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: MARCH 31, 2018

Item 1. Schedule of Investments

The Quarterly Schedule of Portfolio Holdings follows

Portfolio of Investments (unaudited)
BALANCED INCOME FUND
March 31, 2018

Principal
Amount
or Shares		Security				Value
		CORPORATE BONDS-44.2%
		Automotive-1.5%
$      100	M	O'Reilly Automotive, Inc., 3.55%, 3/15/2026				$       97,968
		Chemicals-1.5%
100	M	Dow Chemical Co., 3.5%, 10/1/2024				99,235
		Energy-7.7%
50	M	BP Capital Markets, PLC, 3.216%, 11/28/2023				49,603
100	M	Enterprise Products Operating, 7.55%, 4/15/2038				135,460
100	M	Kinder Morgan Energy Partners, LP, 3.45%, 2/15/2023				98,351
100	M	Magellan Midstream Partners, LP, 5%, 3/1/2026				107,507
100	M	Valero Energy Corp., 6.625%, 6/15/2037				126,635
						517,556
		Financial Services-6.1%
100	M	American International Group, Inc., 3.75%, 7/10/2025				98,624
100	M	Brookfield Finance, Inc., 4%, 4/1/2024				100,866
100	M	General Motors Financial Co., Inc., 5.25%, 3/1/2026				105,787
100	M	Travelers Cos., Inc., 4.05%, 3/7/2048				101,198
						406,475
		Financials-8.2%
100	M	Citigroup, Inc., 4.3%, 11/20/2026				100,234
50	M	Deutsche Bank AG, 3.7%, 5/30/2024				48,330
50	M	Goldman Sachs Group, Inc., 3.625%, 1/22/2023				50,228
100	M	JPMorgan Chase & Co., 6.4%, 5/15/2038				130,495
100	M	Morgan Stanley, 4%, 7/23/2025				101,026
100	M	Wells Fargo & Co., 5.606%, 1/15/2044				114,905
						545,218
		Food/Beverage/Tobacco-1.4%
100	M	Dr. Pepper Snapple Group, Inc., 3.43%, 6/15/2027				95,960
		Forest Products/Containers-.7%
50	M	Packaging Corp. of America, 3.4%, 12/15/2027				47,928
		Information Technology-3.3%
100	M	Corning, Inc., 7.25%, 8/15/2036				122,202
100	M	Microsoft Corp., 3.45%, 8/8/2036				97,731
						219,933
		Real Estate-4.4%
100	M	Alexandria Real Estate Equities, Inc., 3.95%, 1/15/2028				97,858
50	M	Essex Portfolio, LP, 3.875%, 5/1/2024				50,369
50	M	Vornado Realty, LP, 3.5%, 1/15/2025				48,213
100	M	Welltower, Inc., 4%, 6/1/2025				100,074
						296,514
		Retail-General Merchandise-2.3%
		Amazon.com, Inc.:
50	M	4.8%, 12/5/2034				55,548
100	M	4.05%, 8/22/2047			(a)	100,506
						156,054
		Telecommunications-1.4%
100	M	Verizon Communications, Inc., 4.272%, 1/15/2036				96,019
		Transportation-3.1%
100	M	Cummins, Inc., 4.875%, 10/1/2043				113,221
100	M	Southwest Airlines Co., 3%, 11/15/2026				94,244
						207,465
		Utilities-2.6%
100	M	Commonwealth Edison Co., 5.9%, 3/15/2036				123,297
50	M	Oklahoma Gas & Electric Co., 4%, 12/15/2044				50,489
						173,786
Total Value of Corporate Bonds (cost $3,037,261)						2,960,111
		COMMON STOCKS-39.8%
		Consumer Discretionary-3.3%
600		Acushnet Holdings Corp.				13,854
1,100		DSW, Inc. - Class "A"				24,706
550		Ford Motor Co.				6,094
600		L Brands, Inc.				22,926
300		Meredith Corp.				16,140
500		Nordstrom, Inc.				24,205
700		Tapestry, Inc.				36,827
550		Tupperware Brands Corp.				26,609
100		Whirlpool Corp.				15,311
300		Wyndham Worldwide Corp.				34,329
						221,001
		Consumer Staples-5.5%
1,050		Altria Group, Inc.				65,436
800		B&G Foods, Inc.				18,960
600		Coca-Cola Co.				26,058
1,226		Koninklijke Ahold Delhaize NV (ADR)				29,081
500		PepsiCo, Inc.				54,575
750		Philip Morris International, Inc.				74,550
350		Procter & Gamble Co.				27,748
500		Sysco Corp.				29,980
500		Wal-Mart Stores, Inc.				44,485
						370,873
		Energy-2.7%
100		Chevron Corp.				11,404
200		ExxonMobil Corp.				14,922
500		Marathon Petroleum Corp.				36,555
200		Occidental Petroleum Corp.				12,992
600		PBF Energy, Inc. - Class "A"				20,340
200		Phillips 66				19,184
400		Royal Dutch Shell, PLC - Class "A" (ADR)				25,524
200		Schlumberger, Ltd.				12,956
800		Suncor Energy, Inc.				27,632
						181,509
		Financials-5.1%
300		Ameriprise Financial, Inc.				44,382
500		Berkshire Hills Bancorp, Inc.				18,975
200		Chubb, Ltd.				27,354
600		Discover Financial Services				43,158
500		Hamilton Lane, Inc. - Class "A"				18,615
500		JPMorgan Chase & Co.				54,985
600		MetLife, Inc.				27,534
150		PNC Financial Services Group, Inc.				22,686
600		U.S. Bancorp				30,300
1,400		Waddell & Reed Financial, Inc. - Class "A"				28,294
450		Wells Fargo & Co.				23,585
						339,868
		Health Care-5.4%
850		Abbott Laboratories				50,932
800		AbbVie, Inc.				75,720
1,000		GlaxoSmithKline, PLC (ADR)				39,070
500		Johnson & Johnson				64,075
900		Koninklijke Philips NV (ADR)				34,479
650		Merck & Co., Inc.				35,405
1,800		Pfizer, Inc.				63,882
						363,563
		Industrials-4.8%
300		3M Co.				65,856
1,200		General Electric Co.				16,176
300		Honeywell International, Inc.				43,353
800		Johnson Controls International, PLC				28,192
200		Lockheed Martin Corp.				67,586
600		Mobile Mini, Inc.				26,100
1,800		Triton International, Ltd.				55,080
150		United Technologies Corp.				18,873
						321,216
		Information Technology-6.1%
500		Apple, Inc.				83,890
1,450		Cisco Systems, Inc.				62,190
700		Intel Corp.				36,456
900		Maxim Integrated Products, Inc.				54,198
1,050		Microsoft Corp.				95,834
700		QUALCOMM, Inc.				38,787
1,250		Travelport Worldwide, Ltd.				20,425
200		Western Digital Corp.				18,454
						410,234
		Materials-1.1%
700		International Paper Co.				37,401
150		Praxair, Inc.				21,645
300		RPM International, Inc.				14,301
						73,347
		Real Estate-2.6%
600		Americold Realty Trust (REIT)				11,448
1,800		Brixmor Property Group, Inc. (REIT)				27,450
650		Chesapeake Lodging Trust (REIT)				18,077
200		Federal Realty Investment Trust (REIT)				23,222
800		GGP, Inc. (REIT)				16,368
1,042		RLJ Lodging Trust (REIT)				20,256
1,300		Tanger Factory Outlet Centers, Inc. (REIT)				28,600
850		Urstadt Biddle Properties, Inc. - Class "A" (REIT)				16,405
1,400		Whitestone REIT (REIT)				14,546
						176,372
		Telecommunication Services-1.3%
1,150		AT&T, Inc.				40,997
900		Verizon Communications, Inc.				43,038
						84,035
		Utilities-1.9%
400		Black Hills Corp.				21,720
500		Duke Energy Corp.				38,735
500		Exelon Corp.				19,505
900		NiSource, Inc.				21,519
400		WEC Energy Group, Inc.				25,080
						126,559
Total Value of Common Stocks (cost $2,383,136)						2,668,577
		RESIDENTIAL MORTGAGE-BACKED SECURITIES-5.6%
		Fannie Mae
$        61	M	3%, 5/1/2029				60,837
190	M	3.5%, 6/1/2046				191,120
90	M	4%, 3/1/2047				92,465
32	M	4.5%, 1/1/2047				33,772
Total Value of Residential Mortgage-Backed Securities (cost $391,820)						378,194
		EXCHANGE TRADED FUNDS-5.6%
3,665		iShares iBoxx USD High Yield Corporate Bond ETF (ETF)				313,871
1,675		SPDR Bloomberg Barclays High Yield Bond ETF (ETF)				60,049
Total Value of Exchange Traded Funds (cost $373,263)						373,920
		PASS-THROUGH CERTIFICATES-1.5%
		Transportation
$      100	M	American Airlines 17-2 AA PTT, 3.35%, 10/15/2029 (cost $100,818)				97,223
Total Value of Investments (cost $6,286,298)			96.7	%		6,478,025
Other Assets, Less Liabilities			3.3			219,594
Net Assets			100.0	%		$ 6,697,619

(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 March 31, 2018, the Fund
	held one 144A security with a value of $100,506 representing 1.5% of the
	Fund's net assets.
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	REIT	Real Estate Investment Trust
	At March 31, 2018, the cost of investments for federal income tax
	purposes was $6,286,558. Accumulated net unrealized appreciation on
	investments was $179,967, consisting of $443,062 gross unrealized
	appreciation and $263,095 gross unrealized depreciation.

Portfolio of Investments (unaudited)
BALANCED INCOME FUND
March 31, 2018

Futures contracts outstanding at March 31, 2018:
									Unrealized
Number of			Notional			Value at			Appreciation
Contracts	Type	Expiration	Amounts			March 31, 2018			(Depreciation)
(1)	5 Year U.S. Treasury Note	June 2018		$	(113,836)		$	(114,474)		$	(638)
(5)	10 Year U.S. Treasury Note	June 2018			(598,906)			(605,766)			(6,860)
(1)	U.S. Treasury Long Bond	June 2018			(142,547)			(146,638)			(4,091)
(Premium received $89)										$	(11,589)

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 March 31, 2018:

	Level 1		Level 2		Level 3		Total
Assets
Corporate Bonds	$	-	$	2,960,111	$	-	$	2,960,111
Common Stocks		2,668,577		-		-		2,668,577
Residential Mortgage-Backed
Securities		-		378,194		-		378,194
Exchange Traded Funds		373,920		-		-		373,920
Pass-Through Certificates		-		97,223		-		97,223
Total Investments in Securities*	$	3,042,497	$	3,435,528	$	-	$	6,478,025
Liabilities
Futures Contracts	$	(11,500)	$	-	$	-	$	(11,500)

*The Portfolio of Investments provide information on the industry categorization for corporate bonds, commom stocks and pass-through certificates.

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

Portfolio of Investments (unaudited)
COVERED CALL STRATEGY FUND
March 31, 2018

Shares		Security			Value
		COMMON STOCKS-100.0%
		Consumer Discretionary-13.6%
4,000		CBS Corp. - Class "B"			205,560
25,300		Ford Motor Co.			280,324
1,600		Home Depot, Inc.			285,184
5,500		Time Warner, Inc.			520,190
2,500		Whirlpool Corp.			382,775
					1,674,033
		Consumer Staples-4.8%
1,600		Costco Wholesale Corp.			301,488
3,200		CVS Health Corp.			199,072
1,000		Wal-Mart Stores, Inc.			88,970
					589,530
		Energy-5.1%
3,100		Chevron Corp.			353,524
5,800		Halliburton Co.			272,252
					625,776
		Financials-19.6%
4,000		American Express Co.			373,120
19,100		Bank of America Corp.			572,809
800		BlackRock, Inc.			433,376
4,900		JPMorgan Chase & Co.			538,853
9,100		Morgan Stanley			491,036
					2,409,194
		Health Care-13.1%
1,600		Allergan, PLC			269,264
2,800	*	Celgene Corp.			249,788
6,400		Medtronic, PLC			513,408
3,600		Merck & Co., Inc.			196,092
10,700		Pfizer, Inc.			379,743
					1,608,295
		Industrials-14.7%
5,200		Delta Air Lines, Inc.			285,012
3,200		Honeywell International, Inc.			462,432
900		Lockheed Martin Corp.			304,137
2,000		Parker Hannifin Corp.			342,060
3,100		Union Pacific Corp.			416,733
					1,810,374
		Information Technology-20.8%
3,300		Apple, Inc.			553,674
1,400		Broadcom, Ltd.			329,910
10,100		Cisco Systems, Inc.			433,189
8,100		Intel Corp.			421,848
1,700		International Business Machines Corp.			260,831
1,800		Mastercard, Inc.			315,288
5,400		Oracle Corp.			247,050
					2,561,790
		Materials-5.8%
6,900		DowDuPont, Inc.			439,599
4,500		Nucor Corp.			274,905
					714,504
		Telecommunication Services-1.5%
5,300		AT&T, Inc.			188,945
		Utilities-1.0%
800		NextEra Energy, Inc.			130,664
Total Value of Common Stocks (cost $11,154,720)			100.0	%	12,313,105
Excess of Liabilities Over Other Assets			-		(4,142)
Net Assets			100.0	%	$ 12,308,963

*	Non-income producing
	At March 31, 2018, the cost of investments for federal income tax purposes
	was $10,879,729. Accumulated net unrealized appreciation on investments
	was $1,259,117, consisting of $1,584,845 gross unrealized appreciation and
	$325,728 gross unrealized depreciation.

Portfolio of Investments (unaudited)
COVERED CALL STRATEGY FUND
March 31, 2018
	Expiration	Exercise
CALL OPTIONS WRITTEN-1.4%	Date	Price	Contracts	Value
Allergan, PLC	6/15/18	$190.00	(16)	($3,552)
American Express Co.	7/20/18	105.00	(37)	(4,329)
American Express Co.	7/20/18	100.00	(3)	(765)
Apple, Inc.	7/20/18	175.00	(33)	(23,760)
AT&T, Inc.	6/15/18	42.00	(48)	(240)
AT&T, Inc.	7/20/18	38.00	(5)	(305)
Bank of America Corp.	4/20/18	33.00	(178)	(1,246)
Bank of America Corp.	5/18/18	32.00	(13)	(611)
BlackRock, Inc.	4/20/18	600.00	(7)	(770)
BlackRock, Inc.	10/19/18	590.00	(1)	(2,175)
Broadcom, Ltd.	4/20/18	262.50	(14)	(784)
CBS Corp.	5/18/18	55.00	(40)	(4,240)
Celgene Corp.	6/15/18	105.00	(26)	(2,964)
Celgene Corp.	6/15/18	95.00	(2)	(680)
Chevron Corp.	5/18/18	120.00	(31)	(4,340)
Cisco Systems, Inc.	6/15/18	47.00	(101)	(4,949)
Costco Wholesale Corp.	6/15/18	195.00	(16)	(6,608)
CVS Health Corp.	8/17/18	77.50	(2)	(92)
CVS Health Corp.	8/17/18	75.00	(30)	(1,920)
Delta Air Lines, Inc.	4/13/18	58.00	(52)	(2,288)
DowDuPont, Inc.	6/15/18	77.50	(64)	(1,024)
DowDuPont, Inc.	9/21/18	70.00	(5)	(935)
Ford Motor Co.	9/21/18	11.87	(253)	(9,361)
Halliburton Co.	5/18/18	50.00	(25)	(2,575)
Halliburton Co.	6/15/18	55.00	(33)	(1,320)
Home Depot, Inc.	8/17/18	210.00	(14)	(1,666)
Home Depot, Inc.	9/21/18	195.00	(2)	(910)
Honeywell International, Inc.	6/15/18	165.00	(30)	(900)
Honeywell International, Inc.	6/15/18	155.00	(2)	(278)
Intel Corp.	4/20/18	55.00	(76)	(3,420)
Intel Corp.	6/15/18	52.50	(5)	(1,365)
International Business Machines Corp.	9/21/18	170.00	(17)	(5,015)
JPMorgan Chase & Co.	9/21/18	120.00	(49)	(14,700)
Lockheed Martin Corp.	6/15/18	390.00	(7)	(525)
Lockheed Martin Corp.	6/15/18	360.00	(2)	(958)
Mastercard, Inc.	5/18/18	185.00	(18)	(5,490)
Medtronic, PLC	4/20/18	85.00	(60)	(1,080)
Medtronic, PLC	6/15/18	82.50	(4)	(916)
Merck & Co., Inc.	9/21/18	60.00	(36)	(4,284)
Morgan Stanley	4/20/18	60.00	(85)	(1,020)
Morgan Stanley	4/20/18	57.00	(6)	(300)
NextEra Energy, Inc.	5/18/18	165.00	(8)	(3,200)

Nucor Corp.	4/20/18	72.50	(42)	(210)
Nucor Corp.	5/18/18	67.50	(3)	(195)
Oracle Corp.	6/15/18	52.50	(54)	(864)
Parker Hannifin Corp.	5/18/18	210.00	(12)	(204)
Parker Hannifin Corp.	8/17/18	200.00	(8)	(1,740)
Pfizer, Inc.	5/18/18	37.00	(107)	(4,280)
Time Warner, Inc.	7/20/18	100.00	(55)	(13,228)
Union Pacific Corp.	8/17/18	140.00	(31)	(18,848)
Wal-Mart, Inc.	9/21/18	95.00	(10)	(3,030)
Whirlpool Corp.	5/18/18	170.00	(25)	(3,800)
Total Value of Call Options Written (premium received $276,572)				($174,259)

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 March 31, 2018:

	Level 1		Level 2		Level 3		Total
Assets
Common Stocks*	$	12,313,105	$	-	$	-	$	12,313,105
Liabilities
Call Options Written	$	(174,259)	$	-	$	-	$	(174,259)

*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 March 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
EQUITY INCOME FUND
March 31, 2018

	Shares or
	Principal
	Amount			Security			Value
				COMMON STOCKS-93.9%
				Consumer Discretionary-6.8%
	17,000			Acushnet Holdings Corp.			$          392,530
	11,300			American Eagle Outfitters, Inc.			225,209
	4,800			Aptiv, PLC			407,856
	6,987			CBS Corp. - Class "B"			359,062
	30,400			Comcast Corp. - Special Shares "A"			1,038,768
	21,345			Dana Holding Corp.			549,847
	42,850			Ford Motor Co.			474,778
	6,050			Home Depot, Inc.			1,078,352
	5,900			McDonald's Corp.			922,642
	2,600			Oxford Industries, Inc.			193,856
	16,700			Tapestry, Inc.			878,587
	7,316			Time Warner, Inc.			691,947
	4,300			Walt Disney Co.			431,892
	7,700			Wyndham Worldwide Corp.			881,111
							8,526,437
				Consumer Staples-8.6%
	20,500			Altria Group, Inc.			1,277,560
	18,100			Coca-Cola Co.			786,083
	7,650			Dr. Pepper Snapple Group, Inc.			905,607
	1,200			J.M. Smucker Co.			148,812
	7,300			Kimberly-Clark Corp.			803,949
	21,482			Koninklijke Ahold Delhaize NV (ADR)			509,553
	3,666			Kraft Heinz Co.			228,355
	12,300			PepsiCo, Inc.			1,342,545
	16,500			Philip Morris International, Inc.			1,640,100
	12,800			Pinnacle Foods, Inc.			692,480
	14,200			Procter & Gamble Co.			1,125,776
	14,600			Wal-Mart Stores, Inc.			1,298,962
							10,759,782
				Energy-8.1%
	11,400			Anadarko Petroleum Corp.			688,674
	18,400			Chevron Corp.			2,098,336
	14,250			ConocoPhillips			844,882
	16,500			Devon Energy Corp.			524,535
	11,800			ExxonMobil Corp.			880,398
	12,900			Marathon Petroleum Corp.			943,119
	18,100			Occidental Petroleum Corp.			1,175,776
	13,900			PBF Energy, Inc. - Class "A"			471,210
	16,050			Royal Dutch Shell, PLC - Class "A" (ADR)			1,024,151
	10,900			Schlumberger, Ltd.			706,102
	20,800			Suncor Energy, Inc.			718,432
							10,075,615
				Financials-18.2%
	29,700		*	AllianceBernstein Holding, LP (MLP)			797,445
	6,650			American Express Co.			620,312
	4,050			Ameriprise Financial, Inc.			599,157
	12,600			Bank of New York Mellon Corp.			649,278
	20,350			Berkshire Hills Bancorp, Inc.			772,283
	11,867			Chubb, Ltd.			1,623,050
	14,100			Citizens Financial Group, Inc.			591,918
	11,600			Comerica, Inc.			1,112,788
	12,850			Discover Financial Services			924,300
	22,270			Financial Select Sector SPDR Fund (ETF)			613,984
	8,100			IBERIABANK Corp.			631,800
	16,800			Invesco, Ltd.			537,768
	21,700			iShares S&P U.S. Preferred Stock Index Fund (ETF)			815,052
	24,900			JPMorgan Chase & Co.			2,738,253
	19,200			MetLife, Inc.			881,088
	31,000			Old National Bancorp of Indiana			523,900
	9,400			PNC Financial Services Group, Inc.			1,421,656
	12,300			Prosperity Bancshares, Inc.			893,349
	11,500			SPDR S&P Regional Banking (ETF)			694,485
	29,900			Sterling Bancorp			674,245
	5,400			Travelers Cos., Inc.			749,844
	21,300			U.S. Bancorp			1,075,650
	20,300			Waddell & Reed Financial, Inc. - Class "A"			410,263
	44,950			Wells Fargo & Co.			2,355,830
							22,707,698
				Health Care-13.8%
	22,800			Abbott Laboratories			1,366,176
	14,800			AbbVie, Inc.			1,400,820
	4,400			Aetna, Inc.			743,600
	5,592			Baxter International, Inc.			363,704
	12,000			CVS Health Corp.			746,520
	10,500			Gilead Sciences, Inc.			791,595
	10,050			GlaxoSmithKline, PLC (ADR)			392,653
	19,050			Johnson & Johnson			2,441,258
	16,300			Koninklijke Philips NV (ADR)			624,453
	12,412			Medtronic, PLC			995,691
	35,420			Merck & Co., Inc.			1,929,327
	75,385			Pfizer, Inc.			2,675,414
	17,300			Phibro Animal Health Corp. - Class "A"			686,810
	3,850			Thermo Fisher Scientific, Inc.			794,871
	4,100			UnitedHealth Group, Inc.			877,400
	4,790			Zoetis, Inc.			400,013
							17,230,305
				Industrials-9.5%
	4,800			3M Co.			1,053,696
	5,600			A.O. Smith Corp.			356,104
	13,600			Eaton Corp., PLC			1,086,776
	3,400			General Dynamics Corp.			751,060
	10,700			Honeywell International, Inc.			1,546,257
	6,600			Industrial Select Sector SPDR Fund (ETF)			490,314
	10,000			Ingersoll-Rand, PLC			855,100
	6,150			ITT, Inc.			301,227
	25,134			Johnson Controls International, PLC			885,722
	3,680			Lockheed Martin Corp.			1,243,582
	26,600			Schneider National, Inc. - Class "B"			693,196
	23,600			Triton International, Ltd.			722,160
	8,500			United Parcel Service, Inc. - Class "B"			889,610
	8,200			United Technologies Corp.			1,031,724
							11,906,528
				Information Technology-13.6%
	8,990			Apple, Inc.			1,508,342
	8,700			Applied Materials, Inc.			483,807
	3,650			Automatic Data Processing, Inc.			414,202
	3,500			Broadcom, Ltd.			824,775
	67,200			Cisco Systems, Inc.			2,882,208
	9,800			Cypress Semiconductor Corp.			166,208
	14,600			HP Enterprise Co.			256,084
	27,300			HP, Inc.			598,416
	33,300			Intel Corp.			1,734,264
	2,650			Lam Research Corp.			538,374
	8,500			Microchip Technology, Inc.			776,560
	32,650			Microsoft Corp.			2,979,966
	18,700			QUALCOMM, Inc.			1,036,167
	14,200			Silicon Motion Technology Corp. (ADR)			683,304
	11,500			Symantec Corp.			297,275
	7,500			TE Connectivity, Ltd.			749,250
	6,100			Technology Select Sector SPDR Fund (ETF)			399,062
	6,900			Western Digital Corp.			636,663
							16,964,927
				Materials-5.3%
	22,632			DowDuPont, Inc.			1,441,858
	4,700			Eastman Chemical Co.			496,226
	9,400			FMC Corp.			719,758
	7,100			Greif, Inc.			370,975
	15,700			International Paper Co.			838,851
	6,800			LyondellBasell Industries NV - Class "A"			718,624
	5,400			Praxair, Inc.			779,220
	10,400			Sealed Air Corp.			445,016
	12,290			WestRock Co.			788,649
							6,599,177
				Real Estate-3.1%
	13,800			Americold Realty Trust (REIT)			263,304
	17,100			Brixmor Property Group, Inc. (REIT)			260,775
	17,200			Chesapeake Lodging Trust (REIT)			478,332
	13,500			Douglas Emmett, Inc. (REIT)			496,260
	4,300			Federal Realty Investment Trust (REIT)			499,273
	33,500			GGP, Inc. (REIT)			685,410
	20,300			Sunstone Hotel Investors, Inc. (REIT)			308,966
	14,700			Tanger Factory Outlet Centers, Inc. (REIT)			323,400
	29,700			Urstadt Biddle Properties, Inc. - Class "A" (REIT)			573,210
							3,888,930
				Telecommunication Services-2.9%
	47,260			AT&T, Inc.			1,684,819
	41,100			Verizon Communications, Inc.			1,965,402
							3,650,221
				Utilities-4.0%
	7,350			American Electric Power Co., Inc.			504,136
	19,700			CenterPoint Energy, Inc.			539,780
	9,650			Dominion Energy, Inc.			650,699
	6,900			Duke Energy Corp.			534,543
	25,000			Exelon Corp.			975,250
	3,400			NextEra Energy, Inc.			555,322
	12,600			PPL Corp.			356,454
	12,800			Vectren Corp.			818,176
							4,934,360
Total Value of Common Stocks (cost $78,676,737)							117,243,980
				PREFERRED STOCKS-1.2%
				Financials-.6%
	200			Citizens Financial Group, Inc., Series A, 5.5%, 2049			204,750
	21,200			JPMorgan Chase & Co., Series Y, 6.125%, 2020			554,804
							759,554
				Real Estate-.6%
	11,400			Digital Realty Trust, Inc. (REIT), Series G, 5.875%, 2049			284,772
				Urstadt Biddle Properties, Inc. (REIT):
	11,000			Series G. 6.75%, 2049			281,270
	8,300			Series H, 6.25%, 2022			205,840
							771,882
Total Value of Preferred Stocks (cost $1,495,099)							1,531,436
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-3.2%
				Federal Home Loan Bank:
$	1,000	M		1.54%, 4/11/2018			999,587
	3,000	M		1.68%, 4/19/2018			2,997,663
Total Value of Short-Term U.S. Government Agency Obligations (cost $3,996,685)							3,997,250
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-.8%
	1,000	M		U.S. Treasury Bills, 1.535%, 4/26/2018 (cost $998,848)			998,940
Total Value of Investments (cost $85,167,369)					99.1	%	123,771,606
Other Assets, Less Liabilities					.9		1,138,867
Net Assets					100.0	%	$124,910,473

*	Non-income producing
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	MLP	Master Limited Partnership
	REIT	Real Estate Investment Trust
	At March 31, 2018, the cost of investments for federal income tax
	purposes was $85,239,998. Accumulated net unrealized appreciation
	on investments was $38,531,608, consisting of $40,034,225 gross
	unrealized appreciation and $1,502,617 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 March 31, 2018:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	117,243,980	$	-	$	-	$	117,243,980
Preferred Stocks		1,531,436		-		-		1,531,436
Short-Term U.S. Government
Agency Obligations		-		3,997,250		-		3,997,250
Short-Term U.S. Government
Obligations		-		998,940		-		998,940
Total Investments in Securities*	$	118,775,416	$	4,996,190	$	-	$	123,771,606

*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 March 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
FUND FOR INCOME
March 31, 2018

	Principal
	Amount		Security					Value
			CORPORATE BONDS-89.8%
			Aerospace/Defense-2.5%
			Bombardier, Inc.:
$	375	M	8.75%, 12/1/2021			(a)		$          412,969
	275	M	7.5%, 12/1/2024			(a)		285,312
	150	M	7.5%, 3/15/2025			(a)		154,688
	500	M	KLX, Inc., 5.875%, 12/1/2022			(a)		517,025
			Meccanica Holdings USA, Inc.:
	275	M	7.375%, 7/15/2039			(a)		336,875
	100	M	6.25%, 1/15/2040			(a)		111,000
			TransDigm, Inc.:
	250	M	5.5%, 10/15/2020					251,875
	525	M	6.375%, 6/15/2026					530,250
								2,599,994
			Automotive-3.2%
	425	M	Adient Global Holdings, Ltd., 4.875%, 8/15/2026			(a)		403,750
	200	M	Allison Transmission, Inc., 5%, 10/1/2024			(a)		198,750
	225	M	American Axle & Manufacturing, Inc., 6.25%, 4/1/2025					225,281
	250	M	Asbury Automotive Group, Inc., 6%, 12/15/2024					255,625
	225	M	Avis Budget Group, Inc., 6.375%, 4/1/2024			(a)		228,375
	175	M	Cooper Standard Automotive, Inc., 5.625%, 11/15/2026			(a)		175,000
	150	M	Dana Financing Luxembourg Sarl, 6.5%, 6/1/2026			(a)		156,375
			Dana Holding Corp.:
	200	M	6%, 9/15/2023					207,700
	250	M	5.5%, 12/15/2024					255,000
	450	M	Fiat Chrysler Automobiles NV, 5.25%, 4/15/2023					462,375
	200	M	Group 1 Automotive, Inc., 5.25%, 12/15/2023			(a)		201,000
	250	M	Hertz Corp., 7.625%, 6/1/2022			(a)		254,375
	75	M	LKQ Corp., 4.75%, 5/15/2023					75,000
	250	M	Meritor, Inc., 6.25%, 2/15/2024					260,937
								3,359,543
			Building Materials-1.1%
	500	M	Building Materials Corp., 5.375%, 11/15/2024			(a)		508,750
	500	M	Griffon Corp., 5.25%, 3/1/2022					503,900
	175	M	New Enterprise Stone & Lime Co., 6.25%, 3/15/2026			(a)		175,656
								1,188,306
			Chemicals-2.5%
	175	M	A. Schulman, Inc., 6.875%, 6/1/2023					185,500
	275	M	Blue Cube Spinco, Inc., 10%, 10/15/2025					324,500
	275	M	CF Industries, Inc., 4.95%, 6/1/2043					240,969
	225	M	Chemours Co., 6.625%, 5/15/2023					237,094
	275	M	CVR Partners, LP, 9.25%, 6/15/2023			(a)		293,824
	225	M	PQ Corp., 6.75%, 11/15/2022			(a)		237,375
	650	M	Rain CII Carbon, LLC, 7.25%, 4/1/2025			(a)		689,000
	350	M	Rayonier AM Products, Inc., 5.5%, 6/1/2024			(a)		344,750
	75	M	W.R. Grace & Co., 5.625%, 10/1/2024			(a)		77,531
								2,630,543
			Consumer Non-Durables-1.4%
	250	M	First Quality Finance Co., 4.625%, 5/15/2021			(a)		250,000
	550	M	Kronos Acquisition, Inc., 9%, 8/15/2023			(a)		523,875
			Reynolds Group Holdings, Inc.:
	267	M	5.75%, 10/15/2020					270,169
	125	M	5.125%, 7/15/2023			(a)		126,369
	250	M	Standard Industries, Inc., 5.5%, 2/15/2023			(a)		259,375
								1,429,788
			Energy-12.2%
			Andeavor Logistics, LP:
	100	M	5.2%, 12/1/2047					98,826
	250	M	6.875%, 12/29/2049					251,625
			Antero Resources Corp.:
	125	M	5.375%, 11/1/2021					127,656
	50	M	5.125%, 12/1/2022					50,625
	250	M	Baytex Energy Corp., 5.125%, 6/1/2021			(a)		235,000
	225	M	Berry Petroleum Co., 7%, 2/15/2026			(a)		227,317
	200	M	Blue Racer Midstream, LLC, 6.125%, 11/15/2022			(a)		204,500
	125	M	Callon Petroleum Co., 6.125%, 10/1/2024					128,475
			Carrizo Oil & Gas, Inc.:
	50	M	6.25%, 4/15/2023					50,250
	75	M	8.25%, 7/15/2025					78,937
	325	M	Chesapeake Energy Corp., 8%, 1/15/2025			(a)		315,250
	150	M	CONSOL Energy, Inc., 5.875%, 4/15/2022					151,313
			Consolidated Energy Finance SA:
	200	M	6.75%, 10/15/2019			(a)		202,500
	225	M	6.875%, 6/15/2025			(a)		236,250
			Continental Resources, Inc.:
	200	M	4.5%, 4/15/2023					202,750
	275	M	3.8%, 6/1/2024					265,719
	300	M	4.375%, 1/15/2028			(a)		292,875
			Crestwood Midstream Partners, LP:
	250	M	6.25%, 4/1/2023					253,125
	200	M	5.75%, 4/1/2025					199,000
	300	M	CSI Compressco, LP, 7.5%, 4/1/2025			(a)		303,750
			DCP Midstream Operating, LP:
	325	M	5.35%, 3/15/2020			(a)		335,563
	225	M	7.375%, 12/29/2049			+		224,577
	275	M	Delek Logistics Partners, LP, 6.75%, 5/15/2025			(a)		279,125
			Diamondback Energy, Inc.:
	75	M	4.75%, 11/1/2024					74,437
	100	M	5.375%, 5/31/2025			(a)		101,675
			Endeavor Energy Resources, LP:
	275	M	5.5%, 1/30/2026			(a)		274,312
	225	M	5.75%, 1/30/2028			(a)		225,000
	400	M	Exterran Partners, LP, 6%, 10/1/2022					399,000
	150	M	Forum Energy Technologies, Inc., 6.25%, 10/1/2021					149,250
			Genesis Energy, LP:
	200	M	6.75%, 8/1/2022					206,250
	100	M	5.625%, 6/15/2024					94,750
	300	M	Global Partners, LP, 6.25%, 7/15/2022					300,000
	175	M	Gulfport Energy Corp., 6.375%, 5/15/2025					168,219
	200	M	Laredo Petroleum, Inc., 5.625%, 1/15/2022					199,500
	275	M	Matador Resources Co., 6.875%, 4/15/2023					286,688
			Murphy Oil Corp.:
	200	M	4.7%, 12/1/2022					194,000
	175	M	5.75%, 8/15/2025					172,812
	100	M	5.875%, 12/1/2042					92,000
	275	M	Nabors Industries, Inc., 5.75%, 2/1/2025			(a)		259,875
	250	M	Newfield Exploration Co., 5.375%, 1/1/2026					259,375
	250	M	NGPL Pipeco, LLC, 4.875%, 8/15/2027			(a)		247,188
	250	M	Oasis Petroleum, Inc., 6.875%, 1/15/2023					254,063
	250	M	Parkland Fuel Corp., 6%, 4/1/2026			(a)		251,875
			Parsley Energy, LLC:
	50	M	6.25%, 6/1/2024			(a)		51,937
	275	M	5.25%, 8/15/2025			(a)		273,969
	50	M	5.625%, 10/15/2027			(a)		50,125
			PDC Energy, Inc.:
	175	M	6.125%, 9/15/2024					179,375
	100	M	5.75%, 5/15/2026			(a)		98,375
			Precision Drilling Corp.:
	152	M	6.5%, 12/15/2021					153,900
	150	M	7.125%, 1/15/2026			(a)		148,875
	200	M	QEP Resources, Inc., 6.875%, 3/1/2021					213,000
	50	M	Range Resources Corp., 4.875%, 5/15/2025					46,625
	100	M	RSP Permian, Inc., 5.25%, 1/15/2025					103,875
	100	M	SESI, LLC, 7.75%, 9/15/2024			(a)		103,750
	150	M	SM Energy Co., 5%, 1/15/2024					139,875
			Southwestern Energy Co.:
	150	M	7.5%, 4/1/2026					152,250
	175	M	7.75%, 10/1/2027					178,937
	100	M	Suburban Propane Partners, LP, 5.875%, 3/1/2027					95,250
	175	M	Sunoco, LP, 5.875%, 3/15/2028			(a)		169,531
			Targa Resources Partners, LP:
	100	M	5.25%, 5/1/2023					101,000
	425	M	4.25%, 11/15/2023					409,594
	50	M	TransMontaigne Partners, LP, 6.125%, 2/15/2026					50,375
	75	M	Unit Corp., 6.625%, 5/15/2021					75,375
			Weatherford Bermuda, PLC:
	100	M	4.5%, 4/15/2022					82,250
	100	M	6.5%, 8/1/2036					71,500
	350	M	Whiting Petroleum Corp., 6.25%, 4/1/2023					355,250
	475	M	WPX Energy, Inc., 6%, 1/15/2022					490,438
								12,720,708
			Financials-6.9%
	350	M	Ally Financial, Inc., 8%, 11/1/2031					428,750
	250	M	Arch Merger Sub, Inc., 8.5%, 9/15/2025			(a)		231,875
	275	M	Argos Merger Sub, Inc., 7.125%, 3/15/2023			(a)		157,437
	175	M	AssuredPartners, Inc., 7%, 8/15/2025			(a)		173,250
	225	M	Credit Suisse Group AG, 7.5%, 12/11/2023			(a)		244,148
	375	M	CSTN Merger Sub, Inc., 6.75%, 8/15/2024			(a)		373,481
	550	M	DAE Funding, LLC, 5%, 8/1/2024			(a)		521,813
			Icahn Enterprises, LP:
	300	M	6.25%, 2/1/2022					306,000
	275	M	6.75%, 2/1/2024					280,844
	150	M	6.375%, 12/15/2025					151,125
			Intesa Sanpaolo SpA:
	500	M	5.017%, 6/26/2024			(a)		493,826
	250	M	5.71%, 1/15/2026			(a)		251,282
			Ladder Capital Finance Holdings, LLLP:
	50	M	5.875%, 8/1/2021			(a)		51,061
	200	M	5.25%, 3/15/2022			(a)		200,500
	400	M	5.25%, 10/1/2025			(a)		380,000
	375	M	LPL Holdings, Inc., 5.75%, 9/15/2025			(a)		371,138
	400	M	Navient Corp., 5.875%, 3/25/2021					410,500
	450	M	Royal Bank of Scotland Group, PLC, 8.625%, 8/15/2021					489,937
	225	M	Societe Generale SA, 7.375%, 9/13/2071			(a)		239,906
			Springleaf Finance Corp.:
	175	M	7.75%, 10/1/2021					190,094
	250	M	5.625%, 3/15/2023					245,938
	250	M	6.875%, 3/15/2025					251,563
	725	M	UniCredit SpA, 5.861%, 6/19/2032			(a)		737,840
								7,182,308
			Food/Beverage/Tobacco-1.9%
	325	M	Barry Callebault Services SA, 5.5%, 6/15/2023			(a)		348,075
	300	M	JBS USA LUX SA, 6.75%, 2/15/2028			(a)		288,375
	100	M	Lamb Weston Holdings, Inc., 4.875%, 11/1/2026			(a)		99,375
			Pilgrim's Pride Corp.:
	25	M	5.75%, 3/15/2025			(a)		24,340
	300	M	5.875%, 9/30/2027			(a)		283,440
			Post Holdings, Inc.:
	250	M	5.5%, 3/1/2025			(a)		246,875
	400	M	5.75%, 3/1/2027			(a)		399,000
	175	M	Simmons Foods, Inc., 5.75%, 11/1/2024			(a)		159,031
	125	M	Vector Group, Ltd., 6.125%, 2/1/2025			(a)		125,312
								1,973,823
			Forest Products/Containers-2.2%
	675	M	Ardagh Holdings USA, Inc., 7.25%, 5/15/2024			(a)		720,563
			BWAY Holding Co.:
	250	M	5.5%, 4/15/2024			(a)		252,187
	400	M	7.25%, 4/15/2025			(a)		409,000
	275	M	Crown Americas, LLC, 4.25%, 9/30/2026					255,062
			Mercer International, Inc.:
	50	M	7.75%, 12/1/2022					53,187
	175	M	6.5%, 2/1/2024					183,750
	75	M	5.5%, 1/15/2026			(a)		74,625
	325	M	Sealed Air Corp., 6.875%, 7/15/2033			(a)		362,375
								2,310,749
			Gaming/Leisure-2.9%
	300	M	Boyd Gaming Corp., 6.875%, 5/15/2023					317,625
	475	M	CRC Escrow Issuer, LLC, 5.25%, 10/15/2025			(a)		456,561
			Golden Nugget, Inc.:
	225	M	8.75%, 10/1/2025			(a)		234,000
	275	M	6.75%, 10/15/2024			(a)		277,060
	550	M	IRB Holding Corp., 6.75%, 2/15/2026			(a)		540,430
	50	M	Lions Gate Entertainment Corp., 5.875%, 11/1/2024			(a)		52,125
	250	M	National CineMedia, LLC, 6%, 4/15/2022					253,750
	175	M	Silversea Cruise Finance, Ltd., 7.25%, 2/1/2025			(a)		185,938
			Viking Cruises, Ltd.:
	475	M	6.25%, 5/15/2025			(a)		477,375
	225	M	5.875%, 9/15/2027			(a)		213,750
								3,008,614
			Health Care-7.3%
	375	M	Centene Corp., 6.125%, 2/15/2024					391,200
			CHS/Community Health Systems, Inc.:
	175	M	7.125%, 7/15/2020					143,500
	100	M	5.125%, 8/1/2021					93,500
	375	M	6.25%, 3/31/2023					347,344
	825	M	DaVita, Inc., 5.125%, 7/15/2024					806,953
			Endo Finance, LLC:
	175	M	7.25%, 1/15/2022			(a)		152,687
	225	M	6%, 7/15/2023			(a)		171,000
			HCA, Inc.:
	475	M	6.5%, 2/15/2020					499,344
	250	M	6.25%, 2/15/2021					263,125
	475	M	5.875%, 5/1/2023					492,813
	350	M	5.875%, 2/15/2026					357,000
			HealthSouth Corp.:
	175	M	5.125%, 3/15/2023					178,062
	200	M	5.75%, 11/1/2024					204,250
	50	M	inVentiv Group Holdings, Inc., 7.5%, 10/1/2024			(a)		53,375
			LifePoint Health, Inc.:
	400	M	5.875%, 12/1/2023					405,380
	275	M	5.375%, 5/1/2024					269,844
			Mallinckrodt Finance SB:
	275	M	5.75%, 8/1/2022			(a)		236,500
	225	M	5.5%, 4/15/2025			(a)		175,781
			Molina Healthcare, Inc.:
	400	M	5.375%, 11/15/2022					397,000
	250	M	4.875%, 6/15/2025			(a)		234,375
	125	M	MPH Operating Partnership, LP, 7.125%, 6/1/2024			(a)		129,375
	250	M	Polaris Intermediate Corp., 8.5%, 12/1/2022			(a)		255,627
	141	M	RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/2023			(a)		147,345
	189	M	Universal Hospital Services, Inc., 7.625%, 8/15/2020					191,363
			Valeant Pharmaceuticals International, Inc.:
	50	M	6.5%, 3/15/2022			(a)		51,813
	300	M	7.25%, 7/15/2022			(a)		301,125
	100	M	7%, 3/15/2024			(a)		104,625
	325	M	6.125%, 4/15/2025			(a)		281,694
	275	M	9%, 12/15/2025			(a)		274,312
								7,610,312
			Home Building-.3%
	250	M	William Lyon Homes, Inc., 6%, 9/1/2023			(a)		250,313
			Information Technology-3.9%
	550	M	Alliance Data Systems Corp., 5.375%, 8/1/2022			(a)		552,750
	250	M	CDW, LLC, 5%, 9/1/2025					250,000
	250	M	CommScope Technologies, LLC, 6%, 6/15/2025			(a)		261,375
			Diamond 1 Finance Corp.:
	250	M	5.875%, 6/15/2021			(a)		257,500
	150	M	6.02%, 6/15/2026			(a)		161,795
	350	M	Equinix, Inc., 5.875%, 1/15/2026					365,750
	125	M	Match Group, Inc., 6.375%, 6/1/2024					133,437
	50	M	MSCI, Inc., 5.75%, 8/15/2025			(a)		52,485
			NCR Corp.:
	100	M	4.625%, 2/15/2021					99,750
	75	M	5.875%, 12/15/2021					76,594
	275	M	NXP BV, 3.875%, 9/1/2022			(a)		273,625
	175	M	Open Text Corp., 5.625%, 1/15/2023			(a)		182,219
	550	M	Rackspace Hosting, Inc., 8.625%, 11/15/2024			(a)		544,500
	250	M	Radiate Holdco, LLC, 6.625%, 2/15/2025			(a)		230,625
	575	M	Solera, LLC, 10.5%, 3/1/2024			(a)		642,563
								4,084,968
			Manufacturing-2.2%
	125	M	American Woodmark Corp., 4.875%, 3/15/2026			(a)		122,344
	375	M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023			(a)		392,813
	100	M	Boise Cascade Co., 5.625%, 9/1/2024			(a)		102,750
	100	M	Brand Energy & Infrastructure Services, Inc., 8.5%, 7/15/2025			(a)		104,500
	150	M	Cloud Crane, LLC, 10.125%, 8/1/2024			(a)		166,500
	425	M	Grinding Media, Inc., 7.375%, 12/15/2023			(a)		447,313
	300	M	H&E Equipment Services, Inc., 5.625%, 9/1/2025					303,375
	200	M	Park-Ohio Industries, Inc., 6.625%, 4/15/2027					208,000
	475	M	Wabash National Corp., 5.5%, 10/1/2025			(a)		464,313
								2,311,908
			Media-Broadcasting-1.8%
			Belo Corp.:
	100	M	7.75%, 6/1/2027					111,000
	25	M	7.25%, 9/15/2027					27,031
	325	M	LIN Television Corp., 5.875%, 11/15/2022					335,969
			Nexstar Broadcasting, Inc.:
	225	M	6.125%, 2/15/2022			(a)		232,245
	300	M	5.625%, 8/1/2024			(a)		294,660
			Sinclair Television Group, Inc.:
	150	M	5.375%, 4/1/2021					151,687
	50	M	5.625%, 8/1/2024			(a)		49,750
	100	M	5.875%, 3/15/2026			(a)		99,375
	75	M	5.125%, 2/15/2027			(a)		69,937
	475	M	Sirius XM Radio, Inc., 6%, 7/15/2024			(a)		489,545
								1,861,199
			Media-Cable TV-9.5%
			Altice Financing SA:
	525	M	6.625%, 2/15/2023			(a)		521,063
	200	M	7.5%, 5/15/2026			(a)		196,500
	200	M	Altice Finco SA, 7.625%, 2/15/2025			(a)		198,000
			Altice U.S. Finance I Corp.:
	275	M	5.375%, 7/15/2023			(a)		279,263
	200	M	5.5%, 5/15/2026			(a)		195,980
	100	M	AMC Networks, Inc., 4.75%, 8/1/2025					96,613
	175	M	Block Communications, Inc., 6.875%, 2/15/2025			(a)		176,851
			CCO Holdings, LLC:
	275	M	5.125%, 2/15/2023					277,475
	150	M	5.75%, 9/1/2023					152,625
	500	M	5.875%, 4/1/2024			(a)		510,000
	200	M	5.125%, 5/1/2027			(a)		190,380
	275	M	5.875%, 5/1/2027			(a)		275,687
	150	M	5%, 2/1/2028			(a)		141,375
	225	M	Cequel Communications Holdings I, LLC, 7.75%, 7/15/2025			(a)		239,063
			Clear Channel Worldwide Holdings, Inc.:
	650	M	Series "A", 6.5%, 11/15/2022					663,000
	550	M	Series "B", 6.5%, 11/15/2022					564,135
			CSC Holdings, LLC:
	1,050	M	10.125%, 1/15/2023			(a)		1,168,125
	200	M	6.625%, 10/15/2025			(a)		207,000
	200	M	10.875%, 10/15/2025			(a)		235,498
			DISH DBS Corp.:
	400	M	7.875%, 9/1/2019					419,000
	225	M	5%, 3/15/2023					203,063
	250	M	5.875%, 11/15/2024					223,750
			Gray Television, Inc.:
	50	M	5.125%, 10/15/2024			(a)		48,500
	300	M	5.875%, 7/15/2026			(a)		292,500
			Mediacom Broadband, LLC:
	225	M	5.5%, 4/15/2021					226,687
	300	M	6.375%, 4/1/2023					309,564
	575	M	Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023			(a)		607,344
			Netflix, Inc.:
	100	M	4.375%, 11/15/2026					95,000
	100	M	4.875%, 4/15/2028			(a)		96,285
	600	M	Numericable Group SA, 6.25%, 5/15/2024			(a)		567,750
	425	M	Virgin Media Finance, PLC, 6.375%, 4/15/2023			(a)		433,500
								9,811,576
			Media-Diversified-1.3%
	100	M	E.W. Scripps Co., 5.125%, 5/15/2025			(a)		93,250
	225	M	Gannett Co., Inc., 5.125%, 7/15/2020					228,283
	75	M	LSC Communications, Inc., 8.75%, 10/15/2023			(a)		77,460
	225	M	Outdoor Americas Capital, LLC, 5.875%, 3/15/2025					228,938
	675	M	Tribune Media Co., 5.875%, 7/15/2022					687,656
								1,315,587
			Metals/Mining-7.7%
	250	M	AK Steel Corp., 7%, 3/15/2027					245,625
			Aleris International, Inc.:
	260	M	7.875%, 11/1/2020					257,400
	75	M	9.5%, 4/1/2021			(a)		78,281
	100	M	Allegheny Technologies, Inc., 7.875%, 8/15/2023					109,125
	175	M	Alliance Resourse Operating Partners, LP, 7.5%, 5/1/2025			(a)		184,406
	175	M	Big River Steel, LLC, 7.25%, 9/1/2025			(a)		182,000
	250	M	Cleveland-Cliffs, Inc., 4.875%, 1/15/2024			(a)		243,125
	125	M	Cliffs Natural Resources, Inc., 5.75%, 3/1/2025			(a)		119,844
			Commercial Metals Co.:
	250	M	4.875%, 5/15/2023					249,958
	175	M	5.375%, 7/15/2027					172,813
	300	M	CONSOL Mining Corp., 11%, 11/15/2025			(a)		321,090
	250	M	Constellium NV, 5.75%, 5/15/2024			(a)		246,250
			First Quantum Minerals, Ltd.:
	400	M	7.25%, 5/15/2022			(a)		402,000
	350	M	6.5%, 3/1/2024			(a)		332,937
	200	M	Freeport-McMoRan, Inc., 5.45%, 3/15/2043					184,940
			HudBay Minerals, Inc.:
	175	M	7.25%, 1/15/2023			(a)		182,438
	75	M	7.625%, 1/15/2025			(a)		79,594
	450	M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022			(a)		497,250
	250	M	Mountain Province Diamonds, Inc., 8%, 12/15/2022			(a)		250,625
	475	M	Natural Resource Partners, LP, 10.5%, 3/15/2022					509,437
			Novelis, Inc.:
	575	M	6.25%, 8/15/2024			(a)		590,813
	425	M	5.875%, 9/30/2026			(a)		417,563
	125	M	Peabody Energy Corp., 6.375%, 3/31/2025			(a)		130,156
	750	M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025			(a)		776,250
			Teck Resources, Ltd.:
	125	M	8.5%, 6/1/2024			(a)		139,212
	300	M	6%, 8/15/2040					310,500
	600	M	TMS International Corp., 7.25%, 8/15/2025			(a)		627,000
	200	M	United States Steel Corp., 6.25%, 3/15/2026					200,000
								8,040,632
			Real Estate-2.2%
	150	M	Communications Sales & Leasing, Inc., 7.125%, 12/15/2024			(a)		136,500
			Geo Group, Inc.:
	100	M	5.125%, 4/1/2023					99,250
	225	M	6%, 4/15/2026					221,063
	150	M	Greystar Real Estate Partners, 5.75%, 12/1/2025			(a)		150,000
			Iron Mountain, Inc.:
	275	M	5.75%, 8/15/2024					267,781
	250	M	5.25%, 3/15/2028			(a)		236,562
			Lennar Corp.:
	175	M	4.875%, 12/15/2023					176,330
	125	M	4.75%, 5/30/2025					123,594
	80	M	MPT Operating Partnership, LP, 6.375%, 3/1/2024					84,402
	150	M	Realogy Group/Co-Issuer, 5.25%, 12/1/2021			(a)		150,982
	225	M	Sabra Health Care, LP, 5.125%, 8/15/2026					217,271
	379	M	VICI Properties 1, LLC, 8%, 10/15/2023					421,415
								2,285,150
			Retail-General Merchandise-1.4%
			1011778 B.C., ULC:
	75	M	4.625%, 1/15/2022			(a)		75,375
	250	M	5%, 10/15/2025			(a)		239,300
			AmeriGas Partners, LP:
	125	M	5.625%, 5/20/2024					124,844
	250	M	5.5%, 5/20/2025					242,500
	225	M	J.C. Penney Co., Inc., 8.625%, 3/15/2025					212,063
	150	M	KFC Holding Co., LLC, 5%, 6/1/2024			(a)		149,438
	425	M	L Brands, Inc., 6.75%, 7/1/2036					410,125
								1,453,645
			Services-2.2%
	275	M	ADT Corp., 3.5%, 7/15/2022					256,781
	225	M	AECOM, 5.875%, 10/15/2024					236,531
	225	M	BlueLine Rental Finance Corp., 9.25%, 3/15/2024			(a)		241,803
	400	M	Cimpress NV, 7%, 4/1/2022			(a)		419,000
	250	M	First Data Corp., 5.375%, 8/15/2023			(a)		255,000
	325	M	GW Honos Security Corp., 8.75%, 5/15/2025			(a)		341,250
	50	M	KAR Auction Services, Inc., 5.125%, 6/1/2025			(a)		49,875
	175	M	Monitronics International, Inc., 9.125%, 4/1/2020					135,047
			United Rentals, Inc.:
	150	M	4.625%, 10/15/2025					146,250
	175	M	5.5%, 5/15/2027					176,750
								2,258,287
			Telecommunications-3.3%
	325	M	CenturyLink, Inc., 5.8%, 3/15/2022					318,906
	100	M	Cincinnati Bell, Inc., 7%, 7/15/2024			(a)		90,000
			Frontier Communications Corp.:
	125	M	10.5%, 9/15/2022					105,166
	350	M	11%, 9/15/2025					264,031
	75	M	8.5%, 4/1/2026			(a)		72,750
			GCI, Inc.:
	300	M	6.75%, 6/1/2021					304,125
	500	M	6.875%, 4/15/2025					526,250
	225	M	Qwest Corp., 7.25%, 9/15/2025					243,109
	125	M	Telecom Italia Capital SA, 7.2%, 7/18/2036					147,187
	400	M	Telecom Italia SpA, 5.303%, 5/30/2024					408,500
	200	M	Telesat Canada, 8.875%, 11/15/2024			(a)		220,000
	400	M	Wind Tre SpA, 5%, 1/20/2026			(a)		341,896
			Zayo Group, LLC:
	50	M	6.375%, 5/15/2025					51,938
	325	M	5.75%, 1/15/2027			(a)		318,500
								3,412,358
			Transportation-1.5%
			Avolon TLB Borrower 1 (U.S.), LLC:
	100	M	5.25%, 8/15/2022			(a)		98,345
	100	M	5.5%, 2/15/2024			(a)		97,250
	225	M	BCD Acquisition, Inc., 9.625%, 9/15/2023			(a)		244,125
	275	M	Fly Leasing, Ltd., 6.375%, 10/15/2021					286,344
	225	M	Mobile Mini, Inc., 5.875%, 7/1/2024					232,312
	525	M	XPO Logistics, Inc., 6.125%, 9/1/2023			(a)		544,031
								1,502,407
			Utilities-3.8%
			AES Corp.:
	150	M	6%, 5/15/2026					158,625
	100	M	5.125%, 9/1/2027					102,000
	350	M	Avantor, Inc., 9%, 10/1/2025			(a)		345,625
			Calpine Corp.:
	250	M	5.375%, 1/15/2023					240,262
	225	M	5.75%, 1/15/2025					206,437
	125	M	5.25%, 6/1/2026			(a)		121,094
			Cheniere Corpus Christi Holdings:
	225	M	5.875%, 3/31/2025					236,250
	250	M	5.125%, 6/30/2027					249,062
			Dynegy, Inc.:
	275	M	7.375%, 11/1/2022					290,469
	125	M	8%, 1/15/2025			(a)		136,562
	250	M	Energy Transfer Partners, LP, 6.25%, 12/29/2049					239,687
	206	M	FirstLight Hydro Generating, 8.812%, 10/15/2026					228,677
	46	M	Indiantown Cogeneration Utilities, LP, 9.77%, 12/15/2020					48,533
			NRG Energy, Inc.:
	75	M	6.25%, 7/15/2022					77,602
	225	M	6.625%, 1/15/2027					231,187
	200	M	NRG Yield Operating, LLC, 5%, 9/15/2026					197,500
	326	M	NSG Holdings, LLC, 7.75%, 12/15/2025			(a)		359,821
	450	M	Terraform Power Operating, LLC, 5%, 1/31/2028			(a)		428,625
								3,898,018
			Waste Management-.5%
	325	M	Covanta Holding Corp., 5.875%, 7/1/2025					316,063
	175	M	GFL Environmental, Inc., 5.625%, 5/1/2022			(a)		175,875
	50	M	Waste Pro USA, Inc., 5.5%, 2/15/2026			(a)		49,500
								541,438
			Wireless Communications-4.1%
	150	M	CB Escrow Corp., 8%, 10/15/2025			(a)		140,437
	125	M	Hughes Satellite Systems Corp., 5.25%, 8/1/2026					122,969
	150	M	Inmarsat Finance, PLC, 4.875%, 5/15/2022			(a)		146,625
	500	M	Intelsat Jackson Holdings SA, 8%, 2/15/2024			(a)		526,875
			Level 3 Financing, Inc.:
	250	M	5.125%, 5/1/2023					245,937
	300	M	5.375%, 1/15/2024					293,064
	75	M	5.25%, 3/15/2026					70,875
			Sprint Communications, Inc.:
	50	M	7%, 3/1/2020			(a)		52,625
	250	M	7%, 8/15/2020					260,625
	850	M	6%, 11/15/2022					836,188
			Sprint Corp.:
	625	M	7.875%, 9/15/2023					639,062
	200	M	7.625%, 3/1/2026					195,640
			T-Mobile USA, Inc.:
	450	M	6.625%, 4/1/2023					464,908
	50	M	6.5%, 1/15/2024					52,500
	225	M	6%, 4/15/2024					234,922
								4,283,252
Total Value of Corporate Bonds (cost $94,087,131)								93,325,426
			LOAN PARTICIPATIONS+-7.8%
			Automotive-.6%
	215	M	Horizon Global, 5%, 2/16/2024					212,850
	447	M	Truck Hero, Inc., 6.2225%, 4/22/2024					450,160
								663,010
			Chemicals-1.2%
	500	M	Avantor Performance Materials, 4%, 11/21/2024				(b)	505,900
	500	M	ColourOz Investment, 3%, 9/7/2021				(b)	472,500
	275	M	Cyanco Intermediate Corp., 5.6721%, 3/16/2025					276,719
								1,255,119
			Energy-.7%
	125	M	California Resources Corp., 6.5721%, 12/31/2022					126,954
	500	M	Foresight Energy, LLC, 5.75%, 3/28/2022				(b)	489,790
	100	M	Medallion Midland Acquisition, 5.1269%, 10/30/2024					100,041
								716,785
			Financials-.3%
	325	M	Sigma Bidco BV, 3%, 3/6/2025					325,203
			Food/Beverage/Tobacco-.5%
	500	M	Chobani, LLC, 3.5%, 10/10/2023				(b)	503,125
			Gaming/Leisure-1.2%
	500	M	Dorna Sports SL, 3.5%, 4/12/2024					496,875
	500	M	Scientific Games International, 2.75%, 8/14/2024				(b)	502,345
	215	M	Seminole Hard Rock Entertainment, Inc., 4.4434%, 5/14/2020					216,622
								1,215,842
			Health Care-.7%
	250	M	Amneal Pharmaceuticals, LLC, 3.5%, 3/21/2025				(b)	250,937
	482	M	ExamWorks Group, Inc., 5.1269%, 7/27/2023					486,174
								737,111
			Information Technology-.7%
	249	M	Solarwinds, Inc., 4.8769%, 2/5/2024					250,779
	500	M	SS&C Technologies Holdings, Inc., 2.5%, 2/28/2025				(b)	503,367
								754,146
			Manufacturing-.6%
	100	M	Filtration Group Corp., 4%, 3/27/2025				(b)	100,750
	500	M	GrafTech International, Ltd., 5.2396%, 2/12/2025				(b)	500,625
	47	M	Peabody Energy Corp., 5.3769%, 3/31/2022					47,535
								648,910
			Metals/Mining-.4%
	373	M	Big River Steel, LLC, 7.302%, 8/23/2023					379,188
			Retail-General Merchandise-.2%
	248	M	Staples, Inc., 5.7870%, 9/12/2024					246,326
			Utilities-.4%
	393	M	Charah, LLC, 8.1864%, 10/25/2024					397,161
			Waste Management-.3%
	250	M	Gopher Resource, LLC, 5.4784%, 3/6/2025					252,423
Total Value of Loan Participations (cost $8,039,641)								8,094,349
			PASS-THROUGH CERTIFICATES-.6%
			Transportation
	569	M	American Airlines 13-2 B PTT, 5.6%, 1/15/2022 (cost $588,850)			(a)		583,939
Total Value of Investments (cost $102,715,622)				98.2	%			102,003,714
Other Assets, Less Liabilities				1.8				1,882,476
Net Assets				100.0	%			$103,886,190

(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
	March 31, 2018, the Fund held one hundred ninety-five 144A
	securities with an aggregate value of $51,575,207 representing 49.6%
	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 March 31, 2018.
	Summary of Abbreviations:
	LLLP	Limited Liability Limited Partnership
	PTT	Pass-Through Trust
	ULC	Unlimited Liability Corporation
	At March 31, 2018, the cost of investments for federal income tax
	purposes was $102,731,505. Accumulated net unrealized
	depreciation on investments was $727,791, consisting of $1,276,652
	gross unrealized appreciation and $2,004,443 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 March 31, 2018:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	93,325,426	$	-	$	93,325,426
Loan Participations		-		8,094,349		-		8,094,349
Pass-Through Certificates		-		583,939		-		583,939
Total Investments in Securities*	$	-	$	102,003,714	$	-	$	102,003,714

*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 March 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
GOVERNMENT FUND
March 31, 2018

	Principal
	Amount		Security				Value
			RESIDENTIAL MORTGAGE-BACKED SECURITIES-30.6%
			Fannie Mae-23.0%
$	2,273	M	3%, 7/1/2021 - 4/1/2046				$          2,250,868
	2,514	M	3.5%, 11/1/2028 - 6/1/2046				2,537,742
	1,017	M	4%, 10/1/2035 - 4/1/2047				1,050,325
	206	M	4.5%, 11/1/2040 - 8/1/2041				218,465
	245	M	5.5%, 7/1/2034 - 10/1/2039				270,697
	128	M	9%, 11/1/2026				140,905
							6,469,002
			Freddie Mac-3.5%
	127	M	3.5%, 2/1/2046				128,103
	729	M	4%, 12/1/2040 - 6/1/2047				751,732
	110	M	4.5%, 5/1/2044				115,408
							995,243
			Government National Mortgage Association I Program-4.1%
	164	M	4%, 8/15/2041				169,353
	659	M	5%, 6/15/2033 - 4/15/2040				709,124
	167	M	5.5%, 2/15/2033 - 1/15/2036				183,029
	85	M	6%, 11/15/2032				94,443
							1,155,949
Total Value of Residential Mortgage-Backed Securities (cost $8,828,428)							8,620,194
			U.S. GOVERNMENT AGENCY OBLIGATIONS-18.0%
			Fannie Mae:
	770	M	1.125%, 7/20/2018				768,330
	125	M	1.375%, 2/26/2021				121,250
	300	M	1.5%, 11/30/2020				293,035
	850	M	1.625%, 11/27/2018				847,849
	200	M	Federal Farm Credit Bank, 3%, 9/13/2029				195,162
			Federal Home Loan Bank:
	750	M	1.03%, 9/28/2018				746,459
	1,000	M	1.625%, 10/7/2021				964,964
			Freddie Mac:
	1,000	M	1.25%, 8/1/2019				987,219
	150	M	1.375%, 5/28/2019				148,636
Total Value of U.S. Government Agency Obligations (cost $5,140,670)							5,072,904
			U.S. GOVERNMENT OBLIGATIONS-14.8%
			U.S. Treasury Bonds:
	300	M	2.5%, 2/15/2046				273,106
	120	M	2.5%, 5/15/2046				109,130
	125	M	2.75%, 8/15/2047				119,492
	400	M	2.75%, 11/15/2047				382,469
	200	M	4.5%, 2/15/2036				247,199
			U.S. Treasury Notes:
	200	M	1.125%, 8/31/2021				191,320
	795	M	1.375%, 10/31/2020				775,420
	300	M	1.5%, 3/31/2023				285,047
	1,010	M	1.875%, 8/31/2022				982,501
	630	M	2%, 2/15/2025				602,918
	200	M	2.25%, 10/31/2024				194,910
Total Value of U.S. Government Obligations (cost $4,299,848)							4,163,512
			COMMERCIAL MORTGAGE-BACKED SECURITIES-15.9%
			Fannie Mae-8.3%
	465	M	2.995%, 11/1/2022				466,366
	300	M	3.33%, 4/1/2035				296,972
	600	M	3.34%, 2/1/2027				611,465
	300	M	3.4%, 6/1/2031				296,636
	165	M	3.41%, 11/1/2046				157,873
	500	M	3.84%, 5/1/2018				499,311
							2,328,623
			Federal Home Loan Mortgage Corporation-7.6%
			Multi-Family Structured Pass-Throughs:
	294	M	2.04007%, 5/25/2024			+	295,279
	500	M	2.11007%, 8/25/2027			+	501,015
	170	M	2.454%, 8/25/2023				165,956
	379	M	2.849%, 3/25/2026				369,949
	300	M	3.08%, 1/25/2031				295,725
	500	M	3.35%, 1/28/2028				504,404
							2,132,328
Total Value of Commercial Mortgage-Backed Securities (cost $4,608,125)							4,460,951
			TAXABLE MUNICIPAL BONDS-6.9%
	300	M	California State Dept. Wtr. Rev., 3.077%, 12/1/2028				291,351
	400	M	New York State Urban Dev. Corp. Rev., 3.27%, 3/15/2027				398,628
	300	M	Texas State A&M Perm. Univ. Fund, 3.66%, 7/1/2047				292,482
	200	M	Texas State Wtr. Dev. Brd. Rev., 3.7%, 10/15/2047				200,422
	375	M	University of North Carolina at Chapel Hill Rev., 3.326%, 12/1/2038				360,270
	100	M	University of Southern California, 3.841%, 10/1/2047				102,770
	300	M	University of Texas, 3.376%, 7/1/2047				286,473
Total Value of Taxable Municipal Bonds (cost $1,977,091)							1,932,396
			COLLATERALIZED MORTGAGE OBLIGATIONS-4.0%
			Fannie Mae:
	417	M	4%, 2/25/2025				429,399
	200	M	3.0859%, 12/25/2027			+	196,221
	482	M	Freddie Mac, 3.5%, 12/15/2028				491,209
Total Value of Collateralized Mortgage Obligations (cost $1,156,475)							1,116,829
			COVERED BONDS-2.2%
			Financial Services
	650	M	Canadian Imperial Bank of Commerce, 2.35%, 7/27/2022 (cost $650,433)			(a)	633,403
			SOVEREIGN BONDS-1.0%
	300	M	Ukraine Government Aid Bonds, 1.471%, 9/29/2021 (cost $300,000)				290,708
			SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-3.6%
	1,000	M	Federal Home Loan Bank, 1.715%, 4/16/2018 (cost $999,190)				999,358
Total Value of Investments (cost $27,960,260)				97.0	%		27,290,255
Other Assets, Less Liabilities				3.0			839,696
Net Assets				100.0	%		$28,129,951

(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 March 31, 2018, the Fund held one 144A security
	with a value of $633,403 representing 2.2% of the Fund's net assets.
+	Interest rates are determined and reset periodically. The interest rates above are
	the rates in effect at March 31, 2018.
	At March 31, 2018, the cost of investments for federal income tax purposes was
	$27,977,645. Accumulated net unrealized depreciation on investments was
	$687,390, consisting of $66,093 gross unrealized appreciation and $753,483
	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 March 31, 2018:

	Level 1		Level 2		Level 3		Total
Residential
Mortgage-Backed Securities	$	-	$	8,620,194	$	-	$	8,620,194
U.S. Government Agency
Obligations		-		5,072,904		-		5,072,904
U.S. Government Obligations		-		4,163,512		-		4,163,512
Commercial
Mortgage-Backed Securities		-		4,460,951		-		4,460,951
Taxable Municipal Bonds		-		1,932,396		-		1,932,396
Collateralized Mortgage
Obligations		-		1,116,829		-		1,116,829
Covered Bonds		-		633,403		-		633,403
Sovereign Bonds		-		290,708		-		290,708
Short-Term U.S. Government
Agency Obligations		-		999,358		-		999,358
Total Investments in Securities	$	-	$	27,290,255	$	-	$	27,290,255

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

Portfolio of Investments (unaudited)
GOVERNMENT CASH MANAGEMENT FUND
March 31, 2018

	Principal					Interest
	Amount		Security			Rate*			Value
			U.S. GOVERNMENT AGENCY OBLIGATIONS-42.3%
			Fannie Mae:
$	500	M	5/18/2018			1.59	%	$	498,961
	600	M	5/23/2018			1.62			598,594
	500	M	Federal Farm Credit Bank, 6/5/2018			1.53			498,615
			Federal Home Loan Bank:
	500	M	4/27/2018			1.44			499,479
	600	M	4/30/2018			1.61			599,220
	700	M	5/8/2018			1.71			698,769
	400	M	6/12/2018			1.48			398,815
Total Value of U.S. Government Agency Obligations (cost $3,792,453)									3,792,453
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-38.4%
			U.S. Treasury Bills:
	500	M	4/12/2018			1.60			499,756
	300	M	4/12/2018			1.63			299,850
	500	M	4/19/2018			1.61			499,598
	400	M	4/19/2018			1.68			399,664
	250	M	4/26/2018			1.23			249,786
	800	M	5/3/2018			1.50			798,931
	500	M	7/26/2018			1.76			497,169
	200	M	8/16/2018			1.51			198,850
Total Value of Short-Term U.S. Government Obligations (cost $3,443,604)									3,443,604
			VARIABLE AND FLOATING RATE NOTES-19.6%
	500	M	Federal Farm Credit Bank, 10/19/2018			1.73			500,673
			Federal Home Loan Bank:
	500	M	8/24/2018			1.75			499,999
	755	M	9/14/2018			1.98			755,337
Total Value of Variable and Floating Rate Notes (cost $1,756,009)									1,756,009
Total Value of Investments (cost $8,992,066)**				100.3	%				8,992,066
Excess of Liabilities Over Other Assets				(.3	)				(27,820)
Net Assets				100.0	%			$	8,964,246

*	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 March 31, 2018.
**	Aggregate cost for federal income tax purposes is the same.

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

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

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 March 31, 2018:

		Level 1		Level 2		Level 3		Total
U.S. Government Agency Obligations	$	-	$	3,792,453	$	-	$	3,792,453
Short-Term U.S. Government
Obligations		-		3,443,604		-		3,443,604
Variable and Floating Rate Notes:
U.S. Government Agency Obligations		-		1,756,009		-		1,756,009
Total Investments in Securities	$	-	$	8,992,066	$	-	$	8,992,066

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

Portfolio of Investments (unaudited)
GROWTH & INCOME FUND
March 31, 2018

	Shares or
	Principal
	Amount			Security				Value
				COMMON STOCKS-96.0%
				Consumer Discretionary-10.6%
	26,600			Aptiv, PLC			$	2,260,202
	53,700			Aramark Holdings Corp.				2,124,372
	50,700			Big Lots, Inc.				2,206,971
	58,700			BorgWarner, Inc.				2,948,501
	107,600			CBS Corp. - Class "B"				5,529,564
	79,200			DSW, Inc. - Class "A"				1,778,832
	66,800			Ford Motor Co.				740,144
	48,000			Home Depot, Inc.				8,555,520
	68,600			L Brands, Inc.				2,621,206
	13,600			Lear Corp.				2,530,824
	51,300			Magna International, Inc.				2,890,755
	10,400			Meredith Corp.				559,520
	29,600			Penske Automotive Group, Inc.				1,312,168
	16,400			Ross Stores, Inc.				1,278,872
	68,100			Tapestry, Inc.				3,582,741
	51,500			Tupperware Brands Corp.				2,491,570
	42,700			Walt Disney Co.				4,288,788
	10,600			Whirlpool Corp.				1,622,966
	38,100			Wyndham Worldwide Corp.				4,359,783
								53,683,299
				Consumer Staples-8.5%
	129,100			Altria Group, Inc.				8,045,512
	78,600			B&G Foods, Inc.				1,862,820
	96,178			Coca-Cola Co.				4,177,011
	72,600			Conagra Brands, Inc.				2,677,488
	12,200			Dr. Pepper Snapple Group, Inc.				1,444,236
	169,979			Koninklijke Ahold Delhaize NV (ADR)				4,031,902
	44,100			PepsiCo, Inc.				4,813,515
	82,900			Philip Morris International, Inc.				8,240,260
	54,100			Procter & Gamble Co.				4,289,048
	42,650			Wal-Mart Stores, Inc.				3,794,570
								43,376,362
				Energy-7.4%
	46,700			Anadarko Petroleum Corp.				2,821,147
	72,300			ConocoPhillips				4,286,667
	100,500			Devon Energy Corp.				3,194,895
	53,400			ExxonMobil Corp.				3,984,174
	77,100			Halliburton Co.				3,619,074
	26,700			Hess Corp.				1,351,554
	80,222			Marathon Oil Corp.				1,293,981
	103,722			Marathon Petroleum Corp.				7,583,115
	32,300			Occidental Petroleum Corp.				2,098,208
	30,650			Phillips 66				2,939,948
	131,507			Suncor Energy, Inc.				4,542,252
								37,715,015
				Financials-17.9%
	80,506			American Express Co.				7,509,600
	45,800			American International Group, Inc.				2,492,436
	42,200			Ameriprise Financial, Inc.				6,243,068
	82,400			Bank of America Corp.				2,471,176
	34,400			Chubb, Ltd.				4,704,888
	18,000			Citigroup, Inc.				1,215,000
	144,000			Citizens Financial Group, Inc.				6,045,120
	31,500			Comerica, Inc.				3,021,795
	87,443			Discover Financial Services				6,289,775
	147,700			Financial Select Sector SPDR Fund (ETF)				4,072,089
	38,700			Hamilton Lane, Inc. - Class "A"				1,440,801
	44,600			IBERIABANK Corp.				3,478,800
	115,388			JPMorgan Chase & Co.				12,689,218
	74,000			MetLife, Inc.				3,395,860
	15,000			Morgan Stanley				809,400
	40,100			PNC Financial Services Group, Inc.				6,064,724
	67,200			SPDR S&P Regional Banking (ETF)				4,058,208
	134,600			Sterling Bancorp				3,035,230
	94,800			U.S. Bancorp				4,787,400
	132,367			Wells Fargo & Co.				6,937,354
								90,761,942
				Health Care-16.6%
	114,300			Abbott Laboratories				6,848,856
	89,400			AbbVie, Inc.				8,461,710
	12,300			Aetna, Inc.				2,078,700
	11,300			Allergan, PLC				1,901,677
	45,039			Baxter International, Inc.				2,929,337
	77,400			CVS Health Corp.				4,815,054
	24,700		*	Centene Corp.				2,639,689
	45,000			Gilead Sciences, Inc.				3,392,550
	24,000			Hill-Rom Holdings, Inc.				2,088,000
	72,275			Johnson & Johnson				9,262,041
	67,200			Koninklijke Philips NV (ADR)				2,574,432
	40,212			Medtronic, PLC				3,225,807
	99,743			Merck & Co., Inc.				5,433,001
	233,493			Pfizer, Inc.				8,286,667
	80,200			Phibro Animal Health Corp. - Class "A"				3,183,940
	17,159			Shire, PLC (ADR)				2,563,383
	53,443			Thermo Fisher Scientific, Inc.				11,033,842
	38,172			Zoetis, Inc.				3,187,744
								83,906,430
				Industrials-11.9%
	33,294			3M Co.				7,308,699
	42,500			Apogee Enterprises, Inc.				1,842,375
	118,700		*	Gardner Denver Holdings, Inc.				3,641,716
	56,000			Honeywell International, Inc.				8,092,560
	39,300			Ingersoll-Rand, PLC				3,360,543
	136,076			Johnson Controls International, PLC				4,795,318
	7,500			Lockheed Martin Corp.				2,534,475
	10,600			ManpowerGroup, Inc.				1,220,060
	91,200			Masco Corp.				3,688,128
	74,600		*	MasTec, Inc.				3,509,930
	32,600			Owens Corning				2,621,040
	118,200			Schneider National, Inc. - Class "B"				3,080,292
	17,400			Snap-On, Inc.				2,567,196
	14,900			Stanley Black & Decker, Inc.				2,282,680
	159,900			Triton International, Ltd.				4,892,940
	40,200			United Technologies Corp.				5,057,964
								60,495,916
				Information Technology-15.5%
	57,400			Apple, Inc.				9,630,572
	80,400			Applied Materials, Inc.				4,471,044
	16,300			Broadcom, Ltd.				3,841,095
	241,900			Cisco Systems, Inc.				10,375,091
	28,243		*	Dell Technologies, Inc. - Class "V"				2,067,670
	41,184			DXC Technology Co.				4,140,227
	67,200		*	eBay, Inc.				2,704,128
	20,400		*	FleetCor Technologies, Inc.				4,131,000
	157,000			Intel Corp.				8,176,560
	140,100			Microsoft Corp.				12,786,927
	19,800		*	NXP Semiconductors NV				2,316,600
	94,100			Oracle Corp.				4,305,075
	90,188			QUALCOMM, Inc.				4,997,317
	22,900			TE Connectivity, Ltd.				2,287,710
	22,565			Western Digital Corp.				2,082,073
								78,313,089
				Materials-2.8%
	16,300			FMC Corp.				1,248,091
	77,000			International Paper Co.				4,114,110
	16,100			Praxair, Inc.				2,323,230
	36,050			RPM International, Inc.				1,718,503
	53,200			Sealed Air Corp.				2,276,428
	31,200			Trinseo SA				2,310,360
								13,990,722
				Real Estate-1.8%
	194,900			Brixmor Property Group, Inc. (REIT)				2,972,225
	68,300			GGP, Inc. (REIT)				1,397,418
	129,400			Tanger Factory Outlet Centers, Inc. (REIT)				2,846,800
	99,800			Urstadt Biddle Properties, Inc. - Class "A" (REIT)				1,926,140
								9,142,583
				Telecommunication Services-2.1%
	142,600			AT&T, Inc.				5,083,690
	114,300			Verizon Communications, Inc.				5,465,826
								10,549,516
				Utilities-.9%
	19,600			Dominion Energy, Inc.				1,321,628
	87,500			Exelon Corp.				3,413,375
								4,735,003
Total Value of Common Stocks (cost $285,676,730)								486,669,877
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-3.6%
				Federal Home Loan Bank:
$	500	M		1.53%, 4/5/2018				499,931
	2,000	M		1.54%, 4/11/2018				1,999,174
	1,500	M		1.56%, 4/12/2018				1,499,313
	3,000	M		1.715%, 4/16/2018				2,998,074
	5,000	M		1.68%, 4/17/2018				4,996,560
	6,000	M		1.68%, 4/19/2018				5,995,326
Total Value of Short-Term U.S. Government Agency Obligations (cost $17,985,766)								17,988,378
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-.5%
	2,500	M		U.S. Treasury Bills, 1.535%, 4/26/2018 (cost $2,497,119)				2,497,350
Total Value of Investments (cost $306,159,615)					100.1	%		507,155,605
Excess of Liabilties Over Other Assets					(.1	)		(444,834)
Net Assets					100.0	%	$	506,710,771

*	Non-income producing
	Summary of Abbreviations:
	ADR   American Depositary Receipts
	ETF   Exchange Traded Fund
	REIT   Real Estate Investment Trust
	At March 31, 2018, the cost of investments for federal income tax
	purposes was $307,334,515. Accumulated net unrealized appreciation
	on investments was $199,821,090, consisting of $211,627,470 gross
	unrealized appreciation and $11,806,380 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 March 31, 2018:

		Level 1		Level 2		Level 3		Total
Common Stocks	$	486,669,877	$	-	$	-	$	486,669,877
Short-Term U.S. Government
Agency Obligations		-		17,988,378		-		17,988,378
Short-Term U.S. Government
Obligations		-		2,497,350		-		2,497,350
Total Investments in Securities*	$	486,669,877	$	20,485,728	$	-	$	507,155,605

*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 March 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
INTERNATIONAL FUND
March 31, 2018

	Shares or
	Principal
	Amount			Security				Value
				COMMON STOCKS-97.0%
				United States-16.1%
	19,541			Accenture, PLC - Class "A"			$	2,999,544
	18,317			Aptiv, PLC				1,556,395
	3,128		*	Booking Holdings, Inc.				6,507,460
	33,677			Mastercard, Inc. - Class "A"				5,898,863
	45,802			Philip Morris International, Inc.				4,552,719
	30,414			Visa, Inc. - Class "A"				3,638,123
								25,153,104
				United Kingdom-13.8%
	102,973			British American Tobacco, PLC				5,952,533
	32,923			DCC, PLC				3,033,424
	46,499			Diageo, PLC				1,572,579
	454,885			Domino's Pizza Group, PLC				2,111,278
	53,141			Reckitt Benckiser Group, PLC				4,485,504
	144,593			RELX NV				2,997,256
	370,589			Rentokil Initial, PLC				1,412,313
								21,564,887
				Canada-8.2%
	103,354			Alimentation Couche-Tard, Inc. - Class "B"				4,626,402
	46,183			Canadian National Railway Co.				3,375,318
	7,052			Constellation Software, Inc.				4,784,807
								12,786,527
				France-8.0%
	11,222			Essilor International SA				1,513,857
	7,192			L'Oreal SA				1,624,377
	9,815			LVMH Moet Hennessy Louis Vuitton SE				3,024,723
	29,825			Safran SA				3,165,321
	20,910			Teleperformance				3,242,658
								12,570,936
				India-7.8%
	223,633			HDFC Bank, Ltd.				6,514,648
	203,389			Housing Development Finance Corp., Ltd.				5,729,085
								12,243,733
				Spain-6.1%
	16,949			Aena SA				3,417,659
	114,091			Grifols SA - Class "A"				3,234,580
	91,694			Industria de Diseno Textil SA				2,882,739
								9,534,978
				Ireland-4.8%
	617,363			AIB Group, PLC				3,716,135
	36,789			Paddy Power Betfair, PLC				3,777,537
								7,493,672
				Japan-4.1%
	13,422			Daito Trust Construction Co., Ltd.				2,285,323
	2,800			Keyence Corp.				1,749,043
	17,000			Shimano, Inc.				2,453,206
								6,487,572
				Germany-4.1%
	30,087			HeidelbergCement AG				2,955,809
	32,935			SAP SE				3,457,581
								6,413,390
				China-4.1%
	34,553		*	Alibaba Group Holding, Ltd. (ADR)				6,341,858
				Switzerland-3.7%
	52,373			Nestle SA				4,139,642
	97,328		*	UBS Group AG				1,714,815
								5,854,457
				Netherlands-3.5%
	96,121			Unilever NV - CVA				5,425,598
				Taiwan-2.7%
	96,665			Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)				4,230,060
				Belgium-2.5%
	35,928			Anheuser-Busch InBev SA				3,950,172
				Hong Kong-2.1%
	238,419			Techtronic Industries Co., Ltd.				1,399,303
	35,632			Tencent Holdings, Ltd.				1,912,710
								3,312,013
				Brazil-1.6%
	340,988			Ambev SA (ADR)				2,478,983
				Israel-1.4%
	21,263		*	Check Point Software Technologies, Inc.				2,112,266
				South Africa-1.3%
	8,142			Naspers, Ltd.				1,992,454
				Australia-1.1%
	14,181			CSL, Ltd.				1,708,505
Total Value of Common Stocks (cost $105,953,990)								151,655,165
				SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-1.9%
				United States
				Federal Home Loan Bank:
$	1,000	M		1.53%, 4/5/2018				999,862
	2,000	M		1.54%, 4/11/2018				1,999,174
Total Value of Short-Term U.S. Government Agency Obligations (cost $2,998,717)								2,999,036
Total Value of Investments (cost $108,952,707)					98.9	%		154,654,201
Other Assets, Less Liabilities					1.1			1,643,356
Net Assets					100.0	%	$	156,297,557

*	Non-income producing
	Summary of Abbreviations:
	ADR American Depositary Receipts
	At March 31, 2018, the cost of investments for federal income tax purposes
	was $109,298,953. Accumulated net unrealized appreciation on investments
	was $45,355,248, consisting of $47,621,281 gross unrealized appreciation
	and $2,266,033 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 March 31, 2018:

		Level 1		Level 2		Level 3		Total
Common Stocks
United States	$	25,153,104	$	-	$	-	$	25,153,104
United Kingdom		-		21,564,887		-		21,564,887
Canada		12,786,527		-		-		12,786,527
France		-		12,570,936		-		12,570,936
India		-		12,243,733		-		12,243,733
Spain		-		9,534,978		-		9,534,978
Ireland		-		7,493,672		-		7,493,672
Japan		-		6,487,572		-		6,487,572
Germany		-		6,413,390		-		6,413,390
China		6,341,858		-		-		6,341,858
Switzerland		-		5,854,457		-		5,854,457
Netherlands		-		5,425,598		-		5,425,598
Taiwan		4,230,060		-		-		4,230,060
Belgium		-		3,950,172		-		3,950,172
Hong Kong		-		3,312,013		-		3,312,013
Brazil		2,478,983		-		-		2,478,983
Israel		-		2,112,266		-		2,112,266
South Africa		-		1,992,454		-		1,992,454
Australia		-		1,708,505		-		1,708,505
Short-Term U.S. Government
Agency Obligations		-		2,999,036		-		2,999,036
Total Investments in Securities	$	50,990,532	$	103,663,669	$	-	$	154,654,201

Transfers between Level 1 and Level 2 securities as of March 31, 2018 resulted from securities priced previously with an official close price (Level 1 securities) or securities fair valued by the Valuation Committee (Level 2 securities). Transfers from Level 1 to Level 2 as of March 31, 2018 were $96,100,009. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
INVESTMENT GRADE FUND
March 31, 2018

	Principal
	Amount
	or Shares		Security							Value
			CORPORATE BONDS-91.9%
			Aerospace/Defense-1.4%
$	500	M	Rockwell Collins, Inc., 3.2%, 3/15/2024						$	486,648
	400	M	Rolls-Royce, PLC, 3.625%, 10/14/2025			(a)				402,246
										888,894
			Automotive-1.6%
	200	M	Daimler Finance NA, LLC, 3.35%, 2/22/2023			(a)				199,432
	400	M	Lear Corp., 5.25%, 1/15/2025							422,832
	400	M	O'Reilly Automotive, Inc., 3.55%, 3/15/2026							391,872
										1,014,136
			Chemicals-2.6%
	300	M	Agrium, Inc., 3.375%, 3/15/2025							291,684
	500	M	Dow Chemical Co., 3.5%, 10/1/2024							496,174
	400	M	LYB International Finance Co. BV, 3.5%, 3/2/2027							384,608
	500	M	LyondellBasell Industries NV, 6%, 11/15/2021							540,158
										1,712,624
			Energy-10.3%
			Andeavor Logistics, LP:
	300	M	3.5%, 12/1/2022							295,129
	100	M	5.25%, 1/15/2025							101,790
	450	M	BP Capital Markets, PLC, 3.216%, 11/28/2023							446,424
	575	M	Canadian Oil Sands, Ltd., 7.75%, 5/15/2019			(a)				603,911
	500	M	Continental Resources, Inc., 5%, 9/15/2022							508,125
	400	M	Enable Midstream Partners, LP, 4.4%, 3/15/2027							392,196
	500	M	Enbridge Energy Partners, LP, 4.2%, 9/15/2021							509,014
	300	M	Enterprise Products Operating, 7.55%, 4/15/2038							406,381
			Kinder Morgan Energy Partners, LP:
	300	M	3.5%, 3/1/2021							300,089
	500	M	3.45%, 2/15/2023							491,755
			Kinder Morgan, Inc.:
	150	M	5.625%, 11/15/2023			(a)				160,676
	250	M	4.3%, 3/1/2028							249,408
	500	M	Magellan Midstream Partners, LP, 5%, 3/1/2026							537,537
	400	M	Noble Energy, Inc., 3.85%, 1/15/2028							394,088
	400	M	ONEOK Partners, LP, 3.375%, 10/1/2022							394,120
			Valero Energy Corp.:
	466	M	9.375%, 3/15/2019							494,193
	300	M	6.625%, 6/15/2037							379,906
										6,664,742
			Financial Services-11.1%
			American International Group, Inc.:
	400	M	3.75%, 7/10/2025							394,494
	200	M	4.7%, 7/10/2035							207,215
	500	M	Assured Guaranty U.S. Holding, Inc., 5%, 7/1/2024							533,718
	300	M	Brookfield Finance, Inc., 4%, 4/1/2024							302,599
	500	M	ERAC USA Finance, LLC, 4.5%, 8/16/2021			(a)				518,726
	600	M	Ford Motor Credit Co., LLC, 8.125%, 1/15/2020							649,835
	500	M	GE Capital International Funding Services, Ltd., 4.418%, 11/15/2035							489,662
	700	M	General Electric Capital Corp., 4.65%, 10/17/2021							731,224
	400	M	General Motors Financial Co., Inc., 5.25%, 3/1/2026							423,148
	500	M	International Lease Finance Corp., 8.25%, 12/15/2020							557,031
	500	M	Key Bank NA, 3.4%, 5/20/2026							484,058
	400	M	Liberty Mutual Group, Inc., 4.95%, 5/1/2022			(a)				422,753
	300	M	National City Corp., 6.875%, 5/15/2019							313,228
	600	M	Protective Life Corp., 7.375%, 10/15/2019							638,575
	300	M	Prudential Financial, Inc., 7.375%, 6/15/2019							316,083
	200	M	Travelers Cos., Inc., 4.05%, 3/7/2048							202,397
										7,184,746
			Financials-23.0%
			Bank of America Corp.:
	550	M	4.1%, 7/24/2023							568,174
	475	M	5.875%, 2/7/2042							593,806
			Barclays Bank, PLC:
	400	M	5.125%, 1/8/2020							413,364
	600	M	3.75%, 5/15/2024							601,461
	300	M	Capital One Financial Corp., 3.75%, 4/24/2024							298,207
			Citigroup, Inc.:
	200	M	8.5%, 5/22/2019							212,543
	450	M	4.5%, 1/14/2022							468,019
	400	M	3.4%, 5/1/2026							387,284
	500	M	4.3%, 11/20/2026							501,168
	400	M	Deutsche Bank AG, 3.7%, 5/30/2024							386,641
			Goldman Sachs Group, Inc.:
	800	M	5.75%, 1/24/2022							866,090
	300	M	3.625%, 1/22/2023							301,365
	300	M	3.272%, 9/29/2025							289,045
	500	M	3.5%, 11/16/2026							482,249
	450	M	3.814%, 4/23/2029							441,671
	700	M	6.125%, 2/15/2033							842,600
			JPMorgan Chase & Co.:
	250	M	4.5%, 1/24/2022							260,236
	1,100	M	3.54%, 5/1/2028							1,076,316
	550	M	6.4%, 5/15/2038							717,724
			Morgan Stanley:
	725	M	5.5%, 7/28/2021							774,930
	300	M	4%, 7/23/2025							303,079
	400	M	3.625%, 1/20/2027							391,963
			U.S. Bancorp:
	500	M	3.6%, 9/11/2024							501,646
	300	M	3.1%, 4/27/2026							286,703
	400	M	UBS AG, 4.875%, 8/4/2020							416,328
	300	M	UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028			(a)				302,549
	500	M	Visa, Inc., 3.15%, 12/14/2025							490,898
			Wells Fargo & Co.:
	900	M	3.45%, 2/13/2023							888,498
	250	M	4.75%, 12/7/2046							256,786
			Wells Fargo Bank NA:
	250	M	5.85%, 2/1/2037							304,782
	250	M	6.6%, 1/15/2038							331,404
										14,957,529
			Food/Beverage/Tobacco-3.3%
			Anheuser-Busch InBev Finance, Inc.:
	200	M	3.65%, 2/1/2026							199,146
	400	M	4.9%, 2/1/2046							433,076
	550	M	Bunge Ltd. Finance Corp., 8.5%, 6/15/2019							584,545
	440	M	Ingredion, Inc., 4.625%, 11/1/2020							455,830
	500	M	PepsiCo, Inc., 3.45%, 10/6/2046							460,788
										2,133,385
			Forest Products/Containers-.8%
	300	M	Packaging Corp. of America, 3.4%, 12/15/2027							287,571
	250	M	Rock-Tenn Co., 4.9%, 3/1/2022							263,320
										550,891
			Health Care-2.3%
			CVS Health Corp.:
	400	M	3.875%, 7/20/2025							397,152
	200	M	4.3%, 3/25/2028							201,249
	450	M	Express Scripts Holding Co., 4.75%, 11/15/2021							469,489
	400	M	Laboratory Corp. of America Holdings, 3.75%, 8/23/2022							407,172
										1,475,062
			Information Technology-2.7%
	350	M	Apple, Inc., 3%, 11/13/2027							335,626
	400	M	Corning, Inc., 7.25%, 8/15/2036							488,807
	900	M	Diamond 1 Finance Corp., 4.42%, 6/15/2021			(a)				923,860
										1,748,293
			Manufacturing-2.7%
	200	M	CRH America Finance, Inc., 3.95%, 4/4/2028			(a)	(b)			199,780
			CRH America, Inc.:
	750	M	8.125%, 7/15/2018							761,319
	250	M	3.4%, 5/9/2027			(a)				239,948
	500	M	Johnson Controls International, PLC, 5%, 3/30/2020							520,594
										1,721,641
			Media-Broadcasting-2.1%
	200	M	ABC, Inc., 8.75%, 8/15/2021							234,886
			Comcast Corp.:
	400	M	2.75%, 3/1/2023							389,697
	700	M	4.25%, 1/15/2033							726,466
										1,351,049
			Media-Diversified-.6%
	400	M	Time Warner, Inc., 3.6%, 7/15/2025							389,849
			Metals/Mining-2.4%
	500	M	Arconic, Inc., 6.15%, 8/15/2020							525,625
	500	M	Glencore Funding, LLC, 4.625%, 4/29/2024			(a)				512,900
	500	M	Newmont Mining Corp., 5.125%, 10/1/2019							514,693
										1,553,218
			Real Estate-8.8%
	400	M	Alexandria Real Estate Equities, Inc., 3.95%, 1/15/2028							391,431
	400	M	Boston Properties, LP, 5.875%, 10/15/2019							415,547
			Digital Realty Trust, LP:
	300	M	5.25%, 3/15/2021							315,916
	300	M	4.75%, 10/1/2025							313,680
	200	M	Duke Realty Corp., 3.25%, 6/30/2026							192,106
	400	M	ERP Operating, LP, 3.375%, 6/1/2025							395,318
	300	M	Essex Portfolio, LP, 3.875%, 5/1/2024							302,212
	200	M	HCP, Inc., 4.25%, 11/15/2023							204,985
			Realty Income Corp.:
	500	M	3.25%, 10/15/2022							496,580
	200	M	4.125%, 10/15/2026							202,191
	500	M	Simon Property Group, LP, 3.375%, 10/1/2024							493,922
	500	M	Tanger Properties, LP, 3.125%, 9/1/2026							459,332
	400	M	Ventas Realty, LP, 4.75%, 6/1/2021							416,483
	425	M	Vornado Realty, LP, 3.5%, 1/15/2025							409,807
	800	M	Welltower, Inc., 4%, 6/1/2025							800,591
										5,810,101
			Retail-General Merchandise-2.3%
			Amazon.com, Inc.:
	200	M	3.15%, 8/22/2027			(a)				193,357
	400	M	4.8%, 12/5/2034							444,386
	200	M	4.05%, 8/22/2047			(a)				201,012
	500	M	Home Depot, Inc., 5.875%, 12/16/2036							643,728
										1,482,483
			Schools-.6%
	400	M	George Washington University, 4.126%, 9/15/2048				(b)			403,771
			Telecommunications-2.6%
			AT&T, Inc.:
	500	M	4.25%, 3/1/2027							506,351
	300	M	5.3%, 8/14/2058							303,769
	900	M	Verizon Communications, Inc., 4.272%, 1/15/2036							864,176
										1,674,296
			Transportation-2.9%
	300	M	Aviation Capital Group, LLC, 3.5%, 11/1/2027			(a)				282,044
			Burlington Northern Santa Fe, LLC:
	200	M	5.75%, 5/1/2040							246,443
	400	M	5.15%, 9/1/2043							464,025
	300	M	Penske Truck Leasing Co., LP, 4.875%, 7/11/2022			(a)				316,045
	600	M	Southwest Airlines Co., 3%, 11/15/2026							565,464
										1,874,021
			Utilities-7.8%
	500	M	Duke Energy Progress, Inc., 4.15%, 12/1/2044							514,579
	300	M	E.ON International Finance BV, 5.8%, 4/30/2018			(a)				300,687
	300	M	Electricite de France SA, 3.625%, 10/13/2025			(a)				300,437
	300	M	Entergy Arkansas, Inc., 4.95%, 12/15/2044							307,749
	400	M	Exelon Generation Co., LLC, 3.4%, 3/15/2022							400,696
	429	M	Great River Energy, 4.478%, 7/1/2030			(a)				464,477
	500	M	Ohio Power Co., 5.375%, 10/1/2021							538,322
	450	M	Oklahoma Gas & Electric Co., 4%, 12/15/2044							454,400
	400	M	ONEOK, Inc., 7.5%, 9/1/2023							466,674
	171	M	San Diego Gas & Electric Co., 1.914%, 2/1/2022							167,298
			Sempra Energy:
	604	M	9.8%, 2/15/2019							639,623
	300	M	2.209%, 1/15/2021				(b)			300,255
	200	M	Valero Energy Partners, LP, 4.5%, 3/15/2028							201,566
										5,056,763
Total Value of Corporate Bonds (cost $61,235,572)										59,647,494
			EXCHANGE TRADED FUNDS-4.4%
	33,730		iShares iBoxx USD High Yield Corporate Bond ETF (ETF) (cost $2,892,945)							2,888,637
			PASS-THROUGH CERTIFICATES-1.2%
			Transportation
$	500	M	American Airlines 17-2 AA PTT, 3.35%, 10/15/2029							486,114
	300	M	British Airways 2018-1 AA PTT, 3.8%, 9/20/2031			(a)		(c)		300,000
Total Value of Pass-Through Certificates (cost $800,000)										786,114
Total Value of Investments (cost $64,928,517)				97.5	%					63,322,245
Other Assets, Less Liabilities				2.5						1,597,650
Net Assets				100.0	%				$	64,919,895

(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 March 31, 2018, the Fund
	held nineteen 144A securities with an aggregate value of $6,844,840
	representing 10.5% 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 March 31, 2018, the Fund
	held one security that was fair valued by the Valuation Committee with
	a value of $300,000 representing .5% of the Fund's net assets.
	Summary of Abbreviations:
	ETF   Exchange Traded Fund
	At March 31, 2018, the cost of investments for federal income tax purposes
	was $64,928,516. Accumulated net unrealized depreciation on investments
	was $1,606,271, consisting of $420,198 gross unrealized appreciation and
	$2,026,469 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 March 31, 2018:

		Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	59,647,494	$	-	$	59,647,494
Exchange Traded Funds		2,888,637		-		-		2,888,637
Pass-Through Certificates		-		786,114		-		786,114
Total Investments in Securities*	$	2,888,637	$	60,433,608	$	-	$	63,322,245

*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 March 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
LIMITED DURATION BOND FUND
March 31, 2018

	Principal
	Amount
	or Shares		Security					Value
			CORPORATE BONDS-77.9%
			Automotive-8.2%
$	150	M	Daimler Finance NA, LLC, 3.35%, 2/22/2023			(a)	$	149,574
	108	M	General Motors Financial Co., Inc, 3.2702%, 1/14/2022			+		110,640
	100	M	Hyundai Capital America, 2%, 7/1/2019			(a)		98,627
	200	M	O'Reilly Automotive, Inc., 4.625%, 9/15/2021					208,399
								567,240
			Chemicals-1.5%
	100	M	Dow Chemical Co., 4.25%, 11/15/2020					102,648
			Energy-1.4%
	100	M	BP Capital Markets, PLC, 3.216%, 11/28/2023					99,205
			Financial Services-5.9%
	200	M	PNC Bank NA, 2.7%, 11/1/2022					193,752
	100	M	Protective Life Corp., 7.375%, 10/15/2019					106,429
	100	M	Prudential Financial, Inc., 7.375%, 6/15/2019					105,361
								405,542
			Financials-26.5%
	100	M	Bank of America Corp., 5.65%, 5/1/2018					100,253
	100	M	Bank of Montreal, 1.9%, 8/27/2021					96,094
	100	M	Bank of New York Mellon Corp., 2.05%, 5/3/2021					97,122
	100	M	Barclays Bank, PLC, 6.75%, 5/22/2019					104,371
	100	M	Capital One Financial Corp., 3.05%, 3/9/2022					98,157
	250	M	Citizens Bank, 2.25%, 3/2/2020					245,831
	200	M	Danske Bank A/S, 2.7%, 3/2/2022			(a)		195,457
	100	M	Deutsche Bank AG of New York, 3.15%, 1/22/2021					98,575
	100	M	Goldman Sachs Group, Inc., 3.0746%, 6/5/2023			+		100,588
	100	M	JPMorgan Chase & Co., 4.5%, 1/24/2022					104,094
	200	M	Lloyds Bank, PLC, 3%, 1/11/2022					197,044
	200	M	Morgan Stanley, 2.9247%, 1/20/2022			+		202,496
	100	M	Wells Fargo Bank, NA, 2.6%, 1/15/2021					98,644
	100	M	Wells Fargo & Co., 3.45%, 2/13/2023					98,722
								1,837,448
			Food/Beverage/Tobacco-6.0%
	200	M	Bunge Ltd. Finance Corp., 8.5%, 6/15/2019					212,562
	200	M	Ingredion, Inc., 4.625%, 11/1/2020					207,195
								419,757
			Forest Products/Containers-1.4%
	100	M	Georgia-Pacific, LLC, 3.163%, 11/15/2021			(a)		100,025
			Health Care-2.8%
	100	M	AstraZeneca, PLC, 2.375%, 6/12/2022					96,673
	100	M	Gilead Sciences, Inc., 2.55%, 9/1/2020					99,227
								195,900
			Information Technology-1.4%
	100	M	QUALCOMM, Inc., 2.6%, 1/30/2023					95,976
			Real Estate-8.7%
	200	M	American Tower Trust I, 3.07%, 3/15/2023			(a)		197,661
	100	M	Boston Properties, LP, 5.875%, 10/15/2019					103,887
	100	M	Digital Realty Trust, LP, 2.75%, 2/1/2023					96,118
	100	M	Realty Income Corp., 3.25%, 10/15/2022					99,316
	100	M	Welltower, Inc., 6.125%, 4/15/2020					105,939
								602,921
			Retail-General Merchandise-1.4%
	100	M	Amazon.com, Inc., 2.4%, 2/22/2023			(a)		96,680
			Telecommunications-2.8%
	100	M	AT&T, Inc., 2.45%, 6/30/2020					98,906
	100	M	Verizon Communications, Inc., 1.75%, 8/15/2021					95,517
								194,423
			Transportation-5.3%
	200	M	Aviation Capital Group, LLC, 7.125%, 10/15/2020			(a)		218,445
	141	M	Heathrow Funding, Ltd., 4.875%, 7/15/2021			(a)		148,978
								367,423
			Utilities-4.6%
	100	M	Arizona Public Service Co., 8.75%, 3/1/2019					105,375
	115	M	Sempra Energy, 2.5745%, 3/15/2021					115,385
	100	M	Wisconsin Public Service Corp., 1.65%, 12/4/2018					99,399
								320,159
Total Value of Corporate Bonds (cost $5,601,541)								5,405,347
			RESIDENTIAL MORTGAGE-BACKED SECURITIES-7.1%
			Fannie Mae-3.6%
	101	M	3%, 8/1/2026 - 9/1/2027					101,874
	145	M	3.5%, 12/1/2025 - 12/1/2029					147,838
								249,712
			Freddie Mac-3.5%
	246	M	3%, 8/1/2027 - 12/1/2031					246,491
Total Value of Residential Mortgage-Backed Securities (cost $513,243)								496,203
			U.S. GOVERNMENT AGENCY OBLIGATIONS-4.7%
	325	M	Federal Home Loan Bank, 2.375%, 3/30/2020 (cost $325,117)					325,137
			EXCHANGED TRADED FUNDS-4.0%
	3,225		iShares iBoxx USD High Yield Corporate Bond ETF (ETF) (cost $276,387)					276,189
			COVERED BONDS-3.6%
			Financial Services
$	250	M	Stadshypotek AB, 1.875%, 10/2/2019 (cost $251,853)			(a)		247,301
Total Value of Investments (cost $6,968,141)				97.3	%			6,750,177
Other Assets, Less Liabilities				2.7				184,843
Net Assets				100.0	%		$	6,935,020

(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 March 31, 2018, the Fund
	held nine 144A securities with an aggregate value of $1,452,748
	representing 20.9% of the Fund's net assets.
+	Interest rates are determined and reset periodically. The interest rates
	above are the rates in effect at March 31, 2018.
	Summary of Abbreviations:
	ETF   Exchange Traded Fund
	At March 31, 2018, the cost of investments for federal income tax purposes
	was $6,968,165. Accumulated net unrealized depreciation on investments
	was $218,645, consisting of $913 gross unrealized appreciation and
	$219,558 gross unrealized depreciation.

Portfolio of Investments (unaudited)
LIMITED DURATION BOND FUND
March 31, 2018

Futures contracts outstanding at March 31, 2018:
							Unrealized
Number of			Notional		Value at		Appreciation
Contracts	Type	Expiration	Amounts		March 31, 2018		(Depreciation)
(2)	5 Year U.S. Treasury Note (Premium received $25)	June 2018	$	(228,266)	$	(228,948)	$	(682)

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 March 31, 2018:

		Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	5,405,347	$	-	$	5,405,347
Residential
Mortgage-Backed Securities		-		496,203		-		496,203
U.S. Government Agency
Obligations		-		325,137		-		325,137
Exchange Traded Funds		276,189		-		-		276,189
Covered Bonds		-		247,301		-		247,301
Total Investments in Securities*	$	276,189	$	6,473,988	$	-	$	6,750,177
Liabilities
Futures Contracts	$	(657)	$	-	$	-		$ (657)

*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 March 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
OPPORTUNITY FUND
March 31, 2018

Shares or
Principal
Amount			Security			Value
			COMMON STOCKS-97.3%
			Consumer Discretionary-19.5%
20,200			Acushnet Holdings Corp.			$       466,418
4,300			Aptiv, PLC			365,371
10,400			Aramark Holdings Corp.			411,424
14,600			Big Lots, Inc.			635,538
7,900			BorgWarner, Inc.			396,817
13,000			Dana Holding Corp.			334,880
21,600			DSW, Inc. - Class "A"			485,136
11,300		*	Fox Factory Holding Corp.			394,370
7,600		*	Helen of Troy, Ltd.			661,200
2,400			Lear Corp.			446,616
9,800		*	LKQ Corp.			371,910
8,100			Magna International, Inc.			456,435
10,100			Meredith Corp.			543,380
19,600		*	Michaels Cos., Inc.			386,316
5,800			Nordstrom, Inc.			280,778
6,400			Oxford Industries, Inc.			477,184
7,900			Penske Automotive Group, Inc.			350,207
1,500			Ralph Lauren Corp.			167,700
3,300			Ross Stores, Inc.			257,334
12,200			Ruth's Hospitality Group, Inc.			298,290
20,800		*	ServiceMaster Holdings, Inc.			1,057,680
12,200		*	Sleep Number Corp.			428,830
15,100			Tapestry, Inc.			794,411
18,300		*	Taylor Morrison Home Corp. - Class "A"			426,024
30,600		*	TRI Pointe Group, Inc.			502,758
7,100			Tupperware Brands Corp.			343,498
29,100		*	William Lyon Homes - Class "A"			799,959
6,200			Wyndham Worldwide Corp.			709,466
						13,249,930
			Consumer Staples-6.1%
12,500			B&G Foods, Inc.			296,250
11,900			Conagra Brands, Inc.			438,872
2,450			Dr. Pepper Snapple Group, Inc.			290,031
1,200			J.M. Smucker Co.			148,812
31,400			Koninklijke Ahold Delhaize NV (ADR)			744,808
1,300			McCormick & Co., Inc.			138,307
17,700		*	Performance Food Group Co.			528,345
10,700			Pinnacle Foods, Inc.			578,870
6,386			Tootsie Roll Industries, Inc.			188,068
23,600		*	U.S. Foods Holding Corp.			773,372
						4,125,735
			Energy-3.6%
11,000			Devon Energy Corp.			349,690
4,900			EOG Resources, Inc.			515,823
5,500			EQT Corp.			261,305
5,200			Hess Corp.			263,224
9,000			National Oilwell Varco, Inc.			331,290
17,300			PBF Energy, Inc. - Class "A"			586,470
10,100		*	ProPetro Holding Corp.			160,489
						2,468,291
			Financials-13.9%
4,600			Ameriprise Financial, Inc.			680,524
13,400			Berkshire Hills Bancorp, Inc.			508,530
30,600			Citizens Financial Group, Inc.			1,284,588
4,000			Comerica, Inc.			383,720
14,100			Discover Financial Services			1,014,213
23,900			Financial Select Sector SPDR Fund (ETF)			658,923
9,200			First Republic Bank			852,012
20,000			FNF Group, Inc.			800,400
5,600			Great Western Bancorp, Inc.			225,512
8,500			IBERIABANK Corp.			663,000
7,300			Nasdaq, Inc.			629,406
12,200			SPDR S&P Regional Banking (ETF)			736,758
30,600			Sterling Bancorp			690,030
15,300			Waddell & Reed Financial, Inc. - Class "A"			309,213
						9,436,829
			Health Care-10.3%
2,150			Allergan, PLC			361,824
13,500		*	Centene Corp.			1,442,745
6,100		*	Charles River Laboratories International, Inc.			651,114
7,300			Gilead Sciences, Inc.			550,347
9,200			Hill-Rom Holdings, Inc.			800,400
21,400			Phibro Animal Health Corp. - Class "A"			849,580
20,800		*	Prestige Brands, Inc.			701,376
3,400			Quest Diagnostics, Inc.			341,020
6,400			Thermo Fisher Scientific, Inc.			1,321,344
						7,019,750
			Industrials-15.7%
15,900			A.O. Smith Corp.			1,011,081
13,500			Apogee Enterprises, Inc.			585,225
14,100		*	Atkore International Group Co.			279,885
11,900			ESCO Technologies, Inc.			696,745
16,000		*	Evoqua Water Technologies Corp.			340,640
23,300		*	Gardner Denver Holdings, Inc.			714,844
5,500			Ingersoll-Rand, PLC			470,305
5,000			J. B. Hunt Transport Services, Inc.			585,750
15,900			Korn/Ferry International			820,281
2,500			ManpowerGroup, Inc.			287,750
23,100			Masco Corp.			934,164
15,300		*	MasTec, Inc.			719,865
4,900			Owens Corning			393,960
1,800			Roper Technologies, Inc.			505,242
27,500			Schneider National, Inc. - Class "B"			716,650
2,400			Snap-On, Inc.			354,096
3,100			Stanley Black & Decker, Inc.			474,920
26,300			Triton International, Ltd.			804,780
						10,696,183
			Information Technology-14.1%
6,900			Belden, Inc.			475,686
3,100			Broadcom, Ltd.			730,515
12,200			Cypress Semiconductor Corp.			206,912
9,800		*	Fiserv, Inc.			698,838
4,300		*	FleetCor Technologies, Inc.			870,750
4,300			Lam Research Corp.			873,588
400			LogMeIn, Inc.			46,220
8,180			Methode Electronics, Inc.			319,838
6,100		*	Microsemi Corp.			394,792
3,000			MKS Instruments, Inc.			346,950
7,400			NetApp, Inc.			456,506
8,000		*	NETGEAR, Inc.			457,600
5,200			Silicon Motion Technology Corp. (ADR)			250,224
6,700			SS&C Technologies Holdings, Inc.			359,388
4,000			TE Connectivity, Ltd.			399,600
4,400		*	Tech Data Corp.			374,572
11,500			Technology Select Sector SPDR Fund (ETF)			752,330
42,000			Travelport Worldwide, Ltd.			686,280
4,300			Western Digital Corp.			396,761
3,700		*	Zebra Technologies Corp. - Class "A"			515,003
						9,612,353
			Materials-7.8%
9,100		*	Berry Global Group, Inc.			498,771
2,200			Eastman Chemical Co.			232,276
14,500		*	Ferro Corp.			336,690
9,200			FMC Corp.			704,444
7,000			Greif, Inc.			365,750
5,200			KMG Chemicals, Inc.			311,740
2,400			Praxair, Inc.			346,320
9,800			Sealed Air Corp.			419,342
29,200		*	Summit Materials, Inc. - Class "A"			884,176
11,300			Trinseo SA			836,765
21,500		*	Venator Materials, PLC			388,935
						5,325,209
			Real Estate-4.2%
9,400			Americold Realty Trust (REIT)			179,352
33,000			Brixmor Property Group, Inc. (REIT)			503,250
9,500			Douglas Emmett, Inc. (REIT)			349,220
4,000			Federal Realty Investment Trust (REIT)			464,440
15,300			GGP, Inc. (REIT)			313,038
24,700			RLJ Lodging Trust (REIT)			480,168
25,700			Tanger Factory Outlet Centers, Inc. (REIT)			565,400
						2,854,868
			Utilities-2.1%
14,500			NiSource, Inc.			346,695
8,800			Portland General Electric Co.			356,488
12,200			WEC Energy Group, Inc.			764,940
						1,468,123
Total Value of Common Stocks (cost $53,604,412)						66,257,271
			SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-.7%
$   500	M		Federal Home Loan Bank, 1.68%, 4/19/2018 (cost $499,533)			499,610
Total Value of Investments (cost $54,103,945)				98.0	%	66,756,881
Other Assets, Less Liabilities				2.0		1,344,723
Net Assets				100.0	%	$ 68,101,604

*	Non-income producing
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	REIT	Real Estate Investment Trust
	At March 31, 2018, the cost of investments for federal income tax purposes
	was $54,179,515. Accumulated net unrealized appreciation on investments
	was $12,577,366, consisting of $14,873,271 gross unrealized appreciation
	and $2,295,905 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

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 March 31, 2018:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	66,257,271	$	-	$	-	$	66,257,271
Short-Term U.S. Government
Agency Obligations		-		499,610		-		499,610
Total Investments in Securities*	$	66,257,271	$	499,610	$	-	$	66,756,881

*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 March 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
REAL ESTATE FUND
March 31, 2018

Shares		Security			Value
		COMMON STOCKS-95.3%
		Apartments REITs-11.4%
1,112		Apartment Investment & Management Co. - Class "A"			$       45,314
1,606		AvalonBay Communities, Inc.			264,123
809		Camden Property Trust			68,102
3,464		Equity Residential Properties			213,452
311		Essex Property Trust, Inc.			74,852
1,078		Mid-America Apartment Communities, Inc.			98,357
512		UDR, Inc.			18,237
					782,437
		Diversified REITs-3.3%
266		CoreCivic, Inc.			5,192
164		Digital Realty Trust, Inc.			17,282
1,816		Duke Realty Corp.			48,088
2,148		Forest City Realty Trust, Inc.			43,518
1,803		Vornado Realty Trust			121,342
					235,422
		Health Care REITs-13.1%
8,863		HCP, Inc.			205,888
110		Healthcare Realty Trust, Inc.			3,048
183		Healthcare Trust of America, Inc.			4,840
207		LTC Properties, Inc.			7,866
3,608		Omega Heathcare Investors, Inc.			97,560
1,141	*	Quality Care Properties, Inc.			22,170
7,912		Sabra Health Care REIT, Inc.			139,647
2,637		Senior Housing Properties Trust			41,295
2,833		Ventas, Inc.			140,319
4,301		Welltower, Inc.			234,103
					896,736
		Hotels REITs-3.9%
998		Hospitality Properties Trust			25,289
3,969		Host Hotels & Resorts, Inc.			73,982
1,033		LaSalle Hotel Properties			29,967
6,700		RLJ Lodging Trust			130,248
515		Sunstone Hotel Investors, Inc.			7,838
					267,324
		Infrastructure REITs-3.9%
136		CorEnergy Infrastructure Trust, Inc.			5,105
110		Crown Castle International Corp.			12,057
15,185		Uniti Group, Inc.			246,756
					263,918
		Manufactured Homes REITs-3.7%
2,025		Equity LifeStyle Properties, Inc.			177,734
801		Sun Communities, Inc.			73,187
					250,921
		Office Property REITs-7.9%
543		Alexandria Real Estate Equities, Inc.			67,815
1,952		Boston Properties, Inc.			240,525
293		Brandywine Realty Trust			4,653
953		City Office REIT, Inc.			11,017
1,070		Corporate Office Properties Trust			27,638
304		Douglas Emmett, Inc.			11,175
436		Empire State Realty Trust, Inc. - Class "A"			7,320
1,272	*	Equity Commonwealth			39,012
44		Franklin Street Properties Corp.			370
951		JBG SMITH Properties			32,058
640		Mack-Cali Realty Corp.			10,694
832		Paramount Group, Inc.			11,848
567		Piedmont Office Realty Trust, Inc. - Class "A"			9,974
353		SL Green Realty Corp.			34,181
1,716		Tier REIT, Inc.			31,712
					539,992
		Real Estate Services-1.4%
600		FNF Group, Inc.			24,012
2,019	*	Marcus & Millichap, Inc.			72,805
					96,817
		Regional Malls REITs-25.0%
9,461		CBL & Associates Properties, Inc.			39,452
18,721		GGP, Inc.			383,032
4,665		Macerich Co.			261,333
3,668		Pennsylvania REIT			35,396
3,803		Simon Property Group, Inc.			586,993
8,603		Tanger Factory Outlet Centers, Inc.			189,266
3,416		Taubman Centers, Inc.			194,405
3,449		Washington Prime Group, Inc.			23,005
					1,712,882
		Shopping Centers REITs-2.3%
103		Acadia Realty Trust			2,534
1,039		Brixmor Property Group, Inc.			15,845
308		Cedar Realty Trust, Inc.			1,214
4,035		DDR Corp.			29,577
202		Federal Realty Investment Trust			23,454
992		Kimco Realty Corp.			14,285
396		Kite Realty Group Trust			6,031
169		Ramco-Gershenson Properties Trust			2,089
315		Regency Centers Corp.			18,579
3,522		Retail Properties of America, Inc. - Class "A'			41,067
52		Weingarten Realty Investors			1,460
					156,135
		Single Tenant REITs-2.0%
4,971		Select Income REIT			96,835
734		Spirit Realty Capital, Inc.			5,696
1,393		STORE Capital Corp.			34,574
513		VEREIT, Inc.			3,570
					140,675
		Specialized REITs-.7%
2,500		OUTFRONT Media, Inc.			46,850
		Storage REITs-12.9%
5,747		CubeSmart			162,065
1,461		Extra Space Storage, Inc.			127,633
90		Iron Mountain, Inc.			2,957
1,988		Life Storage, Inc.			166,038
2,117		Public Storage			424,226
					882,919
		Student Housing REITs-.3%
552		American Campus Communities, Inc.			21,318
		Warehouse/Industrial REITs-3.5%
81		DCT Industrial Trust, Inc.			4,564
39		EastGroup Properties, Inc.			3,224
194		First Industrial Realty Trust, Inc.			5,671
7,600		Industrial Logistics Properties Trust			154,584
205		Liberty Property Trust			8,145
992		Prologis, Inc.			62,486
					238,674
Total Value of Common Stocks (cost $6,924,932)			95.3	%	6,533,020
Other Assets, Less Liabilities			4.7		319,921
Net Assets			100.0	%	$ 6,852,941

*	Non-income producing
	Summary of Abbreviations:
	REITs	Real Estate Investment Trusts
	At March 31, 2018, the cost of investments for federal income tax
	purposes was $7,030,242. Accumulated net unrealized depreciation on
	investments was $497,222, consisting of $228,944 gross unrealized
	appreciation and $726,166 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 March 31, 2018:

	Level 1		Level 2		Level 3		Total
Common Stocks*	$	6,533,020	$	-	$	-	$	6,533,020

*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 March 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
SELECT GROWTH FUND
March 31, 2018

Shares		Security			Value
		COMMON STOCKS-98.0%
		Consumer Discretionary-13.4%
15,225		Home Depot, Inc.			$    2,713,704
18,277		Las Vegas Sands Corp.			1,314,116
9,100		Lear Corp.			1,693,419
10,700		McDonald's Corp.			1,673,266
12,500		PVH Corp.			1,892,875
					9,287,380
		Consumer Staples-5.9%
9,472		Procter & Gamble Co.			750,940
30,500		Sysco Corp.			1,828,780
17,400		Wal-Mart Stores, Inc.			1,548,078
					4,127,798
		Energy-.9%
5,260		Chevron Corp.			599,851
		Financials-10.4%
29,200		Bank of New York Mellon Corp.			1,504,676
15,090		Discover Financial Services			1,085,424
16,200		JPMorgan Chase & Co.			1,781,514
22,100		SunTrust Banks, Inc.			1,503,684
25,900		U.S. Bancorp			1,307,950
					7,183,248
		Health Care-16.0%
26,700		Baxter International, Inc.			1,736,568
5,100	*	Biogen, Inc.			1,396,482
22,000	*	Centene Corp.			2,351,140
15,030	*	Express Scripts Holding Co.			1,038,272
14,433		Perrigo Co., PLC			1,202,846
14,000	*	Varian Medical Systems, Inc.			1,717,100
8,400	*	Waters Corp.			1,668,660
					11,111,068
		Industrials-11.9%
6,200		Boeing Co.			2,032,856
18,100		Eaton Corp., PLC			1,446,371
23,000		Emerson Electric Co.			1,570,900
6,500		Huntington Ingalls Industries, Inc.			1,675,440
9,100		Parker Hannifin Corp.			1,556,373
					8,281,940
		Information Technology-37.2%
17,800	*	Adobe Systems, Inc.			3,846,224
1,600	*	Alphabet, Inc. - Class "A"			1,659,424
9,200		Apple, Inc.			1,543,576
12,100	*	Arista Networks, Inc.			3,089,130
65,900	*	Cadence Design Systems, Inc.			2,423,143
11,800	*	F5 Networks, Inc.			1,706,398
14,000	*	Facebook, Inc.			2,237,060
7,700	*	FleetCor Technologies, Inc.			1,559,250
19,700		Microsoft Corp.			1,798,019
36,400		NetApp, Inc.			2,245,516
20,600	*	PayPal Holdings, Inc.			1,562,922
22,000	*	Take-Two Interactive Software, Inc.			2,151,160
					25,821,822
		Materials-2.3%
15,700		Celanese Corp. - Class "A"			1,573,297
Total Value of Common Stocks (cost $49,933,047)			98.0	%	67,986,404
Other Assets, Less Liabilities			2.0		1,396,604
Net Assets			100.0	%	$ 69,383,008

*	Non-income producing
	At March 31, 2018, the cost of investments for federal income tax purposes
	was $49,933,047. Accumulated net unrealized appreciation on investments
	was $18,053,357, consisting of $18,555,923 gross unrealized appreciation
	and $502,566 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 March 31, 2018:

	Level 1		Level 2		Level 3		Total
Common Stocks*	$	67,986,404	$	-	$	-	$	67,986,404

*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 March 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
SPECIAL SITUATIONS FUND
March 31, 2018

Shares or
Principal
Amount			Security			Value
			COMMON STOCKS-99.0%
			Consumer Discretionary-12.4%
97,000		*	Century Communities, Inc.			$    2,905,150
20,000			Cheesecake Factory, Inc.			964,400
65,000			Dana Holding Corp.			1,674,400
88,000			DSW, Inc. - Class "A"			1,976,480
12,000		*	Genesco Inc.			487,200
54,000			Haverty Furniture Cos., Inc.			1,088,100
13,300		*	Helen of Troy, Ltd.			1,157,100
28,900			Meredith Corp.			1,554,820
59,500		*	Michaels Cos., Inc.			1,172,745
39,000		*	Motorcar Parts of America, Inc.			835,770
23,000			Oxford Industries, Inc.			1,714,880
33,500			Penske Automotive Group, Inc.			1,485,055
47,500			Ruth's Hospitality Group, Inc.			1,161,375
51,000		*	ServiceMaster Holdings, Inc.			2,593,350
52,500		*	Taylor Morrison Home Corp. - Class "A"			1,222,200
131,000		*	TRI Pointe Group, Inc.			2,152,330
25,000			Tupperware Brands Corp.			1,209,500
18,500		*	Visteon Corp.			2,039,440
74,500		*	William Lyon Homes - Class "A"			2,048,005
40,100			Wolverine World Wide, Inc.			1,158,890
						30,601,190
			Consumer Staples-4.0%
44,000			B&G Foods, Inc.			1,042,800
30,500			Energizer Holdings, Inc.			1,817,190
11,000			Lancaster Colony Corp.			1,354,540
40,000		*	Performance Food Group Co.			1,194,000
38,500			Pinnacle Foods, Inc.			2,082,850
36,565			Tootsie Roll Industries, Inc.			1,076,839
40,500		*	U.S. Foods Holding Corp.			1,327,185
						9,895,404
			Energy-5.2%
18,000			Andeavor Logistics, LP			1,810,080
65,000		*	Carrizo Oil & Gas, Inc.			1,040,000
51,000			Delek U.S. Holdings, Inc.			2,075,700
39,500		*	Dril-Quip, Inc.			1,769,600
20,000			Energy Select Sector SPDR Fund (ETF)			1,348,200
108,000		*	Jagged Peak Energy, Inc.			1,526,040
71,000		*	Liberty Oilfield Services, Inc. - Class "A"			1,199,190
58,000			PBF Energy, Inc. - Class "A"			1,966,200
						12,735,010
			Financials-23.9%
86,000		*	AllianceBernstein Holding, LP (MLP)			2,309,100
55,000			American Financial Group, Inc.			6,172,100
42,000			Aspen Insurance Holdings, Ltd.			1,883,700
47,000		*	Atlas Financial Holdings, Inc.			486,450
82,000			Berkshire Hills Bancorp, Inc.			3,111,900
111,000			Brown & Brown, Inc.			2,823,840
75,000		*	Capstar Financial Holdings, Inc.			1,412,250
59,000			Citizens Financial Group, Inc.			2,476,820
37,500		*	FCB Financial Holdings, Inc. - Class "A"			1,916,250
72,000			Financial Select Sector SPDR Fund (ETF)			1,985,040
52,000			Great Western Bancorp, Inc.			2,094,040
68,500		*	Green Bancorp, Inc.			1,524,125
46,000			Guaranty Bancorp			1,304,100
29,000			IBERIABANK Corp.			2,262,000
42,000			iShares U.S. Regional Banks ETF (ETF)			2,115,540
22,000			Kemper Corp.			1,254,000
75,500			OceanFirst Financial Corp.			2,019,625
120,000			Old National Bancorp of Indiana			2,028,000
30,000			Popular, Inc.			1,248,600
36,000			Prosperity Bancshares, Inc.			2,614,680
32,000			QCR Holdings, Inc.			1,435,200
45,000		*	Seacoast Banking Corp.			1,191,150
63,000			Simmons First National Corp. - Class "A"			1,792,350
31,000			SPDR S&P Regional Banking (ETF)			1,872,090
180,000			Sterling Bancorp			4,059,000
136,500			TCF Financial Corp.			3,113,565
117,000			Waddell & Reed Financial, Inc. - Class "A"			2,364,570
						58,870,085
			Health Care-6.1%
22,000		*	Cambrex Corp.			1,150,600
28,000		*	Centene Corp.			2,992,360
12,000		*	Charles River Laboratories International, Inc.			1,280,880
20,000			Hill-Rom Holdings, Inc.			1,740,000
13,000		*	ICON, PLC			1,535,820
28,500			PerkinElmer, Inc.			2,158,020
69,500			Phibro Animal Health Corp. - Class "A"			2,759,150
40,195		*	Varex Imaging Corp.			1,438,177
						15,055,007
			Industrials-15.9%
25,500			Apogee Enterprises, Inc.			1,105,425
39,100		*	Atkore International Group Co.			776,135
35,500			Comfort Systems USA, Inc.			1,464,375
25,000			ESCO Technologies, Inc.			1,463,750
71,500		*	Gardner Denver Holdings, Inc.			2,193,620
34,500			Industrial Select Sector SPDR Fund (ETF)			2,563,005
8,500			iShares U.S. Industrials (ETF)			1,232,755
29,000			ITT, Inc.			1,420,420
35,000			Korn/Ferry International			1,805,650
41,000			Masco Corp.			1,658,040
138,000		*	NCI Building Systems, Inc.			2,442,600
38,000			Orbital ATK, Inc.			5,039,180
16,000			Owens Corning			1,286,400
30,900			Park-Ohio Holdings Corp.			1,200,465
26,750		*	Patrick Industries, Inc.			1,654,488
22,000			Regal Beloit Corp.			1,613,700
48,000			Schneider National, Inc. - Class "B"			1,250,880
11,500			Snap-On, Inc.			1,696,710
60,500		*	SPX Corp.			1,965,040
22,000			Standex International Corp.			2,097,700
27,500			Timken Co.			1,254,000
69,000			Triton International, Ltd.			2,111,400
						39,295,738
			Information Technology-12.6%
62,000		*	ARRIS International, PLC			1,647,340
45,000		*	Autoweb, Inc.			134,100
42,500		*	Axcelis Technologies, Inc.			1,045,500
18,000			Belden, Inc.			1,240,920
65,500		*	CommScope Holding Co., Inc.			2,618,035
31,000		*	Diodes, Inc.			944,260
46,500		*	Microsemi Corp.			3,009,480
210,000		*	Mitel Networks Corp.			1,948,800
30,000			MKS Instruments, Inc.			3,469,500
40,000			NetApp, Inc.			2,467,600
58,500		*	Perficient, Inc.			1,340,820
17,100			Silicon Motion Technology Corp. (ADR)			822,852
10,000		*	Tech Data Corp.			851,300
150,000			Travelport Worldwide, Ltd.			2,451,000
100,000		*	TTM Technologies, Inc.			1,529,000
39,000		*	Web.com Group, Inc.			705,900
32,000			Western Digital Corp.			2,952,640
13,000		*	Zebra Technologies Corp. - Class "A"			1,809,470
						30,988,517
			Materials-9.9%
43,000			AptarGroup, Inc.			3,862,690
36,000		*	Berry Global Group, Inc.			1,973,160
108,500		*	Constellium NV - Class "A"			1,177,225
101,000		*	Ferro Corp.			2,345,220
27,500			Greif, Inc.			1,436,875
62,000			Louisiana-Pacific Corp.			1,783,740
89,000		*	PQ Group Holdings, Inc.			1,243,330
24,500			Sealed Air Corp.			1,048,355
18,000			Sensient Technologies Corp.			1,270,440
55,000			Trinseo SA			4,072,750
118,500		*	Venator Materials, PLC			2,143,665
31,000			WestRock Co.			1,989,270
						24,346,720
			Real Estate-5.4%
60,000			Americold Realty Trust (REIT)			1,144,800
120,000			Brixmor Property Group, Inc. (REIT)			1,830,000
63,500			Douglas Emmett, Inc. (REIT)			2,334,260
19,000			Federal Realty Investment Trust (REIT)			2,206,090
104,500			RLJ Lodging Trust (REIT)			2,031,480
76,000			Sunstone Hotel Investors, Inc. (REIT)			1,156,720
69,500			Tanger Factory Outlet Centers, Inc. (REIT)			1,529,000
52,000			Urstadt Biddle Properties, Inc. (REIT)			1,003,600
						13,235,950
			Telecommunication Services-.4%
43,000			iShares U.S. Telecommunications ETF (ETF)			1,161,860
			Utilities-3.2%
43,000			Black Hills Corp.			2,334,900
23,500			Pinnacle West Capital Corp.			1,875,300
43,500			Portland General Electric Co.			1,762,185
30,500			WEC Energy Group, Inc.			1,912,350
						7,884,735
Total Value of Common Stocks (cost $192,426,737)						244,070,216
			SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS-.8%
			Federal Home Loan Bank:
$  1,000	M		1.56%, 4/12/2018			999,542
1,000	M		1.7%, 4/26/2018			998,900
Total Value of Short-Term U.S. Government Agency Obligations (cost $1,998,160)						1,998,442
Total Value of Investments (cost $194,424,897)				99.8	%	246,068,658
Other Assets, Less Liabilities				.2		436,548
Net Assets			100.0		%	$ 246,505,206

*	Non-income producing
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	MLP	Master Limited Partnership
	REIT	Real Estate Investment Trust
	At March 31, 2018, the cost of investments for federal income tax
	purposes was $194,595,108. Accumulated net unrealized
	appreciation on investments was $51,473,550, consisting of
	$61,897,806 gross unrealized appreciation and $10,424,256 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 March 31, 2018:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	244,070,216	$	-	$	-	$	244,070,216
Short-Term U.S. Government
Agency Obligations		-		1,998,442		-		1,998,442
Total Investments in Securities*	$	244,070,216	$	1,998,442	$	-	$	246,068,658

*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 March 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
TOTAL RETURN FUND
March 31, 2018

Shares or
Principal
Amount			Security				Value
			COMMON STOCKS-56.8%
			Consumer Discretionary-6.3%
1,500			Aptiv, PLC				$     127,455
2,800			Aramark Holdings Corp.				110,768
2,900			Big Lots, Inc.				126,237
3,200			BorgWarner, Inc.				160,736
5,550			CBS Corp. - Class "B"				285,214
4,800			DSW, Inc. - Class "A"				107,808
3,400			Ford Motor Co.				37,672
2,700			Home Depot, Inc.				481,248
3,800			L Brands, Inc.				145,198
850			Lear Corp.				158,177
2,950			Magna International, Inc.				166,232
600			Meredith Corp.				32,280
800		*	Michaels Cos., Inc.				15,768
1,600			Penske Automotive Group, Inc.				70,928
800			Ross Stores, Inc.				62,384
3,500			Tapestry, Inc.				184,135
3,000			Tupperware Brands Corp.				145,140
2,200			Walt Disney Co.				220,968
600			Whirlpool Corp.				91,866
1,850			Wyndham Worldwide Corp.				211,696
							2,941,910
			Consumer Staples-5.1%
7,050			Altria Group, Inc.				439,356
4,500			B&G Foods, Inc.				106,650
5,300			Coca-Cola Co.				230,179
6,100			Conagra Brands, Inc.				224,968
600			Dr. Pepper Snapple Group, Inc.				71,028
9,513			Koninklijke Ahold Delhaize NV (ADR)				225,648
2,300			PepsiCo, Inc.				251,045
4,600			Philip Morris International, Inc.				457,240
2,550			Procter & Gamble Co.				202,164
2,250			Wal-Mart Stores, Inc.				200,183
							2,408,461
			Energy-4.6%
2,400			Anadarko Petroleum Corp.				144,984
1,100			Chevron Corp.				125,444
3,800			ConocoPhillips				225,302
5,000			Devon Energy Corp.				158,950
2,950			ExxonMobil Corp.				220,099
3,300			Halliburton Co.				154,902
1,400			Hess Corp.				70,868
4,000			Marathon Oil Corp.				64,520
5,700			Marathon Petroleum Corp.				416,727
1,600			Occidental Petroleum Corp.				103,936
1,550			Phillips 66				148,676
1,200			Schlumberger, Ltd.				77,736
7,000			Suncor Energy, Inc.				241,780
							2,153,924
			Financials-9.6%
4,500			American Express Co.				419,760
2,500			American International Group, Inc.				136,050
2,300			Ameriprise Financial, Inc.				340,262
1,900			Chubb, Ltd.				259,863
7,700			Citizens Financial Group, Inc.				323,246
1,100			Comerica, Inc.				105,523
4,750			Discover Financial Services				341,667
2,000			Hamilton Lane, Inc. - Class "A"				74,460
2,600			IBERIABANK Corp.				202,800
6,400			JPMorgan Chase & Co.				703,808
4,000			MetLife, Inc.				183,560
1,700			Morgan Stanley				91,732
2,250			PNC Financial Services Group, Inc.				340,290
3,700			SPDR S&P Regional Banking (ETF)				223,443
7,100			Sterling Bancorp				160,105
5,300			U.S. Bancorp				267,650
6,400			Wells Fargo & Co.				335,424
							4,509,643
			Health Care-9.8%
6,250			Abbott Laboratories				374,500
4,900			AbbVie, Inc.				463,785
800			Aetna, Inc.				135,200
600			Allergan, PLC				100,974
2,517			Baxter International, Inc.				163,706
1,400		*	Centene Corp.				149,618
4,300			CVS Health Corp.				267,503
2,100			Gilead Sciences, Inc.				158,319
1,250			Hill-Rom Holdings, Inc.				108,750
4,050			Johnson & Johnson				519,007
3,700			Koninklijke Philips NV (ADR)				141,747
2,150			Medtronic, PLC				172,473
5,200			Merck & Co., Inc.				283,244
12,800			Pfizer, Inc.				454,272
4,400			Phibro Animal Health Corp. - Class "A"				174,680
840			Shire, PLC (ADR)				125,488
2,900			Thermo Fisher Scientific, Inc.				598,734
2,800			Zoetis, Inc.				233,828
							4,625,828
			Industrials-7.1%
1,850			3M Co.				406,112
2,200			Apogee Enterprises, Inc.				95,370
8,400		*	Gardner Denver Holdings, Inc.				257,712
3,100			Honeywell International, Inc.				447,981
2,100			Ingersoll-Rand, PLC				179,571
7,415			Johnson Controls International, PLC				261,305
450			Lockheed Martin Corp.				152,068
500			ManpowerGroup, Inc.				57,550
4,900			Masco Corp.				198,156
3,800		*	MasTec, Inc.				178,790
1,700			Owens Corning				136,680
6,300			Schneider National, Inc. - Class "B"				164,178
1,100			Snap-On, Inc.				162,294
850			Stanley Black & Decker, Inc.				130,220
9,000			Triton International, Ltd.				275,400
2,000			United Technologies Corp.				251,640
							3,355,027
			Information Technology-10.1%
4,600			Apple, Inc.				771,788
4,600			Applied Materials, Inc.				255,806
1,100			Broadcom, Ltd.				259,215
13,300			Cisco Systems, Inc.				570,437
1,460		*	Dell Technologies, Inc. - Class "V"				106,887
2,045			DXC Technology Co.				205,584
3,750		*	eBay, Inc.				150,900
1,000		*	FleetCor Technologies, Inc.				202,500
8,600			Intel Corp.				447,888
100			Lam Research Corp.				20,316
9,200			Microsoft Corp.				839,684
1,100		*	NXP Semiconductors NV				128,700
5,200			Oracle Corp.				237,900
5,700			QUALCOMM, Inc.				315,837
1,100			TE Connectivity, Ltd.				109,890
1,300			Western Digital Corp.				119,951
							4,743,283
			Materials-1.4%
4,200			International Paper Co.				224,406
850			Praxair, Inc.				122,655
2,000			RPM International, Inc.				95,340
2,600			Sealed Air Corp.				111,254
1,500			Trinseo SA				111,075
							664,730
			Real Estate-1.1%
10,700			Brixmor Property Group, Inc. (REIT)				163,175
3,700			GGP, Inc. (REIT)				75,702
6,900			Tanger Factory Outlet Centers, Inc. (REIT)				151,800
5,500			Urstadt Biddle Properties, Inc. (REIT)				106,150
							496,827
			Telecommunication Services-1.2%
7,450			AT&T, Inc.				265,592
6,300			Verizon Communications, Inc.				301,266
							566,858
			Utilities-.5%
700			Dominion Energy, Inc.				47,201
4,900			Exelon Corp.				191,149
							238,350
Total Value of Common Stocks (cost $21,438,196)							26,704,841
			CORPORATE BONDS-30.9%
			Aerospace/Defense-.6%
$   300	M		Rockwell Collins, Inc., 3.2%, 3/15/2024				291,989
			Automotive-1.5%
200	M		Daimler Finance NA, LLC, 3.35%, 2/22/2023			(a)	199,432
400	M		Lear Corp., 5.25%, 1/15/2025				422,832
100	M		O'Reilly Automotive, Inc., 3.55%, 3/15/2026				97,968
							720,232
			Chemicals-.8%
100	M		Agrium, Inc., 3.375%, 3/15/2025				97,228
100	M		Dow Chemical Co., 3.5%, 10/1/2024				99,235
200	M		LYB International Finance Co. BV, 3.5%, 3/2/2027				192,304
							388,767
			Energy-4.7%
300	M		Andeavor Logistics, LP, 5.25%, 1/15/2025				305,370
200	M		BP Capital Markets, PLC, 3.216%, 11/28/2023				198,411
300	M		Canadian Oil Sands, Ltd., 7.75%, 5/15/2019			(a)	315,084
100	M		Enbridge Energy Partners, LP, 4.2%, 9/15/2021				101,803
200	M		Enterprise Products Operating, 7.55%, 4/15/2038				270,921
200	M		Kinder Morgan Energy Partners, LP, 3.45%, 2/15/2023				196,702
			Kinder Morgan, Inc.:
150	M		5.625%, 11/15/2023			(a)	160,676
250	M		4.3%, 3/1/2028				249,408
300	M		Magellan Midstream Partners, LP, 5%, 3/1/2026				322,522
100	M		Valero Energy Corp., 9.375%, 3/15/2019				106,050
							2,226,947
			Financial Services-4.6%
100	M		American International Group, Inc., 3.75%, 7/10/2025				98,624
100	M		Ameriprise Financial, Inc., 5.3%, 3/15/2020				104,251
100	M		Assured Guaranty U.S. Holding, Inc., 5%, 7/1/2024				106,744
			Brookfield Finance, Inc.:
300	M		4%, 4/1/2024				302,599
200	M		4.25%, 6/2/2026				201,097
			ERAC USA Finance, LLC:
100	M		4.5%, 8/16/2021			(a)	103,745
100	M		3.3%, 10/15/2022			(a)	99,944
100	M		Ford Motor Credit Co., LLC, 8.125%, 1/15/2020				108,306
300	M		GE Capital International Funding Services, Ltd., 4.418%, 11/15/2035				293,797
208	M		General Motors Financial Co., Inc., 5.25%, 3/1/2026				220,037
100	M		Key Bank NA, 3.4%, 5/20/2026				96,811
100	M		Liberty Mutual Group, Inc., 4.95%, 5/1/2022			(a)	105,688
100	M		Prudential Financial, Inc., 7.375%, 6/15/2019				105,361
200	M		Travelers Cos., Inc., 4.05%, 3/7/2048				202,397
							2,149,401
			Financials-3.7%
200	M		Bank of America Corp., 4.1%, 7/24/2023				206,609
100	M		Barclays Bank, PLC, 5.125%, 1/8/2020				103,341
100	M		Capital One Financial Corp., 3.75%, 4/24/2024				99,402
100	M		Citigroup, Inc., 4.5%, 1/14/2022				104,004
100	M		Deutsche Bank AG, 3.7%, 5/30/2024				96,660
100	M		Goldman Sachs Group, Inc., 3.625%, 1/22/2023				100,455
200	M		HSBC Holdings, PLC, 2.65%, 1/5/2022				194,561
			JPMorgan Chase & Co.:
100	M		4.5%, 1/24/2022				104,094
100	M		3.54%, 5/1/2028			+	97,847
			Morgan Stanley:
200	M		5.5%, 7/28/2021				213,774
100	M		4%, 7/23/2025				101,026
100	M		U.S. Bancorp, 3.6%, 9/11/2024				100,329
200	M		UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028			(a)	201,700
							1,723,802
			Food/Beverage/Tobacco-.5%
			Anheuser-Busch InBev Finance, Inc.:
100	M		3.65%, 2/1/2026				99,573
100	M		4.9%, 2/1/2046				108,269
							207,842
			Forest Products/Containers-.6%
200	M		Packaging Corp. of America, 3.4%, 12/15/2027				191,714
100	M		Rock-Tenn Co., 4.9%, 3/1/2022				105,328
							297,042
			Health Care-.9%
200	M		CVS Health Corp., 3.875%, 7/20/2025				198,576
100	M		Express Scripts Holding Co., 4.75%, 11/15/2021				104,331
100	M		Laboratory Corp. of America Holdings, 3.75%, 8/23/2022				101,793
							404,700
			Information Technology-1.7%
100	M		Apple, Inc., 2.5%, 2/9/2025				94,899
400	M		Corning, Inc., 7.25%, 8/15/2036				488,807
200	M		Diamond 1 Finance Corp., 4.42%, 6/15/2021			(a)	205,302
							789,008
			Manufacturing-.2%
100	M		Johnson Controls International, PLC, 5%, 3/30/2020				104,119
			Media-Broadcasting-.9%
			Comcast Corp.:
100	M		5.15%, 3/1/2020				104,080
300	M		4.25%, 1/15/2033				311,343
							415,423
			Media-Diversified-.2%
100	M		Time Warner, Inc., 3.6%, 7/15/2025				97,462
			Metals/Mining-.7%
235	M		Glencore Funding, LLC, 4.625%, 4/29/2024			(a)	241,063
100	M		Newmont Mining Corp., 5.125%, 10/1/2019				102,938
							344,001
			Real Estate-4.2%
200	M		Alexandria Real Estate Equities, Inc., 3.95%, 1/15/2028				195,716
75	M		Digital Realty Trust, LP, 4.75%, 10/1/2025				78,420
100	M		ERP Operating, LP, 3.375%, 6/1/2025				98,829
200	M		Essex Portfolio, LP, 3.875%, 5/1/2024				201,474
100	M		HCP, Inc., 4.25%, 11/15/2023				102,492
300	M		STORE Capital Corp., 4.5%, 3/15/2028				298,576
200	M		Tanger Properties, LP, 3.125%, 9/1/2026				183,733
100	M		Ventas Realty, LP, 4.75%, 6/1/2021				104,121
200	M		Vornado Realty, LP, 3.5%, 1/15/2025				192,850
			Welltower, Inc.:
100	M		4%, 6/1/2025				100,074
400	M		4.25%, 4/1/2026				405,633
							1,961,918
			Retail-General Merchandise-1.0%
300	M		Amazon.com, Inc., 4.8%, 12/5/2034				333,289
100	M		Home Depot, Inc., 5.875%, 12/16/2036				128,746
							462,035
			Schools-.2%
100	M		Yale University, 2.086%, 4/15/2019				99,790
			Telecommunications-.4%
200	M		AT&T, Inc., 4.25%, 3/1/2027				202,541
			Transportation-1.9%
			Burlington Northern Santa Fe, LLC:
250	M		7%, 12/15/2025				307,805
100	M		5.15%, 9/1/2043				116,006
100	M		Penske Truck Leasing Co., LP, 4.875%, 7/11/2022			(a)	105,348
400	M		Southwest Airlines Co., 3%, 11/15/2026				376,976
							906,135
			Utilities-1.6%
100	M		Commonwealth Edison Co., 5.9%, 3/15/2036				123,297
100	M		Duke Energy Progress, Inc., 4.15%, 12/1/2044				102,916
100	M		Electricite de France SA, 3.625%, 10/13/2025			(a)	100,146
100	M		Entergy Arkansas, Inc., 4.95%, 12/15/2044				102,583
100	M		Ohio Power Co., 5.375%, 10/1/2021				107,664
100	M		Oklahoma Gas & Electric Co., 4%, 12/15/2044				100,978
100	M		Sempra Energy, 9.8%, 2/15/2019				105,898
							743,482
Total Value of Corporate Bonds (cost $15,026,256)							14,536,636
			RESIDENTIAL MORTGAGE-BACKED SECURITIES-5.6%
			Fannie Mae-5.0%
42	M		2.5%, 7/1/2031				40,782
250	M		3%, 5/1/2029 - 11/1/2030				250,726
892	M		3.5%, 11/1/2028 - 1/1/2048				899,354
886	M		4%, 7/1/2041 - 3/1/2047				912,366
147	M		4.5%, 8/1/2041 - 1/1/2047				155,059
77	M		5%, 3/1/2042				82,828
							2,341,115
			Freddie Mac-.6%
64	M		3.5%, 7/1/2044				64,633
71	M		4%, 7/1/2044 - 4/1/2045				73,696
126	M		4.5%, 12/1/2043				132,620
							270,949
Total Value of Residential Mortgage-Backed Securities (cost $2,677,808)							2,612,064
			EXCHANGE TRADED FUNDS-1.8%
9,995			iShares iBoxx USD High Yield Corporate Bond ETF (ETF) (cost $854,998)				855,972
			U.S. GOVERNMENT OBLIGATIONS-1.8%
$   100	M		U.S. Treasury Bonds, 3.125%, 8/15/2044				103,000
			U.S. Treasury Notes:
550	M		1.375%, 4/30/2020				539,548
200	M		2.375%, 5/15/2027				194,074
Total Value of U.S. Government Obligations (cost $856,647)							836,622
			TAXABLE MUNICIPAL BONDS-1.1%
125	M		Met. St. Louis, MO Swr. Dist. Wstwtr. Sys. Rev., 5%, 5/1/2047				144,735
300	M		New Jersey State Tpk. Auth., 4%, 1/1/2043				309,777
75	M		Tomball, TX ISD GO, 5%, 2/15/2041				87,656
Total Value of Taxable Municipal Bonds (cost $552,905)							542,168
			PASS-THROUGH CERTIFICATES-. 2%
			Transportation
100	M		American Airlines 17-2 AA PTT, 3.35%, 10/15/2029 (cost $100,818)				97,223
Total Value of Investments (cost $41,507,628)				98.2	%		46,185,526
Other Assets, Less Liabilities				1.8			856,627
Net Assets			100.0		%		$ 47,042,153

*	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 March 31, 2018, the Fund
	held eleven 144A securities with an aggregate value of $1,838,128
	representing 3.9% of the Fund's net assets.
+	Interest rates are determined and reset periodically. The interest rates
	above are the rates in effect at March 31, 2018.
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	GO	General Obligation
	ISD	Independent School District
	REIT	Real Estate Investment Trust
	PTT	Pass-Through Trust
	At March 31, 2018, the cost of investments for federal income tax
	purposes was $41,510,118. Accumulated net unrealized appreciation on
	investments was $4,675,408, consisting of $6,247,316 gross unrealized
	appreciation and $1,571,908 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

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 March 31, 2018:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	26,704,841	$	-	$	-	$	26,704,841
Corporate Bonds		-		14,536,636		-		14,536,636
Residential
Mortgage-Backed Securities		-		2,612,064		-		2,612,064
Exchange Traded Funds		855,972		-		-		855,972
U.S. Government Obligations		-		836,622		-		836,622
Taxable Municipal Bonds		-		542,168		-		542,168
Pass-Through Certificates		-		97,223		-		97,223
Total Investments in Securities*	$	27,560,813	$	18,624,713	$	-	$	46,185,526

*The Portfolio of Investments provides information on the industry categorization for common stocks, 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 March 31, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Security Valuation - Except as provided below, a security listed or traded on an exchange or the Nasdaq Stock Market is valued at its last sale price on the exchange or market where the security is principally traded, and lacking any sales, the security is valued at the mean between the closing bid and asked prices. Securities traded in the over-the-counter ("OTC") market (including securities listed on exchanges whose primary market is believed to be OTC) are valued at the mean between the last bid and asked prices based 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 evaluated prices that are provided by a pricing service approved by the Trust's Board of Trustees (the "Board"). Other securities may also be priced based upon 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 evaluated prices.

The Funds monitor for significant events occurring prior to the close of trading on the New York Stock Exchange that could have a material impact on the value of any securities that are held by the Funds. Examples of such events include trading halts, natural disasters, political events and issuer-specific developments. If the Valuation Committee of Foresters Investment Management Company, Inc.'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 March 31, 2018, the Investment Grade Fund held one security that was fair valued at a value of $300,000 representing .5% 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. 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 March 31, 2018, 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 March 31, 2018 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 March 31, 2018, the Covered Call Strategy 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 March 31, 2018, the Balanced Income Fund and Limited Duration Fund had investments in interest rate futures contracts, which are listed in its Portfolios of Investments.

Name Change - Effective January 31, 2018, the First Investors Limited Duration High Quality Bond Fund changed its name to First Investors Limited Duration Bond Fund. The purpose of the name change is to reflect some changes to the Fund's investment strategies.

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/ E. Blake Moore Jr.

E. Blake Moore Jr.

President and Principal Executive Officer

Date: May 25, 2018

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/ E. Blake Moore Jr.

E. Blake Moore Jr.

President and Principal Executive Officer

By: /s/ Joseph I. Benedek

Joseph I. Benedek

Treasurer and Principal Financial Officer

Date: May 25, 2018