Portfolio of Investments (unaudited)

COVERED CALL FUND

June 30, 2019

Shares			Security			Value
			COMMON STOCKS—101.0%
			Communication Services—3.9%
	195,200		AT&T, Inc.			$	6,541,152
	117,100		CBS Corp. - Class "B"				5,843,290
							12,384,442
			Consumer Discretionary—9.7%
	53,500		Carnival Corp.				2,490,425
	52,900		Home Depot, Inc.				11,001,613
	75,000		Ross Stores, Inc.				7,434,000
	68,000		Whirlpool Corp.				9,680,480
							30,606,518
			Consumer Staples—7.9%
	23,000		Constellation Brands, Inc.				4,529,620
	53,200		Costco Wholesale Corp.				14,058,632
	61,400		Mondelez International, Inc. - Class "A"				3,309,460
	37,200		Philip Morris International, Inc.				2,921,316
							24,819,028
			Energy—5.9%
	112,400		Chevron Corp.				13,987,056
	88,000		Occidental Petroleum Corp.				4,424,640
							18,411,696
			Financials—16.7%
	69,200		Allstate Corp.				7,036,948
	78,100		American Express Co.				9,640,664
	282,100		Bank of America Corp.				8,180,900
	62,600		BB&T Corp.				3,075,538
	21,200		BlackRock, Inc.				9,949,160
	131,300		JPMorgan Chase & Co.				14,679,340
							52,562,550
			Health Care—10.1%
	56,200	*	Celgene Corp.				5,195,128
	149,500		Medtronic, PLC				14,559,805
	80,300		Merck & Co., Inc.				6,733,155
	25,800		Stryker Corp.				5,303,964
							31,792,052
			Industrials—17.1%
	128,900		Delta Air Lines, Inc.				7,315,075
	87,300		Honeywell International, Inc.				15,241,707
	24,200		Lockheed Martin Corp.				8,797,668
	41,000		Parker Hannifin Corp.				6,970,410
	35,800		Raytheon Co.				6,224,904
	22,300		Union Pacific Corp.				3,771,153
	42,900		United Technologies Corp.				5,585,580
							53,906,497
			Information Technology—25.7%
	85,600		Apple, Inc.				16,941,952
	37,600		Broadcom, Inc.				10,823,536
	273,200		Cisco Systems, Inc.				14,952,236
	55,200		Intel Corp.				2,642,424
	51,700		Mastercard, Inc. - Class "A"				13,676,201
	130,400		Microsoft Corp.				17,468,384
	37,700		Texas Instruments, Inc.				4,326,452
							80,831,185
			Materials—4.0%
	62,400		Dow, Inc.				3,076,944
	128,700		DuPont de Nemours, Inc.				9,661,509
							12,738,453
Total Value of Common Stocks (cost $263,176,487)				101.0	%		318,052,421
Excess of Liabilities Over Other Assets				(1.0	)		(3,174,576	)
Net Assets				100.0	%	$	314,877,845

* Non-income producing

At June 30, 2019, the cost of investments for federal income tax purposes was $263,703,800. Accumulated net unrealized appreciation on investments was $54,348,621, consisting of $62,553,788 gross unrealized appreciation and $8,205,167 gross unrealized depreciation.

Portfolio of Investments (unaudited)

COVERED CALL STRATEGY FUND

June 30, 2019

CALL OPTIONS WRITTEN—(1.9)%	Expiration Date	Exercise Price		Contracts			Value
Allstate Corp.	8/16/19	$	105.00		(692	)	$	(98,610	)
American Express Co.	7/19/19		120.00		(781	)		(382,690	)
Apple, Inc.	7/26/19		207.50		(856	)		(184,896	)
AT&T, Inc.	9/20/19		33.00		(1,952	)		(240,096	)
Bank of America Corp.	7/19/19		29.00		(2,821	)		(212,985	)
BB&T, Inc.	7/19/19		50.00		(626	)		(48,828	)
BlackRock, Inc.	7/19/19		490.00		(212	)		(51,940	)
Broadcom, Inc.	7/19/19		295.00		(376	)		(201,160	)
Carnival Corp.	8/16/19		47.50		(535	)		(61,525	)
CBS Corp. - Class "B"	7/5/19		50.00		(1,171	)		(58,550	)
Celgene Corp.	7/19/19		90.00		(562	)		(200,353	)
Chevron Corp.	7/26/19		128.00		(1,124	)		(126,450	)
Cisco Systems, Inc.	7/19/19		55.00		(2,732	)		(230,854	)
Constellation Brands, Inc.	7/19/19		210.00		(230	)		(14,950	)
Costco Wholesale Corp.	7/19/19		265.00		(532	)		(208,810	)
Delta Air Lines, Inc.	9/20/19		57.50		(1,289	)		(290,025	)
Dow, Inc.	9/20/19		52.50		(624	)		(63,960	)
DuPont de Nemours, Inc.	7/19/19		77.50		(624	)		(47,424	)
DuPont de Nemours, Inc.	9/20/19		80.00		(663	)		(118,677	)
Home Depot, Inc.	9/20/19		215.00		(529	)		(244,662	)
Honeywell International, Inc.	9/20/19		175.00		(873	)		(491,062	)
Intel Corp.	8/16/19		48.00		(552	)		(110,400	)
JPMorgan Chase & Co.	7/19/19		115.00		(1,313	)		(91,910	)
Lockheed Martin Corp.	8/2/19		370.00		(242	)		(148,830	)
Mastercard, Inc. - Class "A"	7/19/19		275.00		(517	)		(63,850	)
Medtronic, PLC	8/2/19		101.00		(1,495	)		(82,225	)
Merck & Co., Inc.	7/19/19		82.50		(803	)		(182,281	)
Microsoft Corp.	7/19/19		140.00		(1,078	)		(90,013	)
Microsoft Corp.	7/19/19		135.00		(226	)		(55,935	)
Mondelez International, Inc. - Class "A"	9/20/19		55.00		(614	)		(86,574	)
Occidental Petroleum Corp.	7/19/19		50.00		(880	)		(132,880	)
Parker Hannifin Corp.	7/19/19		175.00		(410	)		(76,875	)
Philip Morris International, Inc.	7/19/19		80.00		(372	)		(57,102	)
Raytheon Co.	1/17/20		185.00		(358	)		(221,960	)
Ross Stores, Inc.	11/15/19		105.00		(750	)		(277,500	)
Stryker Corp.	9/20/19		210.00		(129	)		(76,755	)
Stryker Corp.	9/20/19		200.00		(129	)		(149,640	)
Texas Instruments, Inc.	7/26/19		115.00		(377	)		(155,513	)
Union Pacific Corp.	8/16/19		175.00		(223	)		(68,350	)
United Technologies Corp.	8/16/19		130.00		(429	)		(176,963	)
Whirlpool Corp.	7/19/19		145.00		(680	)		(164,900	)
Total Value of Call Options Written (premium received $6,277,309)							$	(6,048,963	)

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

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

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

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

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

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

	Level 1		Level 2			Level 3		Total
Assets
Common Stocks*	$	318,052,421	$	-		$	-	$	318,052,421
Liabilities
Call Options Written	$	-	$	(6,048,963	)	$	-	$	(6,048,963	)

* 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 June 30, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

EQUITY INCOME FUND

June 30, 2019

Shares or Principal Amount				Security			Value
				COMMON STOCKS—94.6%
				Communication Services—6.2%
	238,230			AT&T, Inc.			$	7,983,087
	236,400			Comcast Corp. - Special Shares "A"				9,994,992
	183,200			Verizon Communications, Inc.				10,466,216
	20,000			Walt Disney Co.				2,792,800
								31,237,095
				Consumer Discretionary—3.7%
	53,100			Acushnet Holdings Corp.				1,394,406
	51,350			American Eagle Outfitters, Inc.				867,815
	51,250			Designer Brands, Inc. - Class "A"				982,462
	28,350			Lowe's Cos., Inc.				2,860,799
	21,900			McDonald's Corp.				4,547,754
	23,750			Oxford Industries, Inc.				1,800,250
	65,000			Penske Automotive Group, Inc.				3,074,500
	25,850			Tractor Supply Co.				2,812,480
								18,340,466
				Consumer Staples—7.9%
	161,050			Coca-Cola Co.				8,200,666
	34,250			Kimberly-Clark Corp.				4,564,840
	57,150			PepsiCo, Inc.				7,494,080
	44,750			Philip Morris International, Inc.				3,514,218
	69,200			Procter & Gamble Co.				7,587,780
	73,550			Walmart, Inc.				8,126,540
								39,488,124
				Energy—9.1%
	138,707			BP, PLC (ADR)				5,784,082
	66,250			Chevron Corp.				8,244,150
	71,500			ConocoPhillips				4,361,500
	252,200			EnCana Corp.				1,293,786
	94,050			ExxonMobil Corp.				7,207,051
	153,800			Kinder Morgan, Inc.				3,211,344
	75,993			Marathon Petroleum Corp.				4,246,489
	130,900			PBF Energy, Inc. - Class "A"				4,097,170
	32,900			Royal Dutch Shell, PLC - Class "A" (ADR)				2,140,803
	156,000			Suncor Energy, Inc.				4,860,960
								45,447,335
				Financials—21.7%
	125,300		*	AllianceBernstein Holding, LP (MLP)				3,723,916
	29,200			American Express Co.				3,604,448
	303,400			Bank of America Corp.				8,798,600
	56,500			Bank of New York Mellon Corp.				2,494,475
	40,650		*	Berkshire Hathaway, Inc. - Class "B"				8,665,360
	6,300			BlackRock, Inc.				2,956,590
	48,460			Chubb, Ltd.				7,137,673
	92,800			Citigroup, Inc.				6,498,784
	21,800			Goldman Sachs Group, Inc.				4,460,280
	120,445			Hamilton Lane, Inc. - Class "A"				6,872,592
	253,250			Investors Bancorp, Inc.				2,823,738
	119,200			iShares S&P U.S. Preferred Stock Index Fund (ETF)				4,392,520
	112,950			JPMorgan Chase & Co.				12,627,810
	64,100			MetLife, Inc.				3,183,847
	156,700			Old National Bancorp of Indiana				2,599,653
	24,700			PNC Financial Services Group, Inc.				3,390,816
	52,100			Popular, Inc.				2,825,904
	208,450			Regions Financial Corp.				3,114,243
	122,900			Sterling Bancorp				2,615,312
	45,700			Travelers Cos., Inc.				6,833,064
	97,900			Wells Fargo & Co.				4,632,628
	24,700			Willis Towers Watson, PLC				4,731,038
								108,983,291
				Health Care—12.9%
	62,850			Abbott Laboratories				5,285,685
	15,450			Anthem, Inc.				4,360,144
	89,200			Bristol-Myers Squibb Co.				4,045,220
	12,550			Eli Lilly & Co.				1,390,414
	108,450			GlaxoSmithKline, PLC (ADR)				4,340,169
	54,400			Johnson & Johnson				7,576,832
	88,694			Medtronic, PLC				8,637,909
	117,961			Merck & Co., Inc.				9,891,030
	202,474			Pfizer, Inc.				8,771,174
	80,100			Phibro Animal Health Corp. - Class "A"				2,544,777
	119,000			Smith & Nephew, PLC (ADR)				5,181,260
	10,900			UnitedHealth Group, Inc.				2,659,709
								64,684,323
				Industrials—9.3%
	64,250			Eaton Corp., PLC				5,350,740
	23,700			General Dynamics Corp.				4,309,134
	36,200			Honeywell International, Inc.				6,320,158
	45,900			Ingersoll-Rand, PLC				5,814,153
	38,150			Kansas City Southern, Inc.				4,647,433
	15,850			Lockheed Martin Corp.				5,762,109
	15,700			Northrop Grumman Corp.				5,072,827
	46,250			Republic Services, Inc.				4,007,100
	42,200			United Technologies Corp.				5,494,440
								46,778,094
				Information Technology—10.2%
	178,950			Cisco Systems, Inc.				9,793,933
	83,700			Corning, Inc.				2,781,351
	140,750			HP Enterprise Co.				2,104,212
	148,050			HP, Inc.				3,077,959
	153,700			Intel Corp.				7,357,619
	68,950			Maxim Integrated Products, Inc.				4,124,589
	80,750			Microsoft Corp.				10,817,270
	68,300			QUALCOMM, Inc.				5,195,581
	78,600			Teradyne, Inc.				3,765,726
	17,250			Texas Instruments, Inc.				1,979,610
								50,997,850
				Materials—4.6%
	35,000			Avery Dennison Corp.				4,048,800
	57,807			Dow, Inc.				2,850,463
	30,941			DuPont de Nemours, Inc.				2,322,741
	37,300			Eastman Chemical Co.				2,903,059
	38,300			FMC Corp.				3,176,985
	18,300			Linde, PLC				3,674,640
	48,200			LyondellBasell Industries NV - Class "A"				4,151,466
								23,128,154
				Real Estate—3.3%
	111,950			Americold Realty Trust (REIT)				3,629,419
	158,720			Brookfield Property Partners (REIT) (MLP)				3,004,570
	49,500			CyrusOne, Inc. (REIT)				2,857,140
	85,600			Douglas Emmett, Inc. (REIT)				3,410,304
	27,800			Federal Realty Investment Trust (REIT)				3,579,528
								16,480,961
				Utilities—5.7%
	39,900			American Electric Power Co., Inc.				3,511,599
	113,100			CenterPoint Energy, Inc.				3,238,053
	50,000			Dominion Energy, Inc.				3,866,000
	35,000			Duke Energy Corp.				3,088,400
	65,450			Exelon Corp.				3,137,673
	72,250			FirstEnergy Corp.				3,093,022
	19,900			NextEra Energy, Inc.				4,076,714
	58,150			PPL Corp.				1,803,232
	46,150			Utilities Select Sector SPDR Fund (ETF)				2,751,925
								28,566,618
Total Value of Common Stocks (cost $337,261,116)								474,132,311
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—4.8%
				U.S. Treasury Bills:
$	9,000	M		2.05%, 7/2/2019				8,999,514
	15,000	M		1.989%, 7/16/2019				14,987,220
Total Value of Short-Term U.S. Government Obligations (cost $23,984,371)								23,986,734
Total Value of Investments (cost $361,260,487)					99.4	%		498,119,045
Other Assets, Less Liabilities					.6			3,031,435
Net Assets					100.0	%	$	501,150,480

* Non-income producing

Summary of Abbreviations: 

ADR American Depositary Receipts 

ETF Exchange Traded Fund 

MLP Master Limited Partnership 

REIT Real Estate Investment Trust

At June 30, 2019, the cost of investments for federal income tax purposes was $361,271,936. Accumulated net unrealized appreciation on investments was $136,847,109, consisting of $144,228,280 gross unrealized appreciation and $7,381,171 gross unrealized depreciation. 

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

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

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

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

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

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	474,132,311	$	-	$	-	$	474,132,311
Short-Term U.S. Government Obligations		-		23,986,734		-		23,986,734
Total Investments in Securities*	$	474,132,311	$	23,986,734	$	-	$	498,119,045

* 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 June 30, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

GLOBAL FUND

June 30, 2019

Shares or Principal Amount				Security				Value
				COMMON STOCKS—98.5%
				United States—57.9%
	37,721			Abbott Laboratories			$	3,172,336
	30,194		*	Adobe, Inc.				8,896,662
	19,724			Air Products & Chemicals, Inc.				4,464,922
	16,150		*	Alphabet, Inc. - Class "A"				17,487,220
	8,915		*	Alphabet, Inc. - Class "C"				9,636,313
	4,700		*	Amazon.com, Inc.				8,900,061
	55,000			American Eagle Outfitters, Inc.				929,500
	35,500			Apple, Inc.				7,026,160
	26,745		*	Autodesk, Inc.				4,356,761
	57,946			Ball Corp.				4,055,641
	206,167			Bank of America Corp.				5,978,843
	28,973		*	Berkshire Hathaway, Inc. - Class "B"				6,176,174
	77,113			Chevron Corp.				9,595,942
	20,000			Chubb, Ltd.				2,945,800
	129,263			CMS Energy Corp.				7,485,620
	100,291			Coca-Cola Co.				5,106,818
	16,158			Concho Resources, Inc.				1,667,182
	37,888			ConocoPhillips				2,311,168
	135,000		*	Cree, Inc.				7,584,300
	80,232			Duke Energy Corp.				7,079,672
	20,058			Eli Lilly & Co.				2,222,226
	52,374			Entergy Corp.				5,390,856
	29,820			EOG Resources, Inc.				2,778,031
	49,031			Eversource Energy				3,714,589
	78,004		*	Facebook, Inc.				15,054,772
	111,434			FirstEnergy Corp.				4,770,490
	5,572			Goldman Sachs Group, Inc.				1,140,031
	8,915		*	IAC/InterActiveCorp				1,939,280
	3,900		*	Illumina Inc.				1,435,785
	145,979			Intel Corp.				6,988,015
	74,661			Jacobs Engineering Group, Inc.				6,300,642
	20,058			Johnson & Johnson				2,793,678
	57,946			JPMorgan Chase & Co.				6,478,363
	26,745			Kimberly-Clark Corp.				3,564,574
	27,286			KLA-Tencor Corp.				3,225,205
	114,778			Kroger Co.				2,491,830
	16,500			Lockheed Martin Corp.				5,998,410
	20,000			Lowe's Cos., Inc.				2,018,200
	25,000			McDonald's Corp.				5,191,500
	24,515			Medtronic, PLC				2,387,516
	196,459			Merck & Co., Inc.				16,473,087
	90,265			Microsoft Corp.				12,091,899
	78,800			Morgan Stanley				3,452,228
	67,717			Noble Energy, Inc.				1,516,861
	27,177			Northrop Grumman Corp.				8,781,160
	38,062			NVIDIA Corp.				6,250,922
	62,000			PepsiCo, Inc.				8,130,060
	147,094			Pfizer, Inc.				6,372,112
	21,500			Philip Morris International, Inc.				1,688,395
	9,471			Pioneer Natural Resources Co.				1,457,208
	99,734			Procter & Gamble Co.				10,935,833
	16,715		*	Proofpoint, Inc.				2,009,979
	44,859			QUALCOMM, Inc.				3,412,424
	23,795		*	salesforce.com, inc.				3,610,415
	10,029		*	ServiceNow, Inc.				2,753,663
	47,471		*	Synopsys, Inc.				6,109,043
	63,974		*	Take-Two Interactive Software, Inc.				7,262,968
	23,711			Tapestry, Inc.				752,350
	28,973			Texas Instruments, Inc.				3,324,941
	7,801			Thermo Fisher Scientific, Inc.				2,290,998
	34,767			Union Pacific Corp.				5,879,447
	48,792			United Technologies Corp.				6,352,718
	33,397			UnitedHealth Group, Inc.				8,149,202
	31,202			Valero Energy Corp.				2,671,203
	256,299			Verizon Communications, Inc.				14,642,362
	38,938			Visa, Inc. - Class "A"				6,757,690
	32,093			Vulcan Materials Co.				4,406,690
	84,691			WEC Energy Group, Inc.				7,060,689
	57,278			Wells Fargo & Co.				2,710,395
								378,048,030
				Germany—7.4%
	16,994			Adidas AG				5,246,433
	600,000		*	Aixtron SE				5,726,891
	36,105			Allianz AG				8,703,660
	80,470			Fresenius Medical Care AG & Co				6,317,329
	25,000			Fuchs Petrolub SE				983,023
	27,970			Muenchener Rueckver AG				7,019,295
	51,260			Puma SE				3,418,577
	90,000		*	PVA TePla AG				1,381,577
	27,859			Siemens AG				3,313,568
	40,228			Stroeer SE & Co. KGaA				3,021,343
	18,944			Volkswagen AG Preferred Shares				3,192,840
								48,324,536
				United Kingdom—6.1%
	187,815			Anglo American, PLC				5,353,502
	340,000			Arrow Global Group, PLC				980,151
	77,669			Ashtead Group, PLC				2,223,257
	237,922			Babcock International Group, PLC				1,384,451
	889,574			BP, PLC				6,197,634
	144,865			Burford Capital, Ltd.				2,851,565
	61,289			Diageo, PLC				2,633,910
	345,446			Glaxosmithkline, PLC				6,916,553
	14,275		*	GW Pharmaceuticals, PLC				2,460,867
	196,237			Keywords Studios, PLC				4,548,119
	3,677,334			Lloyds Banking Group PLC				2,642,779
	110,000		*	Ocado Group PLC				1,630,240
								39,823,028
				Japan—5.9%
	80,000			en-japan, inc.				3,112,739
	6,700			Keyence Corp.				4,109,549
	720,000			Mitsubishi UFJ Financial Group, Inc.				3,419,190
	36,000			Murata Manufacturing Co., Ltd.				1,616,102
	20,100			Nidec Corp.				2,745,189
	27,700			Nintendo Co., Ltd.				10,145,833
	50,100			Pan Pacific Holdings Corp.				3,178,445
	111,871			Sony Corp.				5,860,478
	70,000			THK Co., Ltd.				1,671,845
	48,000			TIS, Inc.				2,444,187
								38,303,557
				Switzerland—4.9%
	947			Barry Callebaut AG				1,899,433
	850			Interroll Holding AG				2,137,626
	7,912		*	Lonza Group AG				2,669,753
	117,142			Nestle SA				12,126,993
	95,834			Novartis AG				8,756,805
	44,574			Swiss Re AG				4,531,370
								32,121,980
				China—4.0%
	37,583		*	Alibaba Group Holding, Ltd. (ADR)				6,368,439
	836,000			Citic Securities Co., Ltd.				1,742,269
	334,000			Ping An Insurance (Group) Co. of China, Ltd.				4,010,548
	957,600			Sands China, Ltd.				4,578,563
	213,591			Tencent Holdings, Ltd.				9,640,947
								26,340,766
				France—2.1%
	92,490			AXA SA				2,429,436
	14,800			LVMH Moet Hennessy Louis Vuitton SE				6,299,126
	26,000			Safran SA				3,809,399
	39,002			Valeo SA				1,268,387
								13,806,348
				Italy—1.1%
	501,454			Enel SpA				3,501,049
	310,011			UniCredit SpA				3,816,312
								7,317,361
				India—1.0%
	80,000			HDFC Bank, Ltd.				2,832,205
	211,000			Reliance Industries, Ltd.				3,830,417
								6,662,622
				Netherlands—1.0%
	31,000			ASML Holding NV				6,476,854
				Hong Kong—.9%
	334,400			AIA Group, Ltd.				3,606,539
	614,000		*	China Mengniu Dairy Co., Ltd.				2,377,651
								5,984,190
				Thailand—.8%
	400,000			Kasikornbank Public Co., Ltd.				2,471,672
	4,500,000			Thai Beverage, PCL				2,760,532
								5,232,204
				South Korea—.7%
	119,564			Samsung Electronics Co., Ltd.				4,866,850
				Spain—.7%
	453,144			Iberdrola SA				4,516,858
				Luxembourg—.7%
	523,742			Aroundtown SA				4,315,334
				Canada—.6%
	290,000			EnCana Corp.				1,487,700
	84,244			Suncor Energy, Inc.				2,625,043
								4,112,743
				Poland—.6%
	64,000		*	CD Projekt SA				3,690,544
				Australia—.6%
	50,000			Rio Tinto, Ltd.				3,642,235
				Indonesia—.5%
	10,000,000			PT Bank Rakyat Indonesia				3,086,179
				Taiwan—.4%
	75,176			Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)				2,944,644
				Philippines—.4%
	2,600,000			Ayala Land, Inc.				2,577,925
				Sweden—.2%
	53,000			HMS Networks AB				1,017,063
Total Value of Common Stocks (cost $565,456,176)								643,211,851
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—.8%
				United States
$	5,000	M		U.S. Treasury Bills, 1.989%, 7/16/2019 (cost $4,995,303)				4,995,740
Total Value of Investments (cost $570,451,479)					99.3	%		648,207,591
Other Assets, Less Liabilities					.7			4,399,727
Net Assets					100.0	%	$	652,607,318

^* Non-income producing

Summary of Abbreviations:

ADR American Depositary Receipts

At June 30, 2019, the cost of investments for federal income tax purposes was $571,034,045. Accumulated net unrealized appreciation on investments was $77,173,546, consisting of $86,070,357 gross unrealized appreciation and $8,896,811 gross unrealized depreciation.

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

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

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

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

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

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

	Level 1		Level 2		Level 3		Total
Common Stocks
United States	$	378,048,030	$	-	$	-	$	378,048,030
Germany		48,324,536		-		-		48,324,536
United Kingdom		39,823,028		-		-		39,823,028
Japan		38,303,557		-		-		38,303,557
Switzerland		32,121,980		-		-		32,121,980
China		26,340,766		-		-		26,340,766
France		13,806,348		-		-		13,806,348
Italy		7,317,361		-		-		7,317,361
India		6,662,622		-		-		6,662,622
Netherlands		6,476,854		-		-		6,476,854
Hong Kong		5,984,190		-		-		5,984,190
Thailand		5,232,204		-		-		5,232,204
South Korea		4,866,850		-		-		4,866,850
Spain		4,516,858		-		-		4,516,858
Luxembourg		4,315,334		-		-		4,315,334
Canada		4,112,743		-		-		4,112,743
Poland		3,690,544		-		-		3,690,544
Australia		3,642,235		-		-		3,642,235
Indonesia		3,086,179		-		-		3,086,179
Taiwan		2,944,644		-		-		2,944,644
Philippines		2,577,925		-		-		2,577,925
Sweden		1,017,063		-		-		1,017,063
Short-Term U.S Government Obligations		-		4,995,740		-		4,995,740
Total Investments in Securities	$	643,211,851	$	4,995,740	$	-	$	648,207,591

During the period ended June 30, 2019, there were no transfers between Level 1 investments and Level 2 investments that had a material inpact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period (see Note 1A). Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

GROWTH & INCOME FUND

June 30, 2019 

	Shares or Principal Amount			Security				Value
				COMMON STOCKS—93.6%
				Communication Services—8.8%
	16,750		*	Alphabet, Inc. - Class "A"			$	18,136,900
	773,800			AT&T, Inc.				25,930,038
	174,700			CBS Corp. - Class "B"				8,717,530
	740,750			Comcast Corp. - Special Shares "A"				31,318,910
	295,066			Fox Corp. - Class "B"				10,778,761
	124,000		*	Take-Two Interactive Software, Inc.				14,077,720
	554,550			Verizon Communications, Inc.				31,681,442
	67,210			Walt Disney Co.				9,385,204
								150,026,505
				Consumer Discretionary—4.2%
	122,350			Aptiv, PLC				9,889,551
	5,650		*	Booking Holdings, Inc.				10,592,111
	33,850		*	Burlington Stores, Inc.				5,759,577
	82,650			Home Depot, Inc.				17,188,720
	87,000			Lowe's Cos., Inc.				8,779,170
	64,900			McDonald's Corp.				13,477,134
	53,600			Ross Stores, Inc.				5,312,832
								70,999,095
				Consumer Staples—6.9%
	363,800			Coca-Cola Co.				18,524,696
	221,204			Koninklijke Ahold Delhaize NV (ADR)				4,968,242
	248,400			Mondelez International, Inc. - Class "A"				13,388,760
	148,300			PepsiCo, Inc.				19,446,579
	172,400			Philip Morris International, Inc.				13,538,572
	213,150			Procter & Gamble Co.				23,371,898
	213,000			Walmart, Inc.				23,534,370
								116,773,117
				Energy—8.5%
	449,786			BP, PLC (ADR)				18,756,076
	224,350			Chevron Corp.				27,918,114
	220,950			ConocoPhillips				13,477,950
	77,900			EOG Resources, Inc.				7,257,164
	346,250			ExxonMobil Corp.				26,533,137
	158,000			Hess Corp.				10,044,060
	261,480			Marathon Petroleum Corp.				14,611,502
	381,950			Suncor Energy, Inc.				11,901,562
	154,950			Valero Energy Corp.				13,265,270
								143,764,835
				Financials—18.7%
	151,300			American Express Co.				18,676,472
	158,100			American International Group, Inc.				8,423,568
	1,018,250			Bank of America Corp.				29,529,250
	281,850			Bank of New York Mellon Corp.				12,443,677
	124,900		*	Berkshire Hathaway, Inc. - Class "B"				26,624,933
	189,600			Chubb, Ltd.				27,926,184
	317,950			Citigroup, Inc.				22,266,038
	355,500			Citizens Financial Group, Inc.				12,570,480
	99,450			Discover Financial Services				7,716,325
	61,950			Goldman Sachs Group, Inc.				12,674,970
	376,330			JPMorgan Chase & Co.				42,073,694
	173,750			MetLife, Inc.				8,630,163
	189,400			Morgan Stanley				8,297,614
	117,400			PNC Financial Services Group, Inc.				16,116,672
	94,200			Travelers Cos., Inc.				14,084,784
	410,000			U.S. Bancorp				21,484,000
	590,200			Wells Fargo & Co.				27,928,264
								317,467,088
				Health Care—14.6%
	180,050			Abbott Laboratories				15,142,205
	29,416			Anthem, Inc.				8,301,489
	227,350		*	Centene Corp.				11,922,234
	118,350			Eli Lilly & Co.				13,111,997
	188,300			Gilead Sciences, Inc.				12,721,548
	131,250			Hill-Rom Holdings, Inc.				13,731,375
	153,875			Johnson & Johnson				21,431,710
	185,500			Koninklijke Philips NV (ADR)				8,084,090
	243,150			Medtronic, PLC				23,680,379
	366,750			Merck & Co., Inc.				30,751,988
	681,801			Pfizer, Inc.				29,535,619
	207,250			Smith & Nephew, PLC (ADR)				9,023,665
	71,200			Thermo Fisher Scientific, Inc.				20,910,016
	22,801			UnitedHealth Group, Inc.				5,563,672
	145,250			Zimmer Biomet Holdings, Inc.				17,101,735
	53,450			Zoetis, Inc.				6,066,041
								247,079,763
				Industrials—10.4%
	14,150			Boeing Co.				5,150,741
	154,700			Eaton Corp., PLC				12,883,416
	201,000		*	Gardner Denver Holdings, Inc.				6,954,600
	132,500			Honeywell International, Inc.				23,133,175
	122,250			Ingersoll-Rand, PLC				15,485,408
	219,750			Jacobs Engineering Group, Inc.				18,544,703
	46,107			Lockheed Martin Corp.				16,761,739
	333,400			Masco Corp.				13,082,616
	55,050			Northrop Grumman Corp.				17,787,206
	43,563			Stanley Black & Decker, Inc.				6,299,645
	114,100			Union Pacific Corp.				19,295,451
	168,450			United Technologies Corp.				21,932,190
								177,310,890
				Information Technology—11.7%
	180,850		*	Advanced Micro Devices, Inc.				5,492,414
	249,013			Applied Materials, Inc.				11,183,174
	30,063			ASML Holdings NV				6,251,000
	622,700			Cisco Systems, Inc.				34,080,371
	444,650			Corning, Inc.				14,775,719
	309,450			eBay, Inc.				12,223,275
	18,900		*	FleetCor Technologies, Inc.				5,308,065
	301,932			HP, Inc.				6,277,166
	424,875			Intel Corp.				20,338,766
	203,300			Microsoft Corp.				27,234,068
	154,300			Oracle Corp.				8,790,471
	238,250			QUALCOMM, Inc.				18,123,678
	76,500		*	Synopsys, Inc.				9,844,785
	102,050			TE Connectivity, Ltd.				9,774,349
	86,100			Texas Instruments, Inc.				9,880,836
								199,578,137
				Materials—2.7%
	87,200			Celanese Corp.				9,400,160
	98,850			Dow, Inc.				4,874,293
	98,850			DuPont de Nemours, Inc.				7,420,669
	89,830			FMC Corp.				7,451,398
	44,800			Linde, PLC				8,995,840
	98,200			LyondellBasell Industries NV - Class "A"				8,457,966
								46,600,326
				Real Estate—2.0%
	27,650			American Tower Corp. (REIT)				5,653,043
	74,550			Crown Castle International Corp. (REIT)				9,717,593
	43,950			Federal Realty Investment Trust (REIT)				5,659,002
	147,086			iShares U.S. Real Estate (ETF)				12,842,079
								33,871,717
				Utilities—5.1%
	95,550			American Electric Power Co., Inc.				8,409,355
	157,050			CMS Energy Corp.				9,094,765
	92,150			Entergy Corp.				9,484,999
	171,500			Exelon Corp.				8,221,710
	218,400			FirstEnergy Corp.				9,349,704
	53,150			NextEra Energy, Inc.				10,888,309
	61,443			Pinnacle West Capital Corp.				5,781,172
	160,450			Utilities Select Sector SPDR Fund (ETF)				9,567,634
	82,350			WEC Energy Group, Inc.				6,865,520
	143,750			Xcel Energy, Inc.				8,551,688
								86,214,856
Total Value of Common Stocks (cost $1,114,840,741)								1,589,686,329
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—5.9%
				U.S. Treasury Bills:
$	40,000	M		2.05%, 7/2/2019				39,997,840
	60,000	M		1.989%, 7/16/2019				59,948,880
Total Value of Short-Term U.S. Government Obligations (cost $99,936,802)								99,946,720
Total Value of Investments (cost $1,214,777,543)					99.5	%		1,689,633,049
Other Assets, Less Liabilities					.5			7,851,148
Net Assets					100.0	%	$	1,697,484,197

* Non-income producing

Summary of Abbreviations:

ADR  American Depositary Receipts

ETF  Exchange Traded Fund

REIT Real Estate Investment Trust

SPDR  Standard & Poor's Depository Receipts

At June 30, 2019, the cost of investments for federal income tax purposes was $1,218,471,986.  Accumulated net unrealized appreciation on investments was $471,161,063, consisting of $480,440,915 gross unrealized appreciation and $9,279,852 gross unrealized depreciation.

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

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

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

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

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

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,589,686,329	$	-	$	-	$	1,589,686,329
Short-Term U.S Government Obligations		-		99,946,720		-		99,946,720
Total Investments in Securities*	$	1,589,686,329	$	99,946,720	$	-	$	1,689,633,049

* 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 June 30, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

June 30, 2019

Shares			Security	Value
			COMMON STOCKS—89.1%
			Communication Services—1.7%
	69,585		AT&T, Inc.	$	2,331,793
	8,973		CBS Corp. - Class "B"		447,753
	10,205		Cinemark Holdings, Inc.		368,400
	31,682		Comcast Corp. - Special Shares "A"		1,339,515
	3,377	*	TripAdvisor, Inc.		156,321
	16,030		Verizon Communications, Inc.		915,794
					5,559,576
			Consumer Discretionary—11.2%
	1,652	*	Amazon.com, Inc.		3,128,277
	1,349		Autoliv, Inc.		95,118
	13,313	*	CarMax, Inc.		1,155,968
	8,382		Carter's, Inc.		817,580
	16,065		Choice Hotels International, Inc.		1,397,816
	52,692		Compass Group, PLC (United Kingdom)		1,262,713
	12,327		Expedia, Inc.		1,639,861
	13,136		General Motors Corp.		506,130
	8,787		Genuine Parts Co.		910,157
	14,088		Home Depot, Inc.		2,929,881
	3,271		Marriott International, Inc. - Class "A"		458,889
	8,610		Marriott Vacations Worldwide Corp.		830,004
	15,532		McDonald's Corp.		3,225,375
	4,619	*	Netflix, Inc.		1,696,651
	30,138		Newell Brands, Inc.		464,728
	33,298		NIKE, Inc. - Class "B"		2,795,367
	9,265	*	Norwegian Cruise Line Holdings, Inc.		496,882
	611	*	NVR, Inc.		2,059,223
	5,994	*	Ocean Outdoors, Ltd. (Virgin Islands)		46,603
	73,043	*	Pinterest, Inc.		1,988,230
	16,292		Ross Stores, Inc.		1,614,863
	7,096		Royal Caribbean Cruises, Ltd.		860,106
	10,834	*	Skechers USA, Inc.		341,163
	41,957		TJX Cos., Inc.		2,218,686
	7,939		Tractor Supply Co.		863,763
	44,546	*	Under Armour, Inc. - Class "A"		1,129,241
	1,267	*	Veoneer, Inc.		21,932
	878		Whirlpool Corp.		124,992
	3,138		Wyndham Destinations, Inc.		137,758
	3,138		Wyndham Hotels & Resorts, Inc.		174,912
					35,392,869
			Consumer Staples—6.3%
	36,260		Altria Group, Inc.		1,716,911
	5,978		Archer-Daniels-Midland Co.		243,902
	13,408		British American Tobacco, PLC (United Kingdom)		468,087
	1,366		Bunge, Ltd.		76,100
	61,543		Coca-Cola Co.		3,133,770
	34,791		Colgate-Palmolive Co.		2,493,471
	5,364		Costco Wholesale Corp.		1,417,491
	62,843		Diageo, PLC (United Kingdom)		2,700,694
	5,125		Hershey Co.		686,904
	1,866		J.M. Smucker Co.		214,945
	4,708		Kellogg Co.		252,208
	27,868		Kroger Co.		605,014
	12,280		Lamb Weston Holdings, Inc.		778,061
	12,558	*	Monster Beverage Corp.		801,577
	20,130		PepsiCo, Inc.		2,639,647
	9,839		Philip Morris International, Inc.		772,657
	24,734	*	U.S. Foods Holding Corp.		884,488
					19,885,927
			Energy—1.9%
	1,380	*	Apergy Corp.		46,285
	27,823		Canadian Natural Resources, Ltd. (ADR) (Canada)		750,386
	7,717		Chevron Corp.		960,303
	6,232		Cimarex Energy Co.		369,745
	7,714		Concho Resources, Inc.		795,931
	12,595		Diamondback Energy, Inc.		1,372,477
	8,943		Enbridge, Inc. (ADR) (Canada)		322,663
	86,776		EnCana Corp.		445,161
	14,063		Halliburton Co.		319,793
	1,951		Marathon Petroleum Corp.		109,022
	13,800		Tenaris SA (ADR) (Italy)		363,078
					5,854,844
			Financials—13.4%
	35,562		Aflac, Inc.		1,949,153
	811		Alleghany Corp.		552,380
	6,545		Allstate Corp.		665,561
	27,715		American Express Co.		3,421,140
	5,646		American International Group, Inc.		300,819
	7,187		Assurant, Inc.		764,553
	9,909	*	Athene Holding, Ltd. - Class "A"		426,682
	13,147		Bank OZK		395,593
	5,881	*	Berkshire Hathaway, Inc. - Class "B"		1,253,653
	19,081		Chubb, Ltd.		2,810,440
	14,040		Citigroup, Inc.		983,221
	61,462		CNO Financial Group, Inc.		1,025,186
	9,745		Comerica, Inc.		707,877
	2,859	*	Credit Acceptance Corp.		1,383,270
	3,088		FactSet Research Systems, Inc.		884,897
	469		Fairfax Financial Holdings, Ltd. (Canada)		230,197
	18,603		Fidelity National Financial, Inc.		749,701
	864		First Citizens BancShares, Inc. - Class "A"		389,033
	7,635		First Republic Bank		745,558
	10,263		IBERIABANK Corp.		778,449
	13,200	*	J2 Acquisition, Ltd. (ADR) (Virgin Islands)		117,150
	47,343		KeyCorp		840,338
	33,939		Lancashire Holdings, Ltd. (United Kingdom)		296,750
	19,000		Lincoln National Corp.		1,224,550
	13,757		M&T Bank Corp.		2,339,653
	2,161	*	Markel Corp.		2,354,626
	19,620		Marsh & McLennan Cos., Inc.		1,957,095
	28,960		MetLife, Inc.		1,438,443
	2,482		Moody's Corp.		484,759
	34,837		People's United Financial, Inc.		584,565
	21,428		PNC Financial Services Group, Inc.		2,941,636
	9,022		Raymond James Financial, Inc.		762,810
	5,771		Reinsurance Group of America, Inc.		900,449
	3,119		RenaissanceRe Holdings		555,213
	47,174		SLM Corp.		458,531
	7,420		Travelers Cos., Inc.		1,109,438
	18,332		Unum Group		615,039
	6,890		Voya Financial, Inc.		381,017
	18,724		Wells Fargo & Co.		886,020
	718		White Mountain Insurance Group		733,408
	20,744		Zions Bancorp		953,809
					42,352,662
			Health Care—14.6%
	12,031	*	Acadia Healthcare Co., Inc.		420,483
	9,532		Agilent Technologies, Inc.		711,754
	2,849	*	Align Technology, Inc.		779,771
	2,488		Allergan, PLC		416,566
	7,495	*	Alnylam Pharmaceuticals, Inc.		543,837
	6,324		AstraZeneca, PLC (ADR) (United Kingdom)		261,055
	31,883		Baxter International, Inc.		2,611,218
	8,674		Becton, Dickinson & Co.		2,185,935
	1,470	*	Biogen, Inc.		343,789
	10,484		Bristol-Myers Squibb Co.		475,449
	22,243		CVS Health Corp.		1,212,021
	13,244		Danaher Corp.		1,892,832
	4,236		Dentsply Sirona, Inc.		247,213
	12,891	*	Exact Sciences Corp.		1,521,654
	2,311	*	Five Prime Therapeutics, Inc.		13,935
	11,910	*	Haemonetics Corp.		1,433,249
	9,347		Hill-Rom Holdings, Inc.		977,883
	3,299		Humana, Inc.		875,225
	13,395	*	Insulet Corp.		1,599,095
	1,096	*	Intuitive Surgical, Inc.		574,907
	10,247	*	Ionis Pharmaceuticals, Inc.		658,575
	33,425		Johnson & Johnson		4,655,434
	15,484		Koninklijke Philips NV (ADR) (Netherlands)		674,793
	5,084	*	Laboratory Corp. of America Holdings		879,024
	4,580		McKesson Corp.		615,506
	31,923		Medtronic, PLC		3,108,981
	27,857		Merck & Co., Inc.		2,335,809
	1,020	*	Mettler Toledo International, Inc.		856,800
	8,656	*	Penumbra, Inc.		1,384,960
	65,193		Pfizer, Inc.		2,824,161
	9,987	*	Seattle Genetic, Inc.		691,200
	11,475		Stryker Corp.		2,359,031
	2,633		Teleflex, Inc.		871,918
	4,103		Thermo Fisher Scientific, Inc.		1,204,969
	12,778		UnitedHealth Group, Inc.		3,117,960
	2,267	*	WellCare Health Plans, Inc.		646,254
					45,983,246
			Industrials—13.4%
	488		A.O. Smith Corp.		23,014
	3,244		AMERCO		1,228,016
	31,742		Canadian National Railway Co. (Canada)		2,937,750
	3,819	*	Cimpress NV		347,109
	7,902		Cintas Corp.		1,875,066
	10,633	*	Clean Harbors, Inc.		756,006
	3,386	*	CoStar Group, Inc.		1,876,047
	15,621		CSX Corp.		1,208,597
	2,256		Cummins, Inc.		386,543
	9,110		Delta Air Lines, Inc.		516,993
	5,827		Dover Corp.		583,865
	6,152		Equifax, Inc.		831,996
	18,459		Expeditors International of Washington, Inc.		1,400,300
	22,114		Fastenal Co.		720,695
	9,843		Fortune Brands Home & Security, Inc.		562,331
	11,622		General Dynamics Corp.		2,113,112
	27,229	*	Genesee & Wyoming, Inc. - Class "A"		2,722,900
	13,313		Herman Miller, Inc.		595,091
	809		Huntington Ingalls Industries, Inc.		181,815
	10,898		IDEX Corp.		1,875,982
	11,788		Ingersoll-Rand, PLC		1,493,186
	10,037	*	Itron, Inc.		628,015
	24,337	*	JELD-WEN Holding, Inc.		516,675
	4,763		L3 Technologies, Inc.		1,167,745
	7,187		Lennox International, Inc.		1,976,425
	3,973		Lockheed Martin Corp.		1,444,344
	47,937	*	Milacron Holdings Corp.		661,531
	16,762		PACCAR, Inc.		1,201,165
	6,513		Pentair, PLC		242,284
	21,289		Republic Services, Inc.		1,844,479
	6,540		Rockwell Automation, Inc.		1,071,448
	42,243		Sanwa Holdings Corp. (Japan)		453,716
	13,257		Southwest Airlines Co.		673,190
	36,669		Steelcase, Inc. - Class "A"		627,040
	11,720		TransUnion		861,537
	12,211		Union Pacific Corp.		2,065,002
	13,672		Wabtec Corp.		981,103
	7,611		Waste Connections, Inc.		727,459
	12,609		Xylem, Inc.		1,054,617
					42,434,189
			Information Technology—14.3%
	5,271	*	2U, Inc.		198,400
	8,549		Accenture, PLC - Class "A"		1,579,599
	51,883	*	Advanced Micro Devices, Inc.		1,575,687
	3,716	*	Alibaba Group Holding, Ltd. (ADR) (China)		629,676
	48,447	*	Allscripts Healthcare Solution, Inc.		563,439
	15,071		Amdocs, Ltd.		935,758
	17,780	*	Black Knight, Inc.		1,069,467
	2,317		Broadcom, Inc.		666,972
	7,417		CDW Corp.		823,287
	6,679	*	Coherent, Inc.		910,815
	1,618		Constellation Software, Inc. (Canada)		1,524,964
	12,697	*	Delivery Hero AG (Germany)		575,922
	5,629	*	Electronic Arts, Inc.		569,993
	7,445	*	FleetCor Technologies, Inc.		2,090,928
	42,074		Genpact, Ltd.		1,602,599
	5,830		Global Payments, Inc.		933,558
	25,439	*	GoDaddy, Inc. - Class "A"		1,784,546
	12,163	*	Guidewire Software, Inc.		1,233,085
	5,810		Harris Corp.		1,098,845
	27,365	*	Ichor Holdings, Ltd.		646,909
	19,163		Intel Corp.		917,333
	5,574		International Business Machines Corp.		768,655
	57,281	*	Just Eat, PLC (United Kingdom)		454,652
	5,476		KLA-Tencor Corp.		647,263
	10,497		Leidos Holdings, Inc.		838,185
	54,031		Marvell Technology Group, Ltd.		1,289,720
	9,800		Maxim Integrated Products, Inc.		586,236
	7,939	*	Micron Technology, Inc.		306,366
	18,530		Microsoft Corp.		2,482,279
	4,114		Motorola Solutions, Inc.		685,927
	9,049		Samsung Electronics Co., Ltd. (South Korea)		368,339
	8,562		ServiceNow, Inc.		2,350,868
	12,539		Silicon Motion Technology Corp. (ADR) (Taiwan)		556,481
	5,843	*	Splunk, Inc.		734,757
	9,796	*	Spotify Technology SA		1,432,371
	30,431		SS&C Technologies Holdings, Inc.		1,753,130
	21,527		TE Connectivity, Ltd.		2,061,856
	4,487	*	VeriSign, Inc.		938,501
	9,146		Visa, Inc. - Class "A"		1,587,288
	13,820		Western Digital Corp.		657,141
	2,211	*	Wex, Inc.		460,109
	7,296	*	Workday, Inc. - Class "A"		1,499,912
	20,143	*	Yandex NV - Class "A" (ADR) (Russia)		765,434
					45,157,252
			Materials—3.7%
	9,094	*	Alcoa Corp.		212,891
	15,036		Ball Corp.		1,052,370
	19,843		Cabot Corp.		946,710
	14,293		Celanese Corp. - Class "A"		1,540,785
	12,107		CRH, PLC (Ireland)		393,916
	9,286		Eastman Chemical Co.		722,729
	18,875		FMC Corp.		1,565,681
	11,772		Linde, PLC		2,363,818
	12,694		Nucor Corp.		699,439
	5,465		Nutrien, Ltd. (Canada)		292,332
	8,555		Reliance Steel & Aluminum Co.		809,474
	2,238		Sherwin-Williams Co.		1,025,653
					11,625,798
			Real Estate—6.4%
	13,253		Acadia Realty Trust (REIT)		362,735
	3,969		Alexandria Real Estate Equities, Inc. (REIT)		559,986
	16,767		American Tower Corp. (REIT)		3,428,013
	16,746		Americold Realty Trust (REIT)		542,905
	6,468		AvalonBay Communities, Inc. (REIT)		1,314,168
	3,013		Boston Properties, Inc. (REIT)		388,677
	66,263		Brixmor Property Group, Inc. (REIT)		1,184,782
	19,417		Columbia Property Trust, Inc. (REIT)		402,709
	9,303		Crown Castle International Corp. (REIT)		1,212,646
	3,236		Equinix, Inc. (REIT)		1,631,882
	1,375		Federal Realty Investment Trust (REIT)		177,045
	34,794		Host Hotels & Resorts, Inc. (REIT)		633,947
	22,455		Kimco Realty Corp. (REIT)		414,968
	12,777		Lennar Corp. (REIT)		619,173
	1,757		Mid-America Apartment Communities, Inc. (REIT)		206,904
	4,000		PS Business Park, Inc. (REIT)		674,120
	15,097		Public Storage (REIT)		3,595,652
	2,731		Simon Property Group, Inc. (REIT)		436,305
	1,272		SL Green Realty Corp. (REIT)		102,231
	19,474		STORE Capital Corp. (REIT)		646,342
	8,630		UDR, Inc. (REIT)		387,401
	14,946		Welltower, Inc. (REIT)		1,218,547
					20,141,138
			Utilities—2.2%
	7,927		CMS Energy Corp.		459,053
	8,046		Dominion Energy, Inc.		622,117
	6,993		Eversourse Energy		529,790
	12,353		Iberdrola SA (ADR) (Spain)		490,352
	17,886		NRG Energy, Inc.		628,156
	3,214		Pinnacle West Capital Corp.		302,405
	3,165		Sempra Energy		434,998
	32,156		Southern Co.		1,777,584
	33,449		UGI Corp.		1,786,511
					7,030,966
Total Value of Common Stocks (cost $248,310,450)					281,418,467
			WARRANTS—-.0%
			Financials
	7,200	*	J2 Acquisition, Ltd. (Virgin Islands) (Expires 9/7/2027) (Cost $72)		1,512

PUT OPTIONS PURCHASED—.3%
Contracts		S&P 500 Index	Exercise Price	Notional Amount		Value
	43	Expiration 9/20/2019	2,650.00		12,649,568	$	72,885
	60	Expiration 12/20/2019	2,525.00		17,650,560		165,900
	63	Expiration 3/20/2020	2,625.00		18,533,088		377,055
	43	Expiration 6/19/2020	2,700.00		12,649,568		413,445
Total Value of Put Options Purchased (premium paid $1,848,477)						$	1,029,285

Total Value of Investments (cost $250,158,999)	89.4	%		282,449,264
Other Assets, Less Liabilities	10.6			33,353,626
Net Assets	100.0	%	$	315,802,890

* Non-income producing

At June 30, 2019, the cost of investments for federal income tax purposes was $248,679,547. Accumulated net unrealized appreciation on investments was $32,740,432, consisting of $35,724,017 gross unrealized appreciation and $2,983,585 gross unrealized depreciation.

PUT OPTIONS WRITTEN—(.2)%
Contracts			S&P 500 Index	Exercise Price	Notional Amount			Value
	(60	)	Expiration 12/20/2019	2,325.00		(17,650,560	)	$	(82,500	)
	(63	)	Expiration 3/20/2020	2,350.00		(18,533,088	)		(173,880	)
	(43	)	Expiration 6/19/2020	2,475.00		(12,649,568	)		(242,735	)
Total Value of Put Options Written (premium received $786,652)								$	(499,115	)

Futures contracts outstanding at June 30, 2019:

Number of Contracts			Type	Expiration	Notional Amounts			Value at June 30, 2018			Unrealized Appreciation (Depreciation)
	(16	)	E-mini Russell 2000 Index	Sep. 2019	$	(1,206,423	)	$	(1,240,009	)	$	(33,586	)
	(121	)	E-mini S&P 500	Sep. 2019		(29,146,278	)		(29,422,702	)		(276,424	)
	(92	)	E-mini S&P MidCap 400	Sep. 2019		(17,374,940	)		(17,798,332	)		(423,392	)
	(40	)	FTSE 100 Index	Sep. 2019		(2,926,620	)		(2,948,527	)		(21,907	)
	(30	)	MSCI EAFE Index	Sep. 2019		(2,777,755	)		(2,856,713	)		(78,958	)
	(21	)	MSCI EM Index	Sep. 2019		(1,065,475	)		(1,104,225	)		(38,750	)
	(36	)	S&P/TSE 60 Index	Sep. 2019		(5,616,592	)		(5,639,823	)		(23,231	)
(Premium received $713)											$	(896,248	)

At June 30, 2019, Hedged U.S. Equity Opportunities Fund has open foreign exchange contracts as described below.

The unrealized appreciation (depreciation) on the open contracts were as follows:

Counterparty	Settlement Date	Foreign Currency	Receive (Deliver)			Asset		Liability		Unrealized Appreciation (Depreciation)
BNP	9/18/19	EUR		(89,000	)	$	101,202	$	101,527	$	325
MS	9/19/19	JPY		(16,318,000	)		151,351		151,476		125
BNP	9/18/19	GBP		(4,452,000	)		5,653,836		5,642,628		(11,208	)
BAM	9/19/19	CAD		(7,610,000	)		5,811,157		5,707,848		(103,309	)
Net unrealized appreciation (depreciation) on open foreign exchange contracts										$	(114,067	)

A summary of abbreviations for counterparties to foeign exchange contracts are as follows:

BAM	Bank of America/Merrill Lynch
BNP	BNP Paribas
MS	Morgan Stanley

Summary of Abbreviations:

ADR	American Depositary Receipts
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
REIT	Real Estate Investment Trust

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

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

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

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

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

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

	Level 1			Level 2			Level 3		Total
Assets
Common Stocks	$	281,418,467		$	-		$	-	$	281,418,467
Put Options Purchased		-			1,029,285			-		1,029,285
Warrants		1,512			-			-		1,512
Total Investments in Securities*	$	281,419,979		$	1,029,285		$	-	$	282,449,264
Liabilities
Put Options Written	$	-		$	(499,115	)	$	-	$	(499,115	)
Futures Contracts		(896,248	)		-			-		(896,248	)
	$	(896,248	)	$	(499,115	)	$	-	$	(1,395,363	)
Other Financial Instruments**	$	-		$	(114,067	)	$	-	$	(114,067	)

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

** Other financial instruments are foreign exchange contracts and are considered derivative instruments, which are valued at the net unrealized depreciation on the instrument.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

INTERNATIONAL FUND

June 30, 2019

Shares or Principal Amount				Security			Value
				COMMON STOCKS—98.1%
				France—12.9%
	80,533			Air Liquide SA			$	11,268,191
	15,495			L'Oreal SA				4,413,651
	16,080			LVMH Moet Hennessy Louis Vuitton SE				6,843,915
	91,802			Safran SA				13,450,403
	51,857			Teleperformance				10,389,915
	91,018			VINCI SA				9,320,902
								55,686,977
				United Kingdom—12.6%
	228,109			Ashtead Group, PLC				6,529,567
	216,210			Bunzl, PLC				5,702,960
	91,928			DCC, PLC				8,195,453
	159,001			Diageo, PLC				6,833,107
	100,347			London Stock Exchange				6,991,144
	455,248			RELX NV				11,015,860
	1,812,739			Rentokil Initial, PLC				9,150,829
								54,418,920
				India—11.3%
	606,385			HDFC Bank, Ltd.				21,467,579
	300,489			Housing Development Finance Corp., Ltd.				9,542,602
	2,998,151			Power Grid Corp. of India, Ltd.				8,986,526
	268,209			Tata Consultancy Services, Ltd.				8,653,871
								48,650,578
				Canada—10.2%
	266,295			Alimentation Couche-Tard, Inc. - Class "B"				16,757,948
	242,428			CAE, Inc.				6,518,186
	103,748			Canadian National Railway Co.				9,601,968
	11,978			Constellation Software, Inc.				11,289,257
								44,167,359
				United States—9.9%
	8,468		*	Alphabet, Inc. - Class "C"				9,153,146
	7,454		*	Booking Holdings, Inc.				13,974,088
	49,562			Mastercard, Inc. - Class "A"				13,110,636
	67,394			Medtronic, PLC				6,563,502
								42,801,372
				Netherlands—6.6%
	39,933			Heineken NV				4,456,324
	248,157			Unilever NV - CVA				15,113,527
	121,800			Wolters Kluwer NV				8,866,693
								28,436,544
				Switzerland—5.3%
	109,257		*	Alcon, Inc.				6,746,581
	155,501			Nestle SA				16,098,065
								22,844,646
				Germany—5.1%
	30,486			Adidas AG				9,411,720
	90,068			SAP SE				12,367,797
								21,779,517
				Belgium—3.5%
	170,010			Anheuser-Busch InBev SA				15,047,904
				Spain—3.4%
	117,725		*	Cellnex Telecom SA				4,355,971
	352,733			Grifols SA - Class "A"				10,428,412
								14,784,383
				China—3.2%
	50,805		*	Alibaba Group Holding, Ltd. (ADR)				8,608,907
	116,510			Tencent Holdings, Ltd.				5,258,961
								13,867,868
				Ireland—2.6%
	48,165			Flutter Entertainment, PLC				3,622,384
	136,082			Kingspan Group, PLC				7,390,328
								11,012,712
				Brazil—2.5%
	210,127			Equatorial Energia SA				5,054,605
	611,071			Itau Unibanco Holding SA (ADR)				5,756,289
								10,810,894
				Japan—2.4%
	16,782			Keyence Corp.				10,293,500
				Hong Kong—2.2%
	1,229,821			Techtronic Industries Co., Ltd.				9,414,506
				Mexico—1.9%
	3,010,132			Walmart de Mexico SAB de CV				8,216,259
				Taiwan—1.3%
	139,936			Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)				5,481,293
				Australia—1.2%
	35,010			CSL, Ltd.				5,284,436
Total Value of Common Stocks (cost $314,667,150)								422,999,668
				SHORT-TERM U.S.GOVERNMENT OBLIGATIONS—1.2%
				United States
$	5,000	M		U.S. Treasury Bills, 2.05%, 7/2/2019 (cost $4,999,145)				4,999,730
Total Value of Investments (cost $319,666,295)					99.3	%		427,999,398
Other Assets, Less Liabilities					.7			3,012,666
Net Assets					100.0	%	$	431,012,064

* Non-income producing

Summary of Abbreviations:

ADR American Depositary Receipts

At June 30, 2019, the cost of investments for federal income tax purposes was $319,971,854. Accumulated net unrealized appreciation on investments was $108,027,544, consisting of $109,623,985 gross unrealized appreciation and $1,596,441 gross unrealized depreciation.

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

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

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

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

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

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

	Level 1		Level 2		Level 3		Total
Common Stocks
France	$	55,686,977	$	-	$	-	$	55,686,977
United Kingdom		54,418,920		-		-		54,418,920
India		48,650,578		-		-		48,650,578
Canada		44,167,359		-		-		44,167,359
United States		42,801,372		-		-		42,801,372
Netherlands		28,436,544		-		-		28,436,544
Switzerland		22,844,646		-		-		22,844,646
Germany		21,779,517		-		-		21,779,517
Belgium		15,047,904		-		-		15,047,904
Spain		14,784,383		-		-		14,784,383
China		13,867,868		-		-		13,867,868
Ireland		11,012,712		-		-		11,012,712
Brazil		10,810,894		-		-		10,810,894
Japan		10,293,500		-		-		10,293,500
Hong Kong		9,414,506		-		-		9,414,506
Mexico		8,216,259		-		-		8,216,259
Taiwan		5,481,293		-		-		5,481,293
Australia		5,284,436		-		-		5,284,436
Short-Term U.S. Government Obligations		-		4,999,730		-		4,999,730
Total Investments in Securities	$	422,999,668	$	4,999,730	$	-	$	427,999,398

Transfers between Level 1 and Level 2 securities as of June 30, 2019 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 for the period ended June 30, 2019 were $84,971,220. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

OPPORTUNITY FUND

June 30, 2019

	Shares or Principal Amount			Security			Value
				COMMON STOCKS—96.3%
				Communication Services—3.2%
	68,000		*	IAC/InterActive Corp.			$	14,792,040
	100,700			Meredith Corp.				5,544,542
	107,200		*	Take-Two Interactive Software, Inc.				12,170,416
								32,506,998
				Consumer Discretionary—10.4%
	316,400			Acushnet Holdings Corp.				8,308,664
	247,100			Aramark Holdings Corp.				8,910,426
	43,100		*	Burlington Stores, Inc.				7,333,465
	236,000			Designer Brands, Inc. - Class "A"				4,524,120
	34,600			Lear Corp.				4,818,742
	301,400		*	LKQ Corp.				8,020,254
	71,900			Oxford Industries, Inc.				5,450,020
	145,800			Penske Automotive Group, Inc.				6,896,340
	88,300			Ross Stores, Inc.				8,752,296
	319,000		*	ServiceMaster Global Holdings, Inc.				16,616,710
	272,600			Tapestry, Inc.				8,649,598
	394,200		*	Taylor Morrison Home Corp. - Class "A"				8,262,432
	168,700			Wyndham Hotels & Resorts, Inc.				9,403,338
								105,946,405
				Consumer Staples—5.5%
	240,600			Conagra Brands, Inc.				6,380,712
	510,600			Koninklijke Ahold Delhaize NV (ADR)				11,468,076
	34,000			Lancaster Colony Corp.				5,052,400
	62,800			McCormick & Co., Inc.				9,734,628
	248,400		*	Performance Food Group Co.				9,943,452
	370,000		*	U.S. Foods Holding Corp.				13,231,200
								55,810,468
				Energy—4.0%
	275,200			Cabot Oil & Gas Corp.				6,318,592
	984,500			EnCana Corp.				5,050,485
	399,400			Noble Energy, Inc.				8,946,560
	190,900			PBF Energy, Inc. - Class "A"				5,975,170
	390,300		*	ProPetro Holding Corp.				8,079,210
	74,500			Valero Energy Corp.				6,377,945
								40,747,962
				Financials—15.8%
	75,800			American Financial Group, Inc.				7,767,226
	80,400			Ameriprise Financial, Inc.				11,670,864
	364,800			Brown & Brown, Inc.				12,220,800
	541,300			Citizens Financial Group, Inc.				19,140,368
	368,700			Fidelity National Financial, Inc.				14,858,610
	104,061			First Republic Bank				10,161,557
	113,100			IBERIABANK Corp.				8,578,635
	181,700			Nasdaq, Inc.				17,474,089
	221,600			Popular, Inc.				12,019,584
	163,300			Selective Insurance Group, Inc.				12,229,537
	549,800			Sterling Bancorp				11,699,744
	356,900			Synchrony Financial				12,373,723
	130,700			Torchmark Corp.				11,692,422
								161,887,159
				Health Care—12.9%
	254,300		*	Centene Corp.				13,335,492
	115,100		*	Charles River Laboratories International, Inc.				16,332,690
	111,100			Gilead Sciences, Inc.				7,505,916
	108,500			Hill-Rom Holdings, Inc.				11,351,270
	53,600			iShares Nasdaq Biotechnology (ETF)				5,847,760
	82,400		*	Jazz Pharmaceuticals, PLC				11,746,944
	122,900			PerkinElmer, Inc.				11,840,186
	279,772			Phibro Animal Health Corp. - Class "A"				8,888,356
	88,900			Quest Diagnostics, Inc.				9,050,909
	264,100			Smith & Nephew, PLC (ADR)				11,498,914
	47,100			Thermo Fisher Scientific, Inc.				13,832,328
	51,000		*	Waters Corp.				10,977,240
								132,208,005
				Industrials—14.3%
	147,700			ESCO Technologies, Inc.				12,202,974
	411,200		*	Gardner Denver Holdings, Inc.				14,227,520
	124,900			Ingersoll-Rand, PLC				15,821,083
	181,700			ITT, Inc.				11,897,716
	52,300			J. B. Hunt Transport Services, Inc.				4,780,743
	175,200			Jacobs Engineering Group				14,785,128
	94,100			Kansas City Southern, Inc.				11,463,262
	284,400			Korn/Ferry International				11,395,908
	334,700			Masco Corp.				13,133,628
	171,300		*	MasTec, Inc.				8,827,089
	153,600			Owens Corning				8,939,520
	30,050			Roper Technologies, Inc.				11,006,113
	35,300			Snap-On, Inc.				5,847,092
	56,200			Triton International, Ltd.				1,841,112
								146,168,888
				Information Technology—17.0%
	95,400		*	Aspen Technology, Inc.				11,856,312
	62,800		*	Autodesk, Inc.				10,230,120
	130,700		*	Cadence Design Systems, Inc.				9,254,867
	91,500		*	Cree, Inc.				5,140,470
	125,500		*	Fiserv, Inc.				11,440,580
	39,200		*	FleetCor Technologies, Inc.				11,009,320
	69,300			KLA-Tencor Corp.				8,191,260
	87,600			Leidos Holdings, Inc.				6,994,860
	103,300			LogMeIn, Inc.				7,611,144
	185,700			Maxim Integrated Products, Inc.				11,108,574
	119,600			NetApp, Inc.				7,379,320
	74,500		*	Proofpoint, Inc.				8,958,625
	145,100		*	Qorvo, Inc.				9,665,111
	24,800		*	ServiceNow, Inc.				6,809,336
	245,800			SS&C Technologies Holdings, Inc.				14,160,538
	151,700		*	Synopsys, Inc.				19,522,273
	69,300		*	Zebra Technologies Corp. - Class "A"				14,517,657
								173,850,367
				Materials—2.1%
	126,800			FMC Corp.				10,518,060
	54,200			Linde, PLC				10,883,360
								21,401,420
				Real Estate—5.9%
	224,900			Alexander & Baldwin, Inc. (REIT)				5,195,190
	200,700			American Campus Communities, Inc. (REIT)				9,264,312
	529,500			Brixmor Property Group, Inc. (REIT)				9,467,460
	268,000			Douglas Emmett, Inc. (REIT)				10,677,120
	87,650			Federal Realty Investment Trust (REIT)				11,285,814
	101,300			iShares U.S. Real Estate (ETF)				8,844,503
	113,800			Liberty Property Trust (REIT)				5,694,552
								60,428,951
				Utilities—5.2%
	434,700			CenterPoint Energy, Inc.				12,445,461
	230,800			CMS Energy Corp.				13,365,628
	166,000			Portland General Electric Co.				8,992,220
	214,400			WEC Energy Group, Inc.				17,874,528
								52,677,837
Total Value of Common Stocks (cost $746,402,848)								983,634,460
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—3.4%
				U.S. Treasury Bills:
$	6,000	M		2.05%, 7/2/2019				5,999,676
	29,000	M		1.989%, 7/16/2019				28,975,292
Total Value of Short-Term U.S. Government Obligations (cost $34,971,733)								34,974,968
Total Value of Investments (cost $781,374,581)					99.7	%		1,018,609,428
Other Assets, Less Liabilities					.3			2,545,636
Net Assets					100.0	%	$	1,021,155,064

* Non-income producing

Summary of Abbreviations:

ADR American Depositary Receipts

ETF Exchange Traded Fund

REIT Real Estate Investment Trust

At June 30, 2019, the cost of investments for federal income tax purposes was $781,409,897. Accumulated net unrealized appreciation on investments was $237,199,531, consisting of $265,912,769 gross unrealized appreciation and $28,713,238 gross unrealized depreciation.

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

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

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

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

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

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	983,634,460	$	-	$	-	$	983,634,460
Short-Term U.S Government Obligations		-		34,974,968		-		34,974,968
Total Investments in Securities*	$	983,634,460	$	34,974,968	$	-	$	1,018,609,428

* 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 June 30, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

PREMIUM INCOME FUND

June 30, 2019

	Shares		Security				Value
			COMMON STOCKS—121.3%
			Communication Services—2.7%
	63,700		CBS Corp. - Class "B"			$	3,178,630
			Consumer Discretionary—14.0%
	24,700		Best Buy Co., Inc.				1,722,331
	46,200		Carnival Corp.				2,150,610
	18,900		Home Depot, Inc.				3,930,633
	37,400		Ross Stores, Inc.				3,707,088
	22,300		TJX Cos., Inc.				1,179,224
	24,600		Whirlpool Corp.				3,502,056
							16,191,942
			Consumer Staples—10.1%
	24,000		Coca-Cola Co.				1,222,080
	22,400		Colgate-Palmolive Co.				1,605,408
	14,700		Constellation Brands, Inc.				2,895,018
	23,600		General Mills, Inc.				1,239,472
	21,800		Mondelez International, Inc. - Class "A"				1,175,020
	45,700		Philip Morris International, Inc.				3,588,821
							11,725,819
			Energy—12.4%
	33,100		Chevron Corp.				4,118,964
	28,100		ConocoPhillips				1,714,100
	16,200		ExxonMobil Corp.				1,241,406
	88,800		Halliburton Co.				2,019,312
	147,800		Kinder Morgan, Inc.				3,086,064
	45,000		Occidental Petroleum Corp.				2,262,600
							14,442,446
			Exchange Traded Funds—1.1%
	4,700		SPDR DJIA ETF Trust (ETF)				1,249,495
			Financials—22.4%
	27,500		Allstate Corp.				2,796,475
	39,200		American Express Co.				4,838,848
	72,600		Bank of America Corp.				2,105,400
	18,400		BB&T Corp.				903,992
	8,200		BlackRock, Inc.				3,848,260
	34,500		Discover Financial Services				2,676,855
	37,500		JPMorgan Chase & Co.				4,192,500
	70,300		Morgan Stanley				3,079,843
	30,600		U.S. Bancorp				1,603,440
							26,045,613
			Health Care—12.7%
	19,100		Amgen, Inc.				3,519,748
	68,100		Bristol-Myers Squibb Co.				3,088,335
	33,900	*	Celgene Corp.				3,133,716
	44,100		Medtronic, PLC				4,294,899
	3,400		Stryker Corp.				698,972
							14,735,670
			Industrials—19.8%
	58,400		Delta Air Lines, Inc.				3,314,200
	14,500		Eaton Corp., PLC				1,207,560
	9,700		General Dynamics Corp.				1,763,654
	24,600		Honeywell International, Inc.				4,294,914
	8,700		Lockheed Martin Corp.				3,162,798
	20,800		Raytheon Co.				3,616,704
	31,300		United Parcel Service, Inc. - Class "B"				3,232,351
	18,600		United Technologies Corp.				2,421,720
							23,013,901
			Information Technology—18.3%
	19,900		Apple, Inc.				3,938,608
	13,900		Broadcom, Inc.				4,001,254
	31,600		Cisco Systems, Inc.				1,729,468
	18,800		Citrix Systems, Inc.				1,845,032
	77,700		Intel Corp.				3,719,499
	16,700		International Business Machines Corp.				2,302,930
	12,700		Microsoft Corp.				1,701,292
	17,600		Texas Instruments, Inc.				2,019,776
							21,257,859
			Materials—5.7%
	20,500		Dow, Inc.				1,010,855
	36,400		DuPont de Nemours, Inc.				2,732,548
	51,800		Nucor Corp.				2,854,180
							6,597,583
			Utilities—2.1%
	50,300		Exelon Corp.				2,411,382
Total Value of Common Stocks (cost $138,380,670)				121.3	%		140,850,340
Excess of Liabilities Over Other Assets				(21.3	)		(24,736,875	)
Net Assets				100.0	%	$	116,113,465

* Non-income producing

Summary of Abbreviations:

ETF  Exchange Traded Fund

SPDR Standard & Poor’s Depository Receipts 

At June 30, 2019, the cost of investments for federal income tax purposes was $138,464,110.  Accumulated net unrealized appreciation on investments was $2,386,230, consisting of $9,238,015 gross unrealized appreciation and $6,851,785 gross unrealized depreciation.

Portfolio of Investments (unaudited)

PREMIUM INCOME FUND

June 30, 2019

CALL OPTIONS WRITTEN—(23.2)%	Expiration Date	Exercise Price		Contracts			Value
Allstate Corp.	1/17/20		82.50		(275	)	$	(556,875	)
American Express Co.	1/17/20		95.00		(354	)		(1,054,920	)
American Express Co.	1/17/20		85.00		(22	)		(86,625	)
American Express Co.	1/17/20		82.50		(16	)		(67,000	)
Amgen, Inc.	1/17/20		160.00		(82	)		(232,265	)
Amgen, Inc.	1/17/20		155.00		(109	)		(354,522	)
Apple, Inc.	1/17/20		185.00		(59	)		(135,405	)
Apple, Inc.	1/17/20		165.00		(28	)		(104,370	)
Apple, Inc.	1/17/20		160.00		(51	)		(214,327	)
Apple, Inc.	1/17/20		150.00		(61	)		(303,780	)
Bank of America Corp.	1/17/20		23.00		(726	)		(470,085	)
BB&T, Inc.	9/20/19		43.00		(184	)		(117,300	)
Best Buy Co., Inc.	9/20/19		57.50		(247	)		(324,187	)
BlackRock, Inc.	10/18/19		370.00		(14	)		(142,100	)
BlackRock, Inc.	1/17/20		410.00		(26	)		(178,100	)
BlackRock, Inc.	1/17/20		380.00		(36	)		(340,380	)
BlackRock, Inc.	1/17/20		350.00		(6	)		(73,050	)
Bristol-Myers Squibb Co.	1/17/20		43.00		(276	)		(117,990	)
Bristol-Myers Squibb Co.	1/17/20		42.00		(120	)		(58,800	)
Bristol-Myers Squibb Co.	1/17/20		40.00		(105	)		(66,150	)
Bristol-Myers Squibb Co.	6/19/20		40.00		(180	)		(127,350	)
Broadcom, Inc.	1/17/20		250.00		(53	)		(262,880	)
Broadcom, Inc.	1/17/20		230.00		(45	)		(292,500	)
Broadcom, Inc.	1/17/20		220.00		(41	)		(301,555	)
Carnival Corp.	10/18/19		50.00		(405	)		(46,575	)
Carnival Corp.	1/17/20		47.50		(57	)		(16,387	)
CBS Corp. - Class "B"	9/20/19		45.00		(304	)		(173,280	)
CBS Corp. - Class "B"	9/20/19		40.00		(39	)		(41,047	)
CBS Corp. - Class "B"	1/17/20		47.50		(269	)		(137,862	)
CBS Corp. - Class "B"	1/17/20		42.50		(25	)		(21,562	)
Celgene Corp.	10/18/19		70.00		(102	)		(234,345	)
Celgene Corp.	1/17/20		75.00		(14	)		(26,320	)
Celgene Corp.	1/17/20		50.00		(223	)		(952,210	)
Chevron Corp.	1/17/20		105.00		(255	)		(508,725	)
Chevron Corp.	6/19/20		100.00		(76	)		(196,270	)
Cisco Systems, Inc.	1/17/20		37.00		(316	)		(558,530	)
Citrix Systems, Inc.	9/20/19		85.00		(129	)		(182,535	)
Citrix Systems, Inc.	12/20/19		85.00		(59	)		(87,320	)
Coca-Cola Co.	1/17/20		40.00		(240	)		(279,600	)
Colgate-Palmolive Co.	8/16/19		52.50		(68	)		(130,900	)
Colgate-Palmolive Co.	1/17/20		55.00		(156	)		(264,810	)
ConocoPhillips	1/17/20		55.00		(281	)		(236,040	)
Constellation Brands, Inc.	10/18/19		145.00		(147	)		(788,655	)
Delta Air Lines, Inc.	1/17/20		47.00		(77	)		(85,085	)
Delta Air Lines, Inc.	1/17/20		45.00		(116	)		(145,870	)
Delta Air Lines, Inc.	1/17/20		43.00		(180	)		(261,900	)
Delta Air Lines, Inc.	1/17/20		40.00		(211	)		(361,865	)
Discover Financial Services	1/17/20		65.00		(238	)		(334,390	)
Discover Financial Services	1/17/20		62.50		(86	)		(139,750	)
Discover Financial Services	1/17/20		60.00		(21	)		(39,270	)
Dow, Inc.	1/17/20		50.00		(98	)		(30,135	)
Dow, Inc.	1/17/20		45.00		(107	)		(63,665	)
DuPont de Nemours, Inc.	1/17/20		60.00		(364	)		(605,150	)
Eaton Corp., PLC	1/17/20		72.50		(145	)		(178,350	)
Exelon Corp.	1/17/20		42.00		(503	)		(334,495	)
ExxonMobil Corp.	11/15/19		72.50		(129	)		(75,465	)
ExxonMobil Corp.	1/17/20		70.00		(33	)		(26,977	)
General Dynamics Corp.	1/17/20		150.00		(78	)		(267,150	)
General Dynamics Corp.	1/17/20		130.00		(19	)		(99,085	)
General Mills, Inc.	1/17/20		42.50		(236	)		(246,620	)
Halliburton Co.	1/17/20		17.50		(133	)		(79,135	)
Halliburton Co.	1/17/20		25.00		(755	)		(121,177	)
Home Depot, Inc.	11/15/19		160.00		(33	)		(164,092	)
Home Depot, Inc.	1/17/20		175.00		(33	)		(121,852	)
Home Depot, Inc.	1/17/20		170.00		(48	)		(198,120	)
Home Depot, Inc.	1/17/20		160.00		(75	)		(375,187	)
Honeywell International, Inc.	1/17/20		140.00		(209	)		(773,300	)
Honeywell International, Inc.	1/17/20		120.00		(37	)		(206,183	)
Intel Corp.	1/17/20		42.00		(777	)		(578,865	)
International Business Machines Corp.	10/18/19		120.00		(83	)		(163,510	)
International Business Machines Corp.	1/17/20		120.00		(84	)		(178,080	)
JPMorgan Chase & Co.	1/17/20		100.00		(287	)		(382,428	)
JPMorgan Chase & Co.	1/17/20		95.00		(37	)		(65,213	)
JPMorgan Chase & Co.	1/17/20		90.00		(51	)		(109,650	)
Kinder Morgan, Inc.	1/17/20		15.00		(1,478	)		(853,545	)
Lockheed Martin Corp.	1/17/20		290.00		(35	)		(270,550	)
Lockheed Martin Corp.	1/17/20		260.00		(52	)		(547,560	)
Medtronic, PLC	1/17/20		80.00		(269	)		(496,978	)
Medtronic, PLC	1/17/20		80.00		(105	)		(193,988	)
Medtronic, PLC	1/17/20		77.50		(67	)		(138,690	)
Microsoft Corp.	1/17/20		92.50		(127	)		(537,845	)
Mondelez International, Inc. - Class "A"	1/17/20		40.00		(218	)		(313,375	)
Morgan Stanley	1/17/20		41.00		(348	)		(165,300	)
Morgan Stanley	1/17/20		35.00		(355	)		(336,363	)
Nucor Corp.	10/18/19		42.50		(223	)		(292,688	)
Nucor Corp.	1/17/20		50.00		(37	)		(27,380	)
Nucor Corp.	1/17/20		47.50		(258	)		(239,940	)
Occidental Petroleum Corp.	1/17/20		57.50		(342	)		(55,404	)
Occidental Petroleum Corp.	1/17/20		55.00		(80	)		(17,880	)
Occidental Petroleum Corp.	1/17/20		45.00		(28	)		(19,880	)
Philip Morris International, Inc.	1/17/20		80.00		(350	)		(144,375	)
Philip Morris International, Inc.	1/17/20		72.50		(107	)		(89,345	)
Raytheon Co.	1/17/20		160.00		(56	)		(107,800	)
Raytheon Co.	1/17/20		155.00		(116	)		(266,800	)
Raytheon Co.	1/17/20		150.00		(36	)		(97,920	)
Ross Stores, Inc.	8/16/19		77.50		(64	)		(142,400	)
Ross Stores, Inc.	1/17/20		77.50		(53	)		(126,405	)
Ross Stores, Inc.	1/17/20		67.50		(257	)		(842,960	)
SPDR DJIA ETF Trust (ETF)	9/20/19		235.00		(47	)		(155,335	)
Stryker Corp.	1/17/20		130.00		(34	)		(260,610	)
Texas Instruments, Inc.	1/17/20		92.50		(79	)		(192,958	)
Texas Instruments, Inc.	1/17/20		90.00		(57	)		(151,050	)
Texas Instruments, Inc.	1/17/20		85.00		(40	)		(123,600	)
TJX Companies, Inc.	1/17/20		46.25		(109	)		(87,745	)
TJX Companies, Inc.	1/17/20		42.50		(114	)		(125,970	)
U.S. Bancorp	12/20/19		45.00		(195	)		(157,463	)
U.S. Bancorp	1/17/20		45.00		(111	)		(90,743	)
United Parcel Service, Inc. - Class "B"	1/17/20		100.00		(90	)		(78,750	)
United Parcel Service, Inc. - Class "B"	1/17/20		95.00		(35	)		(42,263	)
United Parcel Service, Inc. - Class "B"	1/17/20		92.50		(48	)		(65,520	)
United Parcel Service, Inc. - Class "B"	1/17/20		90.00		(140	)		(218,750	)
United Technologies Corp.	8/16/19		110.00		(47	)		(97,878	)
United Technologies Corp.	1/17/20		105.00		(139	)		(371,130	)
Whirlpool Corp.	9/20/19		115.00		(246	)		(710,325	)
Total Value of Call Options Written (premium received $24,004,594)							$	(26,932,964	)

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

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

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

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

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

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

	Level 1		Level 2			Level 3		Total
Assets
Common Stocks*	$	140,850,340	$	-		$	-	$	140,850,340
Liabilities
Call Options Written	$	-	$	(26,932,964	)	$	-	$	(26,932,964	)

* 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 June 30, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

SELECT GROWTH FUND

June 30, 2019

	Shares or Principal Amount			Security			Value
				COMMON STOCKS—99.5%
				Communication Services—12.1%
	20,180		*	Alphabet, Inc. - Class "A"			$	21,850,904
	299,033			Cinemark Holdings, Inc.				10,795,091
	362,700			Comcast Corp. - Special Shares "A"				15,334,956
	115,000		*	Facebook, Inc.				22,195,000
	275,700		*	TripAdvisor, Inc.				12,762,153
								82,938,104
				Consumer Discretionary—10.2%
	22,300		*	AutoZone, Inc.				24,518,181
	117,100		*	Deckers Outdoor Corp.				20,606,087
	110,960			PVH Corp.				10,501,254
	159,891			Target Corp.				13,848,160
								69,473,682
				Consumer Staples—4.3%
	131,412			Procter & Gamble Co.				14,409,326
	136,212			Walmart, Inc.				15,050,064
								29,459,390
				Energy—.9%
	47,300			Chevron Corp.				5,886,012
				Financials—7.9%
	471,500			Bank of America Corp.				13,673,500
	131,190			Discover Financial Services				10,179,032
	232,500			Progressive Corp.				18,583,725
	220,930			U.S. Bancorp				11,576,732
								54,012,989
				Health Care—18.6%
	94,800			Allergan, PLC				15,872,364
	243,610			Baxter International, Inc.				19,951,659
	44,310		*	Biogen, Inc.				10,362,780
	280,300			Bristol-Myers Squibb Co.				12,711,605
	397,540		*	Centene Corp.				20,846,998
	163,572			Eli Lilly & Co.				18,122,142
	153,000			Merck & Co., Inc.				12,829,050
	121,180		*	Varian Medical Systems, Inc.				16,496,233
								127,192,831
				Industrials—10.1%
	182,100			Dover Corp.				18,246,420
	154,190			Eaton Corp., PLC				12,840,943
	80,392			Huntington Ingalls Industries, Inc.				18,067,298
	100,500			Norfolk Southern Corp.				20,032,665
								69,187,326
				Information Technology—35.4%
	99,800		*	Adobe Systems, Inc.				29,406,070
	144,364			Automatic Data Processing, Inc.				23,867,700
	438,550		*	Cadence Design Systems, Inc.				31,053,726
	91,200		*	EPAM Systems, Inc.				15,786,720
	281,280		*	Fortinet, Inc.				21,610,742
	198,850			Microsoft Corp.				26,637,946
	306,520			NetApp, Inc.				18,912,284
	230,000			Oracle Corp.				13,103,100
	85,100		*	Palo Alto Networks, Inc.				17,339,976
	207,540		*	PayPal Holdings, Inc.				23,755,028
	97,000		*	Zebra Technologies Corp. - Class "A"				20,320,530
								241,793,822
Total Value of Common Stocks (cost $560,827,150)								679,944,156
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—.4%
				U.S. Treasury Bills:
$	2,000	M		2.05%, 7/2/2019				1,999,892
	1,000	M		1.989%, 7/16/2019				999,148
Total Value of Short-Term U.S. Government Obligations (cost $2,998,719)								2,999,040
Total Value of Investments (cost $563,825,869)					99.9	%		682,943,196
Other Assets, Less Liabilities					.1			887,433
Net Assets					100.0	%	$	683,830,629

* Non-income producing

At June 30, 2019, the cost of investments for federal income tax purposes was $563,825,869. Accumulated net unrealized appreciation on investments was $119,117,327, consisting of $138,351,259 gross unrealized appreciation and $19,233,922 gross unrealized depreciation.

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

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

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

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

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

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	679,944,156	$	-	$	-	$	679,944,156
Short-Term U.S Government Obligations		-		2,999,040		-		2,999,040
Total Investments in Securities*	$	679,944,156	$	2,999,040	$	-	$	682,943,196

* 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 June 30, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments

SPECIAL SITUATIONS FUND

June 30, 2019

Shares or Principal Amount				Security				Value
				COMMON STOCKS—95.0%
				Consumer Discretionary—10.6%
	241,600			American Eagle Outfitters, Inc.			$	4,083,040
	82,400			Cheesecake Factory, Inc.				3,602,528
	40,900			Children's Place, Inc.				3,901,042
	312,600			Dana, Inc.				6,233,244
	205,500			Designer Brands, Inc. - Class "A"				3,939,435
	171,200			Haverty Furniture Cos., Inc.				2,915,536
	51,100		*	Helen of Troy, Ltd.				6,673,149
	185,100		*	MasterCraft Boat Holdings, Inc.				3,626,109
	52,700			Oxford Industries, Inc.				3,994,660
	113,300			Penske Automotive Group, Inc.				5,359,090
	145,000			Ruth's Hospitality Group, Inc.				3,292,950
	394,000		*	TRI Pointe Group, Inc.				4,716,180
	47,400		*	Visteon Corp.				2,776,692
	204,500			Wolverine World Wide, Inc.				5,631,930
								60,745,585
				Consumer Staples—3.9%
	164,700			Energizer Holdings, Inc.				6,364,008
	116,000		*	Performance Food Group Co.				4,643,480
	187,271			Tootsie Roll Industries, Inc.				6,915,918
	128,500		*	U.S. Foods Holding Corp.				4,595,160
								22,518,566
				Energy—5.5%
	264,700		*	Carrizo Oil & Gas, Inc.				2,652,294
	184,100			Delek U.S. Holdings, Inc.				7,459,732
	320,000		*	Jagged Peak Energy, Inc.				2,646,400
	451,500		*	Keane Group, Inc.				3,034,080
	330,200			Liberty Oilfield Services, Inc. - Class "A"				5,342,636
	464,400		*	Oasis Petroleum, Inc.				2,637,792
	153,000			PBF Energy, Inc. - Class "A"				4,788,900
	254,900		*	WPX Energy, Inc.				2,933,899
								31,495,733
				Financials—25.5%
	318,300		*	AllianceBernstein Holding, LP (MLP)				9,459,876
	229,629			Amalgamated Bank - Class "A"				4,007,026
	80,100			American Financial Group, Inc.				8,207,847
	236,900			Berkshire Hills Bancorp, Inc.				7,436,291
	167,100			Brown & Brown, Inc.				5,597,850
	184,100			Capstar Financial Holdings, Inc.				2,789,115
	561,000			CNO Financial Group, Inc.				9,357,480
	257,200			Great Western Bancorp, Inc.				9,187,184
	49,000			IBERIABANK Corp.				3,716,650
	107,100			Independent Bank Group, Inc.				5,886,216
	82,400			James River Group Holdings, Ltd.				3,864,560
	56,350			Kemper Corp.				4,862,441
	278,700			OceanFirst Financial Corp.				6,925,695
	524,300			Old National Bancorp of Indiana				8,698,137
	93,900			Prosperity Bancshares, Inc.				6,202,095
	100,400			QCR Holdings, Inc.				3,500,948
	103,100		*	Seacoast Banking Corp.				2,622,864
	306,700			Simmons First National Corp. - Class "A"				7,133,842
	508,800			Sterling Bancorp				10,827,264
	175,000			Synovus Financial Corp.				6,125,000
	326,000			TCF Financial Corp.				6,777,540
	241,000			Veritex Holdings, Inc.				6,253,950
	407,000			Waddell & Reed Financial, Inc. - Class "A"				6,784,690
								146,224,561
				Health Care—5.4%
	34,700		*	Charles River Laboratories International, Inc.				4,923,930
	33,000			Hill-Rom Holdings, Inc.				3,452,460
	23,600		*	ICON, PLC				3,633,692
	194,300			Phibro Animal Health Corp. - Class "A"				6,172,911
	293,500		*	Prestige Brands, Inc.				9,298,080
	39,600			SPDR S&P Biotech ETF (ETF)				3,473,316
								30,954,389
				Industrials—14.7%
	169,400			AAR Corp.				6,232,226
	276,800		*	Atkore International Group Co.				7,160,816
	187,800			Columbus McKinnon Corp.				7,881,966
	90,000			Comfort Systems USA, Inc.				4,589,100
	56,200			ESCO Technologies, Inc.				4,643,244
	223,700		*	Gardner Denver Holdings, Inc.				7,740,020
	47,700			ICF International, Inc.				3,472,560
	111,000			Kennametal, Inc.				4,105,890
	124,900			Korn/Ferry International				5,004,743
	76,700			Park-Ohio Holdings Corp.				2,499,653
	73,200			Regal Beloit Corp.				5,981,172
	64,800			SPDR S&P Transportation (ETF)				3,967,056
	252,600		*	SPX Corp.				8,340,852
	173,700			Timken Co.				8,917,758
	113,000			Triton International, Ltd.				3,701,880
								84,238,936
				Information Technology—9.2%
	47,400		*	Alpha & Omega Semiconductor, Ltd.				442,716
	44,100		*	Cree, Inc.				2,477,538
	137,100		*	Diodes, Inc.				4,986,327
	181,200		*	Ichor Holdings, Ltd.				4,283,568
	28,100		*	MicroStrategy, Inc. - Class “A”				4,027,011
	71,600			MKS Instruments, Inc.				5,576,924
	161,900		*	NETGEAR, Inc.				4,094,451
	401,700		*	PDF Solutions, Inc.				5,270,304
	251,000		*	Perficient, Inc.				8,614,320
	149,500		*	Rambus, Inc.				1,799,980
	432,900		*	TTM Technologies, Inc.				4,415,580
	119,700		*	Verint Systems, Inc.				6,437,466
								52,426,185
				Materials—7.0%
	34,000			AptarGroup, Inc.				4,227,560
	124,900		*	Berry Global Group, Inc.				6,568,491
	212,200		*	Ferro Corp.				3,352,760
	186,500			Louisiana-Pacific Corp.				4,890,030
	302,610		*	PQ Group Holdings, Inc.				4,796,369
	117,100			Schweitzer-Mauduit International., Inc.				3,885,378
	103,900			Sensient Technologies Corp.				7,634,572
	155,200			SPDR S&P Metals & Mining (ETF)				4,404,576
								39,759,736
				Real Estate—6.8%
	292,500			Americold Realty Trust (REIT)				9,482,850
	315,000			Brixmor Property Group, Inc. (REIT)				5,632,200
	156,800			Douglas Emmett, Inc. (REIT)				6,246,912
	24,900			Federal Realty Investment Trust (REIT)				3,206,124
	234,368			Industrial Logistics Properties Trust (REIT)				4,879,542
	133,700			JBG SMITH Properties (REIT)				5,259,758
	324,200			Sunstone Hotel Investors, Inc. (REIT)				4,444,782
								39,152,168
				Utilities—6.4%
	148,300			Black Hills Corp.				11,592,611
	79,600			IDACORP, Inc.				7,994,228
	84,100			Pinnacle West Capital Corp.				7,912,969
	166,100			Portland General Electric Co.				8,997,637
								36,497,445
Total Value of Common Stocks (cost $490,906,754)								544,013,304
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—4.3%
				U.S. Treasury Bills:
$	7,000	M		2.05%, 7/2/2019				6,999,622
	18,000	M		1.989%, 7/16/2019				17,984,664
Total Value of Short-Term U.S. Government Obligations (cost $24,981,895)								24,984,286
Total Value of Investments (cost $515,888,649)					99.3	%		568,997,590
Other Assets, Less Liabilities					.7			3,785,277
Net Assets					100.0	%	$	572,782,867

^* Non-income producing

Summary of Abbreviations:

ETF Exchange Traded Fund

MLP Master Limited Partnership

REIT Real Estate Investment Trust

SPDR Standard & Poor's Depository Receipts

At June 30, 2019, the cost of investments for federal income tax purposes was $516,000,624. Accumulated net unrealized appreciation on investments was $52,996,966, consisting of $90,516,787 gross unrealized appreciation and $37,519,821 gross unrealized depreciation.

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

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

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

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

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

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	544,013,304	$	-	$	-	$	544,013,304
Short-Term U.S Government Obligations		-		24,984,286		-		24,984,286
Total Investments in Securities*	$	544,013,304	$	24,984,286	$	-	$	568,997,590

* 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 June 30, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)

TOTAL RETURN FUND

June 30, 2019

	Shares or Principal Amount			Security					Value
				COMMON STOCKS—58.1%
				Communication Services—4.6%
	7,950		*	Alphabet, Inc. - Class "A"				$	8,608,260
	138,500			AT&T, Inc.					4,641,135
	105,875			CBS Corp. - Class "B"					5,283,162
	111,200			Comcast Corp. - Special Shares "A"					4,701,536
	48,300		*	Take-Two Interactive Software, Inc.					5,483,499
	119,275			Verizon Communications, Inc.					6,814,181
	36,500			Walt Disney Co.					5,096,860
									40,628,633
				Consumer Discretionary—1.9%
	1,650		*	Amazon.com, Inc.					3,124,489
	92,550			American Eagle Outfitters, Inc.					1,564,095
	11,250		*	Burlington Stores, Inc.					1,914,187
	26,330			Home Depot, Inc.					5,475,850
	30,950			Lowe's Cos., Inc.					3,123,165
	18,350			Ross Stores, Inc.					1,818,852
									17,020,638
				Consumer Staples—4.7%
	161,340			Coca-Cola Co.					8,215,433
	89,630			Koninklijke Ahold Delhaize NV (ADR)					2,013,090
	87,250			Mondelez International, Inc. - Class "A"					4,702,775
	65,660			PepsiCo, Inc.					8,609,996
	57,610			Philip Morris International, Inc.					4,524,113
	55,250			Procter & Gamble Co.					6,058,163
	60,870			Walmart, Inc.					6,725,526
									40,849,096
				Energy—4.4%
	122,973			BP, PLC (ADR)					5,127,974
	62,850			Chevron Corp.					7,821,054
	49,550			ConocoPhillips					3,022,550
	400,850			EnCana Corp.					2,056,360
	69,752			ExxonMobil Corp.					5,345,096
	102,100			Marathon Petroleum Corp.					5,705,348
	59,900			Schlumberger, Ltd.					2,380,426
	63,660			Suncor Energy, Inc.					1,983,646
	63,600			Valero Energy Corp.					5,444,796
									38,887,250
				Financials—11.4%
	42,320			American Express Co.					5,223,981
	18,200			Aon, PLC					3,512,236
	285,200			Bank of America Corp.					8,270,800
	52,500			Chubb, Ltd.					7,732,725
	86,800			Citigroup, Inc.					6,078,604
	26,100			Goldman Sachs Group, Inc.					5,340,060
	117,450			Hamilton Lane, Inc. - Class "A"					6,701,697
	100,030			JPMorgan Chase & Co.					11,183,354
	81,200			MetLife, Inc.					4,033,204
	95,180			Morgan Stanley					4,169,836
	44,725			PNC Financial Services Group, Inc.					6,139,848
	90,650			Popular, Inc.					4,916,856
	173,150			Sterling Bancorp					3,684,632
	157,850			Synchrony Financial					5,472,660
	42,150			Travelers Cos., Inc.					6,302,268
	124,945			U.S. Bancorp					6,547,118
	92,770			Wells Fargo & Co.					4,389,876
									99,699,755
				Health Care—10.2%
	66,460			Abbott Laboratories					5,589,286
	16,750			Anthem, Inc.					4,727,018
	104,350		*	Centene Corp.					5,472,114
	29,650		*	Charles River Laboratories International, Inc.					4,207,335
	24,550			Eli Lilly & Co.					2,719,894
	47,750		*	Exact Sciences Corp.					5,636,410
	62,450			Hill-Rom Holdings, Inc.					6,533,519
	21,900			Johnson & Johnson					3,050,232
	65,950			Koninklijke Philips NV (ADR)					2,874,101
	61,200			Medtronic, PLC					5,960,268
	74,795			Merck & Co., Inc.					6,271,561
	131,479			Pfizer, Inc.					5,695,670
	147,300			Smith & Nephew, PLC (ADR)					6,413,442
	22,295			Thermo Fisher Scientific, Inc.					6,547,596
	30,150		*	Vertex Pharmaceuticals, Inc.					5,528,907
	57,350			Zimmer Biomet Holdings, Inc.					6,752,389
	43,415			Zoetis, Inc.					4,927,168
									88,906,910
				Industrials—8.0%
	104,350		*	Gardner Denver Holdings, Inc.					3,610,510
	49,150			Honeywell International, Inc.					8,581,098
	73,500			Ingersoll-Rand, PLC					9,310,245
	73,100			Jacobs Engineering Group, Inc.					6,168,909
	46,750			Kansas City Southern, Inc.					5,695,085
	22,620			Lockheed Martin Corp.					8,223,275
	21,100			Northrop Grumman Corp.					6,817,621
	65,500			Republic Services, Inc.					5,674,920
	19,200			Stanley Black & Decker, Inc.					2,776,512
	32,450			Union Pacific Corp.					5,487,620
	58,680			United Technologies Corp.					7,640,136
									69,985,931
				Information Technology—11.9%
	27,000		*	Adobe Systems, Inc.					7,955,550
	106,700		*	Advanced Micro Devices, Inc.					3,240,479
	155,247			Cisco Systems, Inc.					8,496,668
	158,700			Corning, Inc.					5,273,601
	106,800		*	Cree, Inc.					6,000,024
	75,600		*	Fiserv, Inc.					6,891,696
	124,875			Intel Corp.					5,977,766
	58,950			Maxim Integrated Products, Inc.					3,526,389
	54,100		*	Mellanox Technologies, Ltd.					5,987,247
	57,735			Microsoft Corp.					7,734,181
	133,750			Nintendo Co., Ltd. (ADR)					6,121,737
	20,250			NVIDIA Corp.					3,325,657
	95,500			Oracle Corp.					5,440,635
	72,220			QUALCOMM, Inc.					5,493,775
	8,850		*	salesforce.com, Inc.					1,342,811
	43,050		*	Synopsys, Inc.					5,540,105
	32,350			Texas Instruments, Inc.					3,712,486
	46,800			Visa, Inc. - Class "A"					8,122,140
	32,850		*	Worldpay, Inc. - Class "A"					4,025,768
									104,208,715
				Materials—1.0%
	27,216			Dow, Inc.					1,342,021
	27,216			DuPont de Nemours, Inc.					2,043,105
	25,830			Linde, PLC					5,186,664
									8,571,790
Total Value of Common Stocks (cost $374,075,872)									508,758,718
				CORPORATE BONDS—23.7%
				Aerospace/Defense—.3%
$	100	M		Bombardier, Inc., 6%, 10/15/2022			(a)		100,929
	2,500	M		Rockwell Collins, Inc., 3.5%, 3/15/2027					2,603,802
				TransDigm, Inc.:
	50	M		6.5%, 7/15/2024					50,750
	25	M		6.25%, 3/15/2026			(a)		26,375
	50	M		Triumph Group, Inc., 5.25%, 6/1/2022					49,250
									2,831,106
				Automotive—1.6%
	175	M		American Axle & Manufacturing, Inc., 6.25%, 4/1/2025					174,781
	50	M		Asbury Automotive Group, Inc., 6%, 12/15/2024					52,000
	175	M		Cooper Standard Automotive, Inc., 5.625%, 11/15/2026			(a)		156,187
	320	M		Dana Holding Corp., 5.5%, 12/15/2024					329,600
	2,500	M		Ford Motor Credit Co., LLC, 8.125%, 1/15/2020					2,571,117
	4,345	M		General Motors Financial Co., Inc., 5.25%, 3/1/2026					4,664,444
	50	M		Hertz Corp., 5.875%, 10/15/2020					50,088
	25	M		IAA Spinco, Inc., 5.5%, 6/15/2027			(a)		26,063
	75	M		J.B. Poindexter & Co., 7.125%, 4/15/2026			(a)		76,875
	3,380	M		Lear Corp., 5.25%, 1/15/2025					3,502,157
	50	M		LKQ Corp., 4.75%, 5/15/2023					50,750
	2,500	M		O'Reilly Automotive, Inc., 3.55%, 3/15/2026					2,579,795
	50	M		Panther BF Aggeregator 2, LP, 8.5%, 5/15/2027			(a)		51,625
	50	M		Tenneco, Inc., 5%, 7/15/2026					40,500
									14,325,982
				Building Materials—.0%
				Building Materials Corp.:
	75	M		5.375%, 11/15/2024			(a)		77,906
	50	M		6%, 10/15/2025			(a)		53,312
	75	M		Griffon Corp., 5.25%, 3/1/2022					74,906
	50	M		New Enterprise Stone & Lime Co., 6.25%, 3/15/2026			(a)		50,875
	25	M		Standard Industries, Inc., 5.5%, 2/15/2023			(a)		25,750
									282,749
				Chemicals—.3%
	125	M		Blue Cube Spinco, Inc., 10%, 10/15/2025					142,031
	50	M		CF Industries, Inc., 4.95%, 6/1/2043					44,937
	75	M		Chemours Co., 5.375%, 5/15/2027					71,812
	50	M		Koppers, Inc., 6%, 2/15/2025			(a)		47,125
	50	M		Kraton Polymers, LLC, 7%, 4/15/2025			(a)		50,875
	2,100	M		LyondellBasell Industries NV, 6%, 11/15/2021					2,252,391
	50	M		Neon Holdings, Inc., 10.125%, 4/1/2026			(a)		49,375
	100	M		Rain CII Carbon, LLC, 7.25%, 4/1/2025			(a)		93,000
	70	M		Rayonier AM Products, Inc., 5.5%, 6/1/2024			(a)		60,200
	50	M		Tronox, Inc., 6.5%, 4/15/2026			(a)		49,750
									2,861,496
				Consumer Non-Durables—.1%
				Energizer Holdings, Inc.:
	50	M		5.5%, 6/15/2025			(a)		50,750
	25	M		6.375%, 7/15/2026			(a)		25,750
	50	M		KGA Escrow, LLC, 7.5%, 8/15/2023			(a)		52,063
				Reynolds Group Holdings, Inc.:
	97	M		5.75%, 10/15/2020					97,274
	175	M		5.125%, 7/15/2023			(a)		178,719
									404,556
				Energy—3.4%
	5,000	M		Andeavor Logistics, LP, 5.25%, 1/15/2025					5,292,600
	50	M		Apergy Corp., 6.375%, 5/1/2026					50,625
	25	M		Baytex Energy Corp., 5.125%, 6/1/2021			(a)		25,125
				Blue Racer Midstream, LLC:
	175	M		6.125%, 11/15/2022			(a)		178,281
	50	M		6.625%, 7/15/2026			(a)		50,625
	75	M		California Resources Corp., 8%, 12/15/2022			(a)		56,906
	50	M		Callon Petroleum Co., 6.375%, 7/1/2026					50,750
				Chesapeake Energy Corp.:
	25	M		4.875%, 4/15/2022					23,750
	75	M		7%, 10/1/2024					67,594
	100	M		8%, 6/15/2027					88,625
	2,700	M		Cimarex Energy Co., 4.375%, 3/15/2029					2,873,105
	75	M		CITGO Petroleum Corp., 6.25%, 8/15/2022			(a)		75,281
	2,700	M		Continental Resources, Inc., 5%, 9/15/2022					2,724,951
	50	M		Covey Park Energy, LLC, 7.5%, 5/15/2025			(a)		36,250
	75	M		Crestwood Midstream Partners, LP, 5.75%, 4/1/2025					76,312
	50	M		CrownRock, LP, 5.625%, 10/15/2025			(a)		50,313
				DCP Midstream Operating, LP:
	50	M		3.875%, 3/15/2023					50,500
	25	M		5.125%, 5/15/2029					25,719
	25	M		Diamondback Energy, Inc., 4.75%, 11/1/2024			(a)		25,812
				EnLink Midstream Partners, LP:
	50	M		4.85%, 7/15/2026					50,562
	50	M		5.45%, 6/1/2047					43,000
	2,500	M		Enterprise Products Operating, 7.55%, 4/15/2038					3,466,497
	170	M		Exterran Partners, LP, 6%, 10/1/2022					172,975
	50	M		Genesis Energy, LP, 6.5%, 10/1/2025					49,063
	175	M		Global Partners, LP, 6.25%, 7/15/2022					177,625
				Gulfport Energy Corp.:
	25	M		6.625%, 5/1/2023					21,625
	50	M		6.375%, 1/15/2026					38,125
	1,600	M		Kinder Morgan Energy Partners, LP, 3.45%, 2/15/2023					1,644,813
	3,000	M		Kinder Morgan, Inc., 5.625%, 11/15/2023			(a)		3,323,802
				Laredo Petroleum, Inc.:
	25	M		5.625%, 1/15/2022					23,313
	50	M		6.25%, 3/15/2023					46,765
	4,000	M		Magellan Midstream Partners, LP, 5%, 3/1/2026					4,447,532
	25	M		Matador Resources Co., 5.875%, 9/15/2026					25,375
	25	M		McDermott Escrow 1, Inc., 10.625%, 5/1/2024			(a)		23,461
	3,300	M		Midwest Connector Capital Co., LLC, 4.625%, 4/1/2029			(a)		3,539,781
				Murphy Oil Corp.:
	50	M		5.75%, 8/15/2025					52,070
	50	M		5.875%, 12/1/2042					45,000
	25	M		Northern Oil and Gas, Inc., 9.5%, 5/15/2023					26,066
				Oasis Petroleum, Inc.:
	175	M		6.875%, 1/15/2023					175,438
	50	M		6.25%, 5/1/2026			(a)		48,625
				Parkland Fuel Corp.:
	75	M		6%, 4/1/2026			(a)		76,969
	50	M		5.875%, 7/15/2027			(a)		50,923
	75	M		Parsley Energy, LLC, 5.25%, 8/15/2025			(a)		76,500
	25	M		Range Resources Corp., 4.875%, 5/15/2025					22,063
				Suburban Propane Partners, LP:
	25	M		5.5%, 6/1/2024					25,250
	50	M		5.875%, 3/1/2027					50,375
	75	M		Sunoco, LP, 4.875%, 1/15/2023					76,781
	24	M		Transocean Pontus, Ltd., 6.125%, 8/1/2025			(a)		24,452
	50	M		USA Compression Partners, LP, 6.875%, 9/1/2027			(a)		52,756
				Whiting Petroleum Corp.:
	175	M		5.75%, 3/15/2021					176,969
	75	M		6.625%, 1/15/2026					72,703
									29,970,378
				Financial Services—1.5%
	4,700	M		Brookfield Finance, Inc., 4%, 4/1/2024					4,943,140
	1,000	M		ERAC USA Finance, LLC, 4.5%, 8/16/2021			(a)		1,042,791
	50	M		GTCR (AP) Finance, Inc., 8%, 5/15/2027			(a)		50,375
	4,100	M		Key Bank NA, 3.4%, 5/20/2026					4,209,736
	2,000	M		Liberty Mutual Group, Inc., 4.95%, 5/1/2022			(a)		2,118,974
	25	M		Nationstar Mortgage, LLC, 6.5%, 7/1/2021					25,101
	1,000	M		Protective Life Corp., 7.375%, 10/15/2019					1,013,412
									13,403,529
				Financials—5.1%
	25	M		Acrisure, LLC, 8.125%, 2/15/2024			(a)		25,859
	50	M		Ally Financial, Inc., 8%, 11/1/2031					66,336
				Bank of America Corp.:
	4,700	M		4%, 1/22/2025					4,946,938
	2,400	M		5.875%, 2/7/2042					3,193,858
				Citigroup, Inc.:
	1,000	M		2.9%, 12/8/2021					1,010,748
	1,000	M		4.5%, 1/14/2022					1,051,579
	1,600	M		4.3%, 11/20/2026					1,700,627
	25	M		Colfax Corp., 6%, 2/15/2024			(a)		26,531
	75	M		DAE Funding, LLC, 5.75%, 11/15/2023			(a)		78,937
	100	M		Eagle Holding Co. II, LLC, 7.75%, 5/15/2022			(a)		101,000
				Goldman Sachs Group, Inc.:
	1,650	M		3.85%, 7/8/2024					1,732,170
	3,050	M		3.5%, 11/16/2026					3,127,741
				Icahn Enterprises, LP:
	125	M		6.75%, 2/1/2024					130,313
	75	M		6.25%, 5/15/2026			(a)		76,219
				JPMorgan Chase & Co.:
	1,000	M		4.452%, 12/5/2029					1,115,906
	1,800	M		3.702%, 5/6/2030					1,899,446
	175	M		Ladder Capital Finance Holdings, LLLP, 5.25%, 10/1/2025			(a)		175,875
				Morgan Stanley:
	5,550	M		5.5%, 7/28/2021					5,898,529
	2,500	M		4%, 7/23/2025					2,679,930
	150	M		Navient Corp., 5.875%, 3/25/2021					156,375
				Springleaf Finance Corp.:
	125	M		5.625%, 3/15/2023					133,125
	25	M		6.875%, 3/15/2025					27,437
	50	M		7.125%, 3/15/2026					54,875
	1,500	M		UBS AG, 4.875%, 8/4/2020					1,542,153
				UBS Group Funding (Switzerland) AG:
	2,000	M		3.491%, 5/23/2023			(a)		2,051,422
	3,000	M		4.253%, 3/23/2028			(a)		3,236,136
	25	M		Wand Merger Corp., 8.125%, 7/15/2023			(a)		25,563
				Wells Fargo & Co.:
	5,100	M		3.45%, 2/13/2023					5,245,003
	3,000	M		3.196%, 6/17/2027					3,060,126
									44,570,757
				Food/Beverage/Tobacco—.2%
	1,300	M		Anheuser-Busch Cos., LLC, 4.7%, 2/1/2036					1,428,272
	50	M		HLF Financing Sarl, LLC, 7.25%, 8/15/2026			(a)		50,313
	25	M		JBS USA, LLC, 5.875%, 7/15/2024			(a)		25,781
				Post Holdings, Inc.:
	175	M		5.75%, 3/1/2027			(a)		181,563
	50	M		5.5%, 12/15/2029			(a)		50,313
	25	M		Simmons Foods, Inc., 5.75%, 11/1/2024			(a)		22,875
									1,759,117
				Food/Drug—.0%
				Albertson's Cos., LLC:
	25	M		5.75%, 3/15/2025					25,320
	25	M		7.5%, 3/15/2026			(a)		26,812
									52,132
				Forest Products/Containers—.4%
	200	M		Ardagh Holdings USA, Inc., 4.625%, 5/15/2023			(a)		203,750
	50	M		Berry Global Escrow Corp., 4.875%, 7/15/2026			(a)		51,187
				Berry Global, Inc.:
	50	M		5.5%, 5/15/2022					50,750
	75	M		5.125%, 7/15/2023					76,954
	50	M		BWAY Holding Co., 5.5%, 4/15/2024			(a)		50,212
	25	M		Crown Americas, LLC, 4.5%, 1/15/2023					26,094
	50	M		Graphic Packaging International, LLC, 4.75%, 7/15/2027			(a)		51,438
	50	M		Greif, Inc., 6.5%, 3/1/2027			(a)		51,750
	25	M		Mercer International, Inc., 7.375%, 1/15/2025			(a)		26,625
	25	M		Multi-Color Corp., 4.875%, 11/1/2025			(a)		26,344
	25	M		Owens-Brockway Glass Container, 5.875%, 8/15/2023			(a)		27,058
	2,835	M		Packaging Corp. of America, 3.4%, 12/15/2027					2,869,632
	50	M		Schweitzer-Mauduit International, Inc., 6.875%, 10/1/2026			(a)		51,250
									3,563,044
				Gaming/Leisure—.1%
	25	M		AMC Entertainment, Inc., 5.75%, 6/15/2025					23,251
	100	M		AMC Networks, Inc., 5%, 4/1/2024					103,125
	50	M		Boyd Gaming Corp., 6.875%, 5/15/2023					51,812
				Cedar Fair, LP:
	25	M		5.375%, 6/1/2024					25,812
	25	M		5.25%, 7/15/2029			(a)		25,539
	200	M		CRC Escrow Issuer, LLC, 5.25%, 10/15/2025			(a)		201,125
	50	M		Golden Nugget, Inc., 8.75%, 10/1/2025			(a)		52,625
	50	M		Hilton Domestic Operating Co., LLC, 4.875%, 1/15/2030			(a)		51,625
	100	M		IRB Holding Corp., 6.75%, 2/15/2026			(a)		99,750
	50	M		MGM Resorts International, 6%, 3/15/2023					54,313
	25	M		National CineMedia, LLC, 6%, 4/15/2022					25,313
	25	M		Stars Group Holdings BV, 7%, 7/15/2026			(a)		26,500
	200	M		Viking Cruises, Ltd., 6.25%, 5/15/2025			(a)		207,000
	50	M		Wynn Las Vegas, LLC, 5.5%, 3/1/2025			(a)		51,765
									999,555
				Health Care—1.4%
				Bausch Health Cos., Inc.:
	175	M		6.5%, 3/15/2022			(a)		181,563
	21	M		5.5%, 3/1/2023			(a)		21,247
	100	M		9%, 12/15/2025			(a)		112,105
	25	M		8.5%, 1/31/2027			(a)		27,551
	150	M		Centene Corp., 5.625%, 2/15/2021					153,000
	175	M		CHS/Community Health Systems, Inc., 6.25%, 3/31/2023					169,094
				CVS Health Corp.:
	2,400	M		3.875%, 7/20/2025					2,508,043
	5,000	M		5.05%, 3/25/2048					5,333,800
	175	M		DaVita, Inc., 5.125%, 7/15/2024					175,490
	2,100	M		Express Scripts Holding Co., 4.75%, 11/15/2021					2,205,703
	175	M		HCA, Inc., 6.25%, 2/15/2021					183,750
	161	M		HealthSouth Corp., 5.75%, 11/1/2024					164,550
	125	M		Mallinckrodt Finance SB, 5.75%, 8/1/2022			(a)		108,125
	50	M		MEDNAX, Inc., 6.25%, 1/15/2027			(a)		49,313
	175	M		Molina Healthcare, Inc., 4.875%, 6/15/2025			(a)		178,281
	50	M		MPH Operating Partnership, LP, 7.125%, 6/1/2024			(a)		47,135
	25	M		Par Pharmaceutical, Inc., 7.5%, 4/1/2027			(a)		24,625
	125	M		Syneos Health, Inc., 7.5%, 10/1/2024			(a)		131,250
									11,774,625
				Home-Building—.0%
	25	M		Century Communities, Inc., 6.75%, 6/1/2027			(a)		25,406
				William Lyon Homes, Inc.:
	50	M		6%, 9/1/2023					51,000
	50	M		6.625%, 7/15/2027			(a)		50,000
									126,406
				Information Technology—1.6%
	175	M		Alliance Data Systems Corp., 5.375%, 8/1/2022			(a)		177,931
	50	M		Anixter, Inc., 6%, 12/1/2025			(a)		54,375
	25	M		CommScope Finance, LLC, 6%, 3/1/2026			(a)		25,750
	25	M		CommScope Technologies, LLC, 6%, 6/15/2025			(a)		23,555
	4,300	M		Corning, Inc., 7.25%, 8/15/2036					5,211,441
				Diamond 1 Finance Corp.:
	3,000	M		4.42%, 6/15/2021			(a)		3,092,289
	50	M		5.875%, 6/15/2021			(a)		50,847
	50	M		7.125%, 6/15/2024			(a)		52,787
	4,500	M		International Business Machines Corp., 4.25%, 5/15/2049					4,856,107
	50	M		Nielsen Finance, LLC, 5%, 4/15/2022			(a)		50,125
	75	M		Nuance Communications, Inc., 6%, 7/1/2024					77,906
	50	M		Rackspace Hosting, Inc., 8.625%, 11/15/2024			(a)		46,125
	175	M		Solera, LLC, 10.5%, 3/1/2024			(a)		190,094
	50	M		Symantec Corp., 5%, 4/15/2025			(a)		51,293
	25	M		VeriSign, Inc., 4.75%, 7/15/2027					26,125
	50	M		Verscend Holding Corp., 9.75%, 8/15/2026			(a)		52,125
									14,038,875
				Manufacturing—.6%
	75	M		Amsted Industries, Inc., 5.625%, 7/1/2027			(a)		78,375
	175	M		ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023			(a)		181,125
	100	M		Brand Energy & Infrastructure Services, Inc., 8.5%, 7/15/2025			(a)		91,125
	50	M		Cloud Crane, LLC, 10.125%, 8/1/2024			(a)		53,875
	3,245	M		Crane Co., 4.2%, 3/15/2048					3,210,820
	50	M		Grinding Media, Inc., 7.375%, 12/15/2023			(a)		48,125
	25	M		HAT Holdings I, LLC, 5.25%, 7/15/2024			(a)		25,563
	1,100	M		Johnson Controls International, PLC, 5%, 3/30/2020					1,120,350
	50	M		Manitowoc Co., Inc., 9%, 4/1/2026			(a)		50,125
									4,859,483
				Media-Broadcasting—.1%
	50	M		Belo Corp., 7.25%, 9/15/2027					54,000
	50	M		LIN Television Corp., 5.875%, 11/15/2022					51,250
	125	M		Nexstar Broadcasting, Inc., 5.625%, 8/1/2024			(a)		129,808
	25	M		Nexstar Escrow, Inc., 5.625%, 7/15/2027			(a)		25,656
	75	M		Sinclair Television Group, Inc., 5.625%, 8/1/2024			(a)		76,875
				Sirius XM Radio, Inc.:
	75	M		4.625%, 7/15/2024			(a)		76,934
	175	M		6%, 7/15/2024			(a)		180,513
									595,036
				Media-Cable TV—.8%
	200	M		Altice Financing SA, 6.625%, 2/15/2023			(a)		205,500
	200	M		Altice France SA, 7.375%, 5/1/2026			(a)		205,500
				CCO Holdings, LLC:
	175	M		5.125%, 2/15/2023					178,202
	175	M		5.875%, 4/1/2024			(a)		183,312
	25	M		5.375%, 6/1/2029			(a)		25,875
	100	M		Clear Channel International, 8.75%, 12/15/2020			(a)		102,750
				Clear Channel Worldwide Holdings, Inc.:
	200	M		Series "A", 6.5%, 11/15/2022					205,500
	50	M		9.25%, 2/15/2024			(a)		54,375
				Comcast Corp.:
	1,600	M		5.15%, 3/1/2020					1,628,830
	3,000	M		4.25%, 1/15/2033					3,368,187
				CSC Holdings, LLC:
	200	M		5.375%, 7/15/2023			(a)		206,000
	200	M		10.875%, 10/15/2025			(a)		229,625
	175	M		DISH DBS Corp., 5%, 3/15/2023					169,750
	175	M		Gray Television, Inc., 5.875%, 7/15/2026			(a)		182,000
	175	M		Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023			(a)		182,438
	75	M		Netflix, Inc., 5.875%, 2/15/2025					82,875
									7,210,719
				Media-Diversified—.1%
	75	M		Gannett Co., Inc., 6.375%, 10/15/2023					77,531
	50	M		iHeart Communications, 8.375%, 5/1/2027					52,626
	125	M		Outdoor Americas Capital, LLC, 5.875%, 3/15/2025					129,687
	100	M		Tribune Media Co., 5.875%, 7/15/2022					102,240
									362,084
				Metals/Mining—.6%
	75	M		Allegheny Technologies, Inc., 7.875%, 8/15/2023					80,647
	50	M		Cleveland-Cliffs, Inc., 5.875%, 6/1/2027			(a)		48,750
	175	M		Commercial Metals Co., 4.875%, 5/15/2023					177,187
	3,000	M		Glencore Funding, LLC, 4.625%, 4/29/2024			(a)		3,174,063
	175	M		HudBay Minerals, Inc., 7.25%, 1/15/2023			(a)		180,906
	50	M		Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022			(a)		52,891
	1,500	M		Newmont Mining Corp., 5.125%, 10/1/2019					1,508,979
	50	M		Northwest Acquisitions, ULC, 7.125%, 11/1/2022			(a)		34,625
	100	M		Novelis, Inc., 5.875%, 9/30/2026			(a)		101,500
	120	M		SunCoke Energy Partners, LP, 7.5%, 6/15/2025			(a)		117,600
									5,477,148
				Real Estate—1.9%
	2,300	M		Alexandria Real Estate Equities, Inc., 3.95%, 1/15/2028					2,420,895
				Digital Realty Trust, LP:
	2,886	M		4.75%, 10/1/2025					3,165,506
	2,250	M		3.6%, 7/1/2029					2,284,378
	175	M		Equinix, Inc., 5.375%, 4/1/2023					179,156
	170	M		Geo Group, Inc., 5.875%, 10/15/2024					150,450
	200	M		Greystar Real Estate Partners, 5.75%, 12/1/2025			(a)		204,500
	1,000	M		HCP, Inc., 4.25%, 11/15/2023					1,062,773
	325	M		Iron Mountain, Inc., 5.75%, 8/15/2024					329,108
	25	M		MGM Growth Properties Operating Partnership, LP, 5.75%, 2/1/2027			(a)		26,969
	2,500	M		Realty Income Corp., 3.875%, 4/15/2025					2,661,690
	3,700	M		STORE Capital Corp., 4.5%, 3/15/2028					3,902,582
									16,388,007
				Retail-General Merchandise—.6%
	100	M		1011778 B.C., ULC, 4.625%, 1/15/2022			(a)		100,250
	150	M		AmeriGas Partners, LP, 5.5%, 5/20/2025					158,625
	3,500	M		Home Depot, Inc., 5.875%, 12/16/2036					4,649,904
	50	M		J.C. Penney Co., Inc., 8.625%, 3/15/2025					24,750
	175	M		KFC Holding Co., LLC, 5%, 6/1/2024			(a)		181,344
	25	M		SRS Distribution, Inc., 8.25%, 7/1/2026			(a)		24,375
									5,139,248
				Services—.1%
	100	M		ADT Corp., 3.5%, 7/15/2022					100,125
	225	M		AECOM, 5.125%, 3/15/2027					235,125
	100	M		First Data Corp., 5.375%, 8/15/2023			(a)		101,925
	225	M		GCI, Inc., 6.875%, 4/15/2025					235,688
	21	M		Prime Security Services Borrower, LLC, 9.25%, 5/15/2023			(a)		22,094
	175	M		United Rentals, Inc., 4.625%, 10/15/2025					178,281
									873,238
				Telecommunications—.9%
				AT&T, Inc.:
	1,000	M		3.6%, 7/15/2025					1,038,585
	4,000	M		4.25%, 3/1/2027					4,290,692
	25	M		Frontier Communications Corp., 8.5%, 4/1/2026			(a)		24,312
	50	M		GCI, LLC, 6.625%, 6/15/2024			(a)		52,515
	75	M		Qwest Corp., 7.25%, 9/15/2025					83,569
	50	M		Telesat Canada, 8.875%, 11/15/2024			(a)		54,250
	1,800	M		Verizon Communications, Inc., 4.272%, 1/15/2036					1,952,631
				Zayo Group, LLC:
	75	M		6%, 4/1/2023					77,063
	175	M		6.375%, 5/15/2025					179,148
									7,752,765
				Transportation—.6%
	4,250	M		Air Lease Corp., 3.875%, 7/3/2023					4,432,542
	175	M		BCD Acquisition, Inc., 9.625%, 9/15/2023			(a)		184,406
	75	M		VistaJet Malta Finance, PLC, 10.5%, 6/1/2024			(a)		75,000
	125	M		XPO Logistics, Inc., 6.75%, 8/15/2024			(a)		133,594
									4,825,542
				Utilities—1.3%
				Calpine Corp.:
	25	M		5.75%, 1/15/2025					24,906
	175	M		5.25%, 6/1/2026			(a)		178,719
	4,000	M		Duke Energy Corp., 3.75%, 4/15/2024					4,222,516
	2,500	M		Entergy Arkansas, Inc., 4.95%, 12/15/2044					2,648,307
	75	M		Nextera Energy Operating Partners, 4.25%, 7/15/2024			(a)		75,611
	150	M		NRG Yield Operating, LLC, 5%, 9/15/2026					148,005
	2,000	M		Ohio Power Co., 5.375%, 10/1/2021					2,136,628
	2,000	M		Oklahoma Gas & Electric Co., 4%, 12/15/2044					2,093,446
				Talen Energy Supply, LLC:
	25	M		7.25%, 5/15/2027			(a)		25,688
	25	M		6.625%, 1/15/2028			(a)		24,938
	100	M		Targa Resources Partners, LP, 4.25%, 11/15/2023					100,375
									11,679,139
				Waste Management—.0%
	25	M		Clean Harbors, Inc., 4.875%, 7/15/2027			(a)		25,471
	175	M		Covanta Holding Corp., 5.875%, 3/1/2024					180,687
									206,158
				Wireless Communications—.1%
	50	M		Consolidated Communications, Inc., 6.5%, 10/1/2022					46,859
	25	M		Hughes Satellite Systems Corp., 6.625%, 8/1/2026					26,344
				Intelsat Jackson Holdings SA:
	200	M		8%, 2/15/2024			(a)		209,000
	50	M		8.5%, 10/15/2024			(a)		49,750
	175	M		Level 3 Financing, Inc., 5.375%, 1/15/2024					179,375
	50	M		Sprint Capital Corp., 8.75%, 3/15/2032					58,000
				Sprint Corp.:
	125	M		7.875%, 9/15/2023					136,094
	150	M		7.125%, 6/15/2024					159,420
	50	M		7.625%, 3/1/2026					53,425
	175	M		T-Mobile USA, Inc., 6%, 3/1/2023					179,375
									1,097,642
Total Value of Corporate Bonds (cost $203,105,200)									207,430,516
				U.S. GOVERNMENT OBLIGATIONS—5.7%
				U.S. Treasury Bonds:
	4,300	M		3%, 8/15/2048					4,716,730
	5,000	M		3.125%, 8/15/2044					5,579,490
	18,000	M		3.375%, 11/15/2048					21,192,534
				U.S. Treasury Notes:
	1,500	M		2%, 11/30/2022					1,513,740
	2,000	M		2%, 11/15/2026					2,015,586
	1,600	M		2.125%, 3/31/2024					1,626,938
	1,400	M		2.625%, 12/31/2023					1,452,882
	10,500	M		3.125%, 11/15/2028					11,518,416
Total Value of U.S. Government Obligations (cost $45,999,254)									49,616,316
				RESIDENTIAL MORTGAGE-BACKED SECURITIES—5.0%
				Fannie Mae—4.0%
	3,838	M		3%, 3/1/2027 - 2/1/2031					3,924,461
	3,029	M		3.5%, 11/1/2028 - 12/1/2047					3,128,840
	15,514	M		4%, 12/1/2040 - 8/1/2047					16,257,230
	8,214	M		4.5%, 9/1/2040 - 8/1/2048					8,617,799
	1,400	M		5%, 4/1/2040 - 3/1/2042					1,524,578
	462	M		5.5%, 5/1/2033 - 10/1/2039					512,368
	353	M		6%, 5/1/2036 - 10/1/2040					398,744
	209	M		6.5%, 11/1/2033 - 6/1/2036					232,252
	486	M		7%, 3/1/2032 - 8/1/2032					526,661
									35,122,933
				Freddie Mac—1.0%
	4,644	M		3.5%, 8/1/2026 - 7/1/2044					4,835,947
	700	M		4%, 7/1/2044 - 4/1/2045					734,331
	2,695	M		4.5%, 10/1/2040 - 5/1/2044					2,888,435
	582	M		5.5%, 5/1/2038 - 10/1/2039					635,213
									9,093,926
Total Value of Residential Mortgage-Backed Securities (cost $44,019,249)									44,216,859
				ASSET-BACKED SECURITIES—1.9%
				Fixed Autos—1.3%
	1,200	M		AmeriCredit Automobile Receivables Trust, 3.13%, 2/18/2025					1,223,100
	1,250	M		BMW Vehicle Lease Trust, 2.07%, 10/20/2020					1,250,179
	9,500	M		Hertz Vehicle Financing Trust, 2.96%, 10/25/2021					9,559,793
									12,033,072
				Fixed Communication Services—.6%
				Verizon Owner Trust:
	3,350	M		1.92%, 12/20/2021			(a)		3,343,662
	1,670	M		3.23%, 4/20/2023					1,702,826
									5,046,488
Total Value of Asset-Backed Securities (cost $16,856,906)									17,079,560
				COMMERCIAL MORTGAGE-BACKED SECURITIES—1.4%
				Federal Home Loan Mortgage Corporation
				Multi-Family Structured Pass-Throughs:
	8,306	M		3.725%, 12/25/2027					8,949,535
	2,800	M		3.422%, 2/25/2052					3,020,237
Total Value of Commercial Mortgage-Backed Securities (cost $11,374,515)									11,969,772
				COLLATERALIZED MORTGAGE OBLIGATIONS—.9%
				Fannie Mae:
	4,625	M		3.0856%, 12/25/2027			†		4,810,421
	2,700	M		3.273%, 1/25/2029					2,851,035
Total Value of Collateralized Mortgage Obligations (cost $7,173,400)									7,661,456
				PASS-THROUGH CERTIFICATES—.3%
				Transportation
	2,770	M		American Airlines 17-2 AA PTT, 3.35%, 10/15/2029 (cost $2,793,139)					2,804,769
				U.S. GOVERNMENT AGENCY OBLIGATIONS—.2%
	1,800	M		Federal Farm Credit Bank, 3%, 9/13/2029 (cost $1,702,722)					1,800,002
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—2.4%
				U.S. Treasury Bills:
	20,000	M		2.05%, 7/2/2019					19,998,920
	1,000	M		1.989%, 7/16/2019					999,148
Total Value of Short-Term U.S. Government Obligations (cost $20,995,642)									20,998,068
Total Value of Investments (cost $728,095,899)					99.6	%			872,336,036
Other Assets, Less Liabilities					.4				3,497,695
Net Assets					100.0	%			$875,833,731

* 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 June 30, 2019, the Fund held one hundred forty-six 144A securities with an aggregate value of $35,890,327 representing 4.1% of the Fund's net assets.

† Interest rates are determined and reset periodically. The interest rates above are the rates in effect at June 30, 2019.

Summary of Abbreviations:

ADR American Depositary Receipts

LLLP Limited Liability Limited Partnership

PTT Pass-Through Trust

ULC Unlimited Liability Corporation

At June 30, 2019, the cost of investments for federal income tax purposes was $729,741,769. Accumulated net unrealized appreciation on investments was $142,594,267, consisting of $152,122,880 gross unrealized appreciation and $9,528,613 gross unrealized depreciation.

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

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

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

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

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

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of June 30, 2019:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	508,758,718	$	-	$	-	$	508,758,718
Corporate Bonds		-		207,430,516		-		207,430,516
U.S. Government Obligations		-		49,616,316		-		49,616,316
Residential Mortgage-Backed Securities		-		44,216,859		-		44,216,859
Asset-Backed Securities		-		17,079,560		-		17,079,560
Commercial Mortgage-Backed Securities		-		11,969,772		-		11,969,772
Collateralized Mortgage Obligations		-		7,661,456		-		7,661,456
Pass-Through Certificates		-		2,804,769		-		2,804,769
U.S. Government Agency Obligations		-		1,800,002		-		1,800,002
Short-Term U.S. Government Obligations		-		20,998,068		-		20,998,068
Total Investments in Securities*	$	508,758,718	$	363,577,318	$	-	$	872,336,036

* The Portfolio of Investments provides information on the industry categorization for common stocks, corporate bonds, asset-backed securities and pass-through certificates.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended June 30, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

Security Valuation – Except as provided below, a security listed or traded on an exchange or the Nasdaq Stock Market is valued at its last sale price on the exchange or market where the security is principally traded, and lacking any sales, the security is valued at the mean between the closing bid and asked prices. Securities traded in the over-the-counter ("OTC") market (including securities listed on exchanges whose primary market is believed to be OTC) are valued at the mean between the last bid and asked prices based on quotes furnished by a market maker for such securities or an authorized pricing service. Fixed Income securities 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 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. (“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 assets 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 fluctuations 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 currency are translated to U.S. dollar equivalents using the foreign exchange quotation in effect. At June 30, 2019, the Hedged U.S. Equity Opportunities Fund held one security that was fair valued at a value of $x,xxx, representing 0% of the Fund’s net assets.

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

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

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

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

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

Equity securities, options and futures contracts traded on an exchange or the Nasdaq Stock Market are categorized in Level 1 of the fair value hierarchy to the extent that they are actively traded and valuation adjustments are not applied. Foreign securities that are fair valued in the event that fluctuations in U.S. securities markets exceed a predetermined level or if a foreign market is closed are categorized in Level 2. Variable and floating rate, corporate, sovereign and municipal bonds, asset backed, U.S. Government and U.S. Government Agency securities, pass-through certificates loan participations and short-term notes are categorized in Level 2 to the extent that the inputs are observable and timely, otherwise they would be categorized as Level 3. 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 June 30, 2019, for each Fund’s investments is included at the end of each Fund’s schedule of investments.

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

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

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

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

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

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

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

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

The following provides more information on specific types of derivatives and activity in the Funds. The use of derivative instruments by the Funds for the period ended June 30, 2019 was related to the use of written options, futures contracts and foreign exchange contracts.

Options Contracts – Some of the Funds may write covered call and put options on securities, derivative instruments, or currencies the Funds own or in which it may invest. Writing put options tends to increase the Funds’ exposure to the underlying instrument. Writing call options tends to decrease the Funds’ exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund, as a writer of an option, has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the future, swap, security or currency underlying the written option. The risk exists that the Funds may not be able to enter into a closing transaction because of an illiquid market.

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

At June 30, 2019, the Covered Call Strategy, Hedged U.S. Equity Opportunities and Premium Income Funds had investments in options contracts, which are listed in their respective Portfolio of Investments.

Futures Contracts - The Funds may enter into futures contracts including interest rate futures contracts and index futures, including futures on equity market indices and debt market indices. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds may use futures contracts to manage exposure to the stock market. Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations. Any open futures contracts at period end are presented in the Schedule of Investments under the caption “Futures Contracts”. The notional amount at value reflects each contract’s exposure to the underlying instrument or index at period end.

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

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

To the extent that a Fund participates in the futures or options markets, it will incur investment risks and transaction costs to which it would not be subject absent the use of these strategies. The use of these strategies involves certain special risks, including: (1) dependence on the ability of the Funds’ investment adviser, FIMCO, or a Fund’s subadviser, as applicable, to predict correctly movements in the direction of interest rates and securities prices; (2) imperfect correlation between the price of futures contracts and options thereon and movements in the prices of the securities or currencies being hedged; (3) the fact that skills needed to use these strategies are different from those needed to select portfolio securities; (4) the leverage (if any) that is created by investing in the option or futures contract; and (5) the possible absence of a liquid secondary market for any particular instrument at any time. If FIMCO’s, or a Fund’s subadviser, as 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 June 30, 2019, the Hedged U.S. Equity Opportunities Fund had investments in futures contracts, which are listed in its Portfolios of Investments.

Foreign Exchange Contracts—The Global Fund and Hedged U.S. Equity Opportunities Fund may enter into foreign exchange contracts for the purchase or sale of foreign currencies at negotiated rates at future dates. These contracts are considered derivative instruments and the Funds may invest in them in order to hedge their currency exposure or to gain currency exposure held by the Funds. The Funds could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. Foreign exchange contracts are “marked-to-market” daily at the applicable translation rate and the resulting unrealized gains and losses are reflected in the Funds’ assets. During the period, the Funds used currency forwards to hedge currency exposure from certain foreign securities as well as to gain currency exposure in certain countries.

At June 30, 2019, the Global Fund had no investments in foreign exchange contracts and the Hedged U.S. Equity Opportunities Fund had investments in foreign exchange contracts which are listed in its Portfolio of Investments.