delphi Automotive, PLC				403,440
	21,100			DSW, Inc. - Class "A"				453,228
	11,100		*	Fox Factory Holding Corp.				478,410
	7,400		*	Helen of Troy, Ltd.				717,060
	5,800			HSN, Inc.				226,490
	8,600			L Brands, Inc.				357,846
	2,300			Lear Corp.				398,084
	9,500		*	LKQ Corp.				341,905
	9,800			Magna International, Inc.				523,124
	21,500		*	Michaels Cos., Inc.				461,605
	9,800			Newell Brands, Inc.				418,166
	5,600			Nordstrom, Inc.				264,040
	6,200			Oxford Industries, Inc.				393,948
	7,700			Penske Automotive Group, Inc.				366,289
	1,500			Ralph Lauren Corp.				132,435
	1,300			Ross Stores, Inc.				83,941
	11,900			Ruth's Hospitality Group, Inc.				249,305
	9,900		*	Select Comfort Corp.				307,395
	20,300		*	ServiceMaster Holdings, Inc.				948,619
	9,600		*	Taylor Morrison Home Corp. - Class "A"				211,680
	29,900		*	TRI Pointe Group, Inc.				412,919
	12,500			Tupperware Brands Corp.				772,750
	2,700			Whirlpool Corp.				497,988
	28,400		*	William Lyon Homes - Class "A"				652,916
	200			Williams-Sonoma, Inc.				9,972
	7,200			Wolverine World Wide, Inc.				207,720
	6,100			Wyndham Worldwide Corp.				643,001
								13,623,866
				Consumer Staples-5.4%
	16,100			B&G Foods, Inc.				512,785
	30,700			Koninklijke Ahold Delhaize NV (ADR)				573,169
	1,300			McCormick & Co., Inc.				133,432
	6,500			Nu Skin Enterprises, Inc. - Class "A"				399,620
	17,300		*	Performance Food Group Co.				488,725
	10,400			Pinnacle Foods, Inc.				594,568
	6,000			Tootsie Roll Industries, Inc.				228,000
	21,700		*	U.S. Foods Holding Corp.				579,390
								3,509,689
				Energy-2.4%
	1,800		*	Dril-Quip, Inc.				79,470
	4,700			EOG Resources, Inc.				454,678
	5,300			EQT Corp.				345,772
	5,000			Hess Corp.				234,450
	4,700			National Oilwell Varco, Inc.				167,931
	10,700			PBF Energy, Inc. - Class "A"				295,427
								1,577,728
				Financials-14.8%
	4,500			Ameriprise Financial, Inc.				668,295
	13,100			Berkshire Hills Bancorp, Inc.				507,625
	29,900			Citizens Financial Group, Inc.				1,132,313
	3,900			Comerica, Inc.				297,414
	13,700			Discover Financial Services				883,376
	23,800			Financial Select Sector SPDR Fund (ETF)				615,468
	9,000			First Republic Bank				940,140
	5,400			Great Western Bancorp, Inc.				222,912
	8,300			IBERIABANK Corp.				681,845
	5,300			iShares Core S&P Mid-Cap ETF (ETF)				785,354
	4,400			iShares Russell 2000 ETF (ETF)				787,160
	7,100			Nasdaq, Inc.				550,747
	13,400			SPDR S&P Regional Banking				760,584
	26,300			Sterling Bancorp				648,295
	13,400			Waddell & Reed Financial, Inc. - Class "A"				268,938
								9,750,466
				Health Care-11.8%
	2,050			Allergan, PLC				420,148
	6,500		*	AMN Healthcare Services, Inc.				297,050
	13,400		*	Centene Corp.				1,296,718
	5,900		*	Charles River Laboratories International, Inc.				637,318
	4,400			Dentsply Sirona, Inc.				263,164
	8,300			Gilead Sciences, Inc.				672,466
	9,000			Hill-Rom Holdings, Inc.				666,000
	21,000			Phibro Animal Health Corp. - Class "A"				778,050
	13,700		*	Prestige Brands, Inc.				686,233
	4,400			Quest Diagnostics, Inc.				412,016
	6,200			Thermo Fisher Scientific, Inc.				1,173,040
	14,300		*	VWR Corp.				473,473
								7,775,676
				Industrials-13.5%
	15,500			A.O. Smith Corp.				921,165
	9,000			Apogee Enterprises, Inc.				434,340
	9,400		*	Atkore International Group Co.				183,394
	3,300		*	Dycom Industries, Inc.				283,404
	11,600			ESCO Technologies, Inc.				695,420
	13,500		*	Gardner Denver Holdings, Inc.				371,520
	3,800			Ingersoll-Rand, PLC				338,846
	4,900			J. B. Hunt Transport Services, Inc.				544,292
	14,800			Korn/Ferry International				583,564
	4,400			ManpowerGroup, Inc.				518,408
	22,500			Masco Corp.				877,725
	3,200		*	MasTec, Inc.				148,480
	4,100			Owens Corning				317,135
	1,700			Roper Technologies, Inc.				413,780
	26,200			Schneider National, Inc.				662,860
	2,300			Snap-On, Inc.				342,723
	2,900			Stanley Black & Decker, Inc.				437,813
	24,500			Triton International, Ltd.				815,360
								8,890,229
				Information Technology-13.8%
	13,100		*	ARRIS International, PLC				373,219
	2,500			Belden, Inc.				201,325
	2,900			Broadcom, Ltd.				703,366
	2,000			Cypress Semiconductor Corp.				30,040
	5,300		*	Fiserv, Inc.				683,488
	4,500		*	FleetCor Technologies, Inc.				696,465
	2,900			Juniper Networks, Inc.				80,707
	4,100			Lam Research Corp.				758,664
	900			Methode Electronics, Inc.				38,115
	7,000		*	Microsemi Corp.				360,360
	13,100			NetApp, Inc.				573,256
	6,200		*	NETGEAR, Inc.				295,120
	5,200			Silicon Motion Technology Corp. (ADR)				249,756
	15,800			Symantec Corp.				518,398
	2,200			TE Connectivity, Ltd.				182,732
	4,100		*	Tech Data Corp.				364,285
	13,300			Technology Select Sector SPDR Fund (ETF)				786,030
	37,600			Travelport Worldwide, Ltd.				590,320
	11,000			Western Digital Corp.				950,400
	5,900		*	Zebra Technologies Corp. - Class "A"				640,622
								9,076,668
				Materials-6.9%
	11,900		*	Berry Global Group, Inc.				674,135
	2,200			Eastman Chemical Co.				199,078
	11,100		*	Ferro Corp.				247,530
	8,900			FMC Corp.				794,859
	6,800			Greif, Inc.				398,072
	2,300			Praxair, Inc.				321,402
	9,500			Sealed Air Corp.				405,840
	28,100		*	Summit Materials, Inc. - Class "A"				900,043
	8,900			Trinseo SA				597,190
								4,538,149
				Real Estate-3.8%
	32,300			Brixmor Property Group, Inc. (REIT)				607,240
	8,900			Douglas Emmett, Inc. (REIT)				350,838
	3,200			Federal Realty Investment Trust (REIT)				397,472
	3,300			Real Estate Select Sector SPDR Fund (ETF)				106,392
	21,800			RLJ Lodging Trust (REIT)				479,600
	2,800			Sunstone Hotel Investors, Inc. (REIT)				44,996
	20,000			Tanger Factory Outlet Centers, Inc. (REIT)				488,400
								2,474,938
				Utilities-2.1%
	200			Black Hills Corp.				13,774
	4,100			NiSource, Inc.				104,919
	8,600			Portland General Electric Co.				392,504
	2,200			SCANA Corp.				106,678
	11,900			WEC Energy Group, Inc.				747,082
								1,364,957
Total Value of Common Stocks (cost $50,147,045)								62,582,366
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-1.5%
$	1,000	M		Federal Home Loan Bank, 1.015%, 10/19/2017 (cost $999,464)				999,537
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-.8%
	500	M		U.S. Treasury Bills, 0.935%, 10/26/2017 (cost $499,662)				499,689
Total Value of Investments (cost $51,646,171)					97.5	%		64,081,592
Other Assets, Less Liabilities					2.5			1,613,342
Net Assets					100.0	%	$	65,694,934

*	Non-income producing
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	REIT	Real Estate Investment Trust
	At September 30, 2017, the cost of investments for federal income tax
	purposes was $51,700,245. Accumulated net unrealized appreciation on
	investments was $12,381,347, consisting of $13,987,078 gross unrealized
	appreciation and $1,605,731 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, 2017:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	62,582,366	$	-	$	-	$	62,582,366
Short-Term U.S. Government
Agency Obligations		-		999,537		-		999,537
Short-Term U.S. Government
Obligations		-		499,689		-		499,689
Total Investments in Securities*	$	62,582,366	$	1,499,226	$	-	$	64,081,592

*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, 2017. Transfers, if any, between

Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
REAL ESTATE FUND
September 30, 2017

	Shares		Security				Value
			COMMON STOCKS-98.8%
			Apartments REITs-12.3%
	1,112		Apartment Investment & Management Co. - Class "A"			$	48,772
	1,506		AvalonBay Communities, Inc.				268,701
	539		Camden Property Trust				49,292
	3,464		Equity Residential Properties				228,382
	311		Essex Property Trust, Inc.				79,003
	1,078		Mid-America Apartment Communities, Inc.				115,217
	512		UDR, Inc.				19,471
							808,838
			Diversified REITs-4.3%
	266		CoreCivic, Inc.				7,121
	164		Digital Realty Trust, Inc.				19,406
	1,816		Duke Realty Corp.				52,337
	2,148		Forest City Realty Trust, Inc.				54,795
	1,903		Vornado Realty Trust				146,303
							279,962
			Health Care REITs-11.5%
	4,263		HCP, Inc.				118,639
	110		Healthcare Realty Trust, Inc.				3,557
	183		Healthcare Trust of America, Inc.				5,453
	207		LTC Properties, Inc.				9,725
	2,708		Omega Heathcare Investors, Inc.				86,412
	1,141	*	Quality Care Properties, Inc.				17,686
	3,912		Sabra Health Care REIT, Inc.				85,829
	2,637		Senior Housing Properties Trust				51,553
	2,833		Ventas, Inc.				184,513
	2,701		Welltower, Inc.				189,826
							753,193
			Hotels REITs-2.3%
	998		Hospitality Properties Trust				28,433
	4,769		Host Hotels & Resorts, Inc.				88,179
	1,033		LaSalle Hotel Properties				29,978
	515		Sunstone Hotel Investors, Inc.				8,276
							154,866
			Industrial REITs-.1%
	205		Liberty Property Trust				8,417
			Infrastructure REITs-4.9%
	136		CorEnergy Infrastructure Trust, Inc.				4,808
	110		Crown Castle International Corp.				10,998
	20,885		Uniti Group, Inc.				306,174
							321,980
			Manufactured Homes REITs-2.4%
	1,225		Equity LifeStyle Properties, Inc.				104,223
	621		Sun Communities, Inc.				53,207
							157,430
			Office Property REITs-8.7%
	543		Alexandria Real Estate Equities, Inc.				64,601
	1,852		Boston Properties, Inc.				227,574
	293		Brandywine Realty Trust				5,125
	953		City Office REIT, Inc.				13,123
	1,070		Corporate Office Properties Trust				35,128
	304		Douglas Emmett, Inc.				11,984
	436		Empire State Realty Trust, Inc. - Class "A"				8,955
	1,272	*	Equity Commonwealth				38,669
	44		Franklin Street Properties Corp.				467
	951		JBG SMITH Properties				32,534
	640		Mack-Cali Realty Corp.				15,174
	2,624		New York REIT, Inc.				20,598
	832		Paramount Group, Inc.				13,312
	767		Piedmont Office Realty Trust, Inc. - Class "A"				15,463
	353		SL Green Realty Corp.				35,766
	1,716		Tier REIT, Inc.				33,119
							571,592
			Real Estate Services-3.2%
	7,719	*	Marcus & Millichap, Inc.				208,336
			Regional Malls REITs-26.4%
	9,461		CBL & Associates Properties, Inc.				79,378
	15,721		GGP, Inc				326,525
	4,215		Macerich Co.				231,699
	3,668		Pennsylvania REIT				38,477
	4,003		Simon Property Group, Inc.				644,523
	8,603		Tanger Factory Outlet Centers, Inc.				210,085
	3,416		Taubman Centers, Inc.				169,775
	3,449		Washington Prime Group, Inc.				28,730
							1,729,192
			Shopping Centers REITs-2.8%
	103		Acadia Realty Trust				2,948
	1,039		Brixmor Property Group, Inc.				19,533
	308		Cedar Realty Trust, Inc.				1,731
	4,035		DDR Corp.				36,961
	202		Federal Realty Investment Trust				25,090
	992		Kimco Realty Corp.				19,394
	396		Kite Realty Group Trust				8,019
	169		Ramco-Gershenson Properties Trust				2,199
	315		Regency Centers Corp.				19,543
	3,522		Retail Properties of America, Inc. - Class "A"				46,244
	52		Weingarten Realty Investors				1,650
							183,312
			Single Tenant REITs-2.7%
	6,171		Select Income REIT				144,525
	734		Spirit Realty Capital, Inc.				6,290
	843		STORE Capital Corp.				20,965
	513		VEREIT, Inc.				4,253
							176,033
			Storage REITs-15.7%
	7,147		CubeSmart				185,536
	2,161		Extra Space Storage, Inc.				172,707
	90		Iron Mountain, Inc.				3,501
	2,888		Life Storage, Inc.				236,267
	2,017		Public Storage				431,618
							1,029,629
			Student Housing REITs-.3%
	452		American Campus Communities, Inc.				19,956
			Warehouse/Industrial REITs-1.2%
	81		DCT Industrial Trust, Inc.				4,692
	39		EastGroup Properties, Inc.				3,437
	194		First Industrial Realty Trust, Inc.				5,837
	992		Prologis, Inc.				62,952
							76,918
Total Value of Common Stocks (cost $6,534,340)				98.8	%		6,479,654
Other Assets, Less Liabilities				1.2			79,140
Net Assets				100.0	%	$	6,558,794

*	Non-income producing
	Summary of Abbreviations:
	REITs	Real Estate Investment Trusts
	At September 30, 2017, the cost of investments for federal income tax
	purposes was $6,545,426. Accumulated net unrealized depreciation on
	investments was $65,772, consisting of $397,042 gross unrealized
	appreciation and $462,814 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, 2017:

	Level 1		Level 2		Level 3		Total
Common Stocks*	$	6,479,654	$	-	$	-	$	6,479,654

*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, 2017. Transfers, if any, between

Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
SELECT GROWTH FUND
September 30, 2017

	Shares		Security				Value
			COMMON STOCKS-99.0%
			Consumer Discretionary-15.8%
	15,625		Home Depot, Inc.			$	2,555,625
	9,300		Lear Corp.				1,609,644
	10,900		McDonald's Corp.				1,707,812
	25,400		Nordstrom, Inc.				1,197,610
	12,700		PVH Corp.				1,600,962
	14,700		Wyndham Worldwide Corp.				1,549,527
							10,221,180
			Consumer Staples-6.1%
	9,472		Procter & Gamble Co.				861,763
	31,600		Sysco Corp.				1,704,820
	17,700		Wal-Mart Stores, Inc.				1,383,078
							3,949,661
			Energy-1.0%
	5,260		Chevron Corp.				618,050
			Financials-10.6%
	29,200		Bank of New York Mellon Corp.				1,548,184
	15,390		Discover Financial Services				992,347
	16,500		JPMorgan Chase & Co.				1,575,915
	22,500		SunTrust Banks, Inc.				1,344,825
	25,900		U.S. Bancorp				1,387,981
							6,849,252
			Health Care-18.2%
	27,500		Baxter International, Inc.				1,725,625
	5,300	*	Biogen, Inc.				1,659,536
	13,700	*	Celgene Corp.				1,997,734
	22,300	*	Centene Corp.				2,157,971
	20,800		Merck & Co., Inc.				1,331,824
	14,000	*	Varian Medical Systems, Inc.				1,400,840
	8,400	*	Waters Corp.				1,507,968
							11,781,498
			Industrials-11.8%
	6,400		Boeing Co.				1,626,944
	18,100		Eaton Corp., PLC				1,389,899
	23,000		Emerson Electric Co.				1,445,320
	6,600		Huntington Ingalls Industries, Inc.				1,494,504
	9,300		Parker Hannifin Corp.				1,627,686
							7,584,353
			Information Technology-33.0%
	18,300	*	Adobe Systems, Inc.				2,729,994
	1,600	*	Alphabet, Inc. - Class "A"				1,557,952
	9,400		Apple, Inc.				1,448,728
	12,400	*	Arista Networks, Inc.				2,351,164
	68,100	*	Cadence Design Systems, Inc.				2,687,907
	14,400	*	Facebook, Inc. - Class "A"				2,460,528
	7,800	*	FleetCor Technologies, Inc.				1,207,206
	37,500		NetApp, Inc.				1,641,000
	21,000		PayPal Holdings, Inc.				1,344,630
	22,700	*	Take-Two Interactive Software, Inc.				2,320,621
	14,500		VMware, Inc.				1,583,255
							21,332,985
			Materials-2.5%
	15,700		Celanese Corp. - Class "A"				1,637,039
Total Value of Common Stocks (cost $50,586,001)				99.0	%		63,974,018
Other Assets, Less Liabilities				1.0			628,572
Net Assets				100.0	%	$	64,602,590

*	Non-income producing
	At September 30, 2017, the cost of investments for federal income tax
	purposes was $50,586,001. Accumulated net unrealized appreciation
	on investments was $13,388,017, consisting of $13,722,997 gross
	unrealized appreciation and $334,980 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, 2017:

	Level 1		Level 2		Level 3		Total
Common Stocks*	$	63,974,018	$	-	$	-	$	63,974,018

*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, 2017. Transfers, if any, between

Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
SPECIAL SITUATIONS FUND
September 30, 2017

	Shares or
	Principal
	Amount			Security				Value
				COMMON STOCKS-99.3%
				Consumer Discretionary-16.2%
	108,000		*	1-800-FLOWERS.COM, Inc.			$	1,063,800
	57,500			Acushnet Holdings Corp.				1,021,200
	10,000			American Eagle Outfitters, Inc.				143,000
	77,000		*	Belmond, Ltd.				1,051,050
	114,500		*	Century Communities, Inc.				2,828,150
	50,100			DSW, Inc. - Class "A"				1,076,148
	108,000			Entravision Communications Corp. - Class "A"				615,600
	139,000		*	Fox Factory Holding Corp.				5,990,900
	13,000		*	Helen of Troy, Ltd.				1,259,700
	72,500		*	Live Nation Entertainment, Inc.				3,157,375
	32,500		*	LKQ Corp.				1,169,675
	40,500		*	Michaels Cos., Inc.				869,535
	39,000		*	Motorcar Parts of America, Inc.				1,148,940
	34,500			Newell Brands, Inc.				1,472,115
	24,500			Oxford Industries, Inc.				1,556,730
	29,500			Penske Automotive Group, Inc.				1,403,315
	83,000			Regal Entertainment Group - Class "A"				1,328,000
	48,500			Ruth's Hospitality Group, Inc.				1,016,075
	72,000		*	ServiceMaster Holdings, Inc.				3,364,560
	38,000		*	Taylor Morrison Home Corp. - Class "A"				837,900
	132,500		*	TRI Pointe Group, Inc.				1,829,825
	25,000			Tupperware Brands Corp.				1,545,500
	19,000		*	Visteon Corp.				2,351,630
	74,500		*	William Lyon Homes - Class "A"				1,712,755
								39,813,478
				Consumer Staples-3.5%
	58,000			B&G Foods, Inc.				1,847,300
	52,500		*	Performance Food Group Co.				1,483,125
	39,000			Pinnacle Foods, Inc.				2,229,630
	36,500			Tootsie Roll Industries, Inc.				1,387,000
	64,000		*	U.S. Foods Holding Corp.				1,708,800
								8,655,855
				Energy-2.4%
	14,500			Andeavor Logistics, LP				1,495,675
	16,500			Delek U.S. Holdings, Inc.				441,045
	19,500		*	Dril-Quip, Inc.				860,925
	10,000			Energy Select Sector SPDR Fund (ETF)				684,800
	101,000		*	Jagged Peak Energy, Inc.				1,379,660
	36,000			PBF Energy, Inc. - Class "A"				993,960
								5,856,065
				Financials-20.2%
	57,000			AllianceBernstein Holding, LP (MLP)				1,385,100
	55,000			American Financial Group, Inc.				5,689,750
	16,000			Aspen Insurance Holdings Ltd.				646,400
	69,000		*	Atlas Financial Holdings, Inc.				1,304,100
	82,000			Berkshire Hills Bancorp, Inc.				3,177,500
	56,500			Brown & Brown, Inc.				2,722,735
	28,000		*	Capstar Financial Holdings, Inc.				548,240
	59,500			Citizens Financial Group, Inc.				2,253,265
	38,500		*	FCB Financial Holdings, Inc. - Class "A"				1,859,550
	110,500			Financial Select Sector SPDR Fund (ETF)				2,857,530
	44,000			Great Western Bancorp, Inc.				1,816,320
	70,000		*	Green Bancorp, Inc.				1,655,500
	46,000			Guaranty Bancorp				1,278,800
	29,000			IBERIABANK Corp.				2,382,350
	8,000			iShares Russell 2000 ETF (ETF)				1,185,440
	76,000			OceanFirst Financial Corp.				2,089,240
	36,000			Prosperity Bancshares, Inc.				2,366,280
	22,000			QCR Holdings, Inc.				1,001,000
	62,000		*	Seacoast Banking Corp.				1,481,180
	32,500			Simmons First National Corp. - Class "A"				1,881,750
	51,000			SPDR S&P Regional Banking (ETF)				2,894,760
	180,000			Sterling Bancorp				4,437,000
	136,500			TCF Financial Corp.				2,325,960
	19,500			Waddell & Reed Financial, Inc. - Class "A"				391,365
								49,631,115
				Health Care-10.6%
	24,500		*	ANI Pharmaceuticals, Inc.				1,286,005
	19,500		*	Cambrex Corp.				1,072,500
	59,500		*	Centene Corp.				5,757,815
	15,500		*	Charles River Laboratories International, Inc.				1,674,310
	41,000			Hill-Rom Holdings, Inc.				3,034,000
	13,000		*	ICON, PLC				1,480,440
	64,000		*	Integra LifeSciences Holdings Corp.				3,230,720
	46,500			PerkinElmer, Inc.				3,207,105
	70,000			Phibro Animal Health Corp. - Class "A"				2,593,500
	18,600		*	Varex Imaging Corp.				629,424
	60,000		*	VWR Corp.				1,986,600
								25,952,419
				Industrials-15.7%
	70,500			A.O. Smith Corp.				4,189,815
	23,000			Apogee Enterprises, Inc.				1,109,980
	39,100		*	Atkore International Group Co.				762,841
	36,500			Comfort Systems USA, Inc.				1,303,050
	52,000			ESCO Technologies, Inc.				3,117,400
	43,500		*	Gardner Denver Holdings, Inc.				1,197,120
	22,000			Industrial Select Sector SPDR Fund (ETF)				1,562,000
	29,000			ITT, Inc.				1,283,830
	15,100			Korn/Ferry International				595,393
	41,000			Masco Corp.				1,599,410
	139,000		*	NCI Building Systems, Inc.				2,168,400
	43,500			Orbital ATK, Inc.				5,792,460
	16,500			Owens Corning				1,276,275
	22,500		*	Patrick Industries, Inc.				1,892,250
	17,000			Regal Beloit Corp.				1,343,000
	84,000			Schneider National, Inc. - Class "B"				2,125,200
	11,500			Snap-On, Inc.				1,713,615
	48,500		*	SPX Corp.				1,422,990
	17,000			Standex International Corp.				1,805,400
	69,000			Triton International, Ltd.				2,296,320
								38,556,749
				Information Technology-13.4%
	62,500		*	ARRIS International, PLC				1,780,625
	77,000		*	Autobytel, Inc.				530,530
	43,500		*	Axcelis Technologies, Inc.				1,189,725
	2,600			Belden, Inc.				209,378
	66,000		*	CommScope Holding Co., Inc.				2,191,860
	102,000		*	Extreme Networks, Inc.				1,212,780
	24,000		*	IAC/InterActiveCorp				2,821,920
	16,000			Lam Research Corp.				2,960,640
	7,500			LogMeIn, Inc.				825,375
	54,500		*	Microsemi Corp.				2,805,660
	34,500			MKS Instruments, Inc.				3,258,525
	40,500			NetApp, Inc.				1,772,280
	54,000		*	Orbotech, Ltd.				2,279,340
	60,000		*	Perficient, Inc.				1,180,200
	24,600			Silicon Motion Technology Corp. (ADR)				1,181,538
	111,000			Travelport Worldwide, Ltd.				1,742,700
	28,500			Western Digital Corp.				2,462,400
	22,500		*	Zebra Technologies Corp. - Class "A"				2,443,050
								32,848,526
				Materials-9.7%
	43,500			AptarGroup, Inc.				3,754,485
	36,000		*	Berry Global Group, Inc.				2,039,400
	154,000		*	Ferro Corp.				3,434,200
	24,500			Greif, Inc.				1,434,230
	62,500		*	Louisiana-Pacific Corp.				1,692,500
	15,200		*	PQ Group Holdings, Inc.				262,200
	24,500			Sealed Air Corp.				1,046,640
	22,500			Sensient Technologies Corp.				1,730,700
	96,500		*	Summit Materials, Inc. - Class "A"				3,090,895
	53,000			Trinseo SA				3,556,300
	29,500			WestRock Co.				1,673,535
								23,715,085
				Real Estate-5.1%
	89,500			Brixmor Property Group, Inc. (REIT)				1,682,600
	74,500			Douglas Emmett, Inc. (REIT)				2,936,790
	19,000			Federal Realty Investment Trust (REIT)				2,359,990
	64,500			RLJ Lodging Trust (REIT)				1,419,000
	72,000			Sunstone Hotel Investors, Inc. (REIT)				1,157,040
	69,500			Tanger Factory Outlet Centers, Inc. (REIT)				1,697,190
	52,000			Urstadt Biddle Properties, Inc. - Class "A" (REIT)				1,128,400
								12,381,010
				Utilities-2.5%
	17,500			Pinnacle West Capital Corp.				1,479,800
	43,500			Portland General Electric Co.				1,985,340
	15,400			SCANA Corp.				746,746
	30,500			WEC Energy Group, Inc.				1,914,790
								6,126,676
Total Value of Common Stocks (cost $171,911,751)								243,536,978
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-.3%
$	750	M		Federal Home Loan Bank, 1.005%, 10/17/2017 (cost $749,644)				749,694
Total Value of Investments (cost $172,661,395)					99.6	%		244,286,672
Other Assets, Less Liabilities					.4			1,082,526
Net Assets					100.0	%	$	245,369,198

*	Non-income producing
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	MLP	Master Limited Partnership
	REIT	Real Estate Investment Trust
	At September 30, 2017, the cost of investments for federal income tax
	purposes was $172,823,396. Accumulated net unrealized appreciation on
	investments was $71,463,276 consisting of $77,122,685 gross unrealized
	appreciation and $5,659,409 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, 2017:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	243,536,978	$	-	$	-	$	243,536,978
Short-Term U.S. Government
Agency Obligations		-		749,694		-		749,694
Total Investments in Securities*	$	243,536,978	$	749,694	$	-	$	244,286,672

*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, 2017. Transfers, if any,

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

Portfolio of Investments (unaudited)
TOTAL RETURN FUND
September 30, 2017

	Shares or
	Principal
	Amount			Security					Value
				COMMON STOCKS-59.0%
				Consumer Discretionary-8.6%
	6,100			Acushnet Holdings Corp.				$	108,336
	551			Adient, PLC					46,279
	2,800			Aramark Holdings Corp.					113,708
	4,800			Big Lots, Inc.					257,136
	3,200			BorgWarner, Inc.					163,936
	5,550			CBS Corp. - Class "B"					321,900
	3,100			Coach, Inc.					124,868
	1,500			Delphi Automotive, PLC					147,600
	7,100			DSW, Inc. - Class "A"					152,508
	3,400			Ford Motor Co.					40,698
	2,700			Home Depot, Inc.					441,612
	1,400			HSN, Inc.					54,670
	3,800			L Brands, Inc.					158,118
	850			Lear Corp.					147,118
	3,450			Magna International, Inc.					184,161
	4,400		*	Michaels Cos., Inc.					94,468
	4,258			Newell Brands, Inc.					181,689
	2,200			Oxford Industries, Inc.					139,788
	1,800			Penske Automotive Group, Inc.					85,626
	300			Ross Stores, Inc.					19,371
	2,600		*	Select Comfort Corp.					80,730
	4,300			Tupperware Brands Corp.					265,826
	2,200			Walt Disney Co.					216,854
	900			Whirlpool Corp.					165,996
	100			Williams-Sonoma, Inc.					4,986
	1,850			Wyndham Worldwide Corp.					195,009
									3,912,991
				Consumer Staples-5.7%
	7,050			Altria Group, Inc.					447,111
	5,200			B&G Foods, Inc.					165,620
	5,300			Coca-Cola Co.					238,553
	4,300			CVS Health Corp.					349,676
	9,513			Koninklijke Ahold Delhaize NV (ADR)					177,608
	2,100			Nu Skin Enterprises, Inc.					129,108
	2,300			PepsiCo, Inc.					256,289
	4,400			Philip Morris International, Inc.					488,444
	1,450			Procter & Gamble Co.					131,921
	2,250			Wal-Mart Stores, Inc.					175,815
									2,560,145
				Energy-3.5%
	1,800			Anadarko Petroleum Corp.					87,930
	500			Chevron Corp.					58,750
	3,100			ConocoPhillips					155,155
	2,400			Devon Energy Corp.					88,104
	2,950			ExxonMobil Corp.					241,841
	1,400			Hess Corp.					65,646
	4,000			Marathon Oil Corp.					54,240
	5,700			Marathon Petroleum Corp.					319,656
	1,300			Occidental Petroleum Corp.					83,473
	1,400			PBF Energy, Inc. - Class "A"					38,654
	1,550			Phillips 66					141,995
	600			Schlumberger, Ltd.					41,856
	5,600			Suncor Energy, Inc.					196,168
									1,573,468
				Financials-9.9%
	4,000			American Express Co.					361,840
	2,500			American International Group, Inc.					153,475
	2,300			Ameriprise Financial, Inc.					341,573
	327		*	Brighthouse Financial, Inc.					19,882
	1,900			Chubb, Ltd.					270,845
	7,700			Citizens Financial Group, Inc.					291,599
	800			Comerica, Inc.					61,008
	4,750			Discover Financial Services					306,280
	8,100			Financial Select Sector SPDR Fund (ETF)					209,466
	2,000			Hamilton Lane, Inc. - Class "A"					53,700
	2,700			IBERIABANK Corp.					221,805
	1,100			iShares Russell 2000 ETF (ETF)					162,998
	6,400			JPMorgan Chase & Co.					611,264
	3,600			MetLife, Inc.					187,020
	700			Morgan Stanley					33,719
	2,250			PNC Financial Services Group, Inc.					303,232
	3,700			SPDR S&P Regional Banking (ETF)					210,012
	7,100			Sterling Bancorp					175,015
	5,300			U.S. Bancorp					284,027
	4,300			Wells Fargo & Co.					237,145
									4,495,905
				Health Care-9.3%
	6,250			Abbott Laboratories					333,500
	4,900			AbbVie, Inc.					435,414
	200			Allergan, PLC					40,990
	2,700		*	AMN Healthcare Services, Inc.					123,390
	2,517			Baxter International, Inc.					157,942
	1,400		*	Centene Corp.					135,478
	2,800			Gilead Sciences, Inc.					226,856
	1,250			Hill-Rom Holdings, Inc.					92,500
	4,050			Johnson & Johnson					526,540
	2,800			Koninklijke Philips NV (ADR)					115,360
	118		*	Mallinckrodt, PLC					4,410
	1,850			Medtronic, PLC					143,875
	4,600			Merck & Co., Inc.					294,538
	12,800			Pfizer, Inc.					456,960
	4,400			Phibro Animal Health Corp. - Class "A"					163,020
	840			Shire, PLC (ADR)					128,638
	2,900			Thermo Fisher Scientific, Inc.					548,680
	1,850		*	VWR Corp.					61,253
	3,700			Zoetis, Inc.					235,912
									4,225,256
				Industrials-6.7%
	1,850			3M Co.					388,315
	900			Apogee Enterprises, Inc.					43,434
	3,300		*	Gardner Denver Holdings, Inc.					90,816
	8,050			General Electric Co.					194,649
	3,100			Honeywell International, Inc.					439,394
	800			Ingersoll-Rand, PLC					71,336
	7,415			Johnson Controls International, PLC					298,750
	250			Lockheed Martin Corp.					77,572
	1,200			ManpowerGroup, Inc.					141,384
	4,900			Masco Corp.					191,149
	1,000		*	MasTec, Inc.					46,400
	1,600			Owens Corning					123,760
	6,200			Schneider National, Inc. - Class "A"					156,860
	1,100			Snap-On, Inc.					163,911
	650			Stanley Black & Decker, Inc.					98,130
	8,700		*	Triton International, Ltd.					289,536
	2,000			United Technologies Corp.					232,160
									3,047,556
				Information Technology-10.8%
	4,600			Apple, Inc.					708,952
	4,900			Applied Materials, Inc.					255,241
	5,800		*	ARRIS International, PLC					165,242
	600			Belden, Inc.					48,318
	900			Broadcom, Ltd.					218,286
	13,300			Cisco Systems, Inc.					447,279
	1,460		*	Dell Technologies, Inc. - Class "V"					112,727
	545			DXC Technology Co.					46,805
	3,750		*	eBay, Inc.					144,225
	1,100		*	FleetCor Technologies, Inc.					170,247
	8,600			Intel Corp.					327,488
	1,200			Methode Electronics, Inc.					50,820
	9,200			Microsoft Corp.					685,308
	3,200			NetApp, Inc.					140,032
	1,700		*	NXP Semiconductors NV					192,253
	5,200			Oracle Corp.					251,420
	4,800			QUALCOMM, Inc.					248,832
	5,700			Symantec Corp.					187,017
	1,100			TE Connectivity, Ltd.					91,366
	1,300		*	Tech Data Corp.					115,505
	4,100			Travelport Worldwide, Ltd.					64,370
	2,700			Western Digital Corp.					233,280
									4,905,013
				Materials-1.4%
	4,100			International Paper Co.					232,962
	850			Praxair, Inc.					118,779
	2,000			RPM International, Inc.					102,680
	2,600			Sealed Air Corp.					111,072
	1,100			Trinseo SA					73,810
									639,303
				Real Estate-1.1%
	10,700			Brixmor Property Group, Inc. (REIT)					201,160
	987			Real Estate Select Sector SPDR Fund (ETF)					31,821
	5,700			Tanger Factory Outlet Centers, Inc. (REIT)					139,194
	5,500			Urstadt Biddle Properties, Inc. - Class "A" (REIT)					119,350
									491,525
				Telecommunication Services-1.4%
	7,450			AT&T, Inc.					291,816
	6,300			Verizon Communications, Inc.					311,787
									603,603
				Utilities-.6%
	6,600			Exelon Corp.					248,622
	1,100			NiSource, Inc.					28,149
									276,771
Total Value of Common Stocks (cost $21,716,176)									26,731,536
				CORPORATE BONDS-21.4%
				Aerospace/Defense-.7%
$	300	M		Rockwell Collins, Inc., 3.2%, 3/15/2024					305,984
				Automotive-.2%
	100	M		O'Reilly Automotive, Inc., 3.55%, 3/15/2026					100,410
				Chemicals-.9%
	100	M		Agrium, Inc., 3.375%, 3/15/2025					100,769
	100	M		Dow Chemical Co., 3.5%, 10/1/2024					103,287
	200	M		LYB International Finance Co. BV, 3.5%, 3/2/2027					199,323
									403,379
				Consumer Non-Durables-.5%
	200	M		Newell Brands, Inc., 4.2%, 4/1/2026					210,828
				Energy-1.4%
	200	M		BP Capital Markets, PLC, 3.216%, 11/28/2023					205,048
	100	M		Canadian Oil Sands, Ltd., 7.75%, 5/15/2019			(a)		108,306
	100	M		DCP Midstream Operating, LP, 2.5%, 12/1/2017					100,073
	100	M		Enbridge Energy Partners, LP, 4.2%, 9/15/2021					104,601
	100	M		Valero Energy Corp., 9.375%, 3/15/2019					110,136
									628,164
				Financial Services-2.6%
	100	M		American Express Co., 7%, 3/19/2018					102,505
	100	M		American International Group, Inc., 3.75%, 7/10/2025					103,439
	100	M		Ameriprise Financial, Inc., 5.3%, 3/15/2020					107,551
	100	M		Assured Guaranty U.S. Holding, Inc., 5%, 7/1/2024					109,120
	100	M		BlackRock, Inc., 5%, 12/10/2019					106,730
				ERAC USA Finance, LLC:
	100	M		4.5%, 8/16/2021			(a)		106,836
	100	M		3.3%, 10/15/2022			(a)		102,616
	100	M		Ford Motor Credit Co., LLC, 8.125%, 1/15/2020					112,689
	100	M		Liberty Mutual Group, Inc., 4.95%, 5/1/2022			(a)		109,311
	100	M		Prudential Financial, Inc., 7.375%, 6/15/2019					109,097
	100	M		State Street Corp., 3.55%, 8/18/2025					104,473
									1,174,367
				Financials-4.6%
				Bank of America Corp.:
	100	M		5%, 5/13/2021					108,900
	200	M		4.1%, 7/24/2023					213,238
	100	M		Barclays Bank, PLC, 5.125%, 1/8/2020					106,420
	100	M		Capital One Financial Corp., 3.75%, 4/24/2024					103,417
				Citigroup, Inc.:
	100	M		6.125%, 11/21/2017					100,600
	100	M		4.5%, 1/14/2022					107,680
	100	M		Deutsche Bank AG, 3.7%, 5/30/2024					101,592
	100	M		Goldman Sachs Group, Inc., 3.625%, 1/22/2023					103,736
	200	M		HSBC Holdings, PLC, 2.65%, 1/5/2022					200,856
				JPMorgan Chase & Co.:
	100	M		6%, 1/15/2018					101,277
	100	M		4.5%, 1/24/2022					108,415
	100	M		3.54%, 5/1/2028					101,034
				Morgan Stanley:
	200	M		5.5%, 7/28/2021					222,040
	100	M		4%, 7/23/2025					105,533
	100	M		U.S. Bancorp, 3.6%, 9/11/2024					104,119
	200	M		UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028			(a)		210,211
									2,099,068
				Food/Beverage/Tobacco-.5%
				Anheuser-Busch InBev Finance, Inc.:
	100	M		3.65%, 2/1/2026					103,632
	100	M		4.9%, 2/1/2046					113,407
									217,039
				Food/Drug-.5%
	200	M		CVS Health Corp., 3.875%, 7/20/2025					208,944
				Forest Products/Containers-.2%
	100	M		Rock-Tenn Co., 4.9%, 3/1/2022					108,895
				Healthcare-.7%
	100	M		Biogen, Inc., 6.875%, 3/1/2018					102,150
	100	M		Express Scripts Holding Co., 4.75%, 11/15/2021					108,599
	100	M		Laboratory Corp. of America Holdings, 3.75%, 8/23/2022					104,087
									314,836
				Higher Education-.2%
	100	M		Yale University, 2.086%, 4/15/2019					100,752
				Information Technology-1.2%
	100	M		Apple, Inc., 2.5%, 2/9/2025					98,461
	200	M		Diamond 1 Finance Corp., 4.42%, 6/15/2021			(a)		210,158
	150	M		Oracle Corp., 2.4%, 9/15/2023					149,274
	100	M		Visa, Inc., 3.15%, 12/14/2025					102,558
									560,451
				Manufacturing-.2%
	100	M		Johnson Controls International, PLC, 5%, 3/30/2020					106,554
				Media-Broadcasting-.2%
	100	M		Comcast Corp., 5.15%, 3/1/2020					107,711
				Media-Diversified-.2%
	100	M		Time Warner, Inc., 3.6%, 7/15/2025					100,522
				Metals/Mining-.2%
	100	M		Newmont Mining Corp., 5.125%, 10/1/2019					105,282
				Real Estate-2.5%
	200	M		Alexandria Real Estate Equities, Inc., 3.95%, 1/15/2028					204,117
	100	M		ERP Operating, LP, 3.375%, 6/1/2025					102,259
	200	M		Essex Portfolio, LP, 3.875%, 5/1/2024					208,235
	100	M		HCP, Inc., 4.25%, 11/15/2023					106,267
	100	M		Prologis, LP, 3.35%, 2/1/2021					103,612
	200	M		Tanger Properties, LP, 3.125%, 9/1/2026					188,244
	100	M		Ventas Realty, LP, 4.75%, 6/1/2021					107,061
	100	M		Welltower, Inc., 4%, 6/1/2025					104,419
									1,124,214
				Retail-General Merchandise-.5%
	100	M		Amazon.com, Inc., 4.8%, 12/5/2034					113,606
	100	M		Home Depot, Inc., 5.875%, 12/16/2036					130,135
									243,741
				Telecommunications-.7%
				AT&T, Inc.:
	100	M		3.8%, 3/15/2022					104,273
	200	M		4.25%, 3/1/2027					206,245
									310,518
				Transportation-1.0%
	100	M		Burlington Northern Santa Fe, LLC, 5.15%, 9/1/2043					119,263
	100	M		Penske Truck Leasing Co., LP, 4.875%, 7/11/2022			(a)		109,013
				Southwest Airlines Co.:
	100	M		2.65%, 11/5/2020					101,409
	100	M		3%, 11/15/2026					97,866
									427,551
				Utilities-1.7%
	100	M		Duke Energy Progress, Inc., 4.15%, 12/1/2044					106,924
	100	M		Electricite de France SA, 3.625%, 10/13/2025			(a)		102,890
	100	M		Entergy Arkansas, Inc., 4.95%, 12/15/2044					103,977
	100	M		Ohio Power Co., 5.375%, 10/1/2021					111,344
	100	M		Oklahoma Gas & Electric Co., 4%, 12/15/2044					100,406
	100	M		Sempra Energy, 9.8%, 2/15/2019					110,285
	100	M		South Carolina Electric & Gas Co., 5.45%, 2/1/2041					117,953
									753,779
Total Value of Corporate Bonds (cost $9,830,277)									9,712,989
				RESIDENTIAL MORTGAGE-BACKED SECURITIES-5.4%
				Fannie Mae-4.7%
	44	M		2.5%, 7/1/2031					44,668
	184	M		3%, 6/1/2030 - 11/1/2030					189,784
	586	M		3.5%, 11/1/2028 - 11/1/2046					608,792
	962	M		4%, 7/1/2041 - 3/1/2047					1,015,643
	171	M		4.5%, 8/1/2041 - 1/1/2047					183,945
	85	M		5%, 3/1/2042					92,879
									2,135,711
				Freddie Mac-.7%
	69	M		3.5%, 7/1/2044					71,370
	76	M		4%, 7/1/2044 - 4/1/2045					80,209
	142	M		4.5%, 12/1/2043					153,858
									305,437
Total Value of Residential Mortgage-Backed Securities (cost $2,454,738)									2,441,148
				U.S. GOVERNMENT OBLIGATIONS-3.2%
	100	M		U.S. Treasury Bonds, 3.125%, 8/15/2044					105,523
				U.S. Treasury Notes:
	600	M		0.375%, 1/15/2027 (TIPS)					601,107
	300	M		1.1228%, 4/30/2019			+		300,219
	250	M		1.1928%, 1/31/2019			+		250,435
	200	M		2.375%, 5/15/2027					200,863
Total Value of U.S. Government Obligations (cost $1,464,099)									1,458,147
				TAXABLE MUNICIPAL BONDS-.5%
	75	M		Katy, TX Indpt. Sch. Dist. GO, 5%, 2/15/2042					88,051
	150	M		New York, NY, GO, 2.9%, 10/1/2027			(b)		148,993
Total Value of Taxable Municipal Bonds (cost $237,646)									237,044
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-7.2%
				Federal Home Loan Bank:
	500	M		1.045%, 10/17/2017					499,796
	500	M		1.015%, 10/19/2017					499,769
	500	M		1.02%, 10/20/2017					499,755
	500	M		1.02%, 10/30/2017					499,619
	1,250	M		1.025%, 11/9/2017					1,248,694
Total Value of Short-Term U.S. Government Agency Obligations (cost $3,247,351)									3,247,633
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-1.1%
	500	M		U.S. Treasury Bills, 0.935%, 10/26/2017 (cost $499,662)					499,689
				SHORT-TERM CORPORATE NOTES-1.1%
				Information Technology
	500	M		Microsoft Corp., 1.21%, 11/7/2017 (cost $499,360)			(c)		499,398
Total Value of Investments (cost $39,949,309)					98.9	%			44,827,584
Other Assets, Less Liabilities					1.1				510,860
Net Assets				100.0		%		$	45,338,444

*	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, 2017, the Fund
	held eight 144A securities with an aggregate value of $1,059,341
	representing 2.3% of the Fund's net assets.
(b)	A portion or all of the security purchased on a when-issued or delayed
	delivery basis.
(c)	Security exempt from registration under Section 4(2) of the Securities Act of
	1933. Certain restricted securities are exempt from the registration
	requirements under Section 4(2) of the Securities Act of 1933 and may only
	be sold to qualified institutional investors. At September 30, 2017, the Fund
	held one Section 4(2) security with a value of $148,993 representing .3% 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, 2017.
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	GO	General Obligation
	REIT	Real Estate Investment Trust
	TIPS	Treasury Inflation-Protected Securities
	At September 30, 2017, the cost of investments for federal income tax
	purposes was $39,951,226. Accumulated net unrealized appreciation on
	investments was $4,876,358, consisting of $5,846,715 gross unrealized
	appreciation and $970,357 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, 2017:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	26,731,536	$	-	$	-	$	26,731,536
Corporate Bonds		-		9,712,989		-		9,712,989
Residential
Mortgage-Backed Securities		-		2,441,148		-		2,441,148
U.S. Government Obligations		-		1,458,147		-		1,458,147
Taxable Municipal Bonds		-		237,044		-		237,044
Short-Term U.S. Government
Agency Obligations		-		3,247,633		-		3,247,633
Short-Term U.S. Government
Obligations		-		499,689		-		499,689
Short-Term Corporate Notes		-		499,398		-		499,398
Total Investments in Securities*	$	26,731,536	$	18,096,048	$	-	$	44,827,584

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

residential mortgage-backed securities.

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

Levels are recognized at the end of the reporting period.

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

The Funds monitor for significant events occurring prior to the close of trading on the New York Stock Exchange that could have a material impact on the value of any securities that are held by the Funds. Examples of such events include trading halts, natural disasters, political events and issuer-specific developments. If the Valuation Committee of Foresters Investment Management Company, Inc.'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 are deemed to be unreliable or do not appear to reflect significant events that have occurred prior to the time as of which the net asset value is calculated, the securities may be valued at fair value as determined in good faith pursuant to procedures adopted by the Board. The 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, 2017, the Fund For Income held two securities that were fair valued at an aggregate value of $475,000 representing .4% of the Fund's net assets.

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

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

The aggregate value by input level, as of September 30, 2017, is included at the end of each Fund's schedule of investments.

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

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

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

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

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

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

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

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

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, 2017 was related to the use of written and purchased options and interest rate futures contracts, as described further below.

Options Contracts - Some of the Funds may write covered call options on securities, derivative instruments, or currencies the Fund owns or in which it may invest. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call, 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 a Fund may not be able to enter into a closing transaction because of an illiquid market.

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, 2017, the Covered Call Strategy Fund and Equity Income Fund had investments in options contracts, which are listed in its 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, a Fund is required to deposit with its custodian in a segregated account in the name of the futures broker through which the transaction is 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, or a Fund's subadviser, as applicable, to predict correctly movements in the direction of interest rates and securities prices; (2) imperfect correlation between the price of futures contracts and options thereon and movements in the prices of the securities or currencies being hedged; (3) the fact that skills needed to use these strategies are different from those needed to select portfolio securities; (4) the leverage (if any) that is created by investing in the option or futures contract; and (5) the possible absence of a liquid secondary market for any particular instrument at any time. If FIMCO's, or a Fund's subadviser's, if applicable, prediction of movements in the direction of the securities and interest rate markets is inaccurate, the adverse consequences to that Fund may leave it in a worse position than if such strategies were not used. Derivatives may be difficult to sell, unwind or value.

At September 30, 2017, the Balanced Income Fund had investments in interest rate futures contracts, which are listed in its Portfolios of Investments.

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

Item 2. Controls and Procedures

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

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

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

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

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

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

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

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

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

internal control over financial reporting.

Item 3. Exhibits

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

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934

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

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

authorized.

First Investors Life Series Funds

By: /s/ Clark D. Wagner

Clark D. Wagner

President and Principal Executive Officer

Date: November 28, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934

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

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

and on the dates indicated.

First Investors Life Series Funds

By: /s/ Clark D. Wagner

Clark D. Wagner

President and Principal Executive Officer

By: /s/ Joseph I. Benedek

Joseph I. Benedek

Treasurer and Principal Financial Officer

Date: November 28, 2017