First Investors Income Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER 811-3967

FIRST INVESTORS INCOME FUNDS

(Exact name of registrant as specified in charter)

40 Wall Street

New York, NY 10005

(Address of principal executive offices) (Zip code)

Joseph I. Benedek

Foresters Investment Management Company, Inc.

Raritan Plaza I

Edison, NJ 08837-3620

(Name and address of agent for service)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:

1-212-858-8000

DATE OF FISCAL YEAR END: SEPTEMBER 30

DATE OF REPORTING PERIOD: MARCH 31, 2019

Item 1. Reports to Stockholders

The semi-annual report to stockholders follows

First Investors Funds

	Income Funds
	■ Floating Rate
	■ Fund For Income
	■ Government Cash Management
	■ International Opportunities Bond
	■ Investment Grade
	■ Limited Duration Bond
	■ Strategic Income

	Equity Funds
	■ Covered Call Strategy
	■ Equity Income
	■ Global
	■ Growth & Income
	■ Hedged U.S. Equity Opportunities
	■ International
	■ Opportunity
	■ Premium Income
	■ Select Growth
	■ Special Situations
	■ Total Return

Semi-Annual Report

March 31, 2019

FOREWORD

This report is for the information of the shareholders of the Funds. It is the policy of each Fund described in this report to mail only one copy of a Fund’s prospectus, annual report, semi-annual report and proxy statements to all shareholders who share the same mailing address and share the same last name and have invested in a Fund covered by the same document. You are deemed to consent to this policy unless you specifically revoke this policy and request that separate copies of such documents be mailed to you. In such case, you will begin to receive your own copies within 30 days after our receipt of the revocation. You may request that separate copies of these disclosure documents be mailed to you by writing to us at: Foresters Investor Services, Inc., Raritan Plaza I, Edison, NJ 08837-3620 or calling us at 1-800-423-4026.

You may obtain a free prospectus for any of the Funds by contacting your representative, calling 1-800-423-4026, writing to us at the following address: Foresters Financial Services, Inc., 40 Wall Street, New York, NY 10005, or by visiting our website atwww.foresters.com. You should consider the investment objectives, risks, charges and expenses of a Fund carefully before investing. The prospectus contains this and other information about the Fund, and should be read carefully before investing.

An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the Government Cash Management Fund seeks to preserve a net asset value at $1.00 per share, it is possible to lose money by investing in it, just as it is possible to lose money by investing in any of the other Funds. Past performance is no guarantee of future results. There is no guarantee that a Fund’s investment objective will be achieved.

A Statement of Additional Information (“SAI”) for any of the Funds may also be obtained, without charge, upon request by calling 1-800-423-4026, writing to us at our address or by visiting our website listed above. The SAI contains more detailed information about the Funds, including information about its Trustees.

Foresters Financial^TM and Foresters^TM are the trade names and trademarks of The Independent Order of Foresters (Foresters), a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9 and its subsidiaries.

Understanding Your Fund’s Expenses(unaudited)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

As a mutual fund shareholder, you incur two types of costs: (1) transaction costs, including a sales charge (load) on purchase payments (on Class A shares only) and a contingent deferred sales charge on redemptions (on Class B shares and, under certain circumstances when a Class A load was waived, on Class A shares); and (2) ongoing costs, including advisory fees; distribution and service fees (12b-1) (on Class A and Class B shares only); and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 in each Fund at the beginning of the period, October 1, 2018, and held for the entire six-month period ended March 31, 2019. The calculations assume that no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

Actual Expenses Example:

These amounts help you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To estimate the expenses you paid on your account during this period, simply divide your ending account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period”.

Hypothetical Expenses Example:

These amounts provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares of a Fund, and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare your ongoing costs only and do not reflect any transaction costs, such as front-end or contingent deferred sales charges (loads) or account fees that are charged to certain types of accounts, such as an annual custodial fee of $15 for certain IRA accounts and certain other retirement accounts or an annual custodial fee of $30 for 403(b) custodial accounts (subject to exceptions and certain waivers as described in the Funds’ Statement of Additional Information). Therefore, the hypothetical expenses example is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these costs were included, your costs would have been higher.

Fund Expenses(unaudited)

FLOATING RATE FUND

The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 1 for a detailed explanation of the information presented in these examples.

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	1.10%
Actual		$1,000.00	$1,002.53	$ 5.49
Hypothetical^**		$1,000.00	$1,019.45	$ 5.54
Advisor Class Shares	0.90%
Actual		$1,000.00	$1,014.23	$ 4.52
Hypothetical^**		$1,000.00	$1,020.44	$ 4.53
Institutional Class Shares	0.74%
Actual		$1,000.00	$1,003.55	$ 3.70
Hypothetical^**		$1,000.00	$1,021.24	$ 3.73

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived and/or assumed.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

Portfolio of Investments

FLOATING RATE FUND

March 31, 2019

Principal Amount		Security	Value
		LOAN PARTICIPATIONS^†—88.3%
		Aerospace/Defense—1.0%
		TransDigm, Inc.:
$	1,333M	4.9986%, 5/30/2025	$	1,299,356
	1,329M	4.9986%, 8/22/2024		1,295,733
				2,595,089
		Automotive—2.4%
	497M	Dexko Global, Inc., 5.9986%, 7/24/2024		495,000
	733M	Innovative XCessories & Services, LLC, 7.25%, 11/29/2022		729,961
	1,125M	Panther BF Aggeregator 2, LP, 3.5%, 3/18/2026^(a)		1,116,214
	1,056M	Superior Industries International, Inc., 6.4986%, 3/22/2024		1,029,254
	2,484M	Trico Group, LLC, 9.601%, 2/2/2024		2,347,734
	500M	Truck Hero, Inc., 10.7486%, 4/21/2025		482,815
				6,200,978
		Building Materials—.8%
	2,469M	Yak Access, LLC, 7.4986%, 7/11/2025		2,147,813
		Chemicals—4.2%
		Flint Group:
	349M	5.7793%, 9/6/2021		321,410
	2,113M	5.7793%, 9/7/2021		1,944,267
		Invictus U.S. Newco, LLC:
	496M	5.5791%, 3/28/2025		492,531
	1,000M	9.3291%, 3/30/2025		995,000
	1,150M	MacDermid, Inc., 4.7486%, 11/17/2025		1,139,938
	2,400M	Messer Industries USA, Inc., 2.5%, 3/2/2026^(a)		2,356,500
	1,233M	PQ Group Holdings, Inc., 5.2444%, 2/7/2025		1,220,226
	2,425M	Univar USA, Inc., 4.9986%, 7/1/2024		2,402,775
				10,872,647
		Consumer Durables—.9%
	2,477M	TGP Holdings III, LLC, 6.851%, 9/25/2024		2,301,416

Portfolio of Investments(continued)

FLOATING RATE FUND

March 31, 2019

Principal Amount		Security	Value
		Consumer Non-Durables—1.5%
$	2,494M	Energizer Holdings, Inc., 4.7338%, 6/23/2025	$	2,482,840
	1,343M	frontdoor, inc., 5%, 8/14/2025		1,338,220
				3,821,060
		Energy—1.2%
	474M	Centurion Pipeline, LLC, 5.851%, 9/26/2025		473,516
	1,985M	Consolidated Energy Finance SA, 4.9886%, 5/7/2025		1,925,450
	671M	Triton Solar U.S. Acqusition Co, 8.4986%, 10/29/2024		628,442
				3,027,408
		Financial Services—3.2%
	1,872M	Alliant Holdings Intermediate, LLC, 5.2318%, 5/9/2025		1,807,567
	2,695M	NFP Corp., 5.4986%, 1/8/2024		2,608,963
	3,960M	USI Holdings Corp., 5.601%, 5/16/2024		3,828,650
				8,245,180
		Financials—5.4%
		Acrisure, LLC:
	496M	6.3789%, 11/22/2023		491,288
	493M	6.8789%, 11/22/2023		490,038
	2,300M	AssuredPartners, Inc., 5.7486%, 10/22/2024		2,233,699
	1,241M	Cision, Inc., 5.351%, 6/16/2023		1,230,256
	249M	Global Business Group Service BV, 5.188%, 8/13/2025		248,439
	1,496M	Ineos U.S. Finance, LLC, 4.4986%, 4/1/2024		1,472,460
	1,485M	Paysafe, LLC, 5.9986%, 1/3/2025		1,459,480
	1,521M	Sedgwick Claims Management Services, Inc., 5.743%, 12/31/2025		1,499,320
	1,489M	TransUnion, LLC, 4.4986%, 6/30/2025		1,471,540
	1,250M	Travelport Finance Luxembourg, 5%, 3/18/2026^(a)		1,218,281
	2,050M	VFH Parent, LLC, 6.1261%, 3/2/2026		2,056,663
				13,871,464
		Food/Beverage/Tobacco—5.6%
	623M	8th Avenue Food and Provisions, 6.2404%, 10/1/2025		625,258

Principal Amount		Security	Value
		Food/Beverage/Tobacco (continued)
$	2,126M	Chobani, LLC, 5.9986%, 10/9/2023	$	2,035,612
	736M	Dole Food Co., Inc., 5.2462%, 4/6/2024		710,752
	3,474M	Hearthside Food Holdings, LLC, 6.1861%, 5/23/2025		3,395,591
	1,890M	HLF Financing Sarl, LLC, 5.7486%, 8/18/2025		1,895,439
	950M	Jacobs Douwe Egberts International BV, 2%, 10/23/2025^(a)		946,438
	2,000M	Prestige Brands, Inc., 2%, 1/26/2024^(a)		1,980,830
	990M	Refresco BV, 5.9338%, 1/22/2025		972,551
	1,737M	Sigma Bidco BV, 5.6031%, 7/2/2025		1,692,732
				14,255,203
		Food/Drug—.8%
	1,995M	Albertson’s, LLC, 5.4986%, 11/17/2025		1,971,319
		Forest Products/Containers—.8%
	1,985M	Multi-Color Corp., 4.4986%, 10/31/2024		1,983,684
		Gaming/Leisure—6.2%
		AMC Entertainment Holdings, Inc.:
	1,853M	4.7338%, 12/15/2022		1,844,859
	368M	4.7338%, 12/15/2023		365,846
	2,992M	Boyd Gaming Corp., 4.6576%, 9/15/2023		2,970,785
	1,733M	Casablanca U.S. Holdings, Inc., 6.7443%, 3/29/2024		1,678,359
	2,000M	Dorna Sports SL, 5.883%, 4/12/2024		1,961,670
	1,000M	Eldorado Resorts, Inc., 4.875%, 4/17/2024		993,440
	865M	Lakeland Tours, 6.6146%, 12/16/2024		863,037
	1,995M	Penn National Gaming, Inc., 4.7486%, 10/15/2025		1,977,544
	2,122M	Stars Group Holdings BV, 6.101%, 7/10/2025		2,121,527
	992M	Station Casinos, LLC, 5%, 6/8/2023		983,598
				15,760,665
		Health Care—11.4%
	974M	Air Methods Corp., 6.101%, 4/22/2024		734,204
	250M	Albany Molecular Research, Inc., 9.493%, 7/28/2025		248,750

Portfolio of Investments(continued)

FLOATING RATE FUND

March 31, 2019

Principal Amount		Security	Value
		Health Care (continued)
$	1,624M	Bausch Health Cos., Inc., 5.4809%, 6/2/2025	$	1,615,860
	176M	Carestream Finance, LP, 8.2486%, 3/1/2021		171,490
	675M	Civitas Solutions, Inc., 6.75%, 3/9/2026		677,700
	1,534M	DaVita, Inc., 5.2486%, 6/18/2021		1,535,813
	3,491M	Envision Healthcare Corp., 6.2486%, 10/10/2025		3,271,965
	1,481M	Equian Buyer Corp., 5.7486%, 5/20/2024		1,451,533
		Heartland Dental, LLC:
	2,302M	6.2486%, 4/30/2025^(a)		2,232,589
	43M	6.1623%, 4/30/2025		50,164
	1,489M	Jordan Health, Inc., 7.4906%, 5/16/2025		1,451,531
		Mallinckrodt International Finance SA:
	2,564M	5.351%, 9/24/2024		2,388,401
	338M	5.6929%, 2/24/2025		318,592
		NMN Holdings III Corp:
	236M	1.875%, 11/13/2025^(a)		234,478
	1,111M	6.3237%, 11/13/2025		1,102,843
	1,089M	Parexel International Corp., 5.2486%, 9/27/2024		1,053,012
		PetVet Care Centers, LLC:
	549M	5.7355%, 2/14/2025		530,106
	500M	8.7355%, 2/13/2026		487,500
	496M	R1 RCM, Inc., 7.7486%, 5/8/2025		493,769
	2,394M	RegionalCare Hospital Partners Holdings, Inc., 6.9818%, 11/17/2025		2,377,170
		Sound Inpatient Physicians, LLC:
	998M	5.2486%, 6/25/2025		986,387
	250M	9.2486%, 6/25/2026		249,375
	1,000M	Syneos Health, Inc., 2%, 8/1/2024^(a)		993,750
	2,478M	U.S. Renal Care, 6.851%, 12/30/2022		2,478,231
	500M	Universal Hospital Services, 5.5%, 1/5/2026		498,750
	1,475M	WC Holding Corp., 7.197%, 2/11/2026		1,458,406
				29,092,369
		Information Technology—9.9%
	1,767M	Cabot Microelectronics Corp., 4.75%, 11/14/2025		1,762,124
	2,010M	Change Healthcare Holdings, LLC, 5.2486%, 3/1/2024		1,985,970

Principal Amount		Security	Value
		Information Technology (continued)
$	1,281M	Corel Corp., 7.6289%, 6/5/2024	$	1,278,887
	4,096M	DigiCert Holdings, Inc., 6.4986%, 10/31/2024		4,037,365
	748M	EagleView Technology Corp., 5.9818%, 8/14/2025		730,043
	1,418M	Inovalon Holdings, Inc., 6%, 4/2/2025		1,414,330
	1,421M	MacDonald Dettwiler, Inc., 5.25%, 10/4/2024		1,112,247
	1,275M	Microchip Technology, Inc., 4.5%, 5/29/2025		1,266,702
	1,838M	Plantronics, Inc., 4.9986%, 7/2/2025		1,807,128
	1,975M	Solarwinds, Inc., 5.2486%, 2/5/2024		1,956,899
	623M	SuperMoose Borrower, LLC, 6.2486%, 8/29/2025		616,814
		VeriFone Systems, Inc.:
	1,995M	6.6829%, 8/20/2025		1,967,569
	1,000M	10.6829%, 8/10/2026		980,000
	1,817M	Web.com Group, Inc., 6.2428%, 10/10/2025		1,794,635
	2,580M	Western Digital Corp., 4.2486%, 4/28/2023		2,527,970
				25,238,683
		Manufacturing—8.0%
	1,250M	AI Alpine U.S. Bidco, Inc., 5.9875%, 10/24/2025		1,232,813
	1,980M	Altran Technologies SA, 4.8826%, 3/20/2025		1,954,022
	2,173M	AMG Advanced Metallurgical, 5.5791%, 1/30/2025		2,145,022
	3,439M	Brand Energy & Infrastructure Services, Inc., 6.9563%, 6/21/2024		3,296,901
	673M	Brooks Automation, Inc., 5.4837%, 10/4/2024		672,887
	1,485M	Clark Equipment Co., 4.601%, 5/17/2024		1,462,731
	988M	Duravant, 5.851%, 7/24/2024		952,938
	1,337M	Filtration Group Corp., 5.4986%, 3/31/2025		1,329,817
	1,379M	GrafTech International, Ltd., 5.9986%, 2/12/2025		1,370,547
	1,240M	Hillman Group, Inc., 6.4986%, 6/2/2025		1,186,689
	2,448M	Houghton International Corp., 5.7486%, 12/31/2019		2,449,311
	1,493M	Minimax Viking GmbH, 5.4989%, 7/25/2025		1,490,634
	475M	MKS Instruments, Inc., 4.7393%, 1/16/2026		475,594
	550M	Tank Holding Corp., 4%, 3/25/2026^(a)		551,513
				20,571,419

Portfolio of Investments(continued)

FLOATING RATE FUND

March 31, 2019

Principal Amount		Security	Value
		Media-Broadcasting—1.7%
$	2,198M	Altice Financing SA, 5.2338%, 7/28/2025	$	2,088,574
	347M	Mission Broadcasting, Inc., 4.7393%, 1/17/2024		341,467
	1,884M	Nexstar Broadcasting, Inc., 4.7455%, 1/17/2024		1,855,330
				4,285,371
		Media-Cable TV—5.0%
	3,747M	Atlantic Broadband, 4.8736%, 1/3/2025		3,692,829
		CSC Holdings, LLC:
	1,838M	4.7338%, 7/17/2025		1,789,914
	248M	4.9838%, 1/26/2026		242,852
		Gray Television, Inc.:
	1,210M	4.7319%, 2/7/2024		1,198,599
	625M	4.9819%, 1/2/2026		619,338
	995M	Midcontinent Communications, 4.4906%, 12/29/2023		988,693
	1,990M	SFR Group, LLC, 5.2486%, 7/31/2025		1,823,222
	2,000M	Unitymedia Hessen GmbH & Co., 4.7338%, 9/30/2025		1,982,190
	600M	Ziggo Secured Finance Partnership, 4.9838%, 4/15/2025		585,000
				12,922,637
		Media-Diversified—.7%
	900M	DiscoverOrg., LLC, 7.2363%, 1/29/2026		893,812
	962M	Tribune Media Co., 5.4986%, 1/29/2024		960,802
				1,854,614
		Metals/Mining—.8%
	1,354M	Big River Steel, LLC, 7.803%, 8/23/2023		1,361,147
	783M	TMS International Corp., 5.4003%, 8/14/2024		763,250
				2,124,397
		Retail-General Merchandise—2.9%
	1,989M	Burger King, 4.7486%, 2/17/2024		1,959,166
	1,495M	Harbor Freight Tools USA, Inc., 4.9986%, 8/16/2023		1,462,105
	821M	SRS Distribution, Inc., 5.7486%, 5/23/2025		784,962
	1,975M	Staples, Inc., 6.4893%, 9/12/2024		1,963,891

Principal Amount		Security	Value
		Retail-General Merchandise (continued)
$	1,136M	Varsity Brands, Inc., 5.9986%, 12/16/2024	$	1,121,909
				7,292,033
		Services—4.7%
	1,265M	Capri Acquistion BidCo., 5.9944%, 11/1/2024		1,235,744
	249M	Comet Acquisition, Inc., 5.9986%, 10/24/2025		245,011
	2,347M	Dawn Acquisition, LLC, 6.351%, 12/31/2025^(a)		2,223,427
	1,820M	Empower Payments, Inc., 6.7486%, 10/6/2025		1,799,958
	448M	Garrett LX III Sarl, 5.11%, 9/26/2025		436,556
	2,978M	IQVIA, Inc., 4.2486%, 6/9/2025		2,948,663
	2,500M	Prime Security Services Borrower, 2.75%, 5/2/2022^(a)		2,477,088
	748M	R.R. Donnelley & Sons Co., 7.4986%, 1/4/2024		748,361
				12,114,808
		Telecommunication Services—1.0%
	2,497M	CenturyLink, Inc., 5.2486%, 1/31/2025^(a)		2,445,577
		Utilities—5.5%
	500M	Brookfield WEC Holdings Inc., 9.2486%, 7/27/2026		502,918
	2,835M	Calpine Corp., 5.11%, 1/15/2024		2,811,471
	2,437M	Edgewater Generation, LLC, 6.2486%, 12/12/2025^(a)		2,434,203
	2,288M	ExGen Renewables I, LLC, 5.63%, 11/28/2024		2,150,370
	1,613M	HD Supply, Inc., 4.2486%, 10/17/2023		1,594,571
	1,991M	Talen Energy Supply, LLC, 6.5%, 7/6/2023		1,980,488
	2,726M	USIC Holdings, Inc., 5.7486%, 12/11/2023		2,661,354
				14,135,375
		Waste Management—1.5%
	2,978M	GFL Environmental, Inc., 5.4986%, 5/30/2025		2,888,037
	1,051M	Gopher Resource, LLC, 5.7486%, 3/6/2025		1,045,961
				3,933,998

Portfolio of Investments(continued)

FLOATING RATE FUND

March 31, 2019

	Principal Amount		Security	Value
			Wireless Communications—1.2%
	$	1,421M	Sprint Communications, Inc., 5%, 2/2/2024	$	1,384,288
		1,672M	Telesat Canada, 5.11%, 11/17/2023		1,652,271
					3,036,559
Total Value of Loan Participations (cost $229,088,618)					226,101,766
			CORPORATE BONDS—8.2%
			Automotive—.3%
		650M	American Axle & Manufacturing, Inc., 6.625%, 10/15/2022		667,063
			Energy—1.6%
		1,250M	CITGO Petroleum Corp., 6.25%, 8/15/2022^(b)		1,246,875
		650M	Genesis Energy, LP, 6%, 5/15/2023		656,500
		650M	Global Partners, LP, 6.25%, 7/15/2022		645,125
		175M	Range Resources Corp., 5%, 8/15/2022		174,125
		1,250M	Sunoco, LP, 4.875%, 1/15/2023		1,273,000
					3,995,625
			Financials—.6%
		350M	DAE Funding, LLC, 4.5%, 8/1/2022^(b)		353,500
		1,250M	Springleaf Finance Corp., 6.875%, 3/15/2025		1,292,188
					1,645,688
			Forest Products/Containers—.6%
		600M	Ardagh Holdings USA, Inc., 7.25%, 5/15/2024^(b)		634,320
		900M	BWAY Holding Co., 5.5%, 4/15/2024^(b)		896,895
					1,531,215
			Health Care—.9%
			Bausch Health Cos., Inc.:
		1,375M	5.5%, 3/1/2023^(b)		1,387,031
		400M	7%, 3/15/2024^(b)		424,200
		175M	6.125%, 4/15/2025^(b)		173,688
		250M	Tenet Healthcare Corp., 5.125%, 5/1/2025		251,888
					2,236,807

	Principal Amount		Security	Value
			Manufacturing—.5%
	$	1,250M	Cloud Crane, LLC, 10.125%, 8/1/2024^(b)	$	1,346,875
			Media-Cable TV—.5%
		1,175M	Clear Channel Worldwide Holdings, Inc. - Series “A”, 6.5%, 11/15/2022		1,208,781
			Metals/Mining—1.1%
		650M	AK Steel Corp., 7.625%, 10/1/2021		654,875
		1,000M	Commercial Metals Co., 4.875%, 5/15/2023		1,007,500
		1,100M	First Quantum Minerals, Ltd., 7.25%, 5/15/2022^(b)		1,111,000
					2,773,375
			Telecommunications—.3%
		650M	GCI, Inc., 6.875%, 4/15/2025		681,688
			Transportation—.4%
		1,000M	XPO Logistics, Inc., 6.5%, 6/15/2022^(b)		1,022,500
			Utilities—.8%
		1,150M	Calpine Corp., 5.375%, 1/15/2023		1,154,313
		1,000M	Targa Resources Partners, LP, 4.25%, 11/15/2023		998,750
					2,153,063
			Wireless Communications—.6%
		1,550M	Sprint Corp., 7.875%, 9/15/2023		1,627,500
Total Value of Corporate Bonds (cost $20,390,993)					20,890,180

Total Value of Investments (cost $249,479,611)	96.5	%		246,991,946
Other Assets, Less Liabilities	3.5			9,090,773
Net Assets	100.0	%	$	256,082,719

^(a)	A portion or all of the security purchased on a when-issued or delayed delivery basis.

^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 4).

^†	Interest rates are determined and reset periodically. The interest rates above are the rates in effect at March 31, 2019.

Portfolio of Investments(continued)

FLOATING RATE FUND

March 31, 2019

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

Level 1 –

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

Level 2 –

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

Level 3 –

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

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

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2		Level 3		Total
Loan Participations	$	—	$	226,101,766	$	—	$	226,101,766
Corporate Bonds		—		20,890,180		—		20,890,180
Total Investments in Securities^*	$	—	$	246,991,946	$	—	$	246,991,946

^*	The Portfolio of Investments provides information on the industry categorization of loan participations and corporate bonds.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended March 31, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

Fund Expenses(unaudited)

FUND FOR INCOME

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	1.23%
Actual		$1,000.00	$1,022.57	$ 6.20
Hypothetical^**		$1,000.00	$1,018.80	$ 6.19
Class B Shares	2.07%
Actual		$1,000.00	$1,014.23	$ 10.40
Hypothetical^**		$1,000.00	$1,014.61	$ 10.40
Advisor Class Shares	1.04%
Actual		$1,000.00	$1,023.55	$ 5.25
Hypothetical^**		$1,000.00	$1,019.74	$ 5.24
Institutional Class Shares	0.80%
Actual		$1,000.00	$1,024.73	$ 4.04
Hypothetical^**		$1,000.00	$1,020.94	$ 4.03

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

Portfolio of Investments

FUND FOR INCOME

March 31, 2019

Principal Amount		Security	Value
		CORPORATE BONDS—91.7%
		Aerospace/Defense—1.6%
		Bombardier, Inc.:
$	2,600M	6%, 10/15/2022^(a)	$	2,635,750
	1,950M	7.5%, 12/1/2024^(a)		2,030,437
		TransDigm, Inc.:
	1,550M	6.5%, 7/15/2024		1,598,438
	1,600M	6.25%, 3/15/2026^(a)		1,670,400
	2,050M	Triumph Group, Inc., 5.25%, 6/1/2022		1,978,250
				9,913,275
		Automotive—2.9%
	2,875M	Adient Global Holdings, Ltd., 4.875%, 8/15/2026^(a)		2,120,312
	3,125M	American Axle & Manufacturing, Inc., 6.25%, 4/1/2025		3,054,687
	700M	Asbury Automotive Group, Inc., 6%, 12/15/2024		723,415
	1,700M	Avis Budget Group, Inc., 6.375%, 4/1/2024^(a)		1,736,125
	1,675M	Cooper Standard Automotive, Inc., 5.625%, 11/15/2026^(a)		1,479,025
	1,425M	Dana Holding Corp., 6%, 9/15/2023		1,465,969
	1,650M	Hertz Corp., 7.625%, 6/1/2022^(a)		1,692,900
	1,825M	J.B. Poindexter & Co., 7.125%, 4/15/2026^(a)		1,839,290
	1,538M	LKQ Corp., 4.75%, 5/15/2023		1,554,995
		Panther BF Aggeregator 2, LP:
	250M	6.25%, 5/15/2026^(a)(b)		255,625
	625M	8.5%, 5/15/2027^(a)(b)		628,125
	1,875M	Tenneco, Inc., 5%, 7/15/2026		1,509,375
				18,059,843
		Building Materials—1.0%
	2,000M	Building Materials Corp., 5.375%, 11/15/2024^(a)		2,057,500
	1,425M	Griffon Corp., 5.25%, 3/1/2022		1,407,188
	1,600M	New Enterprise Stone & Lime Co., 6.25%, 3/15/2026^(a)		1,560,176
	925M	Standard Industries, Inc., 5.5%, 2/15/2023^(a)		943,500
				5,968,364

Principal Amount		Security	Value
		Chemicals—2.4%
$	1,375M	Avantor, Inc., 9%, 10/1/2025^(a)	$	1,493,594
	1,800M	Blue Cube Spinco, Inc., 10%, 10/15/2025		2,068,290
	375M	CF Industries, Inc., 4.95%, 6/1/2043		322,969
	950M	CVR Partners, LP, 9.25%, 6/15/2023^(a)		998,687
	1,525M	Kraton Polymers, LLC, 7%, 4/15/2025^(a)		1,547,875
	1,125M	Neon Holdings, Inc., 10.125%, 4/1/2026^(a)		1,150,313
	1,600M	PQ Corp., 6.75%, 11/15/2022^(a)		1,666,000
	2,225M	Rain CII Carbon, LLC, 7.25%, 4/1/2025^(a)		1,980,250
	650M	Rayonier AM Products, Inc., 5.5%, 6/1/2024^(a)		612,625
	850M	Tronox, Inc., 6.5%, 4/15/2026^(a)		814,428
	2,400M	Univar USA, Inc., 6.75%, 7/15/2023^(a)		2,464,800
				15,119,831
		Consumer Non-Durables—2.0%
	1,675M	Eagle Intermediate Global Holding, 7.5%, 5/1/2025^(a)		1,658,250
		Energizer Holdings, Inc.:
	1,700M	5.5%, 6/15/2025^(a)		1,686,706
	850M	6.375%, 7/15/2026^(a)		873,375
	450M	7.75%, 1/15/2027^(a)		480,375
	2,925M	First Quality Finance Co., 4.625%, 5/15/2021^(a)		2,932,312
	1,575M	KGA Escrow, LLC, 7.5%, 8/15/2023^(a)		1,604,531
	3,028M	Reynolds Group Holdings, Inc., 5.75%, 10/15/2020		3,036,033
				12,271,582
		Energy—13.7%
	1,700M	Andeavor Logistics, LP, 6.875%, 12/29/2049		1,709,495
	950M	Antero Resources Corp., 5.375%, 11/1/2021		957,125
	1,650M	Apergy Corp., 6.375%, 5/1/2026		1,676,812
	3,461M	Baytex Energy Corp., 5.125%, 6/1/2021^(a)		3,435,042
		Blue Racer Midstream, LLC:
	1,375M	6.125%, 11/15/2022^(a)		1,402,500
	1,500M	6.625%, 7/15/2026^(a)		1,537,500
	2,000M	California Resources Corp., 8%, 12/15/2022^(a)		1,575,600
	1,300M	Callon Petroleum Co., 6.375%, 7/1/2026		1,309,750

Portfolio of Investments(continued)

FUND FOR INCOME

March 31, 2019

Principal Amount		Security	Value
		Energy (continued)
		Carrizo Oil & Gas, Inc.:
$	500M	6.25%, 4/15/2023	$	494,375
	600M	8.25%, 7/15/2025		621,000
		Chesapeake Energy Corp.:
	975M	4.875%, 4/15/2022		965,250
	2,425M	7%, 10/1/2024		2,428,031
	1,650M	8%, 6/15/2027		1,633,500
	3,050M	CITGO Petroleum Corp., 6.25%, 8/15/2022^(a)		3,042,375
		Consolidated Energy Finance SA:
	2,425M	6.3609%, 6/15/2022^(a)^†		2,417,817
	1,550M	6.875%, 6/15/2025^(a)		1,569,375
	1,675M	Covey Park Energy, LLC, 7.5%, 5/15/2025^(a)		1,557,750
		Crestwood Midstream Partners, LP:
	2,175M	6.25%, 4/1/2023		2,240,250
	1,375M	5.75%, 4/1/2025		1,416,250
	1,700M	CrownRock, LP, 5.625%, 10/15/2025^(a)		1,638,375
		DCP Midstream Operating, LP:
	1,600M	3.875%, 3/15/2023		1,596,000
	1,775M	5.85%, 5/21/2043^(a)		1,664,062
	1,775M	Delek Logistics Partners, LP, 6.75%, 5/15/2025		1,766,125
		Diamondback Energy, Inc.:
	775M	4.75%, 11/1/2024^(a)		795,189
	500M	4.75%, 11/1/2024		513,025
	2,325M	EnLink Midstream Partners, LP, 4.85%, 7/15/2026		2,316,746
	2,267M	Exterran Partners, LP, 6%, 10/1/2022		2,295,337
		Genesis Energy, LP:
	1,400M	6.75%, 8/1/2022		1,438,500
	500M	5.625%, 6/15/2024		482,500
	1,875M	Global Partners, LP, 6.25%, 7/15/2022		1,860,937
		Gulfport Energy Corp.:
	1,250M	6.625%, 5/1/2023		1,218,750
	1,150M	6.375%, 5/15/2025		1,045,062
		Laredo Petroleum, Inc.:
	1,275M	5.625%, 1/15/2022		1,171,406
	1,550M	6.25%, 3/15/2023		1,391,125

Principal Amount		Security	Value
		Energy (continued)
$	725M	Matador Resources Co., 5.875%, 9/15/2026	$	726,813
	2,050M	McDermott Escrow 1, Inc., 10.625%, 5/1/2024^(a)		1,704,063
	1,425M	MEG Energy Corp., 6.375%, 1/30/2023^(a)		1,323,469
	500M	Murphy Oil Corp., 4.45%, 12/1/2022		502,814
	1,850M	Nabors Industries, Inc., 5.75%, 2/1/2025		1,667,276
	852M	Northern Oil and Gas, Inc., 9.5%, 5/15/2023		886,210
		Oasis Petroleum, Inc.:
	1,750M	6.875%, 1/15/2023		1,754,375
	1,125M	6.25%, 5/1/2026^(a)		1,074,375
	1,650M	Parkland Fuel Corp., 6%, 4/1/2026^(a)		1,673,183
		Parsley Energy, LLC:
	875M	5.25%, 8/15/2025^(a)		866,250
	300M	5.625%, 10/15/2027^(a)		300,000
		Precision Drilling Corp.:
	776M	6.5%, 12/15/2021		786,190
	950M	7.125%, 1/15/2026^(a)		946,735
	1,350M	QEP Resources, Inc., 6.875%, 3/1/2021		1,390,500
		Range Resources Corp.:
	800M	5.75%, 6/1/2021		816,000
	375M	5%, 8/15/2022^(a)		373,125
	1,950M	SM Energy Co., 5%, 1/15/2024		1,813,500
	600M	Southwestern Energy Co., 7.5%, 4/1/2026		615,000
	2,425M	Suburban Propane Partners, LP, 5.875%, 3/1/2027		2,309,813
		Sunoco, LP:
	1,975M	4.875%, 1/15/2023		2,011,340
	1,125M	5.875%, 3/15/2028		1,119,375
	685M	Transocean Guardian, Ltd., 5.875%, 1/15/2024^(a)		698,828
	992M	Transocean Pontus, Ltd., 6.125%, 8/1/2025^(a)		1,009,614
	1,550M	Tullow Oil, PLC, 6.25%, 4/15/2022^(a)		1,561,238
	1,125M	USA Compression Partners, LP, 6.875%, 9/1/2027^(a)		1,148,906
		Whiting Petroleum Corp.:
	825M	6.25%, 4/1/2023		833,250
	1,250M	6.625%, 1/15/2026		1,231,250

Portfolio of Investments(continued)

FUND FOR INCOME

March 31, 2019

Principal Amount		Security	Value
		Energy (continued)
		WPX Energy, Inc.:
$	619M	6%, 1/15/2022	$	645,307
	250M	5.75%, 6/1/2026		254,688
				85,226,423
		Financials—5.9%
	1,125M	Acrisure, LLC, 8.125%, 2/15/2024^(a)		1,167,789
	1,225M	Ally Financial, Inc., 8%, 11/1/2031		1,526,656
	600M	Arch Merger Sub, Inc., 8.5%, 9/15/2025^(a)		657,750
		Colfax Corp.:
	725M	6%, 2/15/2024^(a)		757,625
	425M	6.375%, 2/15/2026^(a)		452,888
	1,525M	Credit Suisse Group AG, 7.5%, 12/11/2023^(a)		1,615,956
	1,900M	CSTN Merger Sub, Inc., 6.75%, 8/15/2024^(a)		1,795,500
		DAE Funding, LLC:
	775M	5.75%, 11/15/2023^(a)		798,250
	3,600M	5%, 8/1/2024^(a)		3,654,000
		Icahn Enterprises, LP:
	2,225M	6.25%, 2/1/2022		2,288,079
	1,450M	6.75%, 2/1/2024		1,517,063
	1,050M	Intesa Sanpaolo SpA, 5.017%, 6/26/2024^(a)		1,015,562
		Ladder Capital Finance Holdings, LLLP:
	1,350M	5.25%, 3/15/2022^(a)		1,373,625
	2,700M	5.25%, 10/1/2025^(a)		2,598,750
	2,500M	Navient Corp., 5.875%, 3/25/2021		2,590,625
		Park Aerospace Holdings:
	550M	4.5%, 3/15/2023^(a)		548,625
	3,375M	5.5%, 2/15/2024^(a)		3,512,194
		Springleaf Finance Corp.:
	425M	7.75%, 10/1/2021		459,531
	1,450M	5.625%, 3/15/2023		1,473,563
	800M	6.125%, 3/15/2024		819,984
	1,600M	6.875%, 3/15/2025		1,654,000
	1,950M	7.125%, 3/15/2026		1,988,990

Principal Amount		Security	Value
		Financials (continued)
$	1,325M	UniCredit SpA, 5.861%, 6/19/2032^(a)	$	1,222,735
	1,475M	Wand Merger Corp., 8.125%, 7/15/2023^(a)		1,522,938
				37,012,678
		Food/Beverage/Tobacco—1.7%
	2,050M	JBS USA LUX SA, 6.75%, 2/15/2028^(a)		2,129,437
	1,825M	Pilgrim’s Pride Corp., 5.875%, 9/30/2027^(a)		1,843,250
		Post Holdings, Inc.:
	1,725M	5.5%, 3/1/2025^(a)		1,750,875
	1,650M	5.75%, 3/1/2027^(a)		1,664,438
	3,575M	Sigma Holdco BV, 7.875%, 5/15/2026^(a)		3,315,813
				10,703,813
		Food/Drug—.3%
		Albertson’s Cos., LLC:
	1,325M	5.75%, 3/15/2025		1,263,719
	625M	7.5%, 3/15/2026^(a)		646,094
				1,909,813
		Forest Products/Containers—2.7%
		Ardagh Holdings USA, Inc.:
	1,400M	4.625%, 5/15/2023^(a)		1,412,250
	3,425M	7.25%, 5/15/2024^(a)		3,620,910
		Berry Global, Inc.:
	1,525M	5.5%, 5/15/2022		1,553,594
	1,475M	7%, 2/15/2026^(a)		1,467,625
	1,675M	BWAY Holding Co., 5.5%, 4/15/2024^(a)		1,669,221
	1,075M	Crown Americas, LLC, 4.5%, 1/15/2023		1,088,437
	1,200M	Greif, Inc., 6.5%, 3/1/2027^(a)		1,230,000
		Mercer International, Inc.:
	350M	7.75%, 12/1/2022		364,437
	1,175M	6.5%, 2/1/2024		1,207,313
	825M	7.375%, 1/15/2025^(a)		868,313
	1,054M	Multi-Color Corp., 4.875%, 11/1/2025^(a)		1,090,890

Portfolio of Investments(continued)

FUND FOR INCOME

March 31, 2019

Principal Amount		Security	Value
		Forest Products/Containers (continued)
$	1,500M	Schweitzer-Mauduit International, Inc., 6.875%, 10/1/2026^(a)	$	1,503,750
				17,076,740
		Gaming/Leisure—5.9%
	1,150M	AMC Entertainment, Inc., 5.75%, 6/15/2025		1,079,332
		AMC Networks, Inc.:
	1,700M	5%, 4/1/2024		1,712,580
	775M	4.75%, 8/1/2025		771,125
	2,725M	Boyd Gaming Corp., 6.875%, 5/15/2023		2,840,812
	1,225M	Cedar Fair, LP, 5.375%, 6/1/2024		1,257,083
	6,425M	CRC Escrow Issuer, LLC, 5.25%, 10/15/2025^(a)		6,204,108
	2,475M	Golden Nugget, Inc., 8.75%, 10/1/2025^(a)		2,604,938
	2,900M	IRB Holding Corp., 6.75%, 2/15/2026^(a)		2,733,250
	3,725M	Jack Ohio Finance, LLC, 6.75%, 11/15/2021^(a)		3,846,063
	575M	Lions Gate Entertainment Corp., 5.875%, 11/1/2024^(a)		594,406
	1,200M	MGM Resorts International, 6%, 3/15/2023		1,269,000
	1,650M	National CineMedia, LLC, 6%, 4/15/2022		1,674,750
	3,650M	Scientific Games International, Inc., 5%, 10/15/2025^(a)		3,586,125
	1,125M	Silversea Cruise Finance, Ltd., 7.25%, 2/1/2025^(a)		1,222,313
		Viking Cruises, Ltd.:
	4,150M	6.25%, 5/15/2025^(a)		4,233,000
	1,150M	5.875%, 9/15/2027^(a)		1,121,825
				36,750,710
		Health Care—7.5%
	800M	AMN Healthcare, Inc, 5.125%, 10/1/2024^(a)		791,000
		Bausch Health Cos., Inc.:
	400M	6.5%, 3/15/2022^(a)		414,500
	950M	5.5%, 3/1/2023^(a)		958,313
	3,650M	7%, 3/15/2024^(a)		3,870,825
	2,250M	6.125%, 4/15/2025^(a)		2,233,125
	3,200M	9%, 12/15/2025^(a)		3,488,160
	925M	8.5%, 1/31/2027^(a)		982,813

Principal Amount		Security	Value
		Health Care (continued)
		CHS/Community Health Systems, Inc.:
$	950M	5.125%, 8/1/2021	$	938,695
	2,450M	6.25%, 3/31/2023		2,314,392
	650M	Cimpress NV, 7%, 6/15/2026^(a)		628,875
	5,575M	DaVita, Inc., 5.125%, 7/15/2024		5,519,250
		Endo Finance, LLC:
	1,575M	6%, 7/15/2023^(a)		1,220,625
	375M	6%, 2/1/2025^(a)		273,105
		HCA, Inc.:
	3,600M	6.25%, 2/15/2021		3,792,060
	1,800M	5.875%, 5/1/2023		1,923,750
	1,475M	5.375%, 2/1/2025		1,567,187
	1,150M	HealthSouth Corp., 5.125%, 3/15/2023		1,170,433
		Mallinckrodt Finance SB:
	2,575M	5.75%, 8/1/2022^(a)		2,407,625
	1,025M	5.5%, 4/15/2025^(a)		804,625
	1,750M	MEDNAX, Inc., 6.25%, 1/15/2027^(a)		1,771,875
	1,925M	Molina Healthcare, Inc., 5.375%, 11/15/2022		2,005,581
	775M	MPH Operating Partnership, LP, 7.125%, 6/1/2024^(a)		775,000
	1,050M	Par Pharmaceutical, Inc., 7.5%, 4/1/2027^(a)		1,067,325
	1,775M	Polaris Intermediate Corp., 8.5%, 12/1/2022^(a)		1,757,694
	3,314M	Syneos Health, Inc., 7.5%, 10/1/2024^(a)		3,504,555
	625M	Tenet Healthcare Corp., 5.125%, 5/1/2025		629,719
				46,811,107
		Home-Building—.3%
	1,650M	William Lyon Homes, Inc., 6%, 9/1/2023		1,604,625
		Information Technology—5.3%
	5,950M	Alliance Data Systems Corp., 5.375%, 8/1/2022^(a)		6,039,250
	1,650M	Anixter, Inc., 6%, 12/1/2025^(a)		1,736,625
	1,650M	CDW, LLC, 5%, 9/1/2025		1,697,437
		CommScope Finance, LLC:
	450M	5.5%, 3/1/2024^(a)		461,380
	650M	6%, 3/1/2026^(a)		673,965

Portfolio of Investments(continued)

FUND FOR INCOME

March 31, 2019

Principal Amount		Security	Value
		Information Technology (continued)
$	3,025M	CommScope Technologies, LLC, 6%, 6/15/2025^(a)	$	2,952,249
		Diamond 1 Finance Corp.:
	2,425M	5.875%, 6/15/2021^(a)		2,471,405
	1,150M	7.125%, 6/15/2024^(a)		1,219,436
	925M	J2 Cloud Services, LLC, 6%, 7/15/2025^(a)		964,313
	1,000M	Nielsen Finance, LLC, 5%, 4/15/2022^(a)		992,500
		Nuance Communications, Inc.:
	1,875M	6%, 7/1/2024		1,928,906
	1,200M	5.625%, 12/15/2026		1,235,916
	2,125M	Rackspace Hosting, Inc., 8.625%, 11/15/2024^(a)		1,898,433
	3,975M	Solera, LLC, 10.5%, 3/1/2024^(a)		4,328,457
	2,050M	Symantec Corp., 5%, 4/15/2025^(a)		2,055,000
	525M	VeriSign, Inc., 4.75%, 7/15/2027		527,032
	1,800M	Verscend Holding Corp., 9.75%, 8/15/2026^(a)		1,802,250
				32,984,554
		Manufacturing—2.7%
	2,525M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023^(a)		2,622,844
	3,150M	Brand Energy & Infrastructure Services, Inc., 8.5%, 7/15/2025^(a)		2,842,875
	1,250M	Cloud Crane, LLC, 10.125%, 8/1/2024^(a)		1,346,875
	2,925M	Grinding Media, Inc., 7.375%, 12/15/2023^(a)		2,822,625
	2,050M	H&E Equipment Services, Inc., 5.625%, 9/1/2025		2,052,562
	1,850M	Manitowoc Co., Inc., 9%, 4/1/2026^(a)		1,877,750
	1,300M	Park-Ohio Industries, Inc., 6.625%, 4/15/2027		1,300,000
	2,275M	Wabash National Corp., 5.5%, 10/1/2025^(a)		2,132,813
				16,998,344
		Media-Broadcasting—2.6%
		Belo Corp.:
	725M	7.75%, 6/1/2027		795,687
	1,474M	7.25%, 9/15/2027		1,580,865
	3,600M	LIN Television Corp., 5.875%, 11/15/2022		3,703,500
	1,175M	Nexstar Broadcasting, Inc., 5.625%, 8/1/2024^(a)		1,195,563

Principal Amount		Security	Value
		Media-Broadcasting (continued)
		Sinclair Television Group, Inc.:
$	2,175M	5.375%, 4/1/2021	$	2,180,437
	475M	5.625%, 8/1/2024^(a)		480,344
	650M	5.875%, 3/15/2026^(a)		657,312
	1,400M	5.125%, 2/15/2027^(a)		1,347,500
	4,350M	Sirius XM Radio, Inc., 6%, 7/15/2024^(a)		4,524,000
				16,465,208
		Media-Cable TV—10.1%
		Altice Financing SA:
	3,675M	6.625%, 2/15/2023^(a)		3,766,875
	1,150M	7.5%, 5/15/2026^(a)		1,137,925
	625M	Altice Finco SA, 7.625%, 2/15/2025^(a)		571,094
		Altice France SA:
	3,225M	6.25%, 5/15/2024^(a)		3,261,281
	1,325M	8.125%, 2/1/2027^(a)		1,343,219
		CCO Holdings, LLC:
	1,300M	5.25%, 9/30/2022		1,326,812
	2,275M	5.125%, 2/15/2023		2,320,500
	925M	5.75%, 9/1/2023		945,812
	3,675M	5.875%, 4/1/2024^(a)		3,849,967
	2,575M	5.875%, 5/1/2027^(a)		2,678,772
	975M	5%, 2/1/2028^(a)		963,934
	3,744M	Clear Channel International, 8.75%, 12/15/2020^(a)		3,861,000
		Clear Channel Worldwide Holdings, Inc.:
	2,900M	Series “A”, 6.5%, 11/15/2022		2,983,375
	3,775M	Series “B”, 6.5%, 11/15/2022		3,874,094
	1,775M	9.25%, 2/15/2024^(a)		1,885,937
		CSC Holdings, LLC:
	3,225M	5.375%, 7/15/2023^(a)		3,293,531
	1,700M	7.75%, 7/15/2025^(a)		1,827,500
	1,475M	6.625%, 10/15/2025^(a)		1,567,188
	5,375M	10.875%, 10/15/2025^(a)		6,218,875
	1,625M	7.5%, 4/1/2028^(a)		1,749,394

Portfolio of Investments(continued)

FUND FOR INCOME

March 31, 2019

Principal Amount		Security	Value
		Media-Cable TV (continued)
		DISH DBS Corp.:
$	1,650M	5%, 3/15/2023	$	1,491,187
	1,750M	5.875%, 11/15/2024		1,476,562
		Gray Television, Inc.:
	350M	5.125%, 10/15/2024^(a)		352,293
	1,575M	5.875%, 7/15/2026^(a)		1,606,815
	4,980M	Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023^(a)		5,205,534
	725M	Netflix, Inc., 4.875%, 4/15/2028		719,562
	2,250M	Unitymedia GmbH, 6.125%, 1/15/2025^(a)		2,346,525
				62,625,563
		Media-Diversified—1.5%
	2,150M	Gannett Co., Inc., 6.375%, 10/15/2023		2,230,625
	1,750M	Outdoor Americas Capital, LLC, 5.875%, 3/15/2025		1,798,125
	5,150M	Tribune Media Co., 5.875%, 7/15/2022		5,281,969
				9,310,719
		Metals/Mining—4.0%
	1,480M	Allegheny Technologies, Inc., 7.875%, 8/15/2023		1,609,500
	900M	Big River Steel, LLC, 7.25%, 9/1/2025^(a)		943,020
	1,375M	Cliffs Natural Resources, Inc., 5.75%, 3/1/2025		1,320,000
		Commercial Metals Co.:
	3,225M	4.875%, 5/15/2023		3,249,187
	1,100M	5.375%, 7/15/2027		1,061,500
	1,550M	Constellium NV, 5.75%, 5/15/2024^(a)		1,553,875
	1,525M	First Quantum Minerals, Ltd., 6.5%, 3/1/2024^(a)		1,433,500
	3,000M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022^(a)		3,172,500
	750M	Mountain Province Diamonds, Inc., 8%, 12/15/2022^(a)		750,937
	1,550M	Natural Resource Partners, LP, 10.5%, 3/15/2022		1,637,187
	1,625M	Northwest Acquisitions, ULC, 7.125%, 11/1/2022^(a)		1,434,063
	1,800M	Novelis, Inc., 5.875%, 9/30/2026^(a)		1,797,750
	3,075M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025^(a)		3,121,125

Principal Amount		Security	Value
		Metals/Mining (continued)
$	2,100M	TMS International Corp., 7.25%, 8/15/2025^(a)	$	2,039,142
				25,123,286
		Real Estate—1.4%
		Geo Group, Inc.:
	400M	5.125%, 4/1/2023		357,000
	1,575M	6%, 4/15/2026		1,326,937
	1,125M	Greystar Real Estate Partners, 5.75%, 12/1/2025^(a)		1,130,625
		Iron Mountain, Inc.:
	875M	5.75%, 8/15/2024		885,938
	1,800M	5.25%, 3/15/2028^(a)		1,748,250
	1,350M	Lennar Corp., 4.875%, 12/15/2023		1,395,563
	625M	MPT Operating Partnership, LP, 6.375%, 3/1/2024		654,688
	1,500M	Sabra Health Care, LP, 5.125%, 8/15/2026		1,469,793
				8,968,794
		Retail-General Merchandise—2.0%
		1011778 B.C., ULC:
	2,875M	4.625%, 1/15/2022^(a)		2,895,729
	1,750M	5%, 10/15/2025^(a)		1,733,025
		AmeriGas Partners, LP:
	775M	5.625%, 5/20/2024		791,469
	1,725M	5.5%, 5/20/2025		1,727,156
	1,450M	J.C. Penney Co., Inc., 8.625%, 3/15/2025		855,500
	1,075M	KFC Holding Co., LLC, 5%, 6/1/2024^(a)		1,099,188
	2,800M	L Brands, Inc., 6.75%, 7/1/2036		2,366,000
	875M	SRS Distribution, Inc., 8.25%, 7/1/2026^(a)		844,375
				12,312,442
		Services—1.4%
	1,400M	AECOM, 5.125%, 3/15/2027		1,359,750
	2,250M	GW Honos Security Corp., 8.75%, 5/15/2025^(a)		2,148,750
	1,214M	Prime Security Services Borrower, LLC, 9.25%, 5/15/2023^(a)		1,277,735

Portfolio of Investments(continued)

FUND FOR INCOME

March 31, 2019

Principal Amount			Security	Value
			Services (continued)
			United Rentals, Inc.:
$	975M		4.625%, 10/15/2025	$	965,250
	575M		6.5%, 12/15/2026		606,625
	2,150M		5.5%, 5/15/2027		2,176,875
					8,534,985
			Telecommunications—3.6%
			Frontier Communications Corp.:
	2,800M		11%, 9/15/2025		1,856,750
	1,450M		8.5%, 4/1/2026^(a)		1,352,125
	625M		8%, 4/1/2027^(a)		646,875
			GCI, Inc.:
	2,023M		6.75%, 6/1/2021		2,035,644
	5,375M		6.875%, 4/15/2025		5,637,031
	1,575M		Qwest Corp., 7.25%, 9/15/2025		1,697,168
	1,425M		Telecom Italia Capital SA, 7.2%, 7/18/2036		1,454,070
	2,350M	��	Telesat Canada, 8.875%, 11/15/2024^(a)		2,538,000
			Zayo Group, LLC:
	1,050M		6%, 4/1/2023		1,068,375
	2,850M		6.375%, 5/15/2025		2,874,938
	1,525M		5.75%, 1/15/2027^(a)		1,525,457
					22,686,433
			Transportation—1.6%
	2,650M		BCD Acquisition, Inc., 9.625%, 9/15/2023^(a)		2,822,250
			Fly Leasing, Ltd.:
	925M		6.375%, 10/15/2021		938,875
	1,625M		5.25%, 10/15/2024		1,568,125
	1,750M		Mobile Mini, Inc., 5.875%, 7/1/2024		1,785,000
	2,925M		XPO Logistics, Inc., 6.125%, 9/1/2023^(a)		2,957,906
					10,072,156

	Principal Amount		Security	Value
			Utilities—3.0%
			Calpine Corp.:
	$	775M	5.75%, 1/15/2025	$	773,062
		1,800M	5.25%, 6/1/2026^(a)		1,797,750
		1,675M	Cheniere Corpus Christi Holdings, 5.125%, 6/30/2027		1,760,844
		425M	Clearway Energy Operating, LLC, 5.75%, 10/15/2025^(a)		428,187
		1,850M	Drax Finco, PLC, 6.625%, 11/1/2025^(a)		1,882,375
		1,956M	Dynegy, Inc., 7.375%, 11/1/2022		2,034,240
		214M	Indiantown Cogeneration Utilities, LP, 9.77%, 12/15/2020		222,346
		1,000M	NRG Yield Operating, LLC, 5%, 9/15/2026		957,500
		2,294M	NSG Holdings, LLC, 7.75%, 12/15/2025^(a)		2,465,601
		5,000M	Targa Resources Partners, LP, 4.25%, 11/15/2023		4,993,750
		1,675M	Terraform Power Operating, LLC, 5%, 1/31/2028^(a)		1,622,656
					18,938,311
			Waste Management—.2%
		1,175M	GFL Environmental, Inc., 5.625%, 5/1/2022^(a)		1,145,625
			Wireless Communications—4.4%
		775M	Inmarsat Finance, PLC, 4.875%, 5/15/2022^(a)		790,655
		3,000M	Intelsat Jackson Holdings SA, 8.5%, 10/15/2024^(a)		2,932,500
			Level 3 Financing, Inc.:
		1,500M	6.125%, 1/15/2021		1,515,300
		450M	5.375%, 8/15/2022		453,375
		2,150M	5.125%, 5/1/2023		2,176,875
		1,475M	5.375%, 1/15/2024		1,506,123
		5,750M	Sprint Communications, Inc., 6%, 11/15/2022		5,809,225
			Sprint Corp.:
		4,575M	7.875%, 9/15/2023		4,803,750
		950M	7.125%, 6/15/2024		966,625
		650M	7.625%, 2/15/2025		664,625
		1,325M	7.625%, 3/1/2026		1,346,200
		4,250M	T-Mobile USA, Inc., 6%, 4/15/2024		4,425,313
					27,390,566
Total Value of Corporate Bonds (cost $570,508,067)					571,985,790

Portfolio of Investments(continued)

FUND FOR INCOME

March 31, 2019

Principal Amount		Security	Value
		LOAN PARTICIPATIONS^†—5.8%
		Chemicals—.9%
		Flint Group:
$	456M	5.7793%, 9/6/2021	$	419,780
	2,752M	5.7793%, 9/7/2021		2,531,589
	2,900M	Univar USA, Inc., 4.9986%, 7/1/2024		2,873,422
				5,824,791
		Consumer Non-Durables—.2%
	1,546M	Reynolds Group Holdings, Inc., 5.2486%, 2/5/2023		1,530,199
		Energy—.1%
	424M	Centurion Pipeline, LLC, 5.851%, 9/26/2025		423,673
		Food/Beverage/Tobacco—.8%
	3,209M	Chobani, LLC, 5.9986%, 10/9/2023		3,072,666
	2,258M	Sigma Bidco BV, 5.6031%, 7/2/2025		2,200,552
				5,273,218
		Gaming/Leisure—.9%
	2,600M	Dorna Sports SL, 5.883%, 4/12/2024		2,550,171
	2,908M	Stars Group Holdings BV, 6.101%, 7/10/2025		2,907,528
				5,457,699
		Health Care—.4%
	2,313M	Inovalon Holdings, Inc., 6%, 4/2/2025		2,307,592
		Media-Diversified—.6%
	825M	DiscoverOrg., LLC, 7.2363%, 2/2/2026		819,328
	3,000M	Tribune Media Co., 5.4986%, 1/29/2024		3,003,750
				3,823,078
		Metals/Mining—.5%
	3,000M	Zekelman Industries, Inc., 4.74%, 6/14/2021		2,973,749
		Telecommunication Services—.8%
	5,000M	Intelsat Jackson Holdings SA, 6.9898%, 1/2/2024		5,022,675

	Principal Amount		Security	Value
			Telecommunications—.5%
	$	2,992M	CenturyLink, Inc., 5.2486%, 1/31/2025	$	2,930,242
			Utilities—.1%
		725M	Edgewater Generation, 3.75%, 12/12/2025^(b)		724,094
Total Value of Loan Participations (cost $36,508,254)					36,291,010

Total Value of Investments (cost $607,016,321)	97.5	%		608,276,800
Other Assets, Less Liabilities	2.5			15,500,025
Net Assets	100.0	%	$	623,776,825

^(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 4).

^(b)	A portion or all of the security purchased on a when-issued or delayed delivery basis (see Note 1G).

^†	Interest rates are determined and reset periodically. The interest rates above are the rates in efffect at March 31, 2019

Summary of Abbreviations:

LLLP	Limited Liability Limited Partnership

ULC	Unlimited Liability Corporation

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 –

Level 3 –

Portfolio of Investments(continued)

FUND FOR INCOME

March 31, 2019

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	571,985,790	$	—	$	571,985,790
Loan Participations		—		36,291,010		—		36,291,010
Total Investments in Securities^*	$	—	$	608,276,800	$	—	$	608,276,800

^*	The Portfolio of Investments provides information on the industry categorization for corporate bonds, loan participations.

There were no transfers into or from Level 1 and Level 2 by the Fund during the period ended March 31, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

Fund Expenses(unaudited)

GOVERNMENT CASH MANAGEMENT FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	0.60%
Actual		$1,000.00	$1,008.67	$ 3.00
Hypothetical^**		$1,000.00	$1,021.94	$ 3.02
Class B Shares	1.35%
Actual		$1,000.00	$1,004.91	$ 6.75
Hypothetical^**		$1,000.00	$1,018.20	$ 6.79
Institutional Class Shares	0.60%
Actual		$1,000.00	$1,008.70	$ 3.00
Hypothetical^**		$1,000.00	$1,021.94	$ 3.02

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived and/or assumed.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

Portfolio of Investments

GOVERNMENT CASH MANAGEMENT FUND

March 31, 2019

	Principal Amount		Security	Interest Rate^*			Value
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—59.4%
			U.S. Treasury Bills:
	$	5,000M	4/2/2019		2.36	%	$	4,999,671
		2,000M	4/11/2019		2.40			1,998,653
		2,000M	4/18/2019		2.36			1,997,766
		2,000M	5/2/2019		2.36			1,995,923
		2,800M	5/2/2019		2.38			2,794,252
		3,500M	5/2/2019		2.40			3,492,762
		3,500M	5/7/2019		2.40			3,491,594
		7,000M	5/7/2019		2.41			6,983,107
		4,000M	5/9/2019		2.36			3,990,004
		3,000M	5/9/2019		2.39			2,992,412
		1,500M	5/9/2019		2.43			1,496,112
		9,000M	5/14/2019		2.42			8,973,966
		3,500M	5/16/2019		2.39			3,489,507
		4,000M	5/16/2019		2.43			3,987,717
		4,000M	5/23/2019		2.36			3,986,332
		8,000M	5/30/2019		2.40			7,968,486
		6,500M	6/6/2019		2.36			6,471,788
		2,000M	6/13/2019		2.37			1,990,370
		5,000M	6/13/2019		2.38			4,975,826
		2,000M	6/13/2019		2.40			1,990,270
		2,000M	6/13/2019		2.45			1,989,990
		1,900M	6/20/2019		2.38			1,889,916
		4,800M	6/20/2019		2.39			4,774,473
		9,000M	6/27/2019		2.40			8,947,864
		2,000M	7/11/2019		2.39			1,986,564
		4,000M	7/11/2019		2.41			3,972,889
		2,000M	7/18/2019		2.41			1,985,432
Total Value of Short-Term U.S. Government Obligations (cost $105,613,646)								105,613,646

	Principal Amount		Security	Interest Rate^*			Value
			VARIABLE AND FLOATING RATE NOTES—34.6%
			Federal Farm Credit Bank:
	$	1,715M	4/3/2019		2.43	%	$	1,715,002
		3,273M	4/24/2019		2.45			3,273,076
		4,000M	5/30/2019		2.41			3,999,890
		10,000M	7/26/2019		2.69			10,008,657
		4,700M	11/14/2019		2.66			4,705,820
		2,000M	11/19/2019		2.42			1,999,503
		1,005M	2/10/2020		2.54			1,005,585
			Federal Home Loan Bank:
		6,500M	4/9/2019		2.48			6,499,818
		6,000M	6/12/2019		2.44			6,001,375
		8,200M	7/5/2019		2.63			8,202,962
		1,000M	8/7/2019		2.37			999,786
		3,950M	10/11/2019		2.54			3,950,325
		2,100M	12/6/2019		2.43			2,099,494
		7,000M	12/19/2019		2.49			7,005,065
Total Value of Variable and Floating Rate Notes (cost $61,466,358)								61,466,358
			SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS—5.6%
			Federal Home Loan Bank:
		5,000M	4/15/2019		2.40			4,995,312
		5,000M	6/5/2019		2.42			4,978,107
Total Value of Short-Term U.S. Government Agency Obligations(cost $9,973,419)								9,973,419

Total Value of Investments (cost $177,053,423)^**	99.6	%		177,053,423
Other Assets, Less Liabilities	.4			687,679
Net Assets	100.0	%	$	177,741,102

^*	The interest rates shown are the effective rates at the time of purchase by the Fund. The interest rates shown on floating rate notes are adjusted periodically; the rates shown are the rates in effect at March 31, 2019.

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

Portfolio of Investments(continued)

GOVERNMENT CASH MANAGEMENT FUND

March 31, 2019

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 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2		Level 3		Total
Short-Term U.S. Government Obligations	$	—	$	105,613,646	$	—	$	105,613,646
Variable and Floating Rate Notes:
U.S. Government Agency Obligations		—		61,466,358		—		61,466,358
Short-Term U.S. Government Agency Obligations		—		9,973,419		—		9,973,419
Total Investments in Securities	$	—	$	177,053,423	$	—	$	177,053,423

There were no transfers into or from Level 1 and Level 2 by the Fund during the period ended March 31, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

Fund Expenses(unaudited)

INTERNATIONAL OPPORTUNITIES BOND FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	1.44%
Actual		$1,000.00	$ 997.87	$ 7.17
Hypothetical^**		$1,000.00	$ 1,017.75	$ 7.24
Advisor Class Shares	1.14%
Actual		$1,000.00	$ 999.28	$ 5.68
Hypothetical^**		$1,000.00	$ 1,019.25	$ 5.74
Institutional Class Shares	0.97%
Actual		$1,000.00	$ 999.79	$ 4.84
Hypothetical^**		$1,000.00	$ 1,020.09	$ 4.89

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived and/or assumed.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

Portfolio of Investments

INTERNATIONAL OPPORTUNITIES BOND FUND

March 31, 2019

Principal Amount			Security	Value
			SOVEREIGN BONDS—57.0%
			Mexico—12.8%
			United Mexican States:
	288M	MXN	7.75%, 11/23/2034	$	1,412,799
	1,437M	MXN	7.75%, 11/13/2042		6,882,853
	533M	MXN	8%, 11/7/2047		2,608,863
	822M	MXN	8.5%, 5/31/2029		4,356,756
	956M	MXN	8.5%, 11/18/2038		4,964,536
					20,225,807
			Malaysia—7.5%
			Federation of Malaysia:
	14,190M	MYR	3.48%, 3/15/2023		3,463,062
	1,750M	MYR	3.62%, 11/30/2021		430,591
	7,020M	MYR	3.659%, 10/15/2020		1,727,548
	8,435M	MYR	3.882%, 3/10/2022		2,094,318
	6,610M	MYR	3.899%, 11/16/2027		1,626,447
	890M	MYR	3.9%, 11/30/2026		221,545
	2,405M	MYR	3.955%, 9/15/2025		598,442
	6,540M	MYR	4.048%, 9/30/2021		1,626,200
					11,788,153
			Poland—6.6%
	9,845M	PLN	Poland Government Bond, 2%, 4/25/2021		2,584,204
			Republic of Poland:
	14,085M	PLN	1.5%, 4/25/2020		3,672,357
	7,330M	PLN	3.25%, 7/25/2019		1,921,711
	8,400M	PLN	5.25%, 10/25/2020		2,311,236
					10,489,508
			South Africa—5.7%
			Republic of South Africa:
	54,690M	ZAR	6.5%, 2/28/2041		2,685,652
	100,650M	ZAR	8.75%, 2/28/2048		6,300,413
					8,986,065

	Principal Amount			Security	Value
				Chile—4.6%
		4,800,000M	CLP	Bonos Tesoreria Pesos, 4.5%, 3/1/2021	$	7,227,456
				Brazil—4.6%
				Nota Do Tesouro Nacional:
		11M	BRL	10%, 1/1/2021		2,996,555
		15M	BRL	10%, 1/1/2027		4,209,084
						7,205,639
				United Kingdom—4.5%
		5,410M	GBP	United Kingdom Gilt, 1.75%, 7/22/2019		7,067,992
				Colombia—4.4%
		20,300,000M	COP	Titulos De Tesoreria, 7.5%, 8/26/2026		6,887,417
				Indonesia—2.7%
				Republic of Indonesia:
		34,800,000M	IDR	8.375%, 3/15/2034		2,514,593
		23,800,000M	IDR	9%, 3/15/2029		1,822,450
						4,337,043
				Peru—2.0%
		10,000M	PEN	Bonos De Tesoreria, 6.15%, 8/12/2032^(c)		3,175,691
				Australia—1.6%
		3,625M	AUD	Commonwealth of Australia, 2.75%, 10/21/2019		2,592,049
Total Value of Sovereign Bonds (cost $105,159,288)						89,982,820
				CORPORATE BONDS—22.4%
				United States—19.4%
		1,390M	USD	American Express Co., 3.3326%, 11/5/2021^(a)		1,395,418
		2,490M	USD	Caterpillar Financial Service, 2.8409%, 3/15/2021^(a)		2,492,605
		2,100M	USD	Citibank NA, 3.0478%, 2/12/2021^(a)		2,101,438
		1,650M	USD	Citigroup, Inc., 3.5725%, 1/10/2020^(a)		1,657,154
		2,395M	USD	Daimler Finance NA, LLC, 3.1134%, 2/22/2021^(a)(b)		2,389,602

Portfolio of Investments(continued)

INTERNATIONAL OPPORTUNITIES BOND FUND

March 31, 2019

	Principal Amount			Security	Value
				United States(continued)
				Ford Motor Credit Co., LLC:
		2,055M	USD	3.7968%, 1/9/2020^(a)	$	2,054,891
		930M	USD	3.605%, 4/5/2021^(a)		908,334
		2,505M	USD	General Motors Financial Co., Inc., 3.7269%, 4/13/2020^(a)		2,509,051
		4,180M	USD	Goldman Sachs Group, Inc., 3.401%, 2/23/2023^(a)		4,145,753
		1,505M	USD	HP Enterprise Co., 6.35%, 10/15/2045		1,579,502
				Metropolitan Life Global Funding I:
		1,410M	USD	2.8453%, 9/19/2019^(a)(b)		1,410,984
		2,290M	USD	3.0339%, 1/8/2021^(a)(b)		2,287,804
		2,410M	USD	NBCUniversal Enterprise, Inc., 3.197%, 4/1/2021^(a)(b)		2,413,858
		1,555M	USD	New York Life Global Funding, 2.957%, 10/1/2020^(a)(b)		1,555,781
		1,760M	USD	Wells Fargo & Co., 3.7898%, 7/26/2021^(a)		1,782,882
						30,685,057
				Australia—1.8%
		1,395M	USD	Macquarie Bank, Ltd., 3.1439%, 4/4/2019^(a)(b)		1,395,050
		1,500M	USD	National Australia Bank, Ltd., 3.1734%, 5/22/2020^(a)(b)		1,505,917
						2,900,967
				Germany—1.2%
		1,825M	USD	BMW U.S. Capital, LLC, 3.175%, 4/6/2020^(a)(b)		1,827,172
Total Value of Corporate Bonds (cost $35,327,191)						35,413,196
				U.S. GOVERNMENT OBLIGATIONS—8.0%
				United States
				U.S. Treasury Notes:
		7,290M	USD	2.4578%, 4/30/2020^(a)		7,286,224
		5,360M	USD	2.4698%, 10/31/2020^(a)		5,353,118
Total Value of U.S. Government Obligations (cost $12,651,199)						12,639,342

	Principal Amount			Security	Value
				SUPRANATIONALS—3.5%
				United States—2.8%
		4,410M	USD	Inter-American Development Bank, 2.4928%, 10/9/2020^(a)	$	4,408,386
				Venezuela—.7%
		1,075M	USD	Corp. Andina De Formento, 2%, 5/10/2019		1,074,459
Total Value of Supranational (cost $5,482,295)						5,482,845
				GOVERNMENT REGIONAL AGENCY—3.4%
				Australia
		970M	AUD	New South Wales Treasury Corp., 4%, 4/8/2021		721,286
		3,700M	AUD	Queensland Treasury Corp., 4%, 6/21/2019^(c)		2,640,917
		2,740M	AUD	Western Australia Treasury Corp., 7%, 10/15/2019		2,001,477
Total Value of Government Regional Agency (cost $5,859,979)						5,363,680
				GOVERNMENT SOVEREIGN AGENCY—1.2%
				Norway
		1,872M	USD	Kommunalbanken AS, 2.9446%, 6/16/2020 (cost $1,882,801) (a)(b)		1,879,739

Total Value of Investments (cost $166,362,753)	95.5	%		150,761,622
Other Assets, Less Liabilities	4.5			7,203,606
Net Assets	100.0	%	$	157,965,228

^(a)	Interest rates are determined and reset periodically. The interest rates above are the rates in effect at March 31, 2019.

^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 4).

(c)	Security exempt from registration under Regulation S of the Securities Act of 1933 (see Note 4).

Portfolio of Investments(continued)

INTERNATIONAL OPPORTUNITIES BOND FUND

March 31, 2019

At March 31, 2019, International Opportunities Bond Fund has open foreign exchange contracts as described below.

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

International Opportunities Bond Fund

Counterparty	Settlement Date		Foreign Currency	Receive (Deliver)			Asset		Liability		Unrealized Appreciation (Depreciation)
MS		4/10/19	PLN		(2,860,000	)	$	744,908	$	765,754	$	20,846
BCI		4/10/19	PLN		2,860,000			759,199		744,908		(14,291	)
HSBC		4/15/19	SEK		55,400,000			6,197,561		5,958,719		(238,842	)
CITI		4/15/19	SEK		(7,100,000	)		763,662		787,720		24,058
GS		4/16/19	CAD		12,290,000			9,284,932		9,196,693		(88,239	)
GS		4/16/19	CAD		450,000			341,767		336,738		(5,029	)
GS		4/16/19	CAD		(4,100,000	)		3,068,058		3,052,753		(15,305	)
GS		4/16/19	CAD		(8,640,000	)		6,465,372		6,441,032		(24,340	)
HSBC		4/26/19	NOK		20,500,000			2,412,659		2,376,825		(35,834	)
HSBC		5/15/19	SEK		37,700,000			4,288,233		4,054,941		(233,292	)
HSBC		5/15/19	ZAR		(21,100,000	)		1,462,358		1,557,127		94,769
HSBC		5/15/19	ZAR		(19,500,000	)		1,351,468		1,415,772		64,304
JPM		5/21/19	JPY		1,054,000,000			9,591,497		9,510,060		(81,437	)
HSBC		5/23/19	NOK		20,900,000			2,439,637		2,423,202		(16,435	)
MS		5/24/19	AUD		1,480,000			1,062,433		1,050,875		(11,558	)
HSBC		6/14/19	SEK		37,700,000			4,298,354		4,054,941		(243,413	)
CITI		6/17/19	GBP		8,710,000			11,527,232		11,344,396		(182,836	)
BCI		6/18/19	ZAR		(27,400,000	)		1,898,986		1,871,431		(27,555	)
HSBC		6/24/19	NOK		20,800,000			2,445,390		2,411,608		(33,782	)
CITI		6/26/19	JPY		723,000,000			6,569,114		6,523,504		(45,610	)
Net unrealized depreciation on open foreign exchange contracts											$	(1,093,821	)

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

CITI	Citigroup Global Markets

BCI	Barclays Capital, Inc.

GS	Goldman Sachs & Co.

HSBC	HSBC Bank USA N.A.

JPM	J.P. Morgan Securities, Inc.

MS	Morgan Stanley

Summary of Abbreviations:

AUD	Australian Dollar

BRL	Brazillian Real

CAD	Canadian Dollar

CLP	Chilean Peso

COP	Colombian Peso

GBP	British Pound

IDR	Indonesian Rupiah

JPY	Japanese Yen

MXN	Mexican Peso

MYR	Malaysian Ringgit

NOK	Norwegian Krone

PEN	Peruvian Sol

PLN	Polish Zloty

SEK	Swedish Krona

USD	United States Dollar

ZAR	South African Rand

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 –

Level 3 –

Portfolio of Investments(continued)

INTERNATIONAL OPPORTUNITIES BOND FUND

March 31, 2019

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2			Level 3		Total
Sovereign Bonds
Mexico	$	—	$	20,225,807		$	—	$	20,225,807
Malaysia		—		11,788,153			—		11,788,153
Poland		—		10,489,508			—		10,489,508
South Africa		—		8,986,065			—		8,986,065
Chile		—		7,227,456			—		7,227,456
Brazil		—		7,205,639			—		7,205,639
United Kingdom		—		7,067,992			—		7,067,992
Colombia		—		6,887,417			—		6,887,417
Indonesia		—		4,337,043			—		4,337,043
Peru		—		3,175,691			—		3,175,691
Australia		—		2,592,049			—		2,592,049
Corporate Bonds
United States		—		30,685,057			—		30,685,057
Australia		—		2,900,967			—		2,900,967
Germany		—		1,827,172			—		1,827,172
U.S. Government Obligations		—		12,639,342			—		12,639,342
Supranationals
United States		—		4,408,386			—		4,408,386
Venezuela		—		1,074,459			—		1,074,459
Government Regional Agency
Australia		—		5,363,680			—		5,363,680
Government Sovereign Agency
Norway		—		1,879,739			—		1,879,739
Total Investments in Securities	$	—	$	150,761,622		$	—	$	150,761,622
Other Financial Instruments^*	$	—	$	(1,093,821	)	$	—	$	(1,093,821	)

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

During the period ended March 31, 2019, there were no transfers between Level 1 investments and Level 2 investments that had a material impact to the Fund. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

Fund Expenses(unaudited)

INVESTMENT GRADE FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	1.08%
Actual		$1,000.00	$1,046.82	$ 5.51
Hypothetical^**		$1,000.00	$1,019.54	$ 5.44
Class B Shares	1.94%
Actual		$1,000.00	$1,041.46	$ 9.87
Hypothetical^**		$1,000.00	$1,015.26	$ 9.75
Advisor Class Shares	0.74%
Actual		$1,000.00	$1,047.29	$ 3.78
Hypothetical^**		$1,000.00	$1,021.24	$ 3.73
Institutional Class Shares	0.66%
Actual		$1,000.00	$1,047.82	$ 3.37
Hypothetical^**		$1,000.00	$1,021.64	$ 3.33

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

Portfolio of Investments

INVESTMENT GRADE FUND

March 31, 2019

Principal Amount		Security	Value
		CORPORATE BONDS—91.3%
		Aerospace/Defense—.9%
$	150M	Bombardier, Inc., 6%, 10/15/2022^(a)	$	152,062
	5,000M	Rockwell Collins, Inc., 3.5%, 3/15/2027		4,941,685
		TransDigm, Inc.:
	75M	6.5%, 7/15/2024		77,344
	75M	6.25%, 3/15/2026^(a)		78,300
	100M	Triumph Group, Inc., 5.25%, 6/1/2022		96,500
				5,345,891
		Automotive—6.0%
	275M	American Axle & Manufacturing, Inc., 6.25%, 4/1/2025		268,812
	50M	Asbury Automotive Group, Inc., 6%, 12/15/2024		51,672
	275M	Cooper Standard Automotive, Inc., 5.625%, 11/15/2026^(a)		242,825
	5,500M	Daimler Finance NA, LLC, 3.3%, 5/19/2025^(a)		5,432,372
	545M	Dana Holding Corp., 5.5%, 12/15/2024		545,000
		Ford Motor Credit Co., LLC:
	6,200M	8.125%, 1/15/2020		6,427,056
	5,000M	3.81%, 1/9/2024		4,737,300
		General Motors Financial Co., Inc.:
	4,000M	5.25%, 3/1/2026		4,131,816
	900M	5.65%, 1/17/2029		931,378
	75M	Hertz Corp., 5.875%, 10/15/2020		75,075
	75M	J.B. Poindexter & Co., 7.125%, 4/15/2026^(a)		75,587
		Lear Corp.:
	3,600M	5.25%, 1/15/2025		3,744,065
	3,000M	3.8%, 9/15/2027		2,877,414
	75M	LKQ Corp., 4.75%, 5/15/2023		75,829
	4,000M	O’Reilly Automotive, Inc., 3.55%, 3/15/2026		3,990,564
		Panther BF Aggeregator 2, LP:
	25M	6.25%, 5/15/2026^(a)(b)		25,563
	25M	8.5%, 5/15/2027^(a)(b)		25,125
	75M	Tenneco, Inc., 5%, 7/15/2026		60,375
	2,700M	Volkswagen Group America, 4%, 11/12/2021		2,755,696
				36,473,524

Principal Amount		Security	Value
		Building Materials—.1%
$	100M	Building Materials Corp., 5.375%, 11/15/2024^(a)	$	102,875
	125M	Griffon Corp., 5.25%, 3/1/2022		123,437
	50M	New Enterprise Stone & Lime Co., 6.25%, 3/15/2026^(a)		48,756
	75M	Standard Industries, Inc., 5.5%, 2/15/2023^(a)		76,500
				351,568
		Chemicals—3.2%
	275M	Blue Cube Spinco, Inc., 10%, 10/15/2025		315,989
	25M	CF Industries, Inc., 4.95%, 6/1/2043		21,531
	100M	Chemours Co., 6.625%, 5/15/2023		103,759
	4,020M	Dow Chemical Co., 3.5%, 10/1/2024		4,081,333
	4,500M	DowDuPont, Inc., 4.725%, 11/15/2028		4,866,025
	75M	Kraton Polymers, LLC, 7%, 4/15/2025^(a)		76,125
	5,000M	LyondellBasell Industries NV, 6%, 11/15/2021		5,349,725
	50M	Neon Holdings, Inc., 10.125%, 4/1/2026^(a)		51,125
	4,000M	Nutrien, Ltd., 3.375%, 3/15/2025		3,948,596
	125M	Rain CII Carbon, LLC, 7.25%, 4/1/2025^(a)		111,250
	70M	Rayonier AM Products, Inc., 5.5%, 6/1/2024^(a)		65,975
	50M	Tronox, Inc., 6.5%, 4/15/2026^(a)		47,908
	100M	Univar USA, Inc., 6.75%, 7/15/2023^(a)		102,700
				19,142,041
		Consumer Non-Durables—.2%
	175M	Eagle Intermediate Global Holding, 7.5%, 5/1/2025^(a)		173,250
		Energizer Holdings, Inc.:
	75M	5.5%, 6/15/2025^(a)		74,413
	50M	6.375%, 7/15/2026^(a)		51,375
	25M	7.75%, 1/15/2027^(a)		26,687
	150M	First Quality Finance Co., 4.625%, 5/15/2021^(a)		150,375
	75M	KGA Escrow, LLC, 7.5%, 8/15/2023^(a)		76,406
		Reynolds Group Holdings, Inc.:
	145M	5.75%, 10/15/2020		145,730
	275M	5.125%, 7/15/2023^(a)		279,813
				978,049

Portfolio of Investments(continued)

INVESTMENT GRADE FUND

March 31, 2019

Principal Amount		Security	Value
		Energy—12.1%
$	6,600M	Andeavor Logistics, LP, 5.25%, 1/15/2025	$	6,857,149
	75M	Apergy Corp., 6.375%, 5/1/2026		76,219
	150M	Baytex Energy Corp., 5.125%, 6/1/2021^(a)		148,875
		Blue Racer Midstream, LLC:
	275M	6.125%, 11/15/2022^(a)		280,500
	75M	6.625%, 7/15/2026^(a)		76,875
	100M	California Resources Corp., 8%, 12/15/2022^(a)		78,780
	50M	Callon Petroleum Co., 6.375%, 7/1/2026		50,375
	5,000M	Canadian Oil Sands, Ltd., 7.75%, 5/15/2019^(a)		5,037,070
		Chesapeake Energy Corp.:
	50M	4.875%, 4/15/2022		49,500
	125M	7%, 10/1/2024		125,156
	75M	8%, 6/15/2027		74,250
	1,800M	Cimarex Energy Co., 4.375%, 3/15/2029		1,856,083
	150M	CITGO Petroleum Corp., 6.25%, 8/15/2022^(a)		149,625
		Consolidated Energy Finance SA:
	150M	6.3609%, 6/15/2022^(a)^†		149,556
	150M	6.875%, 6/15/2025^(a)		151,875
	4,000M	Continental Resources, Inc., 5%, 9/15/2022		4,032,936
	75M	Covey Park Energy, LLC, 7.5%, 5/15/2025^(a)		69,750
	75M	CrownRock, LP, 5.625%, 10/15/2025^(a)		72,281
	75M	DCP Midstream Operating, LP, 3.875%, 3/15/2023		74,812
	25M	Diamondback Energy, Inc., 4.75%, 11/1/2024^(a)		25,651
	4,000M	Enable Midstream Partners, LP, 4.4%, 3/15/2027		3,910,884
	5,000M	Enbridge Energy Partners, LP, 4.2%, 9/15/2021		5,121,435
	100M	EnLink Midstream Partners, LP, 4.85%, 7/15/2026		99,645
		Enterprise Products Operating:
	4,031M	7.55%, 4/15/2038		5,439,379
	1,800M	4.8%, 2/1/2049		1,917,479
	270M	Exterran Partners, LP, 6%, 10/1/2022		273,375
	275M	Global Partners, LP, 6.25%, 7/15/2022		272,937
	50M	Gulfport Energy Corp., 6.625%, 5/1/2023		48,750
	5,000M	Kinder Morgan Energy Partners, LP, 3.45%, 2/15/2023		5,060,005
	4,750M	Kinder Morgan, Inc., 5.625%, 11/15/2023^(a)		5,190,159

Principal Amount		Security	Value
		Energy (continued)
		Laredo Petroleum, Inc.:
$	50M	5.625%, 1/15/2022	$	45,938
	75M	6.25%, 3/15/2023		67,313
		Magellan Midstream Partners, LP:
	5,000M	5%, 3/1/2026		5,430,110
	3,600M	4.85%, 2/1/2049		3,826,332
	25M	Matador Resources Co., 5.875%, 9/15/2026		25,063
	75M	McDermott Escrow 1, Inc., 10.625%, 5/1/2024^(a)		62,344
	4,000M	Midwest Connector Capital Co., LLC, 4.625%, 4/1/2029^(a)		4,136,692
	4,300M	Noble Energy, Inc., 3.85%, 1/15/2028		4,239,787
	50M	Northern Oil and Gas, Inc., 9.5%, 5/15/2023		52,130
		Oasis Petroleum, Inc.:
	275M	6.875%, 1/15/2023		275,688
	50M	6.25%, 5/1/2026^(a)		47,750
	75M	Parkland Fuel Corp., 6%, 4/1/2026^(a)		76,054
	100M	Parsley Energy, LLC, 5.25%, 8/15/2025^(a)		99,000
		Range Resources Corp.:
	50M	5.75%, 6/1/2021		51,000
	25M	5%, 8/15/2022^(a)		24,875
	25M	SM Energy Co., 6.625%, 1/15/2027		23,875
	100M	Suburban Propane Partners, LP, 5.875%, 3/1/2027		95,250
		Sunoco, LP:
	75M	4.875%, 1/15/2023		76,380
	75M	5.875%, 3/15/2028		74,625
	47M	Transocean Guardian, Ltd., 5.875%, 1/15/2024^(a)		48,195
	47M	Transocean Pontus, Ltd., 6.125%, 8/1/2025^(a)		48,077
	50M	USA Compression Partners, LP, 6.875%, 9/1/2027^(a)		51,063
		Valero Energy Corp.:
	2,700M	4.35%, 6/1/2028		2,805,856
	3,500M	6.625%, 6/15/2037		4,293,331
		Whiting Petroleum Corp.:
	275M	5.75%, 3/15/2021		279,538
	50M	6.25%, 4/1/2023		50,500
	75M	6.625%, 1/15/2026		73,875

Portfolio of Investments(continued)

INVESTMENT GRADE FUND

March 31, 2019

Principal Amount		Security	Value
		Energy (continued)
		WPX Energy, Inc.:
$	270M	5.25%, 9/15/2024	$	274,050
	25M	5.75%, 6/1/2026		25,469
				73,451,526
		Financial Services—8.5%
	5,400M	Assured Guaranty U.S. Holding, Inc., 5%, 7/1/2024		5,793,476
	6,750M	Brookfield Finance, Inc., 4.85%, 3/29/2029		6,946,708
	3,750M	ERAC USA Finance, LLC, 4.5%, 8/16/2021^(a)		3,866,212
	2,500M	GE Capital International Funding Services, Ltd., 4.418%, 11/15/2035		2,314,922
	6,400M	General Electric Capital Corp., 4.65%, 10/17/2021		6,635,654
	4,500M	International Lease Finance Corp., 8.25%, 12/15/2020		4,861,966
	5,000M	Key Bank NA, 3.4%, 5/20/2026		4,959,895
	4,000M	Liberty Mutual Group, Inc., 4.95%, 5/1/2022^(a)		4,203,980
	75M	Nationstar Mortgage, LLC, 6.5%, 7/1/2021		75,188
		Protective Life Corp.:
	5,135M	7.375%, 10/15/2019		5,255,539
	3,600M	4.3%, 9/30/2028^(a)		3,689,406
	3,000M	Prudential Financial, Inc., 7.375%, 6/15/2019		3,026,418
				51,629,364
		Financials—18.8%
	50M	Acrisure, LLC, 8.125%, 2/15/2024^(a)		51,902
	75M	Ally Financial, Inc., 8%, 11/1/2031		93,469
		Bank of America Corp.:
	6,000M	4.2%, 8/26/2024		6,213,426
	2,000M	4%, 1/22/2025		2,040,826
	4,725M	5.875%, 2/7/2042		5,907,734
	3,800M	Barclays Bank, PLC, 3.75%, 5/15/2024		3,850,289
	3,200M	Capital One Financial Corp., 3.75%, 4/24/2024		3,250,954
		Colfax Corp.:
	50M	6%, 2/15/2024^(a)		52,250
	25M	6.375%, 2/15/2026^(a)		26,640

Principal Amount		Security	Value
		Financials (continued)
		Citigroup, Inc.:
$	2,250M	2.9%, 12/8/2021	$	2,250,414
	6,200M	4.5%, 1/14/2022		6,469,223
	4,500M	4.3%, 11/20/2026		4,577,760
	2,900M	4.075%, 4/23/2029		2,977,868
		DAE Funding, LLC:
	50M	5.75%, 11/15/2023^(a)		51,500
	275M	5%, 8/1/2024^(a)		279,125
	1,200M	Deutsche Bank AG of New York, 3.7%, 5/30/2024		1,152,558
		Goldman Sachs Group, Inc.:
	2,350M	3.85%, 7/8/2024		2,396,939
	8,450M	3.5%, 11/16/2026		8,345,195
	4,550M	4.223%, 5/1/2029		4,654,113
	3,750M	HSBC Holdings, PLC, 3.95%, 5/18/2024		3,826,181
	200M	Icahn Enterprises, LP, 6.75%, 2/1/2024		209,250
		JPMorgan Chase & Co.:
	5,450M	3.54%, 5/1/2028^†		5,458,491
	2,500M	4.452%, 12/5/2029		2,663,182
	5,900M	6.4%, 5/15/2038		7,662,466
	275M	Ladder Capital Finance Holdings, LLLP, 5.25%, 10/1/2025^(a)		264,688
		Morgan Stanley:
	4,000M	4.1%, 5/22/2023		4,121,148
	3,000M	4%, 7/23/2025		3,090,489
	3,600M	3.625%, 1/20/2027		3,611,822
	150M	Navient Corp., 5.875%, 3/25/2021		155,438
		Park Aerospace Holdings:
	25M	4.5%, 3/15/2023^(a)		24,938
	150M	5.5%, 2/15/2024^(a)		156,098
		Springleaf Finance Corp.:
	175M	5.625%, 3/15/2023		177,844
	75M	6.875%, 3/15/2025		77,531
	100M	7.125%, 3/15/2026		102,000
	4,000M	UBS AG, 4.875%, 8/4/2020		4,114,736

Portfolio of Investments(continued)

INVESTMENT GRADE FUND

March 31, 2019

Principal Amount		Security	Value
		Financials (continued)
		UBS Group Funding (Switzerland) AG:
$	3,000M	3.491%, 5/23/2023^(a)	$	3,015,657
	3,000M	4.253%, 3/23/2028^(a)		3,122,445
	75M	Wand Merger Corp., 8.125%, 7/15/2023^(a)		77,438
		Wells Fargo & Co.:
	7,100M	3.45%, 2/13/2023		7,180,180
	3,250M	4.75%, 12/7/2046		3,415,418
		Wells Fargo Bank, NA:
	2,350M	5.85%, 2/1/2037		2,842,309
	3,250M	6.6%, 1/15/2038		4,250,568
				114,262,502
		Food/Beverage/Tobacco—2.7%
	2,700M	Anheuser-Busch InBev Worldwide, 4.15%, 1/23/2025		2,815,147
	9,000M	Anheuser-Busch Co, 4.7%, 2/1/2036		9,004,383
	25M	HLF Financing Sarl, LLC, 7.25%, 8/15/2026^(a)		25,781
	3,875M	Maple Escrow Subsidiary, Inc., 3.551%, 5/25/2021^(a)		3,918,160
	275M	Post Holdings, Inc., 5.75%, 3/1/2027^(a)		277,406
	200M	Sigma Holdco BV, 7.875%, 5/15/2026^(a)		185,500
				16,226,377
		Food/Drug—.0%
		Albertson’s Cos., LLC:
	50M	5.75%, 3/15/2025		47,687
	50M	7.5%, 3/15/2026^(a)		51,687
				99,374
		Forest Products/Containers—1.2%
		Ardagh Holdings USA, Inc.:
	200M	4.625%, 5/15/2023^(a)		201,750
	200M	7.25%, 5/15/2024^(a)		211,440
		Berry Global, Inc.:
	75M	5.5%, 5/15/2022		76,406
	100M	5.125%, 7/15/2023		102,030

Principal Amount		Security	Value
		Forest Products/Containers (continued)
$	75M	BWAY Holding Co., 5.5%, 4/15/2024^(a)	$	74,741
	50M	Crown Americas, LLC, 4.5%, 1/15/2023		50,625
	50M	Greif, Inc., 6.5%, 3/1/2027^(a)		51,250
	50M	Mercer International, Inc., 7.375%, 1/15/2025^(a)		52,625
	50M	Multi-Color Corp., 4.875%, 11/1/2025^(a)		51,750
	4,000M	Packaging Corp. of America, 3.4%, 12/15/2027		3,895,824
	2,500M	Rock-Tenn Co., 4.9%, 3/1/2022		2,613,577
	50M	Schweitzer-Mauduit International, Inc., 6.875%, 10/1/2026^(a)		50,125
				7,432,143
		Gaming/Leisure—.3%
	50M	AMC Entertainment, Inc., 5.75%, 6/15/2025		46,927
	150M	AMC Networks, Inc., 5%, 4/1/2024		151,110
		Boyd Gaming Corp.:
	50M	6.875%, 5/15/2023		52,125
	175M	6%, 8/15/2026		180,031
	50M	Cedar Fair, LP, 5.375%, 6/1/2024		51,309
	325M	CRC Escrow Issuer, LLC, 5.25%, 10/15/2025^(a)		313,826
	125M	Golden Nugget, Inc., 8.75%, 10/1/2025^(a)		131,562
	150M	IRB Holding Corp., 6.75%, 2/15/2026^(a)		141,375
	75M	MGM Resorts International, 6%, 3/15/2023		79,313
	75M	National CineMedia, LLC, 6%, 4/15/2022		76,125
	25M	Six Flags Entertainment Corp., 4.875%, 7/31/2024^(a)		24,766
	50M	Stars Group Holdings BV, 7%, 7/15/2026^(a)		52,250
	325M	Viking Cruises, Ltd., 6.25%, 5/15/2025^(a)		331,500
	50M	Wynn Las Vegas, LLC, 5.5%, 3/1/2025^(a)		49,500
				1,681,719
		Health Care—2.6%
		Bausch Health Cos., Inc.:
	100M	5.5%, 3/1/2023^(a)		100,875
	275M	6.5%, 3/15/2022^(a)		284,969
	50M	7%, 3/15/2024^(a)		53,025

Portfolio of Investments(continued)

INVESTMENT GRADE FUND

March 31, 2019

Principal Amount		Security	Value
		Health Care (continued)
		Bausch Health Cos., Inc. (continued)
$	50M	8.5%, 1/31/2027^(a)	$	53,125
	125M	9%, 12/15/2025^(a)		136,256
	275M	CHS/Community Health Systems, Inc., 6.25%, 3/31/2023		259,779
	150M	Cimpress NV, 7%, 6/15/2026^(a)		145,125
		CVS Health Corp.:
	4,000M	3.875%, 7/20/2025		4,051,692
	1,800M	4.3%, 3/25/2028		1,825,502
	3,000M	5.05%, 3/25/2048		3,026,772
	275M	DaVita, Inc., 5.125%, 7/15/2024		272,250
	4,050M	Express Scripts Holding Co., 4.75%, 11/15/2021		4,232,485
	275M	HCA, Inc., 6.25%, 2/15/2021		289,671
	275M	HealthSouth Corp., 5.75%, 11/1/2024		279,469
	275M	Mallinckrodt Finance SB, 5.75%, 8/1/2022^(a)		257,125
	100M	MEDNAX, Inc., 6.25%, 1/15/2027^(a)		101,250
	275M	Molina Healthcare, Inc., 4.875%, 6/15/2025^(a)		272,938
	75M	MPH Operating Partnership, LP, 7.125%, 6/1/2024^(a)		75,000
	50M	Par Pharmaceutical, Inc., 7.5%, 4/1/2027^(a)		50,825
	200M	Syneos Health, Inc., 7.5%, 10/1/2024^(a)		211,500
	50M	Tenet Healthcare Corp., 5.125%, 5/1/2025		50,378
				16,030,011
		Home-Building—.0%
	75M	William Lyon Homes, Inc., 6%, 9/1/2023		72,938
		Information Technology—2.5%
	275M	Alliance Data Systems Corp., 5.375%, 8/1/2022^(a)		279,125
	75M	Anixter, Inc., 6%, 12/1/2025^(a)		78,937
		CommScope Finance, LLC:
	25M	5.5%, 3/1/2024^(a)		25,632
	25M	6%, 3/1/2026^(a)		25,922
	275M	CommScope Technologies, LLC, 6%, 6/15/2025^(a)		268,386
	4,000M	Corning, Inc., 7.25%, 8/15/2036		4,723,784
		Diamond 1 Finance Corp.:
	8,550M	4.42%, 6/15/2021^(a)		8,775,053

Principal Amount		Security	Value
		Information Technology (continued)
$	100M	5.875%, 6/15/2021^(a)	$	101,914
	50M	7.125%, 6/15/2024^(a)		53,019
	50M	NCR Corp., 4.625%, 2/15/2021		50,038
	50M	Nielsen Finance, LLC, 5%, 4/15/2022^(a)		49,625
	100M	Nuance Communications, Inc., 6%, 7/1/2024		102,875
	125M	Rackspace Hosting, Inc., 8.625%, 11/15/2024^(a)		111,672
	275M	Solera, LLC, 10.5%, 3/1/2024^(a)		299,453
	75M	Symantec Corp., 5%, 4/15/2025^(a)		75,183
	25M	VeriSign, Inc., 4.75%, 7/15/2027		25,097
	75M	Verscend Holding Corp., 9.75%, 8/15/2026^(a)		75,094
				15,120,809
		Manufacturing—2.0%
	275M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023^(a)		285,656
	150M	Brand Energy & Infrastructure Services, Inc., 8.5%, 7/15/2025^(a)		135,375
	75M	Cloud Crane, LLC, 10.125%, 8/1/2024^(a)		80,812
	4,000M	Crane Co., 4.2%, 3/15/2048		3,781,372
	2,250M	CRH America, Inc., 3.4%, 5/9/2027^(a)		2,156,348
	275M	Grinding Media, Inc., 7.375%, 12/15/2023^(a)		265,375
	5,000M	Johnson Controls International, PLC, 5%, 3/30/2020		5,105,490
	100M	Manitowoc Co., Inc., 9%, 4/1/2026^(a)		101,500
				11,911,928
		Media-Broadcasting—.5%
	1,800M	ABC, Inc., 8.75%, 8/15/2021		2,041,465
	100M	Belo Corp., 7.25%, 9/15/2027		107,250
	25M	Gray Escrow, Inc., 7%, 5/15/2027^(a)		26,625
	50M	LIN Television Corp., 5.875%, 11/15/2022		51,438
	200M	Nexstar Broadcasting, Inc., 5.625%, 8/1/2024^(a)		203,500
	125M	Sinclair Television Group, Inc., 5.625%, 8/1/2024^(a)		126,406
	300M	Sirius XM Radio, Inc., 6%, 7/15/2024^(a)		312,000
				2,868,684

Portfolio of Investments(continued)

INVESTMENT GRADE FUND

March 31, 2019

Principal Amount		Security	Value
		Media-Cable TV—2.4%
$	275M	Altice Financing SA, 6.625%, 2/15/2023^(a)	$	281,875
	200M	Altice France SA, 8.125%, 2/1/2027^(a)		202,750
		CCO Holdings, LLC:
	275M	5.125%, 2/15/2023		280,500
	275M	5.875%, 4/1/2024^(a)		288,093
	175M	Clear Channel International, 8.75%, 12/15/2020^(a)		180,469
		Clear Channel Worldwide Holdings, Inc.:
	300M	Series “A”, 6.5%, 11/15/2022		308,625
	100M	9.25%, 2/15/2024^(a)		106,250
		Comcast Corp.:
	5,800M	4.25%, 1/15/2033		6,127,085
	3,250M	4.2%, 8/15/2034		3,386,419
	1,800M	4.7%, 10/15/2048		1,954,260
		CSC Holdings, LLC:
	275M	5.375%, 7/15/2023^(a)		280,844
	375M	10.875%, 10/15/2025^(a)		433,875
	275M	DISH DBS Corp., 5%, 3/15/2023		248,531
	250M	Gray Television, Inc., 5.875%, 7/15/2026^(a)		255,050
	275M	Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023^(a)		287,454
				14,622,080
		Media-Diversified—1.2%
	2,700M	Fox Corp., 4.03%, 1/25/2024^(a)		2,800,610
	100M	Gannett Co., Inc., 6.375%, 10/15/2023		103,750
	175M	Outdoor Americas Capital, LLC, 5.875%, 3/15/2025		179,812
	4,000M	Time Warner, Inc., 3.6%, 7/15/2025		3,993,756
	350M	Tribune Media Co., 5.875%, 7/15/2022		358,969
				7,436,897
		Metals/Mining—3.1%
	125M	Allegheny Technologies, Inc., 7.875%, 8/15/2023		135,937
	2,700M	ArcelorMittal, 4.55%, 3/11/2026		2,763,285
	5,000M	Arconic, Inc., 6.15%, 8/15/2020		5,170,025

Principal Amount		Security	Value
		Metals/Mining (continued)
$	50M	Big River Steel, LLC, 7.25%, 9/1/2025^(a)	$	52,390
	75M	Cliffs Natural Resources, Inc., 5.75%, 3/1/2025		72,000
	275M	Commercial Metals Co., 4.875%, 5/15/2023		277,062
	5,000M	Glencore Funding, LLC, 4.625%, 4/29/2024^(a)		5,169,665
	275M	HudBay Minerals, Inc., 7.25%, 1/15/2023^(a)		286,000
	125M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022^(a)		132,188
	4,200M	Newmont Mining Corp., 5.125%, 10/1/2019		4,247,099
	75M	Northwest Acquisitions, ULC, 7.125%, 11/1/2022^(a)		66,188
	225M	Novelis, Inc., 5.875%, 9/30/2026^(a)		224,719
	170M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025^(a)		172,550
				18,769,108
		Real Estate—8.7%
		Alexandria Real Estate Equities, Inc.:
	4,600M	3.95%, 1/15/2028		4,632,554
	2,800M	4.85%, 4/15/2049		2,939,017
		Digital Realty Trust, LP:
	3,200M	5.25%, 3/15/2021		3,317,555
	6,700M	4.75%, 10/1/2025		7,110,408
	1,500M	3.7%, 8/15/2027		1,486,623
	2,800M	Duke Realty Corp., 3.25%, 6/30/2026		2,761,760
	3,700M	Duke Realty, LP, 4%, 9/15/2028		3,826,647
	275M	Equinix, Inc., 5.375%, 4/1/2023		280,844
	3,500M	Essex Portfolio, LP, 3.875%, 5/1/2024		3,585,869
	270M	Geo Group, Inc., 5.875%, 10/15/2024		237,600
	275M	Greystar Real Estate Partners, 5.75%, 12/1/2025^(a)		276,375
	2,200M	HCP, Inc., 4.25%, 11/15/2023		2,293,614
	350M	Iron Mountain, Inc., 5.75%, 8/15/2024		354,375
	25M	MGM Growth Properties Operating Partnership, LP, 5.75%, 2/1/2027^(a)		25,906
	4,500M	National Retail Properties, Inc., 4%, 11/15/2025		4,617,684
	5,000M	Realty Income Corp., 3.875%, 4/15/2025		5,181,140
	6,000M	STORE Capital Corp., 4.5%, 3/15/2028		6,055,326
	4,125M	Vornado Realty, LP, 3.5%, 1/15/2025		4,097,610
				53,080,907

Portfolio of Investments(continued)

INVESTMENT GRADE FUND

March 31, 2019

Principal Amount		Security	Value
		Retail-General Merchandise—1.2%
$	150M	1011778 B.C., ULC, 4.625%, 1/15/2022^(a)	$	151,082
	275M	AmeriGas Partners, LP, 5.5%, 5/20/2025		275,344
	5,300M	Home Depot, Inc., 5.875%, 12/16/2036		6,676,829
	50M	J.C. Penney Co., Inc., 8.625%, 3/15/2025		29,500
	275M	KFC Holding Co., LLC, 5%, 6/1/2024^(a)		281,188
	25M	SRS Distribution, Inc., 8.25%, 7/1/2026^(a)		24,125
				7,438,068
		Services—.2%
	400M	AECOM, 5.125%, 3/15/2027		388,500
	200M	First Data Corp., 5.375%, 8/15/2023^(a)		204,750
	75M	Prime Security Services Borrower, LLC, 9.25%, 5/15/2023 (a)		78,938
	275M	United Rentals, Inc., 4.625%, 10/15/2025		272,250
				944,438
		Telecommunications—4.2%
		AT&T, Inc.:
	4,500M	4.25%, 3/1/2027		4,630,873
	6,000M	4.85%, 3/1/2039		6,047,502
		Frontier Communications Corp.:
	50M	11%, 9/15/2025		33,156
	50M	8.5%, 4/1/2026^(a)		46,625
	25M	8%, 4/1/2027^(a)		25,875
	350M	GCI, Inc., 6.875%, 4/15/2025		367,062
	100M	Qwest Corp., 7.25%, 9/15/2025		107,757
	100M	Telesat Canada, 8.875%, 11/15/2024^(a)		108,000
		Verizon Communications, Inc.:
	6,100M	4.329%, 9/21/2028		6,456,746
	7,100M	4.272%, 1/15/2036		7,191,988
		Zayo Group, LLC:
	150M	6%, 4/1/2023		152,625
	250M	6.375%, 5/15/2025		252,188
				25,420,397

Principal Amount		Security	Value
		Transportation—2.9%
$	4,250M	Air Lease Corp., 3.875%, 7/3/2023	$	4,298,696
	2,700M	Aviation Capital Group, LLC, 3.5%, 11/1/2027^(a)		2,565,454
	275M	BCD Acquisition, Inc., 9.625%, 9/15/2023^(a)		292,875
		Burlington Northern Santa Fe, LLC:
	1,800M	5.75%, 5/1/2040		2,236,307
	4,000M	5.15%, 9/1/2043		4,719,228
	200M	Fly Leasing, Ltd., 5.25%, 10/15/2024		193,000
	3,000M	Penske Truck Leasing Co., LP, 4.875%, 7/11/2022^(a)		3,140,028
	207M	XPO Logistics, Inc., 6.5%, 6/15/2022^(a)		211,658
				17,657,246
		Utilities—5.5%
	1,800M	Appalachian Power Co., 4.5%, 3/1/2049		1,880,631
		Calpine Corp.:
	25M	5.75%, 1/15/2025		24,937
	275M	5.25%, 6/1/2026^(a)		274,656
	5,000M	Duke Energy Progress, Inc., 4.15%, 12/1/2044		5,214,480
	1,800M	Energy Transfer Partners, LP, 5.25%, 4/15/2029		1,931,913
	3,150M	Entergy Arkansas, Inc., 4.95%, 12/15/2044		3,277,764
	4,000M	Exelon Generation Co., LLC, 3.4%, 3/15/2022		4,056,900
	250M	NRG Yield Operating, LLC, 5%, 9/15/2026		239,375
	3,850M	Ohio Power Co., 5.375%, 10/1/2021		4,102,256
		ONEOK, Inc.:
	4,000M	7.5%, 9/1/2023		4,631,792
	4,500M	4.55%, 7/15/2028		4,657,977
	2,700M	Sempra Energy, 3.28731%, 1/15/2021^†		2,678,262
	225M	Targa Resources Partners, LP, 4.25%, 11/15/2023		224,719
				33,195,662
		Waste Management—.0%
	275M	Covanta Holding Corp., 5.875%, 3/1/2024		282,562

Portfolio of Investments(continued)

INVESTMENT GRADE FUND

March 31, 2019

	Principal Amount		Security	Value
			Wireless Communications—.3%
			Intelsat Jackson Holdings SA:
	$	350M	8%, 2/15/2024^(a)	$	365,750
		175M	8.5%, 10/15/2024^(a)		171,062
			Level 3 Financing, Inc.:
		50M	5.375%, 8/15/2022		50,375
		275M	5.375%, 1/15/2024		280,803
		275M	Sprint Communications, Inc., 6%, 11/15/2022		277,833
		275M	Sprint Corp., 7.125%, 6/15/2024		279,813
		275M	T-Mobile USA, Inc., 6%, 3/1/2023		283,250
					1,708,886
Total Value of Corporate Bonds (cost $545,160,576)					553,634,699
			U.S. GOVERNMENT OBLIGATIONS—6.5%
			U.S. Treasury Bonds:
		6,500M	3%, 2/15/2048		6,726,739
		6,500M	3%, 8/15/2048		6,729,911
		4,000M	3.375%, 11/15/2048		4,452,580
			U.S. Treasury Notes:
		3,500M	2.125%, 3/31/2024		3,480,929
		2,000M	2.25%, 3/31/2021		1,999,218
		6,500M	2.375%, 2/29/2024		6,543,290
		4,000M	2.625%, 2/15/2029		4,073,984
		4,000M	2.75%, 6/30/2025		4,103,828
		1,430M	3.125%, 11/15/2028		1,517,113
Total Value of U.S. Government Obligations (cost $38,251,151)					39,627,592
			PASS-THROUGH CERTIFICATES—.7%
			Transportation
		4,378M	American Airlines 17-2 AA PTT, 3.35%, 10/15/2029 (cost $4,378,225)		4,284,120

Total Value of Investments (cost $587,789,952)	98.5	%		597,546,411
Other Assets, Less Liabilities	1.5			9,135,593
Net Assets	100.0	%	$	606,682,004

^(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 4).

^†	Interest rates are determined and reset periodically. The interest rates above are the rates in effect at March 31, 2019.

Summary of Abbreviations:

LLLP	Limited Liability Limited Partnership

PTT	Pass-Through Trust

ULC	Unlimited Liability Corporation

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 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	553,634,699	$	—	$	553,634,699
U.S. Government Obligations		—		39,627,592		—		39,627,592
Pass-Through Certificates		—		4,284,120		—		4,284,120
Total Investments in Securities^*	$	—	$	597,546,411	$	—	$	597,546,411

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

There were no transfers into or from Level 1 and Level 2 by the Fund during the period ended March 31, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

Fund Expenses(unaudited)

LIMITED DURATION BOND FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	0.79%
Actual		$1,000.00	$1,022.09	$ 3.98
Hypothetical^**		$1,000.00	$1,020.99	$ 3.98
Advisor Class Shares	0.51%
Actual		$1,000.00	$1,022.36	$ 2.57
Hypothetical^**		$1,000.00	$1,022.39	$ 2.57
Institutional Class Shares	0.36%
Actual		$1,000.00	$1,024.35	$ 1.82
Hypothetical^**		$1,000.00	$1,023.13	$ 1.82

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived and/or assumed.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

Portfolio of Investments

LIMITED DURATION BOND FUND

March 31, 2019

Principal Amount		Security	Value
		CORPORATE BONDS—55.3%
		Aerospace/Defense—.1%
$	225M	Bombardier, Inc., 6%, 10/15/2022^(a)	$	228,094
	100M	TransDigm, Inc., 6%, 7/15/2022		101,875
	50M	Triumph Group, Inc., 5.25%, 6/1/2022		48,250
				378,219
		Automotive—9.3%
	100M	Avis Budget Group, Inc., 5.5%, 4/1/2023		101,125
		Daimler Finance NA, LLC:
	1,800M	3.1275%, 5/4/2020^(a)^†		1,798,848
	2,000M	3.4%, 2/22/2022^(a)		2,018,590
	310M	Dana Holding Corp., 5.5%, 12/15/2024		310,000
		General Motors Financial Co., Inc.:
	2,800M	3.55%, 4/9/2021		2,816,397
	1,900M	4.2%, 11/6/2021		1,933,904
	1,400M	4.3469%, 1/14/2022^†		1,404,465
	100M	Group 1 Automotive, Inc., 5.25%, 12/15/2023^(a)		101,000
	5,130M	Harley Davidson Financial Services, Inc., 2.15%, 2/26/2020^(a)		5,085,892
	25M	Hertz Corp., 5.875%, 10/15/2020		25,025
	1,500M	Hyundai Capital America, 3.7439%, 7/8/2021^(a)^†		1,500,271
	3,120M	Lear Corp., 5.375%, 3/15/2024		3,206,365
	25M	LKQ Corp., 4.75%, 5/15/2023		25,276
	2,000M	O’Reilly Automotive, Inc., 4.625%, 9/15/2021		2,083,352
	3,000M	Toyota Motor Credit Corp., 2.7846%, 9/18/2020^†		3,002,883
		Volkswagen Group America:
	3,000M	3.875%, 11/13/2020^(a)		3,039,639
	1,900M	4%, 11/12/2021		1,939,193
				30,392,225
		Building Materials—.1%
	100M	Building Materials Corp., 5.375%, 11/15/2024^(a)		102,875
	75M	Griffon Corp., 5.25%, 3/1/2022		74,062

Portfolio of Investments(continued)

LIMITED DURATION BOND FUND

March 31, 2019

Principal Amount		Security	Value
		Building Materials (continued)
$	75M	Standard Industries, Inc., 5.5%, 2/15/2023^(a)	$	76,500
				253,437
		Chemicals—1.1%
		Blue Cube Spinco, Inc.:
	100M	9.75%, 10/15/2023		111,500
	100M	10%, 10/15/2025		114,905
	75M	Chemours Co., 6.625%, 5/15/2023		77,819
	1,000M	Dow Chemical Co., 4.25%, 11/15/2020		1,019,309
	1,800M	DowDuPont, Inc., 3.766%, 11/15/2020		1,833,550
	175M	PQ Corp., 6.75%, 11/15/2022^(a)		182,219
	40M	Rain CII Carbon, LLC, 7.25%, 4/1/2025^(a)		35,600
	35M	Rayonier AM Products, Inc., 5.5%, 6/1/2024^(a)		32,988
	50M	Univar USA, Inc., 6.75%, 7/15/2023^(a)		51,350
				3,459,240
		Consumer Non-Durables—.1%
	125M	First Quality Finance Co., 4.625%, 5/15/2021^(a)		125,312
	50M	KGA Escrow, LLC, 7.5%, 8/15/2023^(a)		50,938
		Reynolds Group Holdings, Inc.:
	73M	5.75%, 10/15/2020		72,865
	175M	5.125%, 7/15/2023^(a)		178,063
				427,178
		Energy—2.8%
	50M	Baytex Energy Corp., 5.125%, 6/1/2021^(a)		49,625
	50M	Blue Racer Midstream, LLC, 6.125%, 11/15/2022^(a)		51,000
	50M	California Resources Corp., 8%, 12/15/2022^(a)		39,390
	125M	Carrizo Oil & Gas, Inc., 6.25%, 4/15/2023		123,594
	25M	Chesapeake Energy Corp., 4.875%, 4/15/2022		24,750
	75M	CITGO Petroleum Corp., 6.25%, 8/15/2022^(a)		74,812
		Continental Resources, Inc.:
	2,720M	5%, 9/15/2022		2,742,396
	50M	4.5%, 4/15/2023		51,804

Principal Amount		Security	Value
		Energy (continued)
$	125M	Crestwood Midstream Partners, LP, 6.25%, 4/1/2023	$	128,750
	50M	DCP Midstream Operating, LP, 3.875%, 3/15/2023		49,875
	2,000M	Enterprise Products Operating, 5.2%, 9/1/2020		2,067,402
	60M	Exterran Partners, LP, 6%, 10/1/2022		60,750
	100M	Genesis Energy, LP, 5.625%, 6/15/2024		96,500
	50M	Global Partners, LP, 6.25%, 7/15/2022		49,625
	25M	Gulfport Energy Corp., 6.625%, 5/1/2023		24,375
		Laredo Petroleum, Inc.:
	25M	5.625%, 1/15/2022		22,969
	100M	6.25%, 3/15/2023		89,750
	2,700M	Midwest Connector Capital Co., LLC, 3.625%, 4/1/2022^(a)		2,739,987
	60M	NGPL Pipeco, LLC, 4.375%, 8/15/2022^(a)		61,050
	50M	Oasis Petroleum, Inc., 6.875%, 1/15/2023		50,125
	50M	QEP Resources, Inc., 6.875%, 3/1/2021		51,500
	25M	Range Resources Corp., 5.75%, 6/1/2021		25,500
	50M	SM Energy Co., 5%, 1/15/2024		46,500
	50M	Suburban Propane Partners, LP, 5.875%, 3/1/2027		47,625
	125M	Sunoco, LP, 4.875%, 1/15/2023		127,300
	95M	Transocean Guardian, Ltd., 5.875%, 1/15/2024^(a)		96,390
		Whiting Petroleum Corp.:
	50M	5.75%, 3/15/2021		50,825
	75M	6.25%, 4/1/2023		75,750
	135M	WPX Energy, Inc., 5.25%, 9/15/2024		137,025
				9,256,944
		Financial Services—5.2%
	5,000M	American International Group, Inc., 6.4%, 12/15/2020		5,289,315
	1,000M	Compass Bank, 5.5%, 4/1/2020		1,022,116
	2,145M	International Lease Finance Corp., 8.25%, 12/15/2020		2,317,537
	75M	Nationstar Mortgage, LLC, 6.5%, 7/1/2021		75,188
	3,000M	PNC Bank, NA, 2.7%, 11/1/2022		2,986,272
	1,500M	Protective Life Corp., 7.375%, 10/15/2019		1,535,211
	3,900M	SunTrust Bank, 2.59%, 1/29/2021^†		3,891,623
				17,117,262

Portfolio of Investments(continued)

LIMITED DURATION BOND FUND

March 31, 2019

Principal Amount		Security	Value
		Financials—15.6%
$	25M	Acrisure, LLC, 8.125%, 2/15/2024^(a)	$	25,951
	1,600M	Bank of America Corp., 2.369%, 7/21/2021^†		1,589,434
	900M	Bank of Montreal, 1.9%, 8/27/2021		884,769
	2,100M	Capital One NA, 2.25%, 9/13/2021		2,067,467
	2,000M	Capital One Financial Corp., 3.05%, 3/9/2022		2,011,208
		Colfax Corp.:
	25M	6%, 2/15/2024^(a)		26,125
	25M	6.375%, 2/15/2026^(a)		26,640
	1,000M	Citigroup, Inc., 2.65%, 10/26/2020		997,873
		DAE Funding, LLC:
	125M	4.5%, 8/1/2022^(a)		126,250
	100M	5.75%, 11/15/2023^(a)		103,000
	1,000M	DNB Bank ASA, 2.375%, 6/2/2021^(a)		990,368
	4,500M	DNB Boligkreditt AS, 2.5%, 3/28/2022^(a)		4,488,075
		Goldman Sachs Group, Inc.:
	3,000M	2.6%, 4/23/2020		2,992,065
	2,000M	2.6%, 12/27/2020		1,989,728
	4,000M	5.75%, 1/24/2022		4,291,756
	2,700M	HSBC Holdings, PLC, 3.803%, 3/11/2025		2,738,785
	125M	Icahn Enterprises, LP, 6.25%, 2/1/2022		128,544
	1,000M	ING Groep NV, 3.15%, 3/29/2022		1,000,950
	6,100M	JPMorgan Chase & Co., 4.5%, 1/24/2022		6,383,650
	50M	Ladder Capital Finance Holdings, LLLP, 5.25%, 3/15/2022^(a)		50,875
		Lloyds Bank, PLC:
	1,000M	6.375%, 1/21/2021		1,059,430
	800M	3%, 1/11/2022		796,417
	1,000M	Lloyds Banking Group, PLC, 3.9%, 3/12/2024		1,013,917
		Morgan Stanley:
	6,100M	5.5%, 7/28/2021		6,456,850
	3,500M	2.75%, 5/19/2022		3,480,449
	75M	Navient Corp., 5.875%, 3/25/2021		77,719
		Park Aerospace Holdings:
	100M	4.5%, 3/15/2023^(a)		99,750

Principal Amount		Security	Value
		Financials (continued)
$	50M	5.5%, 2/15/2024^(a)	$	52,033
		Springleaf Finance Corp.:
	50M	7.75%, 10/1/2021		54,063
	100M	5.625%, 3/15/2023		101,625
	3,100M	Wells Fargo & Co., 3.45%, 2/13/2023		3,135,008
	1,800M	Wells Fargo Bank, NA, 2.6%, 1/15/2021		1,795,493
				51,036,267
		Food/Beverage/Tobacco—1.8%
	2,000M	Constellation Brands, Inc., 3.38375%, 11/15/2021		2,001,224
	900M	General Mills, Inc., 3.31894%, 4/16/2021^†		898,643
	1,000M	Ingredion, Inc., 4.625%, 11/1/2020		1,023,630
	2,000M	Maple Escrow Subsidiary, Inc., 3.551%, 5/25/2021^(a)		2,022,276
				5,945,773
		Food/Drug—.0%
	50M	Albertson’s Cos., LLC, 5.75%, 3/15/2025		47,687
		Forest Products/Containers—1.9%
		Berry Global, Inc.:
	50M	5.5%, 5/15/2022		50,937
	125M	5.125%, 7/15/2023		127,537
	125M	BWAY Holding Co., 5.5%, 4/15/2024^(a)		124,569
	25M	Crown Americas, LLC, 4.5%, 1/15/2023		25,312
	5,487M	Georgia-Pacific, LLC, 5.4%, 11/1/2020^(a)		5,705,827
	25M	Greif, Inc., 6.5%, 3/1/2027^(a)		25,625
	100M	Mercer International, Inc., 6.5%, 2/1/2024		102,750
	100M	Owens-Brockway Glass Container, 5.875%, 8/15/2023^(a)		105,115
	50M	Sealed Air Corp., 4.875%, 12/1/2022^(a)		51,787
				6,319,459
		Gaming/Leisure—.2%
	75M	AMC Networks, Inc., 5%, 4/1/2024		75,555
	25M	Boyd Gaming Corp., 6.875%, 5/15/2023		26,062
	100M	Jack Ohio Finance, LLC, 6.75%, 11/15/2021^(a)		103,250

Portfolio of Investments(continued)

LIMITED DURATION BOND FUND

March 31, 2019

Principal Amount		Security	Value
		Gaming/Leisure (continued)
$	75M	Lions Gate Entertainment Corp., 6.375%, 2/1/2024^(a)	$	78,750
	150M	MGM Resorts International, 6%, 3/15/2023		158,625
	25M	National CineMedia, LLC, 6%, 4/15/2022		25,375
	75M	Six Flags Entertainment Corp., 4.875%, 7/31/2024^(a)		74,297
	50M	Viking Cruises, Ltd., 6.25%, 5/15/2025^(a)		51,000
	75M	Wynn Las Vegas, LLC, 4.25%, 5/30/2023^(a)		73,969
				666,883
		Health Care—3.5%
	150M	AMN Healthcare, Inc, 5.125%, 10/1/2024^(a)		148,312
	125M	Avantor, Inc., 6%, 10/1/2024^(a)		130,000
		Bausch Health Cos., Inc.:
	50M	6.5%, 3/15/2022^(a)		51,813
	175M	5.5%, 3/1/2023^(a)		176,531
	100M	7%, 3/15/2024^(a)		106,050
	50M	Centene Corp., 5.625%, 2/15/2021		50,812
	50M	CHS/Community Health Systems, Inc., 6.25%, 3/31/2023		47,232
	2,400M	CVS Health Corp., 2.8%, 7/20/2020		2,397,528
	150M	DaVita, Inc., 5.125%, 7/15/2024		148,500
	1,632M	Gilead Sciences, Inc., 2.55%, 9/1/2020		1,630,446
	6,000M	Halfmoon Parent, Inc., 3.2%, 9/17/2020^(a)		6,034,566
	100M	HCA, Inc., 6.25%, 2/15/2021		105,335
	150M	HealthSouth Corp., 5.125%, 3/15/2023		152,665
	50M	Mallinckrodt Finance SB, 5.75%, 8/1/2022^(a)		46,750
	75M	MEDNAX, Inc., 5.25%, 12/1/2023^(a)		76,125
	50M	Molina Healthcare, Inc., 5.375%, 11/15/2022		52,093
	100M	RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/2023^(a)		106,438
	150M	Syneos Health, Inc., 7.5%, 10/1/2024^(a)		158,625
	25M	Tenet Healthcare Corp., 5.125%, 5/1/2025		25,189
				11,645,010
		Home-Building—.0%
	50M	William Lyon Homes, Inc., 6%, 9/1/2023		48,625

Principal Amount		Security	Value
		Information Technology—.8%
$	175M	Alliance Data Systems Corp., 5.375%, 8/1/2022^(a)	$	177,625
	25M	CommScope Finance, LLC, 6%, 3/1/2026^(a)		25,922
	150M	CommScope Technologies, LLC, 5.5%, 6/15/2024^(a)		147,427
		Diamond 1 Finance Corp.:
	1,800M	4.42%, 6/15/2021^(a)		1,847,380
	50M	5.875%, 6/15/2021^(a)		50,957
	125M	Nielsen Finance, LLC, 5%, 4/15/2022^(a)		124,063
	150M	Open Text Corp., 5.625%, 1/15/2023^(a)		154,500
	50M	Rackspace Hosting, Inc., 8.625%, 11/15/2024^(a)		44,669
	100M	Solera, LLC, 10.5%, 3/1/2024^(a)		108,892
				2,681,435
		Manufacturing—.1%
	50M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023^(a)		51,937
	50M	Cloud Crane, LLC, 10.125%, 8/1/2024^(a)		53,875
	150M	Grinding Media, Inc., 7.375%, 12/15/2023^(a)		144,750
	125M	SPX Flow, Inc., 5.625%, 8/15/2024^(a)		126,250
				376,812
		Media-Broadcasting—.1%
	50M	Netflix, Inc., 5.5%, 2/15/2022		52,625
	100M	Nexstar Broadcasting, Inc., 5.625%, 8/1/2024^(a)		101,750
	125M	Sinclair Television Group, Inc., 5.625%, 8/1/2024^(a)		126,406
	125M	Sirius XM Radio, Inc., 4.625%, 5/15/2023^(a)		127,031
				407,812
		Media-Cable TV—1.4%
	200M	Altice France SA, 6.25%, 5/15/2024^(a)		202,250
	75M	Cable One, Inc., 5.75%, 6/15/2022^(a)		76,312
		CCO Holdings, LLC:
	125M	5.125%, 2/15/2023		127,500
	25M	5.75%, 9/1/2023		25,562
	125M	5.875%, 4/1/2024^(a)		130,951
	75M	Clear Channel International, 8.75%, 12/15/2020^(a)		77,344

Portfolio of Investments(continued)

LIMITED DURATION BOND FUND

March 31, 2019

Principal Amount		Security	Value
		Media-Cable TV (continued)
		Clear Channel Worldwide Holdings, Inc.:
$	200M	Series “A”, 6.5%, 11/15/2022	$	205,750
	50M	9.25%, 2/15/2024^(a)		53,125
	3,000M	Comcast Corp., 3.3%, 10/1/2020		3,029,358
		CSC Holdings, LLC:
	100M	6.75%, 11/15/2021		107,125
	75M	5.125%, 12/15/2021^(a)		75,281
	200M	5.375%, 7/15/2023^(a)		204,250
	50M	DISH DBS Corp., 5%, 3/15/2023		45,187
	125M	Gray Television, Inc., 5.125%, 10/15/2024^(a)		125,819
	150M	Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023^(a)		156,793
				4,642,607
		Media-Diversified—.1%
	175M	Gannett Co., Inc., 6.375%, 10/15/2023		181,562
	100M	Outdoor Americas Capital, LLC, 5.625%, 2/15/2024		103,000
	75M	Tribune Media Co., 5.875%, 7/15/2022		76,922
				361,484
		Metals/Mining—.6%
	50M	AK Steel Corp., 7.5%, 7/15/2023		51,515
	150M	Allegheny Technologies, Inc., 7.875%, 8/15/2023		163,125
	50M	Cleveland-Cliffs, Inc., 4.875%, 1/15/2024^(a)		49,500
	125M	Commercial Metals Co., 4.875%, 5/15/2023		125,937
	100M	HudBay Minerals, Inc., 7.25%, 1/15/2023^(a)		104,000
	125M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022^(a)		132,188
	25M	Northwest Acquisitions, ULC, 7.125%, 11/1/2022^(a)		22,063
	200M	Novelis, Inc., 6.25%, 8/15/2024^(a)		205,000
	85M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025^(a)		86,275
	900M	Viterra, Inc., 5.95%, 8/1/2020		930,683
				1,870,286

Principal Amount		Security	Value
		Real Estate—1.6%
		Digital Realty Trust, LP:
$	1,671M	3.95%, 7/1/2022	$	1,715,305
	1,825M	2.75%, 2/1/2023		1,787,994
	50M	Equinix, Inc., 5.375%, 4/1/2023		51,062
	50M	Geo Group, Inc., 5.125%, 4/1/2023		44,625
	50M	Greystar Real Estate Partners, 5.75%, 12/1/2025^(a)		50,250
	175M	Iron Mountain, Inc., 5.75%, 8/15/2024		177,188
	175M	MPT Operating Partnership, LP, 6.375%, 3/1/2024		183,313
	1,250M	Realty Income Corp., 3.25%, 10/15/2022		1,271,645
				5,281,382
		Retail-General Merchandise—.2%
	150M	1011778 B.C., ULC, 4.625%, 1/15/2022^(a)		151,082
	200M	AmeriGas Partners, LP, 5.625%, 5/20/2024		204,250
	25M	J.C. Penney Co., Inc., 8.625%, 3/15/2025		14,750
	150M	KFC Holding Co., LLC, 5%, 6/1/2024^(a)		153,375
				523,457
		Services—.1%
		First Data Corp.:
	150M	5.375%, 8/15/2023^(a)		153,562
	100M	5%, 1/15/2024^(a)		102,650
	100M	Prime Security Services Borrower, LLC, 9.25%, 5/15/2023^(a)		105,250
	50M	Reliance Intermediate Holdings, LP, 6.5%, 4/1/2023^(a)		51,750
				413,212
		Telecommunications—.1%
	75M	CenturyLink, Inc., 6.75%, 12/1/2023		78,469
	25M	Frontier Communications Corp., 11%, 9/15/2025		16,578
	100M	GCI, Inc., 6.75%, 6/1/2021		100,625
	175M	Zayo Group, LLC, 6%, 4/1/2023		178,063
				373,735

Portfolio of Investments(continued)

LIMITED DURATION BOND FUND

March 31, 2019

Principal Amount		Security	Value
		Transportation—2.1%
$	3,600M	Aviation Capital Group, LLC, 7.125%, 10/15/2020^(a)	$	3,800,783
	100M	BCD Acquisition, Inc., 9.625%, 9/15/2023^(a)		106,500
	1,000M	Heathrow Funding, Ltd., 4.875%, 7/15/2021^(a)		1,034,127
	150M	Mobile Mini, Inc., 5.875%, 7/1/2024		153,000
	500M	Penske Truck Leasing Co., LP, 3.65%, 7/29/2021^(a)		506,942
	1,000M	Southwest Airlines Co., 2.65%, 11/5/2020		998,787
		XPO Logistics, Inc.:
	30M	6.5%, 6/15/2022^(a)		30,675
	100M	6.125%, 9/1/2023^(a)		101,125
				6,731,939
		Utilities—6.0%
	150M	AES Corp., 4.875%, 5/15/2023		152,437
		Calpine Corp.:
	50M	5.875%, 1/15/2024^(a)		51,375
	150M	5.5%, 2/1/2024		149,625
	3,000M	DTE Energy Co., 3.3%, 6/15/2022		3,026,349
	2,000M	Energy Transfer Partners, LP, 4.5%, 4/15/2024		2,086,448
	2,385M	Entergy Corp., 5.125%, 9/15/2020		2,436,743
	1,375M	Exelon Generation Co., LLC, 3.4%, 3/15/2022		1,394,559
	2,402M	Nextera Energy Capital Holding, 2.4%, 9/15/2019		2,399,447
	100M	NRG Yield Operating, LLC, 5.375%, 8/15/2024		100,250
	500M	Public Service Electric and Gas Co., 1.8%, 6/1/2019		499,284
		Sempra Energy:
	1,500M	1.625%, 10/7/2019		1,489,517
	5,700M	3.06088%, 3/15/2021^†		5,649,173
	160M	Targa Resources Partners, LP, 4.25%, 11/15/2023		159,800
	100M	Terraform Power Operating, LLC, 4.25%, 1/31/2023^(a)		99,299
				19,694,306
		Waste Management—.1%
	50M	Covanta Holding Corp., 5.875%, 3/1/2024		51,375
	125M	GFL Environmental, Inc., 5.625%, 5/1/2022^(a)		121,875
				173,250

	Principal Amount		Security	Value
			Wireless Communications—.3%
			Intelsat Jackson Holdings SA:
	$	200M	8%, 2/15/2024^(a)	$	209,000
		75M	8.5%, 10/15/2024^(a)		73,313
			Level 3 Financing, Inc.:
		25M	5.375%, 8/15/2022		25,188
		150M	5.375%, 1/15/2024		153,165
		150M	SBA Communications Corp., 4.875%, 7/15/2022		152,438
		125M	Sprint Communications, Inc., 6%, 11/15/2022		126,288
		150M	Sprint Corp., 7.875%, 9/15/2023		157,500
			T-Mobile USA, Inc.:
		50M	6%, 3/1/2023		51,500
		25M	6%, 4/15/2024		26,031
					974,423
Total Value of Corporate Bonds (cost $180,259,131)					181,500,349
			ASSET-BACKED SECURITIES—21.0%
			Fixed Autos—9.9%
		1,200M	AmeriCredit Automobile Receivables Trust, 3.13%, 2/18/2025		1,210,141
			BMW Vehicle Lease Trust:
		1,400M	2.07%, 10/20/2020		1,396,427
		900M	3.26%, 7/20/2021		907,925
		1,850M	CarMax Auto Owner Trust, 3.37%, 10/16/2023		1,871,654
		1,500M	Drive Auto Receivables Trust, 3.41%, 6/15/2023		1,511,818
			GM Financial Automobile Leasing Trust:
		3,250M	3.18%, 6/21/2021		3,273,150
		1,400M	3.31%, 4/20/2022		1,406,184
			Hertz Vehicle Financing Trust:
		2,435M	2.27%, 7/25/2020		2,430,103
		2,500M	2.96%, 10/25/2021		2,494,772
		4,000M	3.29%, 2/25/2024^(a)		3,986,128
			Santander Drive Auto Receivables Trust:
		1,190M	3.03%, 9/15/2022		1,192,345
		2,700M	3.21%, 9/15/2023		2,712,798

Portfolio of Investments(continued)

LIMITED DURATION BOND FUND

March 31, 2019

	Principal Amount		Security	Value
			Fixed Autos (continued)
	$	5,287M	Tesla Auto Lease Trust, 3.71%, 8/20/2021^(a)	$	5,349,246
		2,800M	Volkswagen Auto Loan Enhanced Trust, 3.05%, 8/20/2021		2,808,221
					32,550,912
			Fixed Communication Services—2.9%
			Verizon Owner Trust:
		5,230M	1.92%, 12/20/2021^(a)		5,201,340
		1,670M	3.23%, 4/20/2023		1,690,807
		2,700M	2.93%, 9/20/2023		2,721,392
					9,613,539
			Fixed Credit Cards—6.5%
		1,504M	American Credit Acceptance Trust, 2.61%, 5/10/2021^(a)		1,503,174
		3,905M	Barclays DryRock Issuance Trust, 2.2%, 12/15/2022		3,889,138
		5,400M	Citibank Credit Card Issuance Trust, 2.49%, 1/20/2023		5,394,028
		4,150M	Discover Card Execution Note Trust, 2.19%, 4/17/2023^†		4,133,205
			Synchrony Credit Card Master Trust:
		5,100M	1.93%, 6/15/2023		5,052,162
		1,500M	2.38%, 9/15/2023		1,493,562
					21,465,269
			Fixed Manufacturing—1.7%
		1,800M	John Deere Owner Trust, 2.91%, 7/17/2023		1,812,442
		3,600M	Kubota Credit Owner Trust, 3.1%, 8/15/2022^(a)		3,621,064
					5,433,506
Total Value of Asset-Backed Securities (cost $68,533,000)					69,063,226
			U.S. GOVERNMENT OBLIGATIONS—11.3%
			U.S. Treasury Notes:
		2,000M	1.125%, 8/31/2021		1,947,032
		13,730M	1.375%, 10/31/2020		13,524,585
		4,550M	2.375%, 2/29/2024		4,580,303
		8,000M	2.5%, 1/15/2022		8,055,160
		1,000M	2.5%, 1/31/2024		1,011,797

	Principal Amount		Security	Value
			U.S. GOVERNMENT OBLIGATIONS (continued)
	$	8,000M	2.625%, 12/31/2023	$	8,137,184
Total Value of U.S. Government Obligations (cost $37,104,061)					37,256,061
			U.S. GOVERNMENT AGENCY OBLIGATIONS—4.6%
			Fannie Mae:
		3,500M	1.25%, 5/6/2021		3,425,499
		1,700M	1.375%, 2/26/2021		1,670,313
		5,000M	1.5%, 2/28/2020		4,958,890
		5,000M	Federal Home Loan Bank, 2.375%, 3/30/2020		4,997,440
Total Value of U.S. Government Agency Obligations (cost $15,111,122)					15,052,142
			COVERED BONDS—3.0%
			Financial Services
		4,750M	Canadian Imperial Bank of Commerce, 2.35%, 7/27/2022^(a)		4,703,360
		5,000M	Royal Bank of Canada, 2.3%, 3/22/2021		4,974,210
Total Value of Covered Bonds (cost $9,759,291)					9,677,570
			COMMERCIAL MORTGAGE-BACKED SECURITIES—1.6%
			Fannie Mae—.9%
		2,912M	Fannie Mae, 2.995%, 11/1/2022		2,951,269
			Federal Home Loan Mortgage Corporation—.7%
		2,324M	Multi-Family Structured Pass-Throughs, 2.8604%, 5/25/2024^†		2,318,418
Total Value of Commercial Mortgage-Backed Securities (cost $5,276,867)					5,269,687
			COLLATERALIZED MORTGAGE OBLIGATIONS—1.4%
		4,534M	Fannie Mae, 4%, 2/25/2025 (cost $4,651,453)		4,684,018

Total Value of Investments (cost $320,694,925)	98.2	%		322,503,053
Other Assets, Less Liabilities	1.8			5,811,495
Net Assets	100.0	%	$	328,314,548

^(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 4).

Portfolio of Investments(continued)

LIMITED DURATION BOND FUND

March 31, 2019

^†	Interest rates are determined and reset periodically. The interest rates above are the rates in effect at March 31, 2019.

Summary of Abbreviations:

LLLP	Limited Liability Limited Partnership

ULC	Unlimited Liability Corporation

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 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	181,500,349	$	—	$	181,500,349
Asset-Backed Securities		—		69,063,226		—		69,063,226
U.S. Government Obligations		—		37,256,061		—		37,256,061
U.S. Government Agency Obligations		—		15,052,142		—		15,052,142
Covered Bonds		—		9,677,570		—		9,677,570
Commercial Mortgage-Backed Securities		—		5,269,687		—		5,269,687
Collateralized Mortgage Obligations		—		4,684,018		—		4,684,018
Total Investments in Securities^*	$	—	$	322,503,053	$	—	$	322,503,053

^*	The Portfolio of Investments provides information on the industry categorization for corporate bonds, asset backed securities and covered bonds.

There were no transfers into or from Level 1 and Level 2 by the Fund during the period ended March 31, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

Fund Expenses(unaudited)

STRATEGIC INCOME FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	0.60%
Actual		$1,000.00	$1,016.43	$ 3.02
Hypothetical^**		$1,000.00	$1,021.94	$ 3.02
Advisor Class Shares	0.27%
Actual		$1,000.00	$1,018.48	$ 1.36
Hypothetical^**		$1,000.00	$1,023.58	$ 1.36

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

Portfolio of Investments

STRATEGIC INCOME FUND

March 31, 2019

	Shares or Principal Amount		Security	Value
			MUTUAL FUNDS—90.2%
			Fixed Income Funds
		2,701,223	Floating Rate Fund - Institutional Class Shares	$	25,769,672
		13,934,373	Fund For Income - Institutional Class Shares		33,999,871
		2,093,784	International Opportunities Bond Fund - Institutional Class Shares		18,404,364
		1,985,774	Investment Grade Fund - Institutional Class Shares		18,765,562
		3,970,087	Limited Duration Bond Fund - Institutional Class Shares		36,842,405
Total Value of Mutual Funds (cost $140,238,758)					133,781,874
			RESIDENTIAL MORTGAGE-BACKED SECURITIES—5.0%
			Fannie Mae—4.5%
	$	3,548M	4.5%, 6/1/2048 - 1/1/2049		3,709,641
		2,919M	4%, 9/1/2048 - 12/1/2048		3,007,410
					6,717,051
			Freddie Mac—.5%
		703M	5%, 10/1/2048		745,092
Total Value of Residential Mortgage-Backed Securities (cost $7,391,328)					7,462,143
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—4.1%
		6,000M	U.S. Treasury Bills, 2.396%, 4/11/2019 (cost $5,996,023)		5,996,052

Total Value of Investments (cost $153,626,109)	99.3	%		147,240,069
Other Assets, Less Liabilities	.7			1,091,238
Net Assets	100.0	%	$	148,331,307

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 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2		Level 3		Total
Mutual Funds
Fixed Income Funds	$	133,781,874	$	—	$	—	$	133,781,874
Residential Mortgage-Backed Securities		—		7,462,143		—		7,462,143
Short-Term U.S. Government Agency Obligations		—		5,996,052		—		5,996,052
Total Investments in Securities	$	133,781,874	$	13,458,195	$	—	$	147,240,069

There were no transfers into or from Level 1 and Level 2 by the Fund during the period ended March 31, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

Fund Expenses(unaudited)

COVERED CALL STRATEGY FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	1.34%
Actual		$1,000.00	$ 959.97	$ 6.55
Hypothetical^**		$1,000.00	$ 1,018.25	$ 6.74
Advisor Class Shares	1.17%
Actual		$1,000.00	$ 960.06	$ 5.72
Hypothetical^**		$1,000.00	$ 1,019.10	$ 5.89
Institutional Class Shares	0.88%
Actual		$1,000.00	$ 961.90	$ 4.30
Hypothetical^**		$1,000.00	$ 1,020.54	$ 4.43

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

Portfolio of Investments

COVERED CALL STRATEGY FUND

March 31, 2019

Shares			Security	Value
			COMMON STOCKS—102.7%
			Consumer Discretionary—10.7%
	71,900		Best Buy Co., Inc.	$	5,109,214
	53,500		Carnival Corp.		2,713,520
	52,900		Home Depot, Inc.		10,150,981
	75,000		Ross Stores, Inc.		6,982,500
	68,000		Whirlpool Corp.		9,036,520
					33,992,735
			Consumer Staples—7.7%
	53,200		Costco Wholesale Corp.		12,881,848
	61,400		Mondelez International, Inc. - Class “A”		3,065,088
	37,200		Philip Morris International, Inc.		3,288,108
	80,100		Walgreens Boots Alliance, Inc.		5,067,927
					24,302,971
			Energy—6.2%
	112,400		Chevron Corp.		13,845,432
	88,000		Occidental Petroleum Corp.		5,825,600
					19,671,032
			Financials—17.4%
	69,200		Allstate Corp.		6,517,256
	78,100		American Express Co.		8,536,330
	282,100		Bank of America Corp.		7,783,139
	129,800		BB&T Corp.		6,039,594
	21,200		BlackRock, Inc.		9,060,244
	131,300		JPMorgan Chase & Co.		13,291,499
	94,000		Morgan Stanley		3,966,800
					55,194,862
			Health Care—10.9%
	75,500	^*	Celgene Corp.		7,122,670
	172,700		Medtronic, PLC		15,729,516
	80,300		Merck & Co., Inc.		6,678,551

Portfolio of Investments(continued)

COVERED CALL STRATEGY FUND

March 31, 2019

Shares		Security	Value
		Health Care (continued)
	25,800	Stryker Corp.	$	5,096,016
				34,626,753
		Industrials—14.2%
	128,900	Delta Air Lines, Inc.		6,657,685
	87,300	Honeywell International, Inc.		13,873,716
	24,200	Lockheed Martin Corp.		7,263,872
	41,000	Parker Hannifin Corp.		7,036,420
	35,800	Raytheon Co.		6,518,464
	22,300	Union Pacific Corp.		3,728,560
				45,078,717
		Information Technology—28.3%
	88,800	Apple, Inc.		16,867,560
	37,600	Broadcom, Inc.		11,306,696
	273,200	Cisco Systems, Inc.		14,750,068
	151,900	Intel Corp.		8,157,030
	45,400	International Business Machines Corp.		6,405,940
	51,700	Mastercard, Inc. - Class “A”		12,172,765
	135,200	Microsoft Corp.		15,945,488
	37,700	Texas Instruments, Inc.		3,998,839
				89,604,386
		Materials—4.9%
	187,300	DowDuPont, Inc.		9,984,963
	91,200	Nucor Corp.		5,321,520
				15,306,483

Shares		Security	Value
		Utilities—2.4%
	39,500	NextEra Energy, Inc.	$	7,636,140

Total Value of Common Stocks (cost $284,529,893)	102.7	%		325,414,079
Excess of Liabilities Over Other Assets	(2.7	)		(8,429,290	)
Net Assets	100.0	%	$	316,984,789

^*	Non-income producing

CALL OPTIONS WRITTEN—(3.6)%	Expiration Date		Exercise Price		Contracts			Value
Allstate Corp.		4/18/19	$	97.50		(692	)	$	(18,338	)
American Express Co.		7/19/19		120.00		(781	)		(84,348	)
Apple, Inc.		6/21/19		200.00		(888	)		(399,600	)
Bank of America Corp.		4/18/19		30.00		(2,821	)		(15,515	)
BB&T, Inc.		6/21/19		55.00		(1,298	)		(6,490	)
Best Buy Co., Inc.		6/21/19		55.00		(719	)		(1,211,515	)
BlackRock, Inc.		4/18/19		440.00		(212	)		(85,860	)
Broadcom, Inc.		6/21/19		310.00		(376	)		(430,520	)
Carnival Corp.		4/18/19		60.00		(535	)		(2,675	)
Celgene Corp.		7/19/19		90.00		(755	)		(543,600	)
Chevron Corp.		6/21/19		125.00		(1,124	)		(341,696	)
Cisco Systems, Inc.		6/21/19		55.00		(2,732	)		(423,460	)
Costco Wholesale Corp.		6/21/19		220.00		(532	)		(1,322,020	)
Delta Air Lines, Inc.		4/18/19		52.50		(1,289	)		(136,634	)
DowDuPont, Inc.		6/21/19		57.50		(1,873	)		(184,491	)
Home Depot, Inc.		6/21/19		190.00		(529	)		(421,878	)
Honeywell International, Inc.		4/18/19		160.00		(873	)		(197,734	)
Intel Corp.		4/18/19		52.50		(1,519	)		(268,104	)
International Business Machines Corp.		6/21/19		135.00		(454	)		(412,005	)
JPMorgan Chase & Co.		4/18/19		110.00		(1,313	)		(5,252	)
Lockheed Martin Corp.		1/17/20		290.00		(242	)		(627,990	)
Mastercard, Inc. - Class "A”		6/21/19		220.00		(517	)		(1,075,360	)
Medtronic, PLC		6/21/19		97.50		(1,727	)		(147,658	)
Merck & Co., Inc.		4/26/19		83.00		(803	)		(116,033	)
Microsoft Corp.		4/18/19		110.00		(226	)		(187,580	)

Portfolio of Investments(continued)

COVERED CALL STRATEGY FUND

March 31, 2019

CALL OPTIONS WRITTEN—(3.6)%	Expiration Date		Exercise Price		Contracts			Value
Microsoft Corp.		6/21/19	$	115.00		(1,126	)	$	(731,900	)
Mondelez International, Inc. - Class "A”		5/17/19		50.00		(614	)		(83,197	)
Morgan Stanley		4/18/19		46.00		(940	)		(10,810	)
NextEra Energy, Inc.		6/21/19		185.00		(395	)		(442,400	)
Occidental Petroleum Corp.		4/18/19		67.50		(880	)		(61,600	)
Parker Hannifin Corp.		4/18/19		175.00		(410	)		(72,775	)
Phillip Morris International, Inc.		4/18/19		90.00		(372	)		(44,082	)
Raytheon Co.		1/17/20		185.00		(358	)		(421,545	)
Ross Stores, Inc.		5/17/19		95.00		(750	)		(155,625	)
Stryker Corp.		6/21/19		200.00		(129	)		(79,980	)
Stryker Corp.		6/21/19		195.00		(129	)		(116,100	)
Texas Instruments, Inc.		6/21/19		115.00		(377	)		(52,403	)
Union Pacific Corp.		4/18/19		170.00		(223	)		(50,621	)
Walgreens Boots Alliance, Inc.		7/19/19		65.00		(801	)		(234,293	)
Whirlpool Corp.		6/21/19		140.00		(680	)		(309,400	)
Total Value of Call Options Written (premium received $7,567,379)								$	(11,533,087	)

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 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2			Level 3		Total
Assets
Common Stocks^*	$	325,414,079	$	—		$	—	$	325,414,079

Liabilities
Call Options Written	$	—	$	(11,533,087	)	$	—	$	(11,533,087	)

^*	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 during the period ended March 31, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

Fund Expenses(unaudited)

EQUITY INCOME FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	1.22%
Actual		$1,000.00	$ 965.90	$ 5.98
Hypothetical^**		$1,000.00	$ 1,018.85	$ 6.14
Class B Shares	2.06%
Actual		$1,000.00	$ 960.97	$ 10.07
Hypothetical^**		$1,000.00	$ 1,014.66	$ 10.35
Advisor Class Shares	0.85%
Actual		$1,000.00	$ 967.59	$ 4.17
Hypothetical^**		$1,000.00	$ 1,020.69	$ 4.28
Institutional Class Shares	0.81%
Actual		$1,000.00	$ 967.62	$ 3.97
Hypothetical^**		$1,000.00	$ 1,020.89	$ 4.08

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

Portfolio of Investments

EQUITY INCOME FUND

March 31, 2019

Shares		Security	Value
		COMMON STOCKS—91.1%
		Communication Services—6.2%
	290,630	AT&T, Inc.	$	9,114,157
	257,000	Comcast Corp. - Special Shares “A”		10,274,860
	212,800	Verizon Communications, Inc.		12,582,864
	38,550	Walt Disney Co.		4,280,206
				36,252,087
		Consumer Discretionary—4.1%
	53,100	Acushnet Holdings Corp.		1,228,734
	143,000	American Eagle Outfitters, Inc.		3,170,310
	113,850	DSW, Inc. - Class “A”		2,529,747
	41,600	Lowe’s Cos., Inc.		4,553,952
	27,200	McDonald’s Corp.		5,165,280
	29,650	Oxford Industries, Inc.		2,231,459
	28,700	Penske Automotive Group, Inc.		1,281,455
	111,150	Tapestry, Inc.		3,611,264
				23,772,201
		Consumer Staples—7.7%
	161,050	Coca-Cola Co.		7,546,803
	47,250	Kimberly-Clark Corp.		5,854,275
	74,400	PepsiCo, Inc.		9,117,720
	65,900	Philip Morris International, Inc.		5,824,901
	86,450	Procter & Gamble Co.		8,995,123
	73,550	Walmart, Inc.		7,173,332
				44,512,154
		Energy—9.5%
	46,350	Anadarko Petroleum Corp.		2,107,998
	209,257	BP, PLC (ADR)		9,148,716
	106,000	Chevron Corp.		13,057,080
	71,500	ConocoPhillips		4,771,910
	366,350	EnCana Corp.		2,652,374
	109,150	ExxonMobil Corp.		8,819,320

Portfolio of Investments(continued)

EQUITY INCOME FUND

March 31, 2019

Shares			Security	Value
			Energy (continued)
	70,843		Marathon Petroleum Corp.	$	4,239,954
	44,200		Royal Dutch Shell, PLC - Class “A” (ADR)		2,766,478
	70,050		Schlumberger, Ltd.		3,052,079
	147,450		Suncor Energy, Inc.		4,781,804
					55,397,713
			Financials—19.6%
	140,900	^*	AllianceBernstein Holding, LP (MLP)		4,070,601
	52,100		American Express Co.		5,694,530
	343,050		Bank of America Corp.		9,464,749
	103,850		Bank of New York Mellon Corp.		5,237,155
	29,100	^*	Berkshire Hathaway, Inc. - Class “B”		5,845,899
	8,000		BlackRock, Inc.		3,418,960
	69,110		Chubb, Ltd.		9,680,929
	92,800		Citigroup, Inc.		5,774,016
	21,800		Goldman Sachs Group, Inc.		4,185,382
	69,095		Hamilton Lane, Inc. - Class “A”		3,011,160
	298,050		Investors Bancorp, Inc.		3,531,892
	119,200		iShares S&P U.S. Preferred Stock Index Fund (ETF)		4,356,760
	134,550		JPMorgan Chase & Co.		13,620,496
	64,100		MetLife, Inc.		2,728,737
	156,700		Old National Bancorp of Indiana		2,569,880
	37,400		PNC Financial Services Group, Inc.		4,587,484
	52,100		Popular, Inc.		2,715,973
	226,950		Regions Financial Corp.		3,211,343
	208,300		Sterling Bancorp		3,880,629
	45,700		Travelers Cos., Inc.		6,268,212
	207,900		Wells Fargo & Co.		10,045,728
					113,900,515
			Health Care—13.6%
	62,850		Abbott Laboratories		5,024,229
	15,450		Anthem, Inc.		4,433,841
	89,200		Bristol-Myers Squibb Co.		4,255,732

Shares		Security	Value
		Health Care (continued)
	14,900	CVS Health Corp.	$	803,557
	36,850	Eli Lilly & Co.		4,781,656
	108,450	GlaxoSmithKline, PLC (ADR)		4,532,125
	75,450	Johnson & Johnson		10,547,156
	88,694	Medtronic, PLC		8,078,250
	150,061	Merck & Co., Inc.		12,480,573
	272,224	Pfizer, Inc.		11,561,353
	80,100	Phibro Animal Health Corp. - Class “A”		2,643,300
	119,000	Smith & Nephew, PLC (ADR)		4,773,090
	21,100	UnitedHealth Group, Inc.		5,217,186
				79,132,048
		Industrials—8.0%
	11,900	3M Co.		2,472,582
	73,500	Eaton Corp., PLC		5,921,160
	21,400	General Dynamics Corp.		3,622,592
	36,200	Honeywell International, Inc.		5,752,904
	51,100	Ingersoll-Rand, PLC		5,516,245
	38,150	Kansas City Southern, Inc.		4,424,637
	20,200	Lockheed Martin Corp.		6,063,232
	45,150	United Parcel Service, Inc. - Class “B”		5,045,061
	60,700	United Technologies Corp.		7,823,623
				46,642,036
		Information Technology—10.6%
	25,350	Apple, Inc.		4,815,232
	244,000	Cisco Systems, Inc.		13,173,560
	201,200	HP Enterprise Co.		3,104,516
	148,050	HP, Inc.		2,876,611
	216,800	Intel Corp.		11,642,160
	68,950	Maxim Integrated Products, Inc.		3,666,072
	109,900	Microsoft Corp.		12,961,606
	127,900	QUALCOMM, Inc.		7,294,137

Portfolio of Investments(continued)

EQUITY INCOME FUND

March 31, 2019

	Shares			Security	Value
				Information Technology (continued)
		17,250		Texas Instruments, Inc.	$	1,829,708
						61,363,602
				Materials—3.4%
		130,523		DowDuPont, Inc.		6,958,181
		37,300		Eastman Chemical Co.		2,830,324
		62,700		FMC Corp.		4,816,614
		18,300		Linde, PLC		3,219,519
		58,643	^*	Livent Corp.		720,137
		16,500		LyondellBasell Industries NV - Class “A”		1,387,320
						19,932,095
				Real Estate—2.7%
		131,400		Americold Realty Trust (REIT)		4,009,014
		158,720		Brookfield Property Partners (REIT)		3,264,870
		85,600		Douglas Emmett, Inc. (REIT)		3,459,952
		27,800		Federal Realty Investment Trust (REIT)		3,832,230
		48,280		Urstadt Biddle Properties, Inc. (REIT)		996,499
						15,562,565
				Utilities—5.7%
		39,900		American Electric Power Co., Inc.		3,341,625
		113,100		CenterPoint Energy, Inc.		3,472,170
		50,000		Dominion Energy, Inc.		3,833,000
		35,000		Duke Energy Corp.		3,150,000
		92,300		Exelon Corp.		4,626,999
		72,250		FirstEnergy Corp.		3,006,322
		25,700		NextEra Energy, Inc.		4,968,324
		73,800		PPL Corp.		2,342,412
		74,650		Utilities Select Sector SPDR Fund (ETF)		4,342,391
						33,083,243
Total Value of Common Stocks (cost $388,421,959)						529,550,259

	Shares or Principal Amount		Security	Value
			PREFERRED STOCKS—1.7%
			Financials—1.1%
		800	Citizens Financial Group, Inc., Series A, 5.5%, 2049	$	808,164
		102,800	JPMorgan Chase & Co., Series Y, 6.125%, 2020		2,671,772
		120,000	U.S. Bancorp, Series K, 5.5%, 2023		3,049,200
					6,529,136
			Real Estate—.6%
		50,500	Digital Realty Trust, Inc. (REIT), Series G, 5.875%, 2049		1,260,480
			Urstadt Biddle Properties, Inc. (REIT):
		49,000	Series G, 6.75%, 2049		1,268,120
		41,700	Series H, 6.25%, 2022		1,097,127
					3,625,727
Total Value of Preferred Stocks (cost $9,889,446)					10,154,863
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—6.9%
			U.S. Treasury Bills:
	$	10,000M	2.37%, 4/9/2019		9,994,730
		30,000M	2.396%, 4/11/2019		29,980,260
Total Value of Short-Term U.S. Government Obligations (cost $39,974,741)					39,974,990

Total Value of Investments (cost $438,286,146)	99.7	%		579,680,112
Other Assets, Less Liabilities	.3			1,890,608
Net Assets	100.0	%	$	581,570,720

^*	Non-income producing

Summary of Abbreviations:

ADR	American Depositary Receipts

ETF	Exchange Traded Fund

MLP	Master Limited Partnership

REIT	Real Estate Investment Trust

SPDR	Standard & Poor’s Depository Receipts

Portfolio of Investments(continued)

EQUITY INCOME FUND

March 31, 2019

CALL OPTIONS WRITTEN—(0.0)%	Expiration Date		Exercise Price		Contracts			Value
Apple, Inc.		4/18/19	$	190.00		(100	)	$	(37,250	)
CVS Health Corp.		4/12/19		56.50		(100	)		(3,200	)
Johnson & Johnson		4/18/19		140.00		(100	)		(20,250	)
Microsoft Corp		4/5/19		115.00		(100	)		(31,750	)
Total Value of Call Options Written (premium received $71,997)								$	(92,450	)

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 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2			Level 3		Total
Common Stocks	$	529,550,259	$	—		$	—	$	529,550,259
Preferred Stocks		10,154,863		—			—		10,154,863
Short-Term U.S. Government Obligations		—		39,974,990			—		39,974,990
Total Investments in Securities^*	$	539,705,122	$	39,974,990		$	—	$	579,680,112

Liabilities
Call Options Written	$	—	$	(92,450	)	$	—	$	(92,450	)

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

There were no transfers into or from Level 1 and Level 2 by the Fund during the period ended March 31, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

Fund Expenses(unaudited)

GLOBAL FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	1.46%
Actual		$1,000.00	$ 940.52	$ 7.06
Hypothetical^**		$1,000.00	$ 1,017.65	$ 7.34
Class B Shares	2.25%
Actual		$1,000.00	$ 937.25	$ 10.87
Hypothetical^**		$1,000.00	$ 1,013.71	$ 11.30
Advisor Class Shares	1.08%
Actual		$1,000.00	$ 942.06	$ 5.23
Hypothetical^**		$1,000.00	$ 1,019.54	$ 5.44
Institutional Class Shares	1.02%
Actual		$1,000.00	$ 942.27	$ 4.94
Hypothetical^**		$1,000.00	$ 1,019.84	$ 5.14

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

Portfolio of Investments

GLOBAL FUND

March 31, 2019

Shares			Security	Value
			COMMON STOCKS—95.8%
			United States—56.1%
	33,850		Abbott Laboratories	$	2,705,969
	23,300	^*	Adobe, Inc.		6,209,217
	17,700		Air Products & Chemicals, Inc.		3,379,992
	13,775	^*	Alphabet, Inc. - Class “A”		16,211,660
	8,000	^*	Alphabet, Inc. - Class “C”		9,386,480
	4,700	^*	Amazon.com, Inc.		8,369,525
	55,000		American Eagle Outfitters, Inc.		1,219,350
	35,500		Apple, Inc.		6,743,225
	24,000	^*	Autodesk, Inc.		3,739,680
	52,000		Ball Corp.		3,008,720
	185,012		Bank of America Corp.		5,104,481
	26,000	^*	Berkshire Hathaway, Inc. - Class “B”		5,223,140
	69,200		Chevron Corp.		8,524,056
	20,000		Chubb, Ltd.		2,801,600
	116,000		CMS Energy Corp.		6,442,640
	90,000		Coca-Cola Co.		4,217,400
	75,000		Comcast Corp. - Special Shares “A”		2,998,500
	14,500		Concho Resources, Inc.		1,608,920
	34,000		ConocoPhillips		2,269,160
	135,000	^*	Cree, Inc.		7,724,700
	72,000		Duke Energy Corp.		6,480,000
	18,000		Eli Lilly & Co.		2,335,680
	47,000		Entergy Corp.		4,494,610
	28,200		EOG Resources, Inc.		2,684,076
	44,000		Eversource Energy		3,121,800
	70,000	^*	Facebook, Inc.		11,668,300
	100,000		FirstEnergy Corp.		4,161,000
	5,000		Goldman Sachs Group, Inc.		959,950
	8,000	^*	IAC/InterActiveCorp		1,680,880
	3,500	^*	Illumina, Inc.		1,087,415
	131,000		Intel Corp.		7,034,700
	67,000		Jacobs Engineering Group, Inc.		5,037,730

Portfolio of Investments(continued)

GLOBAL FUND

March 31, 2019

Shares			Security	Value
			United States (continued)
	18,000		Johnson & Johnson	$	2,516,220
	52,000		JPMorgan Chase & Co.		5,263,960
	24,000		Kimberly-Clark Corp.		2,973,600
	20,000		KLA-Tencor Corp.		2,388,200
	103,000		Kroger Co.		2,533,800
	27,000		Lockheed Martin Corp.		8,104,320
	20,000		Lowe’s Cos., Inc.		2,189,400
	25,000		McDonald’s Corp.		4,747,500
	22,000		Medtronic, PLC		2,003,760
	176,300		Merck & Co., Inc.		14,662,871
	65,763		Microsoft Corp.		7,756,088
	78,800		Morgan Stanley		3,325,360
	50,000		Noble Energy, Inc.		1,236,500
	8,000		Northrop Grumman Corp.		2,156,800
	16,209		NVIDIA Corp.		2,910,488
	62,000		PepsiCo, Inc.		7,598,100
	132,000		Pfizer, Inc.		5,606,040
	21,500		Philip Morris International, Inc.		1,900,385
	8,500		Pioneer Natural Resources Co.		1,294,380
	89,500		Procter & Gamble Co.		9,312,475
	15,000	^*	Proofpoint, Inc.		1,821,450
	49,000		QUALCOMM, Inc.		2,794,470
	22,500		Raytheon Co.		4,096,800
	40,198	^*	salesforce.com, inc.		6,366,157
	9,000	^*	ServiceNow, Inc.		2,218,410
	42,600	^*	Synopsys, Inc.		4,905,390
	60,500	^*	Take-Two Interactive Software, Inc.		5,709,385
	22,500		Tapestry, Inc.		731,025
	26,000		Texas Instruments, Inc.		2,757,820
	7,000		Thermo Fisher Scientific, Inc.		1,916,040
	31,200		Union Pacific Corp.		5,216,640
	16,500		United Technologies Corp.		2,126,685
	29,970		UnitedHealth Group, Inc.		7,410,382
	28,000		Valero Energy Corp.		2,375,240

Shares			Security	Value
			United States (continued)
	230,000		Verizon Communications, Inc.	$	13,599,900
	34,942		Visa, Inc. - Class “A”		5,457,591
	28,800		Vulcan Materials Co.		3,409,920
	76,000		WEC Energy Group, Inc.		6,010,080
	51,400		Wells Fargo & Co.		2,483,648
					330,521,836
			United Kingdom—6.1%
	175,000		Anglo American, PLC		4,680,540
	300,000		Arrow Global Group, PLC		851,807
	69,700		Ashtead Group, PLC		1,681,722
	225,000		Babcock International Group, PLC		1,446,215
	844,140		BP, PLC		6,140,459
	130,000		Burford Capital, Ltd.		2,854,724
	55,000		Diageo, PLC		2,247,910
	310,000		Glaxosmithkline, PLC		6,447,264
	13,500	^*	GW Pharmaceuticals, PLC		2,275,695
	196,237		Keywords Studios, PLC		2,954,622
	3,300,000		Lloyds Banking Group, PLC		2,670,843
	110,000	^*	Ocado Group, PLC		1,963,518
					36,215,319
			Japan—5.6%
	80,000		en-japan, inc.		2,324,280
	6,000		Keyence Corp.		3,733,827
	720,000		Mitsubishi UFJ Financial Group, Inc.		3,573,040
	36,000		Murata Manufacturing Co., Ltd.		1,790,418
	18,000		Nidec Corp.		2,277,813
	27,700		Nintendo Co., Ltd.		7,887,864
	45,000		Pan Pacific Holdings Corp.		2,976,180
	111,871		Sony Corp.		4,688,629
	70,000		THK Co., Ltd.		1,726,789
	48,000		TIS, Inc.		2,269,422
					33,248,262

Portfolio of Investments(continued)

GLOBAL FUND

March 31, 2019

Shares			Security	Value
			China—5.3%
	25,542	^*	Alibaba Group Holding, Ltd. (ADR)	$	4,660,138
	750,000		Citic Securities Co., Ltd.		1,746,508
	300,000		Ping An Insurance (Group) Co. of China, Ltd.		3,359,257
	957,600		Sands China, Ltd.		4,812,428
	165,791		Tencent Holdings, Ltd.		7,624,323
	320,000	^*	Xtrackers Harvest CSI 300 China - Class “A” (ETF)		9,193,600
					31,396,254
			Germany—5.0%
	15,250		Adidas AG		3,705,326
	32,400		Allianz AG		7,206,461
	25,000		Fuchs Petrolub SE		1,029,211
	25,100		Muenchener Rueckver AG		5,940,928
	4,600		Puma SE		2,667,758
	90,000	^*	PVA TePla AG		1,135,777
	25,000		Siemens AG		2,690,530
	36,100		Stroeer SE & Co. KGaA		2,113,858
	17,000		Volkswagen AG Preferred Shares		2,675,880
					29,165,729
			Switzerland—4.7%
	850		Barry Callebaut AG		1,534,823
	850		Interroll Holding AG		1,724,328
	7,100	^*	Lonza Group AG		2,201,838
	105,122		Nestle SA		10,018,657
	86,000		Novartis AG		8,272,237
	40,000		Swiss Re AG		3,907,808
					27,659,691
			France—2.1%
	83,000		AXA SA		2,088,361
	14,800		LVMH Moet Hennessy Louis Vuitton SE		5,443,789
	26,000		Safran SA		3,565,499

Shares			Security	Value
			France (continued)
	35,000		Valeo SA	$	1,014,908
					12,112,557
			Canada—1.1%
	55,000		Emera, Inc.		2,056,609
	290,000		EnCana Corp.		2,099,600
	75,600		Suncor Energy, Inc.		2,451,708
					6,607,917
			Italy—1.1%
	450,000		Enel SpA		2,879,322
	278,200		UniCredit SpA		3,566,363
					6,445,685
			Netherlands—1.0%
	31,000		ASML Holding NV		5,814,282
			India—.9%
	60,000		HDFC Bank, Ltd.		2,008,430
	181,000		Reliance Industries, Ltd.		3,561,866
					5,570,296
			Thailand—.9%
	400,000		Kasikornbank Public Co., Ltd.		2,369,623
	4,500,000		Thai Beverage, PCL		2,805,755
					5,175,378
			Hong Kong—.9%
	300,000		AIA Group, Ltd.		2,986,643
	581,000	^*	China Mengniu Dairy Co., Ltd.		2,161,186
					5,147,829
			South Korea—.8%
	119,564		Samsung Electronics Co., Ltd.		4,703,139

Portfolio of Investments(continued)

GLOBAL FUND

March 31, 2019

	Shares			Security	Value
				Spain—.6%
		430,000		Iberdrola SA	$	3,774,909
				Australia—.6%
		50,000		Rio Tinto, Ltd.		3,476,054
				Taiwan—.5%
		75,176		Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		3,079,209
				Poland—.5%
		56,000	^*	CD Projekt SA		2,917,122
				Indonesia—.5%
		10,000,000		PT Bank Rakyat Indonesia		2,893,258
				Israel—.5%
		23,000	^*	Mellanox Technologies, Ltd.		2,722,280
				Luxembourg—.4%
		320,000		Aroundtown SA		2,638,369
				Philippines—.4%
		2,600,000		Ayala Land, Inc.		2,223,196
				Sweden—.2%
		53,000		HMS Networks AB		920,074
Total Value of Common Stocks (cost $510,044,565)						564,428,645

	Principal Amount		Security	Value
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—2.5%
			U.S. Treasury Bills:
	$	7,000M	2.37%, 4/9/2019	$	6,996,311
		8,000M	2.396%, 4/11/2019		7,994,736
Total Value of Short-Term U.S. Government Obligations (cost $14,990,979)					14,991,047

Total Value of Investments (cost $525,035,544)	98.3	%		579,419,692
Other Assets, Less Liabilities	1.7			9,716,821
Net Assets	100.0	%	$	589,136,513

^*	Non-income producing

Summary of Abbreviations:

ADR	American Depositary Receipts

ETF	Exchange Traded Fund

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 –

Level 3 –

Portfolio of Investments(continued)

GLOBAL FUND

March 31, 2019

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2		Level 3		Total
Common Stocks
United States	$	330,521,836	$	—	$	—	$	330,521,836
United Kingdom		36,215,319		—		—		36,215,319
Japan		33,248,262		—		—		33,248,262
China		31,396,254		—		—		31,396,254
Germany		29,165,729		—		—		29,165,729
Switzerland		27,659,691		—		—		27,659,691
France		12,112,557		—		—		12,112,557
Canada		6,607,917		—		—		6,607,917
Italy		6,445,685		—		—		6,445,685
Netherlands		5,814,282		—		—		5,814,282
India		5,570,296		—		—		5,570,296
Thailand		5,175,378		—		—		5,175,378
Hong Kong		5,147,829		—		—		5,147,829
South Korea		4,703,139		—		—		4,703,139
Spain		3,774,909		—		—		3,774,909
Australia		3,476,054		—		—		3,476,054
Taiwan		3,079,209		—		—		3,079,209
Poland		2,917,122		—		—		2,917,122
Indonesia		2,893,258		—		—		2,893,258
Israel		2,722,280		—		—		2,722,280
Luxembourg		2,638,369		—		—		2,638,369
Philippines		2,223,196		—		—		2,223,196
Sweden		920,074		—		—		920,074
Short-Term U.S. Government Obligations		—		14,991,047		—		14,991,047
Total Investments in Securities	$	564,428,645	$	14,991,047	$	—	$	579,419,692

During the period ended March 31, 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.

See notes to financial statements

100

Fund Expenses(unaudited)

GROWTH & INCOME FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	1.16%
Actual		$1,000.00	$ 957.30	$ 5.66
Hypothetical^**		$1,000.00	$ 1,019.15	$ 5.84
Class B Shares	1.95%
Actual		$1,000.00	$ 953.71	$ 9.50
Hypothetical^**		$1,000.00	$ 1,015.21	$ 9.80
Advisor Class Shares	0.84%
Actual		$1,000.00	$ 959.15	$ 4.10
Hypothetical^**		$1,000.00	$ 1,020.74	$ 4.23
Institutional Class Shares	0.75%
Actual		$1,000.00	$ 959.05	$ 3.66
Hypothetical^**		$1,000.00	$ 1,021.19	$ 3.78

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

101

Portfolio of Investments

GROWTH & INCOME FUND

March 31, 2019

Shares			Security	Value
			COMMON STOCKS—94.6%
			Communication Services—8.4%
	11,500	^*	Alphabet, Inc. - Class “A”	$	13,534,235
	773,800		AT&T, Inc.		24,266,368
	174,700		CBS Corp. - Class “B”		8,303,491
	740,750		Comcast Corp. - Special Shares “A”		29,615,185
	295,066		Fox Corp. - Class “B”		10,586,968
	46,550	^*	Take-Two Interactive Software, Inc.		4,392,924
	554,550		Verizon Communications, Inc.		32,790,542
	154,110		Walt Disney Co.		17,110,833
					140,600,546
			Consumer Discretionary—4.5%
	122,350		Aptiv, PLC		9,725,602
	169,750		Aramark Holdings Corp.		5,016,113
	33,100	^*	Burlington Stores, Inc.		5,186,108
	69,950		Home Depot, Inc.		13,422,705
	125,300		Lowe’s Cos., Inc.		13,716,591
	64,900		McDonald’s Corp.		12,324,510
	53,600		Ross Stores, Inc.		4,990,160
	306,200		Tapestry, Inc.		9,948,438
					74,330,227
			Consumer Staples—7.1%
	75,050		Altria Group, Inc.		4,310,121
	363,800		Coca-Cola Co.		17,047,668
	387,954		Koninklijke Ahold Delhaize NV (ADR)		10,309,878
	169,400		Mondelez International, Inc. - Class “A”		8,456,448
	168,300		PepsiCo, Inc.		20,625,165
	172,400		Philip Morris International, Inc.		15,238,436
	213,150		Procter & Gamble Co.		22,178,257
	213,000		Walmart, Inc.		20,773,890
					118,939,863

102

Shares			Security	Value
			Energy—9.5%
	565,636		BP, PLC (ADR)	$	24,729,606
	250,150		Chevron Corp.		30,813,477
	260,600		ConocoPhillips		17,392,444
	77,900		EOG Resources, Inc.		7,414,522
	346,250		ExxonMobil Corp.		27,977,000
	158,000		Hess Corp.		9,516,340
	190,750		Marathon Petroleum Corp.		11,416,387
	485,000		Suncor Energy, Inc.		15,728,550
	146,300		Valero Energy Corp.		12,410,629
					157,398,955
			Financials—17.2%
	151,300		American Express Co.		16,537,090
	1,018,250		Bank of America Corp.		28,093,517
	320,550		Bank of New York Mellon Corp.		16,165,336
	124,900	^*	Berkshire Hathaway, Inc. - Class “B”		25,091,161
	189,600		Chubb, Ltd.		26,559,168
	317,950		Citigroup, Inc.		19,782,849
	207,300		Citizens Financial Group, Inc.		6,737,250
	99,450		Discover Financial Services		7,076,862
	54,350		Goldman Sachs Group, Inc.		10,434,656
	376,330		JPMorgan Chase & Co.		38,095,886
	189,400		Morgan Stanley		7,992,680
	117,400		PNC Financial Services Group, Inc.		14,400,284
	184,950		Sterling Bancorp		3,445,619
	94,200		Travelers Cos., Inc.		12,920,472
	410,000		U.S. Bancorp		19,757,900
	685,600		Wells Fargo & Co.		33,128,192
					286,218,922
			Health Care—16.1%
	180,050		Abbott Laboratories		14,393,197
	61,200		Anthem, Inc.		17,563,176
	75,550	^*	Centene Corp.		4,011,705

103

Portfolio of Investments(continued)

GROWTH & INCOME FUND

March 31, 2019

Shares			Security	Value
			Health Care (continued)
	77,379		CVS Health Corp.	$	4,173,049
	132,350		Eli Lilly & Co.		17,173,736
	188,300		Gilead Sciences, Inc.		12,241,383
	131,250		Hill-Rom Holdings, Inc.		13,894,125
	153,875		Johnson & Johnson		21,510,186
	228,500		Koninklijke Philips NV (ADR)		9,336,510
	243,150		Medtronic, PLC		22,146,102
	378,450		Merck & Co., Inc.		31,475,686
	681,801		Pfizer, Inc.		28,956,088
	207,250		Smith & Nephew, PLC (ADR)		8,312,798
	77,700		Thermo Fisher Scientific, Inc.		21,268,044
	54,900		UnitedHealth Group, Inc.		13,574,574
	130,900		Zimmer Biomet Holdings, Inc.		16,715,930
	112,800		Zoetis, Inc.		11,355,576
					268,101,865
			Industrials—8.8%
	32,000		3M Co.		6,648,960
	15,500		Boeing Co.		5,912,010
	154,700		Eaton Corp., PLC		12,462,632
	270,550	^*	Gardner Denver Holdings, Inc.		7,523,995
	145,400		Honeywell International, Inc.		23,106,968
	142,150		Ingersoll-Rand, PLC		15,345,093
	57,250		Lockheed Martin Corp.		17,184,160
	91,950		Owens Corning		4,332,684
	56,550		Stanley Black & Decker, Inc.		7,700,414
	140,000		Union Pacific Corp.		23,408,000
	178,700		United Technologies Corp.		23,032,643
					146,657,559
			Information Technology—13.3%
	59,950		Apple, Inc.		11,387,502
	302,800		Applied Materials, Inc.		12,009,048
	62,250		ASML Holdings NV		11,706,113

104

Shares			Security	Value
			Information Technology (continued)
	622,700		Cisco Systems, Inc.	$	33,619,573
	247,900		Corning, Inc.		8,205,490
	339,450		eBay, Inc.		12,607,173
	45,000	^*	FleetCor Technologies, Inc.		11,096,550
	576,875		Intel Corp.		30,978,187
	246,350		Microsoft Corp.		29,054,519
	45,550		NXP Semiconductors NV		4,026,165
	154,300		Oracle Corp.		8,287,453
	346,650		QUALCOMM, Inc.		19,769,450
	104,800	^*	Synopsys, Inc.		12,067,720
	102,050		TE Connectivity, Ltd.		8,240,538
	86,100		Texas Instruments, Inc.		9,132,627
					222,188,108
			Materials—3.3%
	67,800		Celanese Corp.		6,685,758
	296,550		DowDuPont, Inc.		15,809,080
	161,950		FMC Corp.		12,440,999
	69,350		Linde, PLC		12,200,746
	98,200		LyondellBasell Industries NV - Class “A”		8,256,656
					55,393,239
			Real Estate—.7%
	46,450		Crown Castle International Corp. (REIT)		5,945,600
	43,950		Federal Realty Investment Trust (REIT)		6,058,508
					12,004,108
			Utilities—5.7%
	109,650		American Electric Power Co., Inc.		9,183,187
	186,550		CMS Energy Corp.		10,360,987
	92,150		Entergy Corp.		8,812,304
	185,200		Exelon Corp.		9,284,076
	218,400		FirstEnergy Corp.		9,087,624
	53,150		NextEra Energy, Inc.		10,274,958

105

Portfolio of Investments(continued)

GROWTH & INCOME FUND

March 31, 2019

	Shares or Principal Amount		Security	Value
			Utilities (continued)
		107,850	Pinnacle West Capital Corp.	$	10,308,303
		160,450	Utilities Select Sector SPDR Fund (ETF)		9,333,377
		120,300	WEC Energy Group, Inc.		9,513,324
		167,050	Xcel Energy, Inc.		9,389,881
					95,548,021
Total Value of Common Stocks (cost $1,122,197,047)					1,577,381,413
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—3.9%
			U.S. Treasury Bills:
	$	15,000M	2.37%, 4/9/2019		14,992,095
		50,000M	2.396%, 4/11/2019		49,967,100
Total Value of Short-Term U.S. Government Obligations (cost $64,958,780)					64,959,195

Total Value of Investments (cost $1,187,155,827)	98.5	%		1,642,340,608
Other Assets, Less Liabilities	1.5			25,478,128
Net Assets	100.0	%	$	1,667,818,736

^*	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

106

CALL OPTIONS WRITTEN—(0.0)%	Expiration Date		Exercise Price		Contracts			Value
Apple, Inc.		4/18/19	$	190.00		(100	)	$	(37,250	)
CVS Health Corp.		4/12/19		56.50		(200	)		(6,400	)
FleetCor Technlogies, Inc.		4/18/19		240.00		(100	)		(84,000	)
Johnson & Johnson		4/18/19		140.00		(100	)		(20,250	)
Microsoft Corp.		4/5/19		115.00		(100	)		(31,750	)
Total Value of Call Options Written(premium received $127,039)								$	(179,650	)

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 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2			Level 3		Total
Common Stocks	$	1,577,381,413	$	—		$	—	$	1,577,381,413
Short-Term U.S. Government Agency Obligations		—		64,959,195			—		64,959,195
Total Investments in Securities^*	$	1,577,381,413	$	64,959,195		$	—	$	1,642,340,608

Liabilities
Call Options Written	$	—	$	(179,650	)	$	—	$	(179,650	)

^*	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 during the period ended March 31, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

107

Fund Expenses(unaudited)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	1.75%
Actual		$1,000.00	$ 999.23	$ 8.72
Hypothetical^**		$1,000.00	$ 1,016.20	$ 8.80
Advisor Class Shares	1.42%
Actual		$1,000.00	$ 1,000.12	$ 7.08
Hypothetical^**		$1,000.00	$ 1,017.85	$ 7.14
Institutional Class Shares	1.31%
Actual		$1,000.00	$ 1,001.88	$ 6.54
Hypothetical^**		$1,000.00	$ 1,018.40	$ 6.59

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

108

Portfolio of Investments

HEDGED U.S. EQUITY OPPORTUNITIES FUND

March 31, 2019

Shares			Security	Value
			COMMON STOCKS—92.6%
			Communication Services—1.7%
	44,543		AT&T, Inc.	$	1,396,868
	5,744		CBS Corp. - Class “B”		273,012
	19,025		Comcast Corp. - Special Shares “A”		760,619
	12,115		Verizon Communications, Inc.		716,360
					3,146,859
			Consumer Discretionary—11.2%
	1,082	^*	Amazon.com, Inc.		1,926,771
	864		Autoliv, Inc.		63,530
	194	^*	Booking Holdings, Inc.		338,513
	8,466		Caleres, Inc.		209,026
	8,581	^*	CarMax, Inc.		598,954
	3,241		Carter’s, Inc.		326,660
	10,362		Choice Hotels International, Inc.		805,542
	31,801		Compass Group, PLC (United Kingdom)		747,413
	8,481		D.R. Horton, Inc.		350,944
	4,436		Expedia, Inc.		527,884
	7,888		General Motors Corp.		292,645
	5,625		Genuine Parts Co.		630,169
	9,018		Home Depot, Inc.		1,730,464
	2,094		Marriott International, Inc. - Class “A”		261,938
	5,609		Marriott Vacations Worldwide Corp.		524,442
	10,103		McDonald’s Corp.		1,918,560
	3,009	^*	Netflix, Inc.		1,072,889
	29,449		Newell Brands, Inc.		451,748
	17,283		NIKE, Inc. - Class “B”		1,455,401
	5,690	^*	Norwegian Cruise Line Holdings, Inc.		312,722
	394	^*	NVR, Inc.		1,090,198
	5,994	^*	Ocean Outdoors, Ltd. (Virgin Islands)		47,353
	10,429		Ross Stores, Inc.		970,940
	4,542		Royal Caribbean Cruises, Ltd.		520,604
	9,265	^*	Skechers USA, Inc.		311,397
	24,790		TJX Cos., Inc.		1,319,076

109

Portfolio of Investments(continued)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

March 31, 2019

Shares			Security	Value
			Consumer Discretionary (continued)
	5,082		Tractor Supply Co.	$	496,816
	29,251	^*	Under Armour, Inc. - Class “A”		618,366
	811	^*	Veoneer, Inc.		18,548
	1,341	^*	Wayfair, Inc. - Class “A”		199,071
	562		Whirlpool Corp.		74,684
	2,008		Wyndham Destinations, Inc.		81,304
	2,008		Wyndham Hotels & Resorts, Inc.		100,380
					20,394,952
			Consumer Staples—7.2%
	23,211		Altria Group, Inc.		1,333,008
	3,589		Archer-Daniels-Midland Co.		154,794
	8,051		British American Tobacco, PLC (United Kingdom)		334,925
	875		Bunge, Ltd.		46,436
	38,441		Coca-Cola Co.		1,801,345
	22,425		Colgate-Palmolive Co.		1,537,009
	3,775		Costco Wholesale Corp.		914,078
	16,103		Coty, Inc. - Class “A”		185,185
	42,064		Diageo, PLC (United Kingdom)		1,719,201
	3,312		Hershey Co.		380,317
	1,194		J.M. Smucker Co.		139,101
	3,014		Kellogg Co.		172,943
	11,240		Kroger Co.		276,504
	8,000		Lamb Weston Holdings, Inc.		599,520
	6,491	^*	Monster Beverage Corp.		354,279
	14,188		PepsiCo, Inc.		1,738,739
	5,908		Philip Morris International, Inc.		522,208
	16,094	^*	U.S. Foods Holding Corp.		561,842
	5,070		Walgreens Boots Alliance, Inc.		320,779
					13,092,213
			Energy—2.2%
	4,516		Anadarko Petroleum Corp.		205,388
	883	^*	Apergy Corp.		36,256

110

Shares			Security	Value
			Energy (continued)
	16,706		Canadian Natural Resources, Ltd. (ADR) (Canada)	$	459,415
	4,401		Chevron Corp.		542,115
	4,412		Cimarex Energy Co.		308,399
	4,167		Concho Resources, Inc.		462,370
	7,680		Diamondback Energy, Inc.		779,750
	7,967		Enbridge, Inc. (ADR) (Canada)		288,883
	51,712		EnCana Corp.		374,395
	8,444		Halliburton Co.		247,409
	1,249		Marathon Petroleum Corp.		74,753
	8,287		Tenaris SA (ADR) (Italy)		234,108
					4,013,241
			Financials—14.1%
	22,764		Aflac, Inc.		1,138,200
	523		Alleghany Corp.		320,285
	4,189		Allstate Corp.		394,520
	18,907		American Express Co.		2,066,535
	5,215		American International Group, Inc.		224,558
	3,524		Assurant, Inc.		334,463
	5,950	^*	Athene Holding, Ltd. - Class “A”		242,760
	8,479		Bank OZK		245,721
	3,793	^*	Berkshire Hathaway, Inc. - Class “B”		761,976
	11,728		Chubb, Ltd.		1,642,858
	9,054		Citigroup, Inc.		563,340
	37,655		CNO Financial Group, Inc.		609,258
	5,853		Comerica, Inc.		429,142
	1,847	^*	Credit Acceptance Corp.		834,715
	2,313		FactSet Research Systems, Inc.		574,249
	677		Fairfax Financial Holdings, Ltd. (Canada)		313,588
	11,908		Fidelity National Financial, Inc.		435,237
	558		First Citizens BancShares, Inc. - Class “A”		227,218
	4,933		First Republic Bank		495,569
	6,734		IBERIABANK Corp.		482,895
	13,200	^*	J2 Acquisition, Ltd. (ADR) (Virgin Islands)		119,460

111

Portfolio of Investments(continued)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

March 31, 2019

Shares			Security	Value
			Financials (continued)
	30,305		KeyCorp	$	477,304
	20,378		Lancashire Holdings, Ltd. (United Kingdom)		173,448
	12,162		Lincoln National Corp.		713,909
	8,894		M&T Bank Corp.		1,396,536
	1,394	^*	Markel Corp.		1,388,759
	11,092		Marsh & McLennan Cos., Inc.		1,041,539
	17,432		MetLife, Inc.		742,080
	1,593		Moody’s Corp.		288,476
	22,300		People’s United Financial, Inc.		366,612
	13,886		PNC Financial Services Group, Inc.		1,703,257
	2,439		Raymond James Financial, Inc.		196,120
	3,832		Reinsurance Group of America, Inc.		544,067
	4,811		RenaissanceRe Holdings		690,379
	28,325		SLM Corp.		280,701
	6,945		TD Ameritrade Holding Corp.		347,181
	4,750		Travelers Cos., Inc.		651,510
	11,007		Unum Group		372,367
	4,137		Voya Financial, Inc.		206,685
	13,275		Wells Fargo & Co.		641,448
	464		White Mountain Insurance Group		429,423
	12,634		Zions Bancorp		573,710
					25,682,058
			Health Care—14.3%
	7,281	^*	Acadia Healthcare Co., Inc.		213,406
	5,401		Agilent Technologies, Inc.		434,132
	3,263	^*	Align Technology, Inc.		927,769
	5,841	^*	Alkermes, PLC (Ireland)		213,138
	2,034		Allergan, PLC		297,798
	4,273	^*	Alnylam Pharmaceuticals, Inc.		399,312
	3,744		AstraZeneca, PLC (ADR) (United Kingdom)		151,370
	19,742		Baxter International, Inc.		1,605,222
	5,552		Becton, Dickinson & Co.		1,386,501
	883	^*	Biogen, Inc.		208,724

112

Shares			Security	Value
			Health Care (continued)
	6,295		Bristol-Myers Squibb Co.	$	300,334
	13,440		CVS Health Corp.		724,819
	11,066		Danaher Corp.		1,460,933
	2,711		Dentsply Sirona, Inc.		134,438
	8,397	^*	Exact Sciences Corp.		727,348
	2,311	^*	Five Prime Therapeutics, Inc.		30,967
	7,758	^*	Haemonetics Corp.		678,670
	5,558		Hill-Rom Holdings, Inc.		588,370
	2,256	^*	Incyte Corp.		194,039
	8,726	^*	Insulet Corp.		829,755
	5,805	^*	Ionis Pharmaceuticals, Inc.		471,192
	18,717		Johnson & Johnson		2,616,449
	9,298		Koninklijke Philips NV (ADR) (Netherlands)		379,916
	3,596	^*	Laboratory Corp. of America		550,116
	2,750		McKesson Corp.		321,915
	18,974		Medtronic, PLC		1,728,152
	17,832		Merck & Co., Inc.		1,483,087
	578	^*	Mettler Toledo International, Inc.		417,894
	5,388	^*	Mylan NV		152,696
	4,787	^*	Penumbra, Inc.		703,737
	41,731		Pfizer, Inc.		1,772,316
	2,875	^*	Seattle Genetic, Inc.		210,565
	7,345		Stryker Corp.		1,450,784
	1,376		Teleflex, Inc.		415,772
	3,077		UnitedHealth Group, Inc.		760,819
	5,256	^*	Veeva Systems, Inc. - Class “A”		666,776
	1,284	^*	WellCare Health Plans, Inc.		346,359
					25,955,590
			Industrials—14.1%
	4,534		3M Co.		942,075
	2,093		AMERCO		777,570
	22,137		Canadian National Railway Co. (Canada)		1,981,703
	2,730	^*	Cimpress NV		218,755

113

Portfolio of Investments(continued)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

March 31, 2019

Shares			Security	Value
			Industrials (continued)
	5,097		Cintas Corp.	$	1,030,155
	6,883	^*	Clean Harbors, Inc.		492,341
	2,507	^*	CoStar Group, Inc.		1,169,315
	8,156		CSX Corp.		610,232
	1,444		Cummins, Inc.		227,964
	5,982		Delta Air Lines, Inc.		308,970
	3,730		Dover Corp.		349,874
	3,938		Equifax, Inc.		466,653
	10,338		Expeditors International of Washington, Inc.		784,654
	7,120		Fastenal Co.		457,887
	7,121		Fortune Brands Home & Security, Inc.		339,031
	5,524		General Dynamics Corp.		935,103
	17,753	^*	Genesee & Wyoming, Inc. - Class “A”		1,546,996
	7,994		Herman Miller, Inc.		281,229
	518		Huntington Ingalls Industries, Inc.		107,330
	7,042		IDEX Corp.		1,068,553
	7,546		Ingersoll-Rand, PLC		814,591
	6,406	^*	Itron, Inc.		298,840
	14,548	^*	JELD-WEN Holding, Inc.		256,918
	7,134		Johnson Controls International, PLC		263,530
	3,049		L3 Technologies, Inc.		629,222
	4,868		Lennox International, Inc.		1,287,099
	2,728		Lockheed Martin Corp.		818,836
	1,201	^*	Middleby Corp.		156,166
	25,602	^*	Milacron Holdings Corp.		289,815
	10,805		PACCAR, Inc.		736,253
	13,627		Republic Services, Inc.		1,095,338
	4,186		Rockwell Automation, Inc.		734,476
	25,443		Sanwa Holdings Corp. (Japan)		302,341
	8,090		Southwest Airlines Co.		419,952
	22,018		Steelcase, Inc. - Class “A”		320,362
	6,638		TransUnion		443,684
	7,759		Union Pacific Corp.		1,297,305
	4,437		Wabtec Corp.		327,096

114

Shares			Security	Value
			Industrials (continued)
	4,312		Waste Connections, Inc.	$	382,000
	8,071		Xylem, Inc.		637,932
					25,608,146
			Information Technology—15.4%
	2,986	^*	2U, Inc.		211,558
	6,229		Accenture, PLC - Class “A”		1,096,429
	31,384	^*	Advanced Micro Devices, Inc.		800,920
	2,104	^*	Alibaba Group Holding, Ltd. (ADR) (China)		383,875
	32,200	^*	Allscripts Healthcare Solution, Inc.		307,188
	9,556		Amdocs, Ltd.		517,075
	11,456	^*	Black Knight, Inc.		624,352
	1,438		Broadcom, Inc.		432,421
	4,202		CDW Corp.		404,947
	3,085	^*	Coherent, Inc.		437,206
	1,044		Constellation Software, Inc. (Canada)		884,746
	7,190	^*	Delivery Hero AG (Germany)		259,707
	2,458	^*	Electronic Arts, Inc.		249,807
	4,570	^*	FleetCor Technologies, Inc.		1,126,916
	25,017		Genpact, Ltd.		880,098
	3,303		Global Payments, Inc.		450,926
	15,681	^*	GoDaddy, Inc. - Class “A”		1,179,054
	7,923	^*	Guidewire Software, Inc.		769,799
	3,894		Harris Corp.		621,911
	17,677	^*	Ichor Holdings, Ltd.		399,147
	11,506		Intel Corp.		617,872
	3,568		International Business Machines Corp.		503,445
	35,892	^*	Just Eat, PLC (United Kingdom)		351,076
	3,289		KLA-Tencor Corp.		392,739
	5,701		Leidos Holdings, Inc.		365,377
	8,441		Marvell Technology Group, Ltd.		167,891
	6,273		Maxim Integrated Products, Inc.		333,535
	3,187	^*	Micron Technology, Inc.		131,719
	13,166		Microsoft Corp.		1,552,798

115

Portfolio of Investments(continued)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

March 31, 2019

Shares			Security	Value
			Information Technology (continued)
	2,985		Motorola Solutions, Inc.	$	419,154
	5,449		Samsung Electronics Co., Ltd. (South Korea)		214,340
	5,302		ServiceNow, Inc.		1,306,890
	3,730	^*	Shopify, Inc. - Class “A” (ADR) (Canada)		770,693
	8,100		Silicon Motion Technology Corp. (ADR) (Taiwan)		321,084
	3,806	^*	Splunk, Inc.		474,228
	8,368	^*	Spotify Technology SA		1,161,478
	22,698		SS&C Technologies Holdings, Inc.		1,445,636
	13,780		TE Connectivity, Ltd.		1,112,735
	2,574	^*	VeriSign, Inc.		467,335
	6,843		Visa, Inc. - Class “A”		1,068,808
	4,739		VMware, Inc. - Class”A”		855,437
	9,369		Western Digital Corp.		450,274
	1,259	^*	Wex, Inc.		241,715
	4,753	^*	Workday, Inc. - Class “A”		916,616
	11,409	^*	Yandex NV - Class “A” (ADR) (Russia)		391,785
					28,072,742
			Materials—3.4%
	4,902	^*	Alcoa Corp.		138,040
	9,715		Ball Corp.		562,110
	4,382		Cabot Corp.		182,423
	8,691		Celanese Corp. - Class “A”		857,020
	7,270		CRH, PLC (Ireland)		224,885
	5,944		Eastman Chemical Co.		451,031
	10,531		FMC Corp.		808,991
	6,524		Linde, PLC		1,147,767
	3,265	^*	Livent Corp.		40,094
	8,126		Nucor Corp.		474,152
	3,282		Nutrien, Ltd. (Canada)		173,095
	5,137		Reliance Steel & Aluminum Co.		463,666
	1,446		Sherwin-Williams Co.		622,807
					6,146,081

116

Shares		Security	Value
		Real Estate—6.7%
	7,958	Acadia Realty Trust (REIT)	$	217,015
	2,013	Alexandria Real Estate Equities, Inc. (REIT)		286,973
	13,715	American Tower Corp. (REIT)		2,702,678
	4,140	AvalonBay Communities, Inc. (REIT)		831,022
	41,603	Brixmor Property Group, Inc. (REIT)		764,247
	11,659	Columbia Property Trust, Inc. (REIT)		262,444
	6,061	Crown Castle International Corp. (REIT)		775,808
	1,886	Equinix, Inc. (REIT)		854,660
	880	Federal Realty Investment Trust (REIT)		121,308
	23,965	Host Hotels & Resorts, Inc. (REIT)		452,939
	14,374	Kimco Realty Corp. (REIT)		265,919
	1,124	Mid-America Apartment Communities, Inc. (REIT)		122,887
	3,558	PS Business Park, Inc. (REIT)		558,001
	9,398	Public Storage (REIT)		2,046,696
	1,640	Simon Property Group, Inc. (REIT)		298,824
	814	SL Green Realty Corp. (REIT)		73,195
	16,885	STORE Capital Corp. (REIT)		565,648
	5,524	UDR, Inc. (REIT)		251,121
	9,567	Welltower, Inc. (REIT)		742,399
				12,193,784
		Utilities—2.3%
	5,074	CMS Energy Corp.		281,810
	5,150	Dominion Energy, Inc.		394,799
	4,476	Eversourse Energy		317,572
	7,417	Iberdrola SA (ADR) (Spain)		260,930
	10,133	NRG Energy, Inc.		430,450
	2,970	OGE Energy Corp.		128,066
	2,057	Pinnacle West Capital Corp.		196,608
	1,900	Sempra Energy		239,134
	20,584	Southern Co.		1,063,781

117

Portfolio of Investments(continued)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

March 31, 2019

	Shares		Security	Value
			Utilities (continued)
		17,070	UGI Corp.	$	946,019
					4,259,169
Total Value of Common Stocks (cost $150,037,589)					168,564,835

PUT OPTIONS PURCHASED—.7%
	Contracts		S&P 500 Index	Exercise Price		Notional Amount		Value
		44	Expiration 6/21/2019	$	2,450	$	12,471,360	$	39,600
		43	Expiration 9/20/2019		2,650		12,187,920		243,165
		60	Expiration 12/20/2019		2,525		17,006,400		341,400
		63	Expiration 3/20/2020		2,625		17,856,720		608,265
Total Value of Put Options Purchased (premium paid $1,749,638)									1,232,430

		WARRANTS—.0%
		Financials
13,200	^*	J2 Acquisition, Ltd. (Virgin Islands) (Expires 9/7/2027) (cost $132)	2,343

Total Value of Investments(cost $151,787,359)	93.3	%		169,799,608
Other Assets, Less Liabilities	6.7			12,175,976
Net Assets	100.0	%	$	181,975,584

^*	Non-income producing

118

PUT OPTIONS WRITTEN—(.3)%
	Contracts			S&P 500 Index	Exercise Price		Notional Amount			Value
		(43	)	Expiration 9/20/2019	$	2,425	$	(12,187,920	)	$	(112,230	)
		(60	)	Expiration 12/20/2019		2,325		(17,006,400	)		(191,100	)
		(63	)	Expiration 3/20/2020		2,325		(17,856,720	)		(311,220	)
Total Value of Put Options Written(premium received $771,615)										$	(614,550	)

Futures contracts outstanding at March 31, 2019:

	Number of Contracts			Type	Expiration		Notional Amounts			Value at March 31, 2019			Unrealized Depreciation
		(13	)	E-mini Russell 2000 Index		June 2019	$	(1,002,398	)	$	(1,003,496	)	$	(1,098	)
		(58	)	E-mini S&P 500		June 2019		(8,051,850	)		(8,229,735	)		(177,885	)
		(54	)	E-mini S&P MidCap 400		June 2019		(10,190,880	)		(10,265,513	)		(74,633	)
		(49	)	Euro STOXX 50 Index		June 2019		(1,760,438	)		(1,798,587	)		(38,149	)
		(45	)	FTSE 100 Index		June 2019		(4,124,769	)		(4,226,774	)		(102,005	)
		(32	)	MSCI EAFE Index		June 2019		(2,930,560	)		(2,986,298	)		(55,738	)
		(18	)	MSCI EM Index		June 2019		(939,340	)		(951,695	)		(12,355	)
		(38	)	S&P/TSE 60 Index		June 2019		(5,423,819	)		(5,443,237	)		(19,418	)
(Premium received $602)													$	(481,281	)

At March 31, 2019, the Fund has open foreign exchange contracts as described below.

The unrealized appreciation on the open contracts were as follows:

Counterparty	Settlement Date		Foreign Currency	Receive (Deliver)			Asset		Liability		Unrealized Appreciation
MS		6/19/19	JPY		(16,318,000	)	$	147,234	$	147,519	$	285
GS		6/19/19	EUR		(89,000	)		99,836		101,353		1,517
Net unrealized appreciation on open foreign exchange contracts											$	1,802

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

MS	Morgan Stanley

GS	Goldman Sachs & Co.

119

Portfolio of Investments(continued)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

March 31, 2019

Summary of Abbreviations:

ADR	American Depositary Receipts

EUR

Euro

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 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1			Level 2			Level 3		Total
Assets
Common Stocks	$	168,564,835		$	—		$	—	$	168,564,835
Put Options Purchased		—			1,232,430			—		1,232,430
Warrants		2,343			—			—		2,343
Total Investments in Securities^*	$	168,567,178		$	1,232,430		$	—	$	169,799,608

Liabilities
Put Options Written	$	—		$	(614,550	)	$	—	$	(614,550	)

Other Liabilities
Futures Contracts	$	(480,679	)	$	—		$	—	$	(480,679	)

Other Financial Instruments^**	$	—		$	1,802		$	—	$	1,802

^*	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 appreciation on the instrument.

Transfers from Level 2 to Level 1 as of March 31, 2019 were $47,353. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

120

Fund Expenses(unaudited)

INTERNATIONAL FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	1.58%
Actual		$1,000.00	$ 994.93	$ 7.86
Hypothetical^**		$1,000.00	$ 1,017.05	$ 7.95
Class B Shares	2.41%
Actual		$1,000.00	$ 995.05	$ 11.99
Hypothetical^**		$1,000.00	$ 1,012.91	$ 12.09
Advisor Class Shares	1.22%
Actual		$1,000.00	$ 1,000.85	$ 6.09
Hypothetical^**		$1,000.00	$ 1,018.85	$ 6.14
Institutional Class Shares	1.09%
Actual		$1,000.00	$ 1,001.35	$ 5.44
Hypothetical^**		$1,000.00	$ 1,019.49	$ 5.49

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

121

Portfolio of Investments

INTERNATIONAL FUND

March 31, 2019

Shares			Security	Value
			COMMON STOCKS—95.7%
			United Kingdom—14.1%
	199,615		Ashtead Group, PLC	$	4,816,312
	362,484		Bunzl, PLC		11,954,069
	89,571		DCC, PLC		7,740,545
	158,042		Diageo, PLC		6,459,348
	97,771		London Stock Exchange		6,050,041
	75,859		Reckitt Benckiser Group, PLC		6,305,610
	443,593		RELX NV		9,479,334
	836,255		Rentokil Initial, PLC		3,848,093
					56,653,352
			France—11.7%
	45,358		Air Liquide SA		5,767,313
	28,837		L’Oreal SA		7,757,064
	11,785		LVMH Moet Hennessy Louis Vuitton SE		4,334,801
	75,349		Safran SA		10,332,954
	57,111		Teleperformance SE		10,263,144
	88,778		VINCI SA		8,636,201
					47,091,477
			United States—10.7%
	8,603	^*	Alphabet, Inc. - Class “C”		10,093,986
	7,650	^*	Booking Holdings, Inc.		13,348,561
	58,375		Mastercard, Inc. - Class “A”		13,744,394
	65,735		Medtronic, PLC		5,987,144
					43,174,085
			Canada—10.2%
	275,005		Alimentation Couch-Tard, Inc. - Class “B”		16,199,644
	135,526		Canadian National Railway Co.		12,132,282
	15,213		Constellation Software, Inc.		12,892,373
					41,224,299

122

Shares			Security	Value
			India—8.3%
	566,186		HDFC Bank, Ltd.	$	18,952,417
	290,337		Housing Development Finance Corp., Ltd.		8,249,091
	2,153,766		Power Grid Corp. of India, Ltd.		6,152,729
					33,354,237
			Germany—5.1%
	160,677		Fresenius SE & Co KGaA		8,968,756
	101,934		SAP SE		11,777,536
					20,746,292
			Netherlands—5.1%
	62,744		Heineken NV		6,621,672
	242,053		Unilever NV - CVA		14,059,525
					20,681,197
			Spain—3.8%
	238,003		Grifols SA - Class “A”		6,663,849
	297,553		Industria de Diseno Textil SA		8,745,079
					15,408,928
			Switzerland—3.6%
	152,844		Nestle SA		14,566,805
			China—3.5%
	49,552	^*	Alibaba Group Holding, Ltd. (ADR)		9,040,762
	113,634		Tencent Holdings, Ltd.		5,225,750
					14,266,512
			Belgium—3.4%
	165,828		Anheuser-Busch InBev SA		13,906,739
			Japan—2.7%
	17,736		Keyence Corp.		11,037,191

123

Portfolio of Investments(continued)

INTERNATIONAL FUND

March 31, 2019

	Shares		Security	Value
			Ireland—2.4%
		132,557	Kingspan Group, PLC	$	6,135,218
		47,027	Paddy Power Betfair, PLC		3,626,754
					9,761,972
			Brazil—2.2%
		169,691	Equatorial Energia SA		3,460,694
		595,347	Itau Unibanco Holding SA (ADR)		5,245,007
					8,705,701
			Hong Kong—2.0%
		1,197,821	Techtronic Industries Co., Ltd		8,049,103
			Singapore—1.9%
		405,700	United Overseas Bank		7,540,736
			Australia—1.6%
		45,456	CSL, Ltd.		6,291,897
			Mexico—1.4%
		2,137,892	Walmart de Mexico SAB de CV		5,715,290
			Taiwan—1.1%
		104,034	Taiwan Semiconductor Manufacuring Co., Ltd. (ADR)		4,261,233
			Sweden—.9%
		329,425	Svenska Handelsbanken AB - Class “A”		3,475,912
Total Value of Common Stocks (cost $304,782,100)					385,912,958

124

	Principal Amount		Security	Value
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—2.1%
			U.S. Treasury Bills:
	$	4,500M	2.37%, 4/9/2019	$	4,497,629
		4,000M	2.396%, 4/11/2019		3,997,368
Total Value of Short-Term U.S. Government Obligations (cost $8,494,962)					8,494,997

Total Value of Investments (cost $313,277,062)	97.8	%		394,407,955
Other Assets, Less Liabilities	2.2			8,658,642
Net Assets	100.0	%	$	403,066,597

^*	Non-income producing

Summary of Abbreviations:

ADR	American Depositary Receipts

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 –

Level 3 –

125

Portfolio of Investments(continued)

INTERNATIONAL FUND

March 31, 2019

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2		Level 3		Total
Common Stocks
United Kingdom	$	56,653,352	$	—	$	—	$	56,653,352
France		47,091,477		—		—		47,091,477
United States		43,174,085		—		—		43,174,085
Canada		41,224,299		—		—		41,224,299
India		33,354,237		—		—		33,354,237
Germany		20,746,292		—		—		20,746,292
Netherlands		20,681,197		—		—		20,681,197
Spain		15,408,928		—		—		15,408,928
Switzerland		14,566,805		—		—		14,566,805
China		14,266,512		—		—		14,266,512
Belgium		13,906,739		—		—		13,906,739
Japan		11,037,191		—		—		11,037,191
Ireland		9,761,972		—		—		9,761,972
Brazil		8,705,701		—		—		8,705,701
Hong Kong		8,049,103		—		—		8,049,103
Singapore		7,540,736		—		—		7,540,736
Australia		6,291,897		—		—		6,291,897
Mexico		5,715,290		—		—		5,715,290
Taiwan		4,261,233		—		—		4,261,233
Sweden		3,475,912		—		—		3,475,912
Short-Term U.S. Government Obligations		—		8,494,997		—		8,494,997
Total Investments in Securities	$	385,912,958	$	8,494,997	$	—	$	394,407,955

See notes to financial statements

126

Fund Expenses(unaudited)

OPPORTUNITY FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18–3/31/19)^*
Class A Shares	1.26%
Actual		$1,000.00	$ 960.26	$ 6.16
Hypothetical^**		$1,000.00	$ 1,018.65	$ 6.34
Class B Shares	1.98%
Actual		$1,000.00	$ 956.97	$ 9.66
Hypothetical^**		$1,000.00	$ 1,015.06	$ 9.95
Advisor Class Shares	0.90%
Actual		$1,000.00	$ 961.82	$ 4.40
Hypothetical^**		$1,000.00	$ 1,020.44	$ 4.53
Institutional Class Shares	0.78%
Actual		$1,000.00	$ 962.58	$ 3.82
Hypothetical^**		$1,000.00	$ 1,021.04	$ 3.93

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

127

Portfolio of Investments

OPPORTUNITY FUND

March 31, 2019

Shares			Security	Value
			COMMON STOCKS—96.4%
			Communication Services—3.1%
	71,200	^*	IAC/InterActive Corp.	$	14,959,832
	169,300		Meredith Corp.		9,355,518
	109,400	^*	Take-Two Interactive Software, Inc.		10,324,078
					34,639,428
			Consumer Discretionary—9.3%
	353,600		Acushnet Holdings Corp.		8,182,304
	267,400		Aramark Holdings Corp.		7,901,670
	44,500	^*	Burlington Stores, Inc.		6,972,260
	241,200		DSW, Inc. - Class “A”		5,359,464
	35,200		Lear Corp.		4,776,992
	308,000	^*	LKQ Corp.		8,741,040
	72,700		Oxford Industries, Inc.		5,471,402
	149,100		Penske Automotive Group, Inc.		6,657,315
	89,100		Ross Stores, Inc.		8,295,210
	326,600	^*	ServiceMaster Holdings, Inc.		15,252,220
	278,700		Tapestry, Inc.		9,054,963
	401,700	^*	Taylor Morrison Home Corp. - Class “A”		7,130,175
	172,300		Wyndham Hotels & Resorts, Inc.		8,613,277
					102,408,292
			Consumer Staples—5.7%
	244,900		Conagra Brands, Inc.		6,793,526
	569,700		Koninklijke Ahold Delhaize NV (ADR)		15,139,778
	37,100		Lancaster Colony Corp.		5,813,199
	69,000		McCormick & Co., Inc.		10,393,470
	304,100	^*	Performance Food Group Co.		12,054,524
	376,800	^*	U.S. Foods Holding Corp.		13,154,088
					63,348,585
			Energy—5.0%
	281,700		Cabot Oil & Gas Corp.		7,352,370
	1,005,300		EnCana Corp.		7,278,372

128

Shares			Security	Value
			Energy (continued)
	95,000		EOG Resources, Inc.	$	9,042,100
	407,500		Noble Energy, Inc.		10,077,475
	194,200		PBF Energy, Inc. - Class “A”		6,047,388
	398,500	^*	ProPetro Holding Corp.		8,982,190
	76,400		Valero Energy Corp.		6,481,012
					55,260,907
			Financials—16.1%
	77,900		American Financial Group, Inc.		7,494,759
	83,100		Ameriprise Financial, Inc.		10,645,110
	373,000		Brown & Brown, Inc.		11,007,230
	570,100		Citizens Financial Group, Inc.		18,528,250
	103,400		Comerica, Inc.		7,581,288
	124,300		Discover Financial Services		8,845,188
	375,300		Fidelity National Financial, Inc.		13,717,215
	129,000		First Republic Bank		12,959,340
	114,600		IBERIABANK Corp.		8,217,966
	175,300		iShares Russell Mid-Cap (ETF)		9,457,435
	161,800		Nasdaq, Inc.		14,155,882
	226,200		Popular, Inc.		11,791,806
	170,000		Selective Insurance Group, Inc.		10,757,600
	560,300		Sterling Bancorp		10,438,389
	364,100		Synchrony Financial		11,614,790
	133,300		Torchmark Corp.		10,923,935
					178,136,183
			Health Care—13.5%
	262,200	^*	Centene Corp.		13,922,820
	116,900	^*	Charles River Laboratories International, Inc.		16,979,725
	112,100		Gilead Sciences, Inc.		7,287,621
	188,800		Hill-Rom Holdings, Inc.		19,986,368
	54,900		iShares Nasdaq Biotechnology (ETF)		6,137,820
	84,600	^*	Jazz Pharmaceuticals, PLC		12,093,570
	124,300		PerkinElmer, Inc.		11,977,548

129

Portfolio of Investments(continued)

OPPORTUNITY FUND

March 31, 2019

Shares			Security	Value
			Health Care (continued)
	285,400		Phibro Animal Health Corp. - Class “A”	$	9,418,200
	89,900		Quest Diagnostics, Inc.		8,083,808
	258,400		Smith & Nephew, PLC (ADR)		10,364,424
	71,200		Thermo Fisher Scientific, Inc.		19,488,864
	51,900	^*	Waters Corp.		13,063,749
					148,804,517
			Industrials—13.0%
	155,800		ESCO Technologies, Inc.		10,443,274
	419,500	^*	Gardner Denver Holdings, Inc.		11,666,295
	114,600		Ingersoll-Rand, PLC		12,371,070
	185,800		ITT, Inc.		10,776,400
	91,400		J. B. Hunt Transport Services, Inc.		9,257,906
	141,000		Jacobs Engineering Group		10,601,790
	81,500		Kansas City Southern, Inc.		9,452,370
	289,900		Korn/Ferry International		12,981,722
	311,600		Masco Corp.		12,248,996
	175,300	^*	MasTec, Inc.		8,431,930
	156,600		Owens Corning		7,378,992
	32,200		Roper Technologies, Inc.		11,011,434
	265,700		Schneider National, Inc. - Class “B”		5,592,985
	44,500		Snap-On, Inc.		6,965,140
	148,400		Triton International, Ltd.		4,615,240
					143,795,544
			Information Technology—18.4%
	97,900	^*	Aspen Technology, Inc.		10,207,054
	76,400	^*	Autodesk, Inc.		11,904,648
	133,600	^*	Cadence Design Systems, Inc.		8,484,936
	43,400	^*	Cree, Inc.		2,483,348
	178,300	^*	Fiserv, Inc.		15,740,324
	54,000	^*	FleetCor Technologies, Inc.		13,315,860
	71,200		KLA-Tencor Corp.		8,501,992
	89,000		Leidos Holdings, Inc.		5,704,010

130

Shares			Security	Value
			Information Technology (continued)
	106,100		LogMeIn, Inc.	$	8,498,610
	185,300		Maxim Integrated Products, Inc.		9,852,401
	65,200	^*	Mellanox Technologies, Ltd.		7,717,072
	122,100		NetApp, Inc.		8,466,414
	56,400	^*	Proofpoint, Inc.		6,848,652
	140,900	^*	Qorvo, Inc.		10,106,757
	25,200	^*	ServiceNow, Inc.		6,211,548
	247,200		SS&C Technologies Holdings, Inc.		15,744,168
	150,600	^*	Synopsys, Inc.		17,341,590
	719,100		Travelport Worldwide, Ltd.		11,311,443
	28,500	^*	Ultimate Software Group, Inc.		9,408,705
	71,900	^*	Zebra Technologies Corp. - Class “A”		15,065,207
					202,914,739
			Materials—1.8%
	128,800		FMC Corp.		9,894,416
	56,200		Linde, PLC		9,887,266
					19,781,682
			Real Estate—5.7%
	230,000		Alexander & Baldwin, Inc. (REIT)		5,851,200
	203,800		American Campus Communities, Inc. (REIT)		9,696,804
	545,300		Brixmor Property Group, Inc. (REIT)		10,017,161
	273,100		Douglas Emmett, Inc. (REIT)		11,038,702
	83,850		Federal Realty Investment Trust (REIT)		11,558,722
	102,600		iShares U.S. Real Estate (ETF)		8,930,304
	115,700		Liberty Property Trust (REIT)		5,602,194
					62,695,087
			Utilities—4.8%
	443,500		CenterPoint Energy, Inc.		13,615,450
	235,200		CMS Energy Corp.		13,063,008
	169,300		Portland General Electric Co.		8,776,512

131

Portfolio of Investments(continued)

OPPORTUNITY FUND

March 31, 2019

	Shares or Principal Amounts		Security	Value
			Utilities (continued)
		227,000	WEC Energy Group, Inc.	$	17,951,160
					53,406,130
Total Value of Common Stocks (cost $827,878,416)					1,065,191,094
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—1.8%
	$	20,000M	U.S. Treasury Bills, 2.396%, 4/11/2019 (cost $19,986,676)		19,986,840

Total Value of Investments (cost $847,865,092)	98.2	%		1,085,177,934
Other Assets, Less Liabilities	1.8			19,533,077
Net Assets	100.0	%	$	1,104,711,011

^*	Non-income producing

Summary of Abbreviations:

ADR	American Depositary Receipts

ETF	Exchange Traded Fund

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 –

Level 3 –

132

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,065,191,094	$	—	$	—	$	1,065,191,094
Short-Term U.S. Government Obligations		—		19,986,840		—		19,986,840
Total Investments in Securities^*	$	1,065,191,094	$	19,986,840	$	—	$	1,085,177,934

^*	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 during the period ended March 31, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

133

Fund Expenses(unaudited)

PREMIUM INCOME FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18–3/31/19)^*
Class A Shares	1.30%
Actual		$1,000.00	$1,008.99	$ 6.51
Hypothetical^**		$1,000.00	$1,018.45	$ 6.54
Advisor Class Shares	1.04%
Actual		$1,000.00	$1,010.27	$ 5.21
Hypothetical^**		$1,000.00	$1,019.74	$ 5.24
Institutional Class Shares	0.90%
Actual		$1,000.00	$1,011.86	$ 4.51
Hypothetical^**		$1,000.00	$1,020.44	$ 4.53

^*	Commencement of Operations
^**	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived.
^***	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

134

Portfolio of Investments

PREMIUM INCOME FUND

March 31, 2019

Shares		Security	Value
		COMMON STOCKS—119.5%
		Communication Services—6.9%
	79,200	AT&T, Inc.	$	2,483,712
	63,700	CBS Corp. - Class “B”		3,027,661
	26,900	Walt Disney Co.		2,986,707
				8,498,080
		Consumer Discretionary—12.2%
	24,700	Best Buy Co., Inc.		1,755,182
	46,200	Carnival Corp.		2,343,264
	18,900	Home Depot, Inc.		3,626,721
	37,400	Ross Stores, Inc.		3,481,940
	11,400	TJX Cos., Inc.		606,594
	24,600	Whirlpool Corp.		3,269,094
				15,082,795
		Consumer Staples—14.5%
	59,200	Coca-Cola Co.		2,774,112
	39,800	Colgate-Palmolive Co.		2,727,892
	14,700	Constellation Brands, Inc.		2,577,351
	60,100	Mondelez International, Inc. - Class “A”		3,000,192
	4,900	PepsiCo, Inc.		600,495
	35,000	Philip Morris International, Inc.		3,093,650
	50,300	Walgreens Boots Alliance, Inc.		3,182,481
				17,956,173
		Energy—10.1%
	25,500	Chevron Corp.		3,141,090
	16,200	ExxonMobil Corp.		1,308,960
	88,800	Halliburton Co.		2,601,840
	153,400	Kinder Morgan, Inc.		3,069,534
	35,800	Occidental Petroleum Corp.		2,369,960
				12,491,384

135

Portfolio of Investments(continued)

PREMIUM INCOME FUND

March 31, 2019

Shares			Security	Value
			Exchange Traded Funds—3.1%
	5,900		SPDR DJIA ETF Trust (ETF)	$	1,528,867
	8,200		SPDR S&P 500 ETF Trust (ETF)		2,316,336
					3,845,203
			Financials—19.1%
	27,500		Allstate Corp.		2,589,950
	39,200		American Express Co.		4,284,560
	72,600		Bank of America Corp.		2,003,034
	18,400		BB&T Corp.		856,152
	8,200		BlackRock, Inc.		3,504,434
	34,500		Discover Financial Services		2,455,020
	33,900		JPMorgan Chase & Co.		3,431,697
	70,300		Morgan Stanley		2,966,660
	30,600		U.S. Bancorp		1,474,614
					23,566,121
			Health Care—13.9%
	16,100		Amgen, Inc.		3,058,678
	68,100		Bristol-Myers Squibb Co.		3,249,051
	38,800	^*	Celgene Corp.		3,660,392
	44,100		Medtronic, PLC		4,016,628
	1,200		Merck & Co., Inc.		99,804
	15,900		Stryker Corp.		3,140,568
					17,225,121
			Industrials—16.0%
	50,700		Delta Air Lines, Inc.		2,618,655
	14,500		Eaton Corp., PLC		1,168,120
	9,700		General Dynamics Corp.		1,642,016
	24,600		Honeywell International, Inc.		3,909,432
	8,700		Lockheed Martin Corp.		2,611,392
	18,800		Raytheon Co.		3,423,104
	24,000		United Parcel Service, Inc. - Class “B”		2,681,760

136

Shares		Security	Value
		Industrials (continued)
	13,900	United Technologies Corp.	$	1,791,571
				19,846,050
		Information Technology—18.6%
	19,900	Apple, Inc.		3,780,005
	13,900	Broadcom, Inc.		4,179,870
	80,400	Cisco Systems, Inc.		4,340,796
	77,700	Intel Corp.		4,172,490
	16,900	International Business Machines Corp.		2,384,590
	12,700	Microsoft Corp.		1,497,838
	24,800	Texas Instruments, Inc.		2,630,536
				22,986,125
		Materials—5.1%
	61,700	DowDuPont, Inc.		3,289,227
	51,800	Nucor Corp.		3,022,530
				6,311,757

Total Value of Common Stocks (cost $146,028,564)	119.5	%		147,808,809
Excess of Liabilities Over Other Assets	(19.5	)		(24,077,694	)
Net Assets	100.0	%	$	123,731,115

^*	Non-income producing

Summary of Abbreviations:

ETF	Exchange Traded Fund

SPDR	Standard & Poor’s Depository Receipts

137

Portfolio of Investments(continued)

PREMIUM INCOME FUND

March 31, 2019

CALL OPTIONS WRITTEN—(21.7)%	Expiration Date		Exercise Price		Contracts			Value
AT&T, Inc.		4/18/19	$	28.00		(80	)	$	(26,800	)
AT&T, Inc.		6/21/19		29.00		(382	)		(94,354	)
AT&T, Inc.		7/19/19		27.00		(330	)		(144,375	)
Allstate Corp.		1/17/20		82.50		(275	)		(400,125	)
American Express Co.		4/18/19		95.00		(104	)		(148,980	)
American Express Co.		4/18/19		90.00		(250	)		(489,375	)
American Express Co.		1/17/20		85.00		(22	)		(57,640	)
American Express Co.		1/17/20		82.50		(16	)		(46,120	)
Amgen, Inc.		1/17/20		160.00		(52	)		(181,350	)
Amgen, Inc.		1/17/20		155.00		(109	)		(423,737	)
Apple, Inc.		6/21/19		175.00		(59	)		(109,297	)
Apple, Inc.		6/21/19		170.00		(28	)		(63,210	)
Apple, Inc.		1/17/20		160.00		(51	)		(178,882	)
Apple, Inc.		1/17/20		150.00		(61	)		(269,010	)
BB&T Corp.		9/20/19		43.00		(184	)		(86,940	)
Bank of America Corp.		1/17/20		20.00		(726	)		(580,800	)
Best Buy Co., Inc.		9/20/19		57.50		(247	)		(384,085	)
BlackRock, Inc.		4/18/19		410.00		(26	)		(56,160	)
BlackRock, Inc.		10/18/19		370.00		(14	)		(93,800	)
BlackRock, Inc.		1/17/20		380.00		(36	)		(230,940	)
BlackRock, Inc.		1/17/20		350.00		(6	)		(53,100	)
Bristol-Meyers Squibb Co.		6/21/19		45.00		(180	)		(71,550	)
Bristol-Meyers Squibb Co.		6/21/19		43.00		(120	)		(64,800	)
Bristol-Meyers Squibb Co.		1/17/20		43.00		(276	)		(187,680	)
Bristol-Meyers Squibb Co.		1/17/20		40.00		(105	)		(93,187	)
Broadcom, Inc.		1/17/20		250.00		(53	)		(329,925	)
Broadcom, Inc.		1/17/20		230.00		(45	)		(348,750	)
Broadcom, Inc.		1/17/20		220.00		(41	)		(353,215	)
CBS Corp. - Class "B”		6/21/19		47.50		(25	)		(5,800	)
CBS Corp. - Class "B”		9/20/19		45.00		(304	)		(148,960	)
CBS Corp. - Class "B”		9/20/19		40.00		(39	)		(33,832	)
CBS Corp. - Class "B”		1/17/20		47.50		(269	)		(121,722	)
Carnival Corp.		7/19/19		47.50		(57	)		(25,080	)
Carnival Corp.		10/18/19		50.00		(405	)		(149,850	)
Celgene Corp.		6/21/19		70.00		(49	)		(118,090	)
Celgene Corp.		10/18/19		70.00		(102	)		(257,805	)
Celgene Corp.		1/17/20		75.00		(14	)		(28,350	)
Celgene Corp.		1/17/20		50.00		(223	)		(1,007,960	)
Chevron Corp.		1/17/20		100.00		(255	)		(628,575	)

138

CALL OPTIONS WRITTEN—(21.7)%	Expiration Date		Exercise Price		Contracts			Value
Cisco Systems, Inc.		6/21/19	$	40.00		(204	)	$	(284,070	)
Cisco Systems, Inc.		6/21/19		38.00		(200	)		(319,000	)
Cisco Systems, Inc.		6/21/19		39.00		(59	)		(87,467	)
Cisco Systems, Inc.		1/17/20		37.00		(341	)		(569,470	)
Coca-Cola Co.		1/17/20		40.00		(592	)		(441,040	)
Colgate-Palmolive Co.		5/17/19		55.00		(167	)		(225,450	)
Colgate-Palmolive Co.		8/16/19		52.50		(75	)		(122,625	)
Colgate-Palmolive Co.		1/17/20		55.00		(156	)		(224,250	)
Constellation Brands, Inc.		10/18/19		145.00		(147	)		(510,825	)
Delta Air Lines, Inc.		6/21/19		45.00		(116	)		(83,810	)
Delta Air Lines, Inc.		1/17/20		43.00		(180	)		(186,750	)
Delta Air Lines, Inc.		1/17/20		40.00		(211	)		(269,025	)
Discover Financial Services		4/18/19		67.50		(30	)		(12,150	)
Discover Financial Services		4/18/19		65.00		(165	)		(105,600	)
Discover Financial Services		1/17/20		62.50		(86	)		(98,040	)
Discover Financial Services		1/17/20		60.00		(21	)		(28,035	)
Discover Financial Services		1/17/20		55.00		(43	)		(75,035	)
DowDuPont, Inc.		6/21/19		47.50		(63	)		(42,052	)
DowDuPont, Inc.		9/20/19		42.50		(233	)		(269,115	)
DowDuPont, Inc.		1/17/20		47.50		(321	)		(264,022	)
Eaton Corp., PLC		1/17/20		67.50		(145	)		(208,800	)
ExxonMobil Corp.		4/18/19		72.50		(52	)		(43,940	)
ExxonMobil Corp.		4/18/19		70.00		(23	)		(25,415	)
ExxonMobil Corp.		6/21/19		72.50		(14	)		(12,285	)
ExxonMobil Corp.		6/21/19		70.00		(54	)		(60,075	)
ExxonMobil Corp.		7/19/19		70.00		(19	)		(21,517	)
General Dynamics Corp.		6/21/19		165.00		(21	)		(19,320	)
General Dynamics Corp.		8/16/19		145.00		(45	)		(118,125	)
General Dynamics Corp.		1/17/20		130.00		(31	)		(128,960	)
Halliburton Co.		4/18/19		30.00		(333	)		(17,149	)
Halliburton Co.		6/21/19		30.00		(133	)		(19,285	)
Halliburton Co.		1/17/20		25.00		(422	)		(250,035	)
Home Depot, Inc.		6/21/19		170.00		(33	)		(79,942	)
Home Depot, Inc.		6/21/19		165.00		(48	)		(136,080	)
Home Depot, Inc.		11/15/19		160.00		(33	)		(114,922	)
Home Depot, Inc.		1/17/20		160.00		(75	)		(259,875	)
Honeywell International, Inc.		6/21/19		130.00		(209	)		(620,207	)
Honeywell International, Inc.		1/17/20		120.00		(37	)		(149,572	)
Intel Corp.		6/21/19		45.00		(39	)		(35,198	)

139

Portfolio of Investments(continued)

PREMIUM INCOME FUND

March 31, 2019

CALL OPTIONS WRITTEN—(21.7)%	Expiration Date		Exercise Price		Contracts			Value
Intel Corp.		6/21/19	$	40.00		(89	)	$	(123,265	)
Intel Corp.		1/17/20		42.00		(649	)		(843,700	)
International Business Machines Corp.		6/21/19		110.00		(2	)		(6,280	)
International Business Machines Corp.		10/18/19		120.00		(83	)		(189,863	)
International Business Machines Corp.		1/17/20		120.00		(84	)		(195,300	)
JPMorgan Chase & Co.		6/21/19		100.00		(224	)		(95,760	)
JPMorgan Chase & Co.		6/21/19		95.00		(63	)		(48,195	)
JPMorgan Chase & Co.		1/17/20		95.00		(37	)		(39,683	)
JPMorgan Chase & Co.		1/17/20		90.00		(15	)		(21,263	)
Kinder Morgan, Inc.		1/17/20		15.00		(1,534	)		(774,670	)
Lockheed Martin Corp.		6/21/19		285.00		(31	)		(64,480	)
Lockheed Martin Corp.		6/21/19		275.00		(4	)		(11,540	)
Lockheed Martin Corp.		1/17/20		260.00		(52	)		(243,100	)
Medtronic, PLC		6/21/19		80.00		(105	)		(126,525	)
Medtronic, PLC		1/17/20		80.00		(269	)		(376,600	)
Medtronic, PLC		1/17/20		77.50		(67	)		(107,367	)
Merck & Co., Inc.		6/21/19		52.50		(12	)		(36,690	)
Microsoft Corp.		1/17/20		92.50		(127	)		(359,728	)
Mondelez International, Inc. - Class "A”		6/21/19		35.00		(2	)		(2,975	)
Mondelez International, Inc. - Class "A”		1/17/20		40.00		(218	)		(233,805	)
Mondelez International, Inc. - Class "A”		1/17/20		35.00		(269	)		(414,933	)
Mondelez International, Inc. - Class "A”		1/17/20		33.00		(112	)		(194,040	)
Morgan Stanley		6/21/19		45.00		(37	)		(3,145	)
Morgan Stanley		6/21/19		40.00		(281	)		(93,433	)
Morgan Stanley		7/19/19		39.00		(67	)		(28,978	)
Morgan Stanley		1/17/20		35.00		(318	)		(270,300	)
Nucor Corp.		7/19/19		55.00		(223	)		(118,190	)
Nucor Corp.		7/19/19		50.00		(258	)		(238,650	)
Nucor Corp.		1/17/20		50.00		(37	)		(37,278	)
Occidental Petroleum Corp.		5/17/19		60.00		(28	)		(19,460	)
Occidental Petroleum Corp.		1/17/20		57.50		(250	)		(265,625	)
Occidental Petroleum Corp.		1/17/20		55.00		(80	)		(100,000	)
PepsiCo, Inc.		1/17/20		95.00		(49	)		(139,895	)

140

CALL OPTIONS WRITTEN—(21.7)%	Expiration Date		Exercise Price		Contracts			Value
Phillip Morris International, Inc.		1/17/20	$	80.00		(350	)	$	(403,375	)
Raytheon Co.		5/17/19		175.00		(35	)		(33,775	)
Raytheon Co.		5/17/19		170.00		(16	)		(21,840	)
Raytheon Co.		5/17/19		155.00		(10	)		(27,225	)
Raytheon Co.		1/17/20		160.00		(56	)		(153,720	)
Raytheon Co.		1/17/20		155.00		(30	)		(94,650	)
Raytheon Co.		1/17/20		130.00		(41	)		(215,865	)
Ross Stores, Inc.		8/16/19		77.50		(64	)		(111,040	)
Ross Stores, Inc.		1/17/20		77.50		(53	)		(103,615	)
Ross Stores, Inc.		1/17/20		67.50		(257	)		(690,045	)
SPDR S&P 500 ETF Trust (ETF)		6/21/19		245.00		(82	)		(328,615	)
SPDR DJIA ETF Trust (ETF)		6/21/19		230.00		(59	)		(182,163	)
Stryker Corp.		6/21/19		140.00		(125	)		(728,750	)
Stryker Corp.		1/17/20		130.00		(34	)		(238,170	)
TJX Companies, Inc.		1/17/20		42.50		(114	)		(135,090	)
Texas Instruments, Inc.		6/21/19		95.00		(22	)		(27,555	)
Texas Instruments, Inc.		6/21/19		90.00		(50	)		(84,000	)
Texas Instruments, Inc.		6/21/19		85.00		(67	)		(144,385	)
Texas Instruments, Inc.		6/21/19		80.00		(12	)		(31,770	)
Texas Instruments, Inc.		1/17/20		90.00		(57	)		(111,008	)
Texas Instruments, Inc.		1/17/20		85.00		(40	)		(93,800	)
U.S. Bancorp		6/21/19		47.50		(195	)		(44,168	)
U.S. Bancorp		1/17/20		45.00		(111	)		(59,385	)
United Parcel Service, Inc. - Class "B”		4/18/19		105.00		(90	)		(67,950	)
United Parcel Service, Inc. - Class "B”		1/17/20		95.00		(35	)		(66,938	)
United Parcel Service, Inc. - Class "B”		1/17/20		92.50		(48	)		(99,000	)
United Parcel Service, Inc. - Class "B”		1/17/20		90.00		(67	)		(156,278	)
United Technologies Corp.		6/21/19		110.00		(45	)		(86,625	)
United Technologies Corp.		8/16/19		110.00		(47	)		(95,528	)
United Technologies Corp.		8/16/19		100.00		(47	)		(139,473	)
Walt Disney Co		7/19/19		95.00		(191	)		(319,447	)
Walt Disney Co		9/20/19		95.00		(78	)		(139,425	)
Walgreens Boots Alliance, Inc.		10/18/19		52.50		(309	)		(387,795	)
Walgreens Boots Alliance, Inc.		10/18/19		50.00		(194	)		(280,330	)

141

Portfolio of Investments(continued)

PREMIUM INCOME FUND

March 31, 2019

CALL OPTIONS WRITTEN—(21.7)%	Expiration Date		Exercise Price		Contracts			Value
Whirlpool Corp.		9/20/19	$	115.00		(246	)	$	(545,505	)
Total Value of Call Options Written (premium received $25,173,212)								$	(26,905,763	)

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 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2			Level 3		Total
Assets
Common Stocks^*	$	147,808,809	$	—		$	—	$	147,808,809

Liabilities
Call Options Written	$	—	$	(26,905,763	)	$	—	$	(26,905,763	)

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

Transfers from Level 1 to Level 2 as of March 31, 2019 were $2,700,872. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

142

Fund Expenses(unaudited)

SELECT GROWTH FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	1.22%
Actual		$1,000.00	$ 961.68	$ 5.97
Hypothetical^**		$1,000.00	$ 1,018.85	$ 6.14
Class B Shares	1.98%
Actual		$1,000.00	$ 958.82	$ 9.67
Hypothetical^**		$1,000.00	$ 1,015.06	$ 9.95
Advisor Class Shares	0.89%
Actual		$1,000.00	$ 963.18	$ 4.36
Hypothetical^**		$1,000.00	$ 1,020.49	$ 4.48
Institutional Class Shares	0.79%
Actual		$1,000.00	$ 963.84	$ 3.87
Hypothetical^**		$1,000.00	$ 1,020.99	$ 3.98

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

143

Portfolio of Investments

SELECT GROWTH FUND

March 31, 2019

Shares			Security	Value
			COMMON STOCKS—97.6%
			Communication Services—7.2%
	22,180	^*	Alphabet, Inc. - Class “A”	$	26,103,420
	330,733		Cinemark Holdings, Inc.		13,226,013
	308,600	^*	TripAdvisor, Inc.		15,877,470
					55,206,903
			Consumer Discretionary—11.6%
	24,600	^*	AutoZone, Inc.		25,193,352
	130,000	^*	Deckers Outdoor Corp.		19,108,700
	232,541		Foot Locker, Inc.		14,091,985
	119,260		PVH Corp.		14,543,757
	201,000		Target Corp.		16,132,260
					89,070,054
			Consumer Staples—5.9%
	144,912		Procter & Gamble Co.		15,078,094
	208,000		Walgreens Boots Alliance, Inc.		13,160,160
	174,120		Walmart, Inc.		16,981,924
					45,220,178
			Energy—.8%
	50,100		Chevron Corp.		6,171,318
			Financials—7.2%
	520,000		Bank of America Corp.		14,346,800
	145,490		Discover Financial Services		10,353,068
	258,500		Progressive Corp.		18,635,265
	244,530		U.S. Bancorp		11,783,901
					55,119,034
			Health Care—17.2%
	105,600		Allergan, PLC		15,460,896
	267,710		Baxter International, Inc.		21,767,500
	49,110	^*	Biogen, Inc.		11,608,622
	306,800		Bristol-Myers Squibb Co.		14,637,428

144

	Shares			Security	Value
				Health Care (continued)
		430,940	^*	Centene Corp.	$	22,882,914
		127,367	^*	Elanco Animal Health, Inc.		4,084,660
		179,372		Eli Lilly & Co.		23,275,311
		133,180	^*	Varian Medical Systems, Inc.		18,874,270
						132,591,601
				Industrials—14.3%
		60,320		Boeing Co.		23,007,254
		200,800		Dover Corp.		18,835,040
		168,790		Eaton Corp., PLC		13,597,722
		88,592		Huntington Ingalls Industries, Inc.		18,356,262
		138,800		Landstar Systems, Inc.		15,183,332
		112,200		Norfolk Southern Corp.		20,969,058
						109,948,668
				Information Technology—33.4%
		112,700	^*	Adobe Systems, Inc.		30,033,423
		104,110	^*	Arista Networks, Inc.		32,738,430
		159,064		Automatic Data Processing, Inc.		25,408,883
		498,950	^*	Cadence Design Systems, Inc.		31,688,314
		112,700	^*	F5 Networks, Inc.		17,686,011
		275,000	^*	Fortinet, Inc.		23,091,750
		220,650		Microsoft Corp.		26,023,461
		341,720		NetApp, Inc.		23,694,865
		94,000	^*	Palo Alto Networks, Inc.		22,830,720
		232,540	^*	PayPal Holdings, Inc.		24,146,954
						257,342,811
Total Value of Common Stocks (cost $606,280,479)						750,670,567

145

Portfolio of Investments(continued)

SELECT GROWTH FUND

March 31, 2019

	Principal Amount		Security	Value
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—1.6%
			U.S. Treasury Bills:
	$	4,500M	2.37%, 4/9/2019	$	4,497,628
		8,000M	2.396%, 4/11/2019		7,994,736
Total Value of Short-Term U.S. Government Obligations (cost $12,492,297)					12,492,364

Total Value of Investments (cost $618,772,776)	99.2	%		763,162,931
Other Assets, Less Liabilities	.8			6,153,845
Net Assets	100.0	%	$	769,316,776

^*	Non-income producing

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 –

Level 3 –

146

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	750,670,567	$	—	$	—	$	750,670,567
Short-Term U.S. Government Obligations		—		12,492,364		—		12,492,364
Total Investments in Securities^*	$	750,670,567	$	12,492,364	$	—	$	763,162,931

^*	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 during the period ended March 31, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

147

Fund Expenses(unaudited)

SPECIAL SITUATIONS FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	1.32%
Actual		$1,000.00	$ 899.18	$ 6.25
Hypothetical^**		$1,000.00	$ 1,018.35	$ 6.64
Class B Shares	2.10%
Actual		$1,000.00	$ 895.60	$ 9.92
Hypothetical^**		$1,000.00	$ 1,014.46	$ 10.55
Advisor Class Shares	1.02%
Actual		$1,000.00	$ 900.30	$ 4.83
Hypothetical^**		$1,000.00	$ 1,019.84	$ 5.14
Institutional Class Shares	0.87%
Actual		$1,000.00	$ 900.95	$ 4.12
Hypothetical^**		$1,000.00	$ 1,020.59	$ 4.38

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

148

Portfolio of Investments

SPECIAL SITUATIONS FUND

March 31, 2019

Shares			Security	Value
			COMMON STOCKS—96.2%
			Communication Services—.8%
	99,300		Meredith Corp.	$	5,487,318
			Consumer Discretionary—11.9%
	233,100		American Eagle Outfitters, Inc.		5,167,827
	79,400		Cheesecake Factory, Inc.		3,884,248
	39,400		Children’s Place, Inc.		3,832,832
	301,600		Dana, Inc.		5,350,384
	198,500		DSW, Inc. - Class “A”		4,410,670
	201,600	^*	frontdoor, inc.		6,939,072
	145,400		Haverty Furniture Cos., Inc.		3,181,352
	56,000	^*	Helen of Troy, Ltd.		6,493,760
	178,600	^*	MasterCraft Boat Holdings, Inc.		4,031,002
	50,700		Oxford Industries, Inc.		3,815,682
	109,300		Penske Automotive Group, Inc.		4,880,245
	230,400		Ruth’s Hospitality Group, Inc.		5,895,936
	84,500	^*	ServiceMaster Holdings, Inc.		3,946,150
	430,400	^*	TRI Pointe Group, Inc.		5,440,256
	47,700	^*	Visteon Corp.		3,212,595
	197,500		Wolverine World Wide, Inc.		7,056,675
					77,538,686
			Consumer Staples—3.5%
	159,200		Energizer Holdings, Inc.		7,152,856
	112,700	^*	Performance Food Group Co.		4,467,428
	191,271		Tootsie Roll Industries, Inc.		7,122,932
	124,000	^*	U.S. Foods Holding Corp.		4,328,840
					23,072,056
			Energy—5.4%
	255,700	^*	Carrizo Oil & Gas, Inc.		3,188,579
	177,600		Delek U.S. Holdings, Inc.		6,468,192
	351,300	^*	Jagged Peak Energy, Inc.		3,678,111
	468,500	^*	Keane Group, Inc.		5,101,965
	318,600		Liberty Oilfield Services, Inc. - Class “A”		4,903,254

149

Portfolio of Investments(continued)

SPECIAL SITUATIONS FUND

March 31, 2019

Shares			Security	Value
			Energy (continued)
	477,400	^*	Oasis Petroleum, Inc.	$	2,883,496
	148,000		PBF Energy, Inc. - Class “A”		4,608,720
	338,200	^*	WPX Energy, Inc.		4,433,802
					35,266,119
			Financials—24.6%
	317,500	^*	AllianceBernstein Holding, LP (MLP)		9,172,575
	250,729		Amalgamated Bank - Class “A”		3,923,909
	77,600		American Financial Group, Inc.		7,465,896
	258,900		Berkshire Hills Bancorp, Inc.		7,052,436
	177,500		Brown & Brown, Inc.		5,238,025
	207,300		Capstar Financial Holdings, Inc.		2,993,412
	521,800		CNO Financial Group, Inc.		8,442,724
	248,200		Great Western Bancorp, Inc.		7,840,638
	73,800		IBERIABANK Corp.		5,292,198
	101,600		Independent Bank Group, Inc.		5,211,064
	50,900		iShares Russell 2000 Value (ETF)		6,102,910
	120,300		James River Group Holdings, Ltd.		4,821,624
	94,400		Kemper Corp.		7,187,616
	272,400		OceanFirst Financial Corp.		6,553,944
	506,300		Old National Bancorp of Indiana		8,303,320
	116,000		Prosperity Bancshares, Inc.		8,010,960
	105,400		QCR Holdings, Inc.		3,575,168
	218,000	^*	Seacoast Banking Corp.		5,744,300
	335,600		Simmons First National Corp. - Class “A”		8,215,488
	559,100		Sterling Bancorp		10,416,033
	169,000		Synovus Financial Corp.		5,806,840
	429,000		TCF Financial Corp.		8,876,010
	266,000		Veritex Holdings, Inc.		6,442,520
	442,900		Waddell & Reed Financial, Inc. - Class “A”		7,657,741
					160,347,351
			Health Care—6.1%
	45,100	^*	Charles River Laboratories International, Inc.		6,550,775

150

Shares			Security	Value
			Health Care (continued)
	60,900		Hill-Rom Holdings, Inc.	$	6,446,874
	47,600	^*	ICON, PLC		6,501,208
	187,300		Phibro Animal Health Corp. - Class “A”		6,180,900
	320,100	^*	Prestige Brands, Inc.		9,574,191
	48,500		SPDR S&P Biotech (ETF)		4,391,190
					39,645,138
			Industrials—13.6%
	163,400		AAR Corp.		5,312,134
	267,800	^*	Atkore International Group Co.		5,765,734
	181,300		Columbus McKinnon Corp.		6,227,655
	98,000		Comfort Systems USA, Inc.		5,134,220
	111,100		ESCO Technologies, Inc.		7,447,033
	216,200	^*	Gardner Denver Holdings, Inc.		6,012,522
	26,800		ICF International, Inc.		2,038,944
	98,600		Kennametal, Inc.		3,623,550
	120,900		Korn/Ferry International		5,413,902
	112,300		Park-Ohio Holdings Corp.		3,636,274
	79,200		Regal Beloit Corp.		6,484,104
	155,000		Schneider National, Inc. - Class “B”		3,262,750
	64,800		SPDR S&P Transportation (ETF)		3,915,851
	242,400	^*	SPX Corp.		8,433,096
	58,600		Standex International Corp.		4,301,240
	167,700		Timken Co.		7,315,074
	145,000		Triton International, Ltd.		4,509,500
					88,833,583
			Information Technology—11.5%
	49,900	^*	Alpha & Omega Semiconductor, Ltd.		574,349
	236,600	^*	ARRIS International, PLC		7,478,926
	112,700	^*	Cree, Inc.		6,448,694
	132,600	^*	Diodes, Inc.		4,601,220
	174,700	^*	Ichor Holdings, Ltd.		3,944,726
	25,400	^*	MicroStrategy, Inc.		3,663,950

151

Portfolio of Investments(continued)

SPECIAL SITUATIONS FUND

March 31, 2019

Shares			Security	Value
			Information Technology (continued)
	69,100		MKS Instruments, Inc.	$	6,429,755
	156,400	^*	NETGEAR, Inc.		5,179,968
	657,900	^*	PDF Solutions, Inc.		8,125,065
	242,500	^*	Perficient, Inc.		6,642,075
	580,400		Travelport Worldwide, Ltd.		9,129,692
	473,800	^*	TTM Technologies, Inc.		5,557,674
	115,700	^*	Verint Systems, Inc.		6,925,802
					74,701,896
			Materials—6.4%
	59,000		AptarGroup, Inc.		6,277,010
	204,700	^*	Ferro Corp.		3,874,971
	67,600		Greif, Inc.		2,788,500
	155,000	^*	Livent Corp.		1,903,400
	201,500		Louisiana-Pacific Corp.		4,912,570
	347,700	^*	PQ Group Holdings, Inc.		5,274,609
	91,600		Schweitzer-Mauduit International., Inc.		3,546,752
	100,400		Sensient Technologies Corp.		6,806,116
	155,200		SPDR S&P Metals & Mining (ETF)		4,606,336
	39,500		Trinseo SA		1,789,350
					41,779,614
			Real Estate—7.1%
	292,500		Americold Realty Trust (REIT)		8,924,175
	344,800		Brixmor Property Group, Inc. (REIT)		6,333,976
	171,900		Douglas Emmett, Inc. (REIT)		6,948,198
	47,900		Federal Realty Investment Trust (REIT)		6,603,015
	227,868		Industrial Logistics Properties Trust (REIT)		4,596,097
	130,400		JBG SMITH Properties (REIT)		5,392,040
	312,700		Sunstone Hotel Investors, Inc. (REIT)		4,502,880
	127,000		Tanger Factory Outlet Centers, Inc. (REIT)		2,664,460
					45,964,841

152

	Shares or Principal Amount		Security	Value
			Utilities—5.3%
		147,300	Black Hills Corp.	$	10,910,511
		76,600	IDACORP, Inc.		7,624,764
		81,900	Pinnacle West Capital Corp.		7,828,002
		160,100	Portland General Electric Co.		8,299,584
					34,662,861
Total Value of Common Stocks (cost $568,754,327)					627,299,463
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—2.3%
			U.S. Treasury Bills:
	$	5,000M	2.37%, 4/9/2019		4,997,365
		10,000M	2.396%, 4/11/2019		9,993,420
Total Value of Short-Term U.S. Government Obligations (cost $14,990,701)					14,990,785

Total Value of Investments (cost $583,745,028)	98.5	%		642,290,248
Other Assets, Less Liabilities	1.5			10,002,595
Net Assets	100.0	%	$	652,292,843

^*	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

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 –

153

Portfolio of Investments(continued)

SPECIAL SITUATIONS FUND

March 31, 2019

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	627,299,463	$	—	$	—	$	627,299,463
Short-Term U.S. Government Agency Obligations		—		14,990,785		—		14,990,785
Total Investments in Securities^*	$	627,299,463	$	14,990,785	$	—	$	642,290,248

^*	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 during the period ended March 31, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

154

See notes to financial statements

Fund Expenses(unaudited)

TOTAL RETURN FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18-3/31/19)^*
Class A Shares	1.20%
Actual		$1,000.00	$ 985.53	$ 5.94
Hypothetical^**		$1,000.00	$ 1,018.95	$ 6.04
Class B Shares	1.95%
Actual		$1,000.00	$ 981.56	$ 9.63
Hypothetical^**		$1,000.00	$ 1,015.21	$ 9.80
Advisor Class Shares	0.98%
Actual		$1,000.00	$ 986.01	$ 4.85
Hypothetical^**		$1,000.00	$ 1,020.04	$ 4.94
Institutional Class Shares	0.79%
Actual		$1,000.00	$ 987.42	$ 3.91
Hypothetical^**		$1,000.00	$ 1,020.99	$ 3.98

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2019, and are based on the total market value of investments.

155

Portfolio of Investments

TOTAL RETURN FUND

March 31, 2019

Shares			Security	Value
			COMMON STOCKS—55.9%
			Communication Services—4.6%
	7,400	^*	Alphabet, Inc. - Class “A”	$	8,708,986
	138,500		AT&T, Inc.		4,343,360
	84,225		CBS Corp. - Class “B”		4,003,214
	111,200		Comcast Corp. - Special Shares “A”		4,445,776
	41,700	^*	Take-Two Interactive Software, Inc.		3,935,229
	119,275		Verizon Communications, Inc.		7,052,731
	63,100		Walt Disney Co.		7,005,993
					39,495,289
			Consumer Discretionary—3.6%
	2,600	^*	Amazon.com, Inc.		4,629,950
	119,200		American Eagle Outfitters, Inc.		2,642,664
	108,100		Aramark Holdings Corp.		3,194,355
	21,000	^*	Burlington Stores, Inc.		3,290,280
	26,330		Home Depot, Inc.		5,052,464
	53,200		Lowe’s Cos., Inc.		5,823,804
	27,700		Ross Stores, Inc.		2,578,870
	123,450		Tapestry, Inc.		4,010,891
					31,223,278
			Consumer Staples—4.4%
	161,340		Coca-Cola Co.		7,560,392
	89,630		Koninklijke Ahold Delhaize NV (ADR)		2,381,917
	75,250		Mondelez International, Inc. - Class “A”		3,756,480
	65,660		PepsiCo, Inc.		8,046,633
	57,610		Philip Morris International, Inc.		5,092,148
	55,250		Procter & Gamble Co.		5,748,762
	60,870		Walmart, Inc.		5,936,651
					38,522,983
			Energy—5.1%
	186,073		BP, PLC (ADR)		8,135,112
	62,850		Chevron Corp.		7,741,863

156

Shares		Security	Value
		Energy (continued)
	49,550	ConocoPhillips	$	3,306,967
	415,250	EnCana Corp.		3,006,410
	18,100	EOG Resources, Inc.		1,722,758
	69,752	ExxonMobil Corp.		5,635,962
	68,200	Marathon Petroleum Corp.		4,081,770
	59,900	Schlumberger, Ltd.		2,609,843
	116,910	Suncor Energy, Inc.		3,791,391
	51,150	Valero Energy Corp.		4,339,055
				44,371,131
		Financials—9.8%
	42,320	American Express Co.		4,625,576
	210,300	Bank of America Corp.		5,802,177
	43,950	Chubb, Ltd.		6,156,516
	68,450	Citigroup, Inc.		4,258,959
	37,800	Citizens Financial Group, Inc.		1,228,500
	23,150	Goldman Sachs Group, Inc.		4,444,569
	95,300	Hamilton Lane, Inc. - Class “A”		4,153,174
	100,030	JPMorgan Chase & Co.		10,126,037
	47,750	MetLife, Inc.		2,032,717
	95,180	Morgan Stanley		4,016,596
	44,725	PNC Financial Services Group, Inc.		5,485,968
	90,650	Popular, Inc.		4,725,584
	86,600	Regions Financial Corp.		1,225,390
	173,150	Sterling Bancorp		3,225,785
	157,850	Synchrony Financial		5,035,415
	42,150	Travelers Cos., Inc.		5,781,294
	124,945	U.S. Bancorp		6,021,100
	143,270	Wells Fargo & Co.		6,922,806
				85,268,163
		Health Care—9.7%
	66,460	Abbott Laboratories		5,312,812
	16,750	Anthem, Inc.		4,806,915
	28,269	Baxter International, Inc.		2,298,552

157

Portfolio of Investments(continued)

TOTAL RETURN FUND

March 31, 2019

Shares			Security	Value
			Health Care (continued)
	10,150	^*	Centene Corp.	$	538,965
	24,200	^*	Charles River Laboratories International, Inc.		3,515,050
	24,550		Eli Lilly & Co.		3,185,608
	40,750	^*	Exact Sciences Corp.		3,529,765
	62,450		Hill-Rom Holdings, Inc.		6,610,957
	21,900		Johnson & Johnson		3,061,401
	85,150		Koninklijke Philips NV (ADR)		3,479,229
	61,200		Medtronic, PLC		5,574,096
	85,545		Merck & Co., Inc.		7,114,778
	101,329		Pfizer, Inc.		4,303,443
	147,300		Smith & Nephew, PLC (ADR)		5,908,203
	29,845		Thermo Fisher Scientific, Inc.		8,169,173
	24,250	^*	Vertex Pharmaceuticals, Inc.		4,460,788
	57,350		Zimmer Biomet Holdings, Inc.		7,323,595
	48,865		Zoetis, Inc.		4,919,240
					84,112,570
			Industrials—5.1%
	118,200	^*	Gardner Denver Holdings, Inc.		3,287,142
	49,150		Honeywell International, Inc.		7,810,918
	43,800		Ingersoll-Rand, PLC		4,728,210
	37,800		Kansas City Southern, Inc.		4,384,044
	22,620		Lockheed Martin Corp.		6,789,619
	37,250		Stanley Black & Decker, Inc.		5,072,333
	25,850		Union Pacific Corp.		4,322,120
	57,430		United Technologies Corp.		7,402,153
					43,796,539
			Information Technology—12.6%
	11,900	^*	Adobe Systems, Inc.		3,171,231
	23,055		Apple, Inc.		4,379,297
	155,247		Cisco Systems, Inc.		8,381,786
	83,900	^*	Cree, Inc.		4,800,758
	75,600	^*	Fiserv, Inc.		6,673,968
	11,300	^*	FleetCor Technologies, Inc.		2,786,467

158

	Shares or Principal Amount			Security	Value
				Information Technology (continued)
		176,425		Intel Corp.	$	9,474,022
		109,300		Maxim Integrated Products, Inc.		5,811,481
		69,350	^*	Mellanox Technologies, Ltd.		8,208,266
		71,335		Microsoft Corp.		8,413,250
		149,350		Nintendo Co., Ltd. (ADR)		5,357,184
		13,800		NVIDIA Corp.		2,477,928
		64,050		Oracle Corp.		3,440,125
		132,020		QUALCOMM, Inc.		7,529,101
		43,750	^*	salesforce.com, inc.		6,928,687
		57,750	^*	Synopsys, Inc.		6,649,913
		32,350		Texas Instruments, Inc.		3,431,365
		46,800		Visa, Inc. - Class “A”		7,309,692
		39,900	^*	Worldpay, Inc. - Class “A”		4,528,650
						109,753,171
				Materials—1.0%
		81,650		DowDuPont, Inc.		4,352,761
		25,830		Linde, PLC		4,544,272
						8,897,033
Total Value of Common Stocks (cost $365,730,702)						485,440,157
				CORPORATE BONDS—23.1%
				Aerospace/Defense—.3%
	$	100M		Bombardier, Inc., 6%, 10/15/2022^(a)		101,375
		2,500M		Rockwell Collins, Inc., 3.5%, 3/15/2027		2,470,842
				TransDigm, Inc.:
		50M		6.5%, 7/15/2024		51,563
		25M		6.25%, 3/15/2026^(a)		26,100
		50M		Triumph Group, Inc., 5.25%, 6/1/2022		48,250
						2,698,130
				Automotive—1.6%
		175M		American Axle & Manufacturing, Inc., 6.25%, 4/1/2025		171,062

159

Portfolio of Investments(continued)

TOTAL RETURN FUND

March 31, 2019

Principal Amount		Security	Value
		Automotive (continued)
$	50M	Asbury Automotive Group, Inc., 6%, 12/15/2024	$	51,672
	175M	Cooper Standard Automotive, Inc., 5.625%, 11/15/2026^(a)		154,525
	320M	Dana Holding Corp., 5.5%, 12/15/2024		320,000
	2,500M	Ford Motor Credit Co., LLC, 8.125%, 1/15/2020		2,591,555
	4,345M	General Motors Financial Co., Inc., 5.25%, 3/1/2026		4,488,185
	50M	Hertz Corp., 5.875%, 10/15/2020		50,050
	75M	J.B. Poindexter & Co., 7.125%, 4/15/2026^(a)		75,587
	3,380M	Lear Corp., 5.25%, 1/15/2025		3,515,261
	50M	LKQ Corp., 4.75%, 5/15/2023		50,552
	2,500M	O’Reilly Automotive, Inc., 3.55%, 3/15/2026		2,494,102
	25M	Panther BF Aggeregator 2, LP, 8.5%, 5/15/2027^(a)(b)		25,125
	50M	Tenneco, Inc., 5%, 7/15/2026		40,250
				14,027,926
		Building Materials—.0%
	75M	Building Materials Corp., 5.375%, 11/15/2024^(a)		77,156
	75M	Griffon Corp., 5.25%, 3/1/2022		74,062
	25M	New Enterprise Stone & Lime Co., 6.25%, 3/15/2026 (a)		24,378
	25M	Standard Industries, Inc., 5.5%, 2/15/2023^(a)		25,500
				201,096
		Chemicals—.3%
	175M	Blue Cube Spinco, Inc., 10%, 10/15/2025		201,084
	75M	Chemours Co., 6.625%, 5/15/2023		77,819
	50M	Kraton Polymers, LLC, 7%, 4/15/2025^(a)		50,750
	2,100M	LyondellBasell Industries NV, 6%, 11/15/2021		2,246,884
	50M	Neon Holdings, Inc., 10.125%, 4/1/2026^(a)		51,125
	125M	Rain CII Carbon, LLC, 7.25%, 4/1/2025^(a)		111,250
	70M	Rayonier AM Products, Inc., 5.5%, 6/1/2024^(a)		65,975
	50M	Tronox, Inc., 6.5%, 4/15/2026^(a)		47,908
	50M	Univar USA, Inc., 6.75%, 7/15/2023^(a)		51,350
				2,904,145

160

Principal Amount		Security	Value
		Consumer Non-Durables—.1%
		Energizer Holdings, Inc.:
$	50M	5.5%, 6/15/2025^(a)	$	49,609
	25M	6.375%, 7/15/2026^(a)		25,687
	75M	First Quality Finance Co., 4.625%, 5/15/2021^(a)		75,187
	25M	KGA Escrow, LLC, 7.5%, 8/15/2023^(a)		25,469
		Reynolds Group Holdings, Inc.:
	97M	5.75%, 10/15/2020		97,153
	175M	5.125%, 7/15/2023^(a)		178,063
				451,168
		Energy—3.8%
	5,000M	Andeavor Logistics, LP, 5.25%, 1/15/2025		5,194,810
	50M	Apergy Corp., 6.375%, 5/1/2026		50,812
	75M	Baytex Energy Corp., 5.125%, 6/1/2021^(a)		74,437
		Blue Racer Midstream, LLC:
	175M	6.125%, 11/15/2022^(a)		178,500
	50M	6.625%, 7/15/2026^(a)		51,250
	75M	California Resources Corp., 8%, 12/15/2022^(a)		59,085
	25M	Callon Petroleum Co., 6.375%, 7/1/2026		25,187
	3,400M	Canadian Oil Sands, Ltd., 7.75%, 5/15/2019^(a)		3,425,208
		Chesapeake Energy Corp.:
	25M	4.875%, 4/15/2022		24,750
	75M	7%, 10/1/2024		75,094
	50M	8%, 6/15/2027		49,500
	2,700M	Cimarex Energy Co., 4.375%, 3/15/2029		2,784,124
	75M	CITGO Petroleum Corp., 6.25%, 8/15/2022^(a)		74,812
	2,700M	Continental Resources, Inc., 5%, 9/15/2022		2,722,232
	50M	Covey Park Energy, LLC, 7.5%, 5/15/2025^(a)		46,500
	75M	Crestwood Midstream Partners, LP, 5.75%, 4/1/2025		77,250
	25M	CrownRock, LP, 5.625%, 10/15/2025^(a)		24,094
	50M	DCP Midstream Operating, LP, 3.875%, 3/15/2023		49,875
	25M	Diamondback Energy, Inc., 4.75%, 11/1/2024^(a)		25,651
	50M	EnLink Midstream Partners, LP, 4.85%, 7/15/2026		49,822
	2,500M	Enterprise Products Operating, 7.55%, 4/15/2038		3,373,467

161

Portfolio of Investments(continued)

TOTAL RETURN FUND

March 31, 2019

Principal Amount		Security	Value
		Energy (continued)
$	170M	Exterran Partners, LP, 6%, 10/1/2022	$	172,125
	175M	Global Partners, LP, 6.25%, 7/15/2022		173,687
	25M	Gulfport Energy Corp., 6.625%, 5/1/2023		24,375
	1,600M	Kinder Morgan Energy Partners, LP, 3.45%, 2/15/2023		1,619,202
	3,000M	Kinder Morgan, Inc., 5.625%, 11/15/2023^(a)		3,277,995
		Laredo Petroleum, Inc.:
	25M	5.625%, 1/15/2022		22,969
	50M	6.25%, 3/15/2023		44,875
	4,000M	Magellan Midstream Partners, LP, 5%, 3/1/2026		4,344,088
	25M	Matador Resources Co., 5.875%, 9/15/2026		25,063
	50M	McDermott Escrow 1, Inc., 10.625%, 5/1/2024^(a)		41,563
	3,300M	Midwest Connector Capital Co., LLC, 4.625%, 4/1/2029^(a)		3,412,771
	25M	Northern Oil and Gas, Inc., 9.5%, 5/15/2023		26,064
		Oasis Petroleum, Inc.:
	175M	6.875%, 1/15/2023		175,438
	50M	6.25%, 5/1/2026^(a)		47,750
	75M	Parkland Fuel Corp., 6%, 4/1/2026^(a)		76,054
	75M	Parsley Energy, LLC, 5.25%, 8/15/2025^(a)		74,250
	25M	Range Resources Corp., 5.75%, 6/1/2021		25,500
	50M	Suburban Propane Partners, LP, 5.875%, 3/1/2027		47,625
		Sunoco, LP:
	75M	4.875%, 1/15/2023		76,380
	75M	5.875%, 3/15/2028		74,625
	24M	Transocean Guardian, Ltd., 5.875%, 1/15/2024^(a)		24,098
	24M	Transocean Pontus, Ltd., 6.125%, 8/1/2025^(a)		24,038
	50M	USA Compression Partners, LP, 6.875%, 9/1/2027^(a)		51,063
		Whiting Petroleum Corp.:
	175M	5.75%, 3/15/2021		177,888
	25M	6.25%, 4/1/2023		25,250
	50M	6.625%, 1/15/2026		49,250
	170M	WPX Energy, Inc., 5.25%, 9/15/2024		172,550
				32,742,996

162

Principal Amount		Security	Value
		Financial Services—1.7%
$	4,700M	Brookfield Finance, Inc., 4%, 4/1/2024	$	4,768,761
	1,000M	ERAC USA Finance, LLC, 4.5%, 8/16/2021^(a)		1,030,990
	4,100M	Key Bank NA, 3.4%, 5/20/2026		4,067,114
	2,000M	Liberty Mutual Group, Inc., 4.95%, 5/1/2022^(a)		2,101,990
	25M	Nationstar Mortgage, LLC, 6.5%, 7/1/2021		25,063
	1,000M	Protective Life Corp., 7.375%, 10/15/2019		1,023,474
	2,000M	Prudential Financial, Inc., 7.375%, 6/15/2019		2,017,612
				15,035,004
		Financials—4.4%
	25M	Acrisure, LLC, 8.125%, 2/15/2024^(a)		25,951
	50M	Ally Financial, Inc., 8%, 11/1/2031		62,312
		Bank of America Corp.:
	2,000M	4%, 1/22/2025		2,040,826
	2,400M	5.875%, 2/7/2042		3,000,754
	1,100M	Barclays Bank, PLC, 6.75%, 5/22/2019		1,105,799
		Colfax Corp.:
	25M	6%, 2/15/2024^(a)		26,125
	25M	6.375%, 2/15/2026^(a)		26,640
		Citigroup, Inc.:
	1,000M	2.9%, 12/8/2021		1,000,184
	1,000M	4.5%, 1/14/2022		1,043,423
	1,600M	4.3%, 11/20/2026		1,627,648
	50M	DAE Funding, LLC, 5.75%, 11/15/2023^(a)		51,500
	1,500M	Deutsche Bank AG of New York, 3.7%, 5/30/2024		1,440,697
		Goldman Sachs Group, Inc.:
	1,650M	3.85%, 7/8/2024		1,682,957
	3,050M	3.5%, 11/16/2026		3,012,171
	125M	Icahn Enterprises, LP, 6.75%, 2/1/2024		130,781
	1,000M	JPMorgan Chase & Co., 4.452%, 12/5/2029		1,065,273
	175M	Ladder Capital Finance Holdings, LLLP, 5.25%, 10/1/2025^(a)		168,437
		Morgan Stanley:
	5,550M	5.5%, 7/28/2021		5,874,675
	2,500M	4%, 7/23/2025		2,575,407

163

Portfolio of Investments(continued)

TOTAL RETURN FUND

March 31, 2019

Principal Amount		Security	Value
		Financials (continued)
$	150M	Navient Corp., 5.875%, 3/25/2021	$	155,438
		Park Aerospace Holdings:
	25M	4.5%, 3/15/2023^(a)		24,938
	100M	5.5%, 2/15/2024^(a)		104,065
		Springleaf Finance Corp.:
	125M	5.625%, 3/15/2023		127,031
	25M	6.875%, 3/15/2025		25,844
	50M	7.125%, 3/15/2026		51,000
	1,500M	UBS AG, 4.875%, 8/4/2020		1,543,026
		UBS Group Funding (Switzerland) AG:
	2,000M	3.491%, 5/23/2023^(a)		2,010,438
	3,000M	4.253%, 3/23/2028^(a)		3,122,445
	25M	Wand Merger Corp., 8.125%, 7/15/2023^(a)		25,813
	5,100M	Wells Fargo & Co., 3.45%, 2/13/2023		5,157,594
				38,309,192
		Food/Beverage/Tobacco—.5%
	1,300M	Anheuser-Busch Co, 4.7%, 2/1/2036		1,300,633
	3,000M	Maple Escrow Subsidiary, Inc., 3.551%, 5/25/2021^(a)		3,033,414
	175M	Post Holdings, Inc., 5.75%, 3/1/2027^(a)		176,531
				4,510,578
		Food/Drug—.0%
		Albertson’s Cos., LLC:
	25M	5.75%, 3/15/2025		23,844
	25M	7.5%, 3/15/2026^(a)		25,844
				49,688
		Forest Products/Containers—.6%
	200M	Ardagh Holdings USA, Inc., 4.625%, 5/15/2023^(a)		201,750
		Berry Global, Inc.:
	50M	5.5%, 5/15/2022		50,937
	75M	5.125%, 7/15/2023		76,522

164

Principal Amount		Security	Value
		Forest Products/Containers (continued)
$	50M	BWAY Holding Co., 5.5%, 4/15/2024^(a)	$	49,827
	25M	Crown Americas, LLC, 4.5%, 1/15/2023		25,312
	50M	Greif, Inc., 6.5%, 3/1/2027^(a)		51,250
	25M	Mercer International, Inc., 7.375%, 1/15/2025^(a)		26,313
	25M	Multi-Color Corp., 4.875%, 11/1/2025^(a)		25,875
	2,835M	Packaging Corp. of America, 3.4%, 12/15/2027		2,761,165
	2,000M	Rock-Tenn Co., 4.9%, 3/1/2022		2,090,862
	50M	Schweitzer-Mauduit International, Inc., 6.875%, 10/1/2026^(a)		50,125
				5,409,938
		Gaming/Leisure—.1%
	25M	AMC Entertainment Holdings, Inc., 5.75%, 6/15/2025		23,464
	100M	AMC Networks, Inc., 5%, 4/1/2024		100,740
		Boyd Gaming Corp.:
	50M	6.875%, 5/15/2023		52,125
	125M	6%, 8/15/2026		128,594
	25M	Cedar Fair, LP, 5.375%, 6/1/2024		25,655
	200M	CRC Escrow Issuer, LLC, 5.25%, 10/15/2025^(a)		193,124
	75M	Golden Nugget, Inc., 8.75%, 10/1/2025^(a)		78,937
	100M	IRB Holding Corp., 6.75%, 2/15/2026^(a)		94,250
	50M	MGM Resorts International, 6%, 3/15/2023		52,875
	25M	National CineMedia, LLC, 6%, 4/15/2022		25,375
	25M	Stars Group Holdings BV, 7%, 7/15/2026^(a)		26,125
	200M	Viking Cruises, Ltd., 6.25%, 5/15/2025^(a)		204,000
	50M	Wynn Las Vegas, LLC, 5.5%, 3/1/2025^(a)		49,500
				1,054,764
		Health Care—1.3%
		Bausch Health Cos., Inc.:
	175M	6.5%, 3/15/2022^(a)		181,344
	50M	5.5%, 3/1/2023^(a)		50,438
	100M	9%, 12/15/2025^(a)		109,005
	25M	8.5%, 1/31/2027^(a)		26,563

165

Portfolio of Investments(continued)

TOTAL RETURN FUND

March 31, 2019

Principal Amount		Security	Value
		Health Care (continued)
$	150M	Centene Corp., 5.625%, 2/15/2021	$	152,437
	175M	CHS/Community Health Systems, Inc., 6.25%, 3/31/2023		165,314
		CVS Health Corp.:
	2,400M	3.875%, 7/20/2025		2,431,015
	5,000M	5.05%, 3/25/2048		5,044,620
	175M	DaVita, Inc., 5.125%, 7/15/2024		173,250
	2,100M	Express Scripts Holding Co., 4.75%, 11/15/2021		2,194,622
	175M	HCA, Inc., 6.25%, 2/15/2021		184,336
	175M	HealthSouth Corp., 5.75%, 11/1/2024		177,844
	175M	Mallinckrodt Finance SB, 5.75%, 8/1/2022^(a)		163,625
	50M	MEDNAX, Inc., 6.25%, 1/15/2027^(a)		50,625
	175M	Molina Healthcare, Inc., 4.875%, 6/15/2025^(a)		173,688
	50M	MPH Operating Partnership, LP, 7.125%, 6/1/2024^(a)		50,000
	25M	Par Pharmaceutical, Inc., 7.5%, 4/1/2027^(a)		25,413
	125M	Syneos Health, Inc., 7.5%, 10/1/2024^(a)		132,187
				11,486,326
		Home-Building—.0%
	50M	William Lyon Homes, Inc., 6%, 9/1/2023		48,625
		Information Technology—1.1%
	175M	Alliance Data Systems Corp., 5.375%, 8/1/2022^(a)		177,625
	50M	Anixter, Inc., 6%, 12/1/2025^(a)		52,625
		CommScope Finance, LLC:
	25M	5.5%, 3/1/2024^(a)		25,632
	25M	6%, 3/1/2026^(a)		25,922
	175M	CommScope Technologies, LLC, 6%, 6/15/2025^(a)		170,791
	4,300M	Corning, Inc., 7.25%, 8/15/2036		5,078,068
		Diamond 1 Finance Corp.:
	3,000M	4.42%, 6/15/2021^(a)		3,078,966
	50M	5.875%, 6/15/2021^(a)		50,957
	50M	7.125%, 6/15/2024^(a)		53,019
	50M	NCR Corp., 4.625%, 2/15/2021		50,038
	25M	Nielsen Finance, LLC, 5%, 4/15/2022^(a)		24,813

166

Principal Amount		Security	Value
		Information Technology (continued)
$	75M	Nuance Communications, Inc., 6%, 7/1/2024	$	77,156
	75M	Rackspace Hosting, Inc., 8.625%, 11/15/2024^(a)		67,003
	175M	Solera, LLC, 10.5%, 3/1/2024^(a)		190,561
	50M	Symantec Corp., 5%, 4/15/2025^(a)		50,122
	25M	VeriSign, Inc., 4.75%, 7/15/2027		25,097
	50M	Verscend Holding Corp., 9.75%, 8/15/2026^(a)		50,063
				9,248,458
		Manufacturing—.6%
	175M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023^(a)		181,781
	100M	Brand Energy & Infrastructure Services, Inc., 8.5%, 7/15/2025^(a)		90,250
	50M	Cloud Crane, LLC, 10.125%, 8/1/2024^(a)		53,875
	3,245M	Crane Co., 4.2%, 3/15/2048		3,067,638
	175M	Grinding Media, Inc., 7.375%, 12/15/2023^(a)		168,875
	1,100M	Johnson Controls International, PLC, 5%, 3/30/2020		1,123,208
	50M	Manitowoc Co., Inc., 9%, 4/1/2026^(a)		50,750
				4,736,377
		Media-Broadcasting—.1%
	50M	Belo Corp., 7.25%, 9/15/2027		53,625
	25M	Gray Escrow, Inc., 7%, 5/15/2027^(a)		26,625
	50M	LIN Television Corp., 5.875%, 11/15/2022		51,438
	125M	Nexstar Broadcasting, Inc., 5.625%, 8/1/2024^(a)		127,188
	75M	Sinclair Television Group, Inc., 5.625%, 8/1/2024^(a)		75,844
	175M	Sirius XM Radio, Inc., 6%, 7/15/2024^(a)		182,000
				516,720
		Media-Cable TV—.8%
	200M	Altice Financing SA, 6.625%, 2/15/2023^(a)		205,000
	200M	Altice France SA, 6.25%, 5/15/2024^(a)		202,250

167

Portfolio of Investments(continued)

TOTAL RETURN FUND

March 31, 2019

Principal Amount		Security	Value
		Media-Cable TV (continued)
		CCO Holdings, LLC:
$	175M	5.125%, 2/15/2023	$	178,500
	175M	5.875%, 4/1/2024^(a)		183,332
	100M	Clear Channel International, 8.75%, 12/15/2020^(a)		103,125
		Clear Channel Worldwide Holdings, Inc.:
	200M	Series “A”, 6.5%, 11/15/2022		205,750
	50M	9.25%, 2/15/2024^(a)		53,125
		Comcast Corp.:
	1,600M	5.15%, 3/1/2020		1,635,304
	3,000M	4.25%, 1/15/2033		3,169,182
		CSC Holdings, LLC:
	200M	5.375%, 7/15/2023^(a)		204,250
	200M	10.875%, 10/15/2025^(a)		231,400
	175M	DISH DBS Corp., 5%, 3/15/2023		158,156
	175M	Gray Television, Inc., 5.875%, 7/15/2026^(a)		178,535
	175M	Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023^(a)		182,925
				6,890,834
		Media-Diversified—.2%
	75M	Gannett Co., Inc., 6.375%, 10/15/2023		77,813
	125M	Outdoor Americas Capital, LLC, 5.875%, 3/15/2025		128,437
	1,000M	Time Warner, Inc., 3.6%, 7/15/2025		998,439
	125M	Tribune Media Co., 5.875%, 7/15/2022		128,203
				1,332,892
		Metals/Mining—.6%
	75M	Allegheny Technologies, Inc., 7.875%, 8/15/2023		81,562
	50M	Big River Steel, LLC, 7.25%, 9/1/2025^(a)		52,390
	50M	Cliffs Natural Resources, Inc., 5.75%, 3/1/2025		48,000
	175M	Commercial Metals Co., 4.875%, 5/15/2023		176,312
	3,000M	Glencore Funding, LLC, 4.625%, 4/29/2024^(a)		3,101,799
	175M	HudBay Minerals, Inc., 7.25%, 1/15/2023^(a)		182,000
	50M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022^(a)		52,875

168

Principal Amount		Security	Value
		Metals/Mining (continued)
$	1,500M	Newmont Mining Corp., 5.125%, 10/1/2019	$	1,516,821
	50M	Northwest Acquisitions, ULC, 7.125%, 11/1/2022^(a)		44,125
	150M	Novelis, Inc., 5.875%, 9/30/2026^(a)		149,813
	120M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025^(a)		121,800
				5,527,497
		Real Estate—1.7%
	2,300M	Alexandria Real Estate Equities, Inc., 3.95%, 1/15/2028		2,316,277
	2,886M	Digital Realty Trust, LP, 4.75%, 10/1/2025		3,062,782
	175M	Equinix, Inc., 5.375%, 4/1/2023		178,719
	170M	Geo Group, Inc., 5.875%, 10/15/2024		149,600
	175M	Greystar Real Estate Partners, 5.75%, 12/1/2025^(a)		175,875
	1,000M	HCP, Inc., 4.25%, 11/15/2023		1,042,552
	325M	Iron Mountain, Inc., 5.75%, 8/15/2024		329,062
	25M	MGM Growth Properties Operating Partnership, LP, 5.75%, 2/1/2027^(a)		25,906
	2,500M	Realty Income Corp., 3.875%, 4/15/2025		2,590,570
	3,700M	STORE Capital Corp., 4.5%, 3/15/2028		3,734,118
	1,500M	Vornado Realty, LP, 3.5%, 1/15/2025		1,490,040
				15,095,501
		Retail-General Merchandise—.6%
	100M	1011778 B.C., ULC, 4.625%, 1/15/2022^(a)		100,721
	175M	AmeriGas Partners, LP, 5.5%, 5/20/2025		175,219
	3,500M	Home Depot, Inc., 5.875%, 12/16/2036		4,409,227
	50M	J.C. Penney Co., Inc., 8.625%, 3/15/2025		29,500
	175M	KFC Holding Co., LLC, 5%, 6/1/2024^(a)		178,937
	25M	SRS Distribution, Inc., 8.25%, 7/1/2026^(a)		24,125
				4,917,729
		Schools—.2%
	1,750M	Yale University, 2.086%, 4/15/2019		1,749,561

169

Portfolio of Investments(continued)

TOTAL RETURN FUND

March 31, 2019

Principal Amount		Security	Value
		Services—.1%
$	225M	AECOM, 5.125%, 3/15/2027	$	218,531
	100M	First Data Corp., 5.375%, 8/15/2023^(a)		102,375
	50M	Prime Security Services Borrower, LLC, 9.25%, 5/15/2023^(a)		52,625
	175M	United Rentals, Inc., 4.625%, 10/15/2025		173,250
				546,781
		Telecommunications—.7%
	3,000M	AT&T, Inc., 4.25%, 3/1/2027		3,087,249
	25M	Frontier Communications Corp., 8.5%, 4/1/2026^(a)		23,312
	225M	GCI, Inc., 6.875%, 4/15/2025		235,969
	75M	Qwest Corp., 7.25%, 9/15/2025		80,818
	50M	Telesat Canada, 8.875%, 11/15/2024^(a)		54,000
	1,800M	Verizon Communications, Inc., 4.272%, 1/15/2036		1,823,321
		Zayo Group, LLC:
	75M	6%, 4/1/2023		76,313
	175M	6.375%, 5/15/2025		176,531
				5,557,513
		Transportation—.5%
	4,250M	Air Lease Corp., 3.875%, 7/3/2023		4,298,696
	175M	BCD Acquisition, Inc., 9.625%, 9/15/2023^(a)		186,375
	127M	XPO Logistics, Inc., 6.5%, 6/15/2022^(a)		129,858
				4,614,929
		Utilities—1.1%
		Calpine Corp.:
	25M	5.75%, 1/15/2025		24,937
	175M	5.25%, 6/1/2026^(a)		174,781
	2,335M	Duke Energy Progress, Inc., 4.15%, 12/1/2044		2,435,162
	2,500M	Entergy Arkansas, Inc., 4.95%, 12/15/2044		2,601,400
	150M	NRG Yield Operating, LLC, 5%, 9/15/2026		143,625
	2,000M	Ohio Power Co., 5.375%, 10/1/2021		2,131,042
	2,000M	Oklahoma Gas & Electric Co., 4%, 12/15/2044		1,962,494

170

	Principal Amount		Security	Value
			Services (continued)
	$	150M	Targa Resources Partners, LP, 4.25%, 11/15/2023	$	149,813
					9,623,254
			Waste Management—.0%
		175M	Covanta Holding Corp., 5.875%, 3/1/2024		179,812
			Wireless Communications—.1%
			Intelsat Jackson Holdings SA:
		200M	8%, 2/15/2024^(a)		209,000
		100M	8.5%, 10/15/2024^(a)		97,750
			Level 3 Financing, Inc.:
		25M	5.375%, 8/15/2022		25,188
		175M	5.375%, 1/15/2024		178,693
		175M	Sprint Communications, Inc., 6%, 11/15/2022		176,803
		150M	Sprint Corp., 7.125%, 6/15/2024		152,625
		175M	T-Mobile USA, Inc., 6%, 3/1/2023		180,250
					1,020,309
Total Value of Corporate Bonds (cost $199,702,106)					200,487,743
			RESIDENTIAL MORTGAGE-BACKED SECURITIES—5.8%
			Fannie Mae—4.7%
		4,036M	3%, 3/1/2027 - 2/1/2031		4,080,179
		3,124M	3.5%, 11/1/2028 - 12/1/2047		3,183,531
		16,178M	4%, 12/1/2040 - 8/1/2047		16,749,979
		12,568M	4.5%, 9/1/2040 - 8/1/2048^(b)		13,161,859
		1,475M	5%, 4/1/2040 - 3/1/2042		1,593,641
		475M	5.5%, 5/1/2033 - 10/1/2039		522,011
		370M	6%, 5/1/2036 - 10/1/2040		407,286
		213M	6.5%, 11/1/2033 - 6/1/2036		235,488
		495M	7%, 3/1/2032 - 8/1/2032		531,115
					40,465,089

171

Portfolio of Investments(continued)

TOTAL RETURN FUND

March 31, 2019

	Principal Amount		Security	Value
			Freddie Mac—1.1%
	$	4,903M	3.5%, 8/1/2026 - 7/1/2044	$	5,033,185
		720M	4%, 7/1/2044 - 4/1/2045		745,483
		2,849M	4.5%, 10/1/2040 - 5/1/2044		2,998,651
		640M	5.5%, 5/1/2038 - 10/1/2039		694,993
					9,472,312
Total Value of Residential Mortgage-Backed Securities (cost $49,974,128)					49,937,401
			U.S. GOVERNMENT OBLIGATIONS—5.3%
			U.S. Treasury Bonds:
		4,300M	3%, 8/15/2048		4,452,095
		5,000M	3.125%, 8/15/2044		5,301,075
		18,000M	3.375%, 11/15/2048		20,036,610
			U.S. Treasury Notes:
		1,500M	2%, 11/30/2022		1,487,930
		2,000M	2%, 11/15/2026		1,951,718
		1,400M	2.625%, 12/31/2023		1,424,007
		10,500M	3.125%, 11/15/2028		11,139,639
Total Value of U.S. Government Obligations (cost $44,361,695)					45,793,074
			ASSET-BACKED SECURITIES—2.0%
			Fixed Autos—1.4%
		1,200M	AmeriCredit Automobile Receivables Trust, 3.13%, 2/18/2025		1,210,141
		1,300M	BMW Vehicle Lease Trust, 2.07%, 10/20/2020		1,296,682
		9,500M	Hertz Vehicle Financing Trust, 2.96%, 10/25/2021		9,480,136
					11,986,959
			Fixed Communication Services—.6%
			Verizon Owner Trust:
		3,350M	1.92%, 12/20/2021^(a)		3,331,642
		1,670M	3.23%, 4/20/2023		1,690,807
					5,022,449
Total Value of Asset-Backed Securities (cost $16,894,305)					17,009,408

172

	Principal Amount		Security	Value
			COMMERCIAL MORTGAGE-BACKED SECURITIES—1.0%
			Federal Home Loan Mortgage Corporation
	$	8,339M	Multi-Family Structured Pass-Throughs, 3.725%, 12/25/2027 (cost $8,524,575)	$	8,802,483
			COLLATERALIZED MORTGAGE OBLIGATIONS—.5%
		4,625M	Fannie Mae, 2.9865%, 12/25/2027 (cost $4,432,954)^†		4,643,995
			PASS-THROUGH CERTIFICATES—.3%
			Transportation
		2,850M	American Airlines 17-2 AA PTT, 3.35%, 10/15/2029 (cost $2,870,571)		2,788,486
			U.S. GOVERNMENT AGENCY OBLIGATIONS—.2%
		1,800M	Federal Farm Credit Bank, 3%, 9/13/2029 (cost $1,700,818)		1,780,535
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—3.1%
			U.S. Treasury Bills:
		15,000M	2.37%, 4/9/2019		14,992,095
		12,000M	2.396%, 4/11/2019		11,992,104
Total Value of Short-Term U.S. Government Obligations (cost $26,984,095)					26,984,199

Total Value of Investments (cost $721,175,949)	97.2	%		843,667,481
Other Assets, Less Liabilities	2.8			24,653,733
Net Assets	100.0	%	$	868,321,214

^*	Non-income producing

^(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 4).

^(b)	A portion or all of the security purchased on a when-issued or delayed delivery basis (see Note 1G).

^†	Interest rates on adjustable rate bonds are determined and reset periodically. The interest rates shown are the rates in effect of March 31, 2019.

173

Portfolio of Investments(continued)

TOTAL RETURN FUND

March 31, 2019

Summary of Abbreviations:

ADR	American Depositary Receipts

LLLP	Limited Liability Limited Partnership

PTT	Pass-Through Trust

ULC	Unlimited Liability Corporation

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 –

Level 3 –

174

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2019:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	485,440,157	$	—	$	—	$	485,440,157
Corporate Bonds		—		200,487,743		—		200,487,743
Residential Mortgage-Backed Securities		—		49,937,401		—		49,937,401
U.S. Government Obligations		—		45,793,074		—		45,793,074
Asset-Backed Securities		—		17,009,408		—		17,009,408
Commercial Mortgage-Backed Securities		—		8,802,483		—		8,802,483
Collateralized Mortgage Obligations		—		4,643,995		—		4,643,995
Pass-Through Certificates		—		2,788,486		—		2,788,486
U.S. Government Agency Obligations		—		1,780,535		—		1,780,535
Short-Term U.S. Government Obligations		—		26,984,199		—		26,984,199
Total Investments in Securities^*	$	485,440,157	$	358,227,324	$	—	$	843,667,481

^*	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 during the period ended March 31, 2019. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

175

Statements of Assets and Liabilities

FIRST INVESTORS INCOME FUNDS

March 31, 2019

	FLOATING RATE
Assets
Investments in securities
At identified cost	$	249,479,611
At value (Note 1A)	$	246,991,946
Cash		22,249,378
Receivables:
Investment securities sold		2,728,104
Interest and dividends		756,642
Shares sold		363,493
Unrealized appreciation on foreign exchange contracts (Note 5)		—
Other assets		15,590
Total Assets		273,105,153

Liabilities
Payables:
Investment securities purchased		16,321,519
Shares redeemed		289,414
Dividends payable		112,705
Unrealized depreciation on foreign exchange contracts (Note 5)		—
Accrued advisory fees		114,372
Accrued shareholder servicing costs		39,268
Accrued expenses		145,156
Total Liabilities		17,022,434
Net Assets	$	256,082,719

Net Assets Consist of:
Capital paid in	$	262,375,346
Distributable earnings		(6,292,627	)
Total	$	256,082,719

See notes to financial statements

176

FUND FOR INCOME			GOVERNMENT CASH MANAGEMENT		INTERNATIONAL OPPORTUNITIES BOND


$	607,016,321		$	177,053,423	$	166,362,753
$	608,276,800		$	177,053,423	$	150,761,622
	7,599,174			1,735,393		6,631,241

	1,580,746			—		—
	10,308,668			158,016		1,943,240
	496,520			5,939		79,326
	—			—		203,977
	38,787			9,470		9,222
	628,300,695			178,962,241		159,628,628



	2,575,091			—		—
	930,182			1,007,215		164,914
	435,505			3,846		—
	—			—		1,297,798
	383,604			34,525		99,456
	112,771			38,958		40,255
	86,717			136,595		60,977
	4,523,870			1,221,139		1,663,400
$	623,776,825		$	177,741,102	$	157,965,228


$	669,360,105		$	177,741,102	$	180,669,339
	(45,583,280	)		—		(22,704,111	)
$	623,776,825		$	177,741,102	$	157,965,228

177

Statements of Assets and Liabilities

FIRST INVESTORS INCOME FUNDS

March 31, 2019

	FLOATING RATE
Net Assets:
Class A	$	70,501,793
Class B		N/A
Advisor Class	$	159,109,125
Institutional Class	$	26,471,801

Shares outstanding (Note 7):
Class A		7,389,605
Class B		N/A
Advisor Class		16,665,564
Institutional Class		2,774,526

Net asset value and redemption price per share - Class A	$	9.54

Maximum offering price per share - Class A^*	$	9.78	⁺⁺

Net asset value and offering price per share - Class B^**		N/A

Net asset value, offering price and redemptionprice per share - Advisor Class	$	9.55

Net asset value, offering price and redemptionprice per share - Institutional Class	$	9.54

#	Also maximum offering price per share.
^*	On purchases of $100,000 or more, the sales charge is reduced (Note 7).
+	Net asset value/.96
++	Net asset value/.975
^**	Redemption price is equal to net asset value less contingent deferred sales charges, if applicable (Note 7).

See notes to financial statements

178

FUND FOR INCOME			GOVERNMENT CASH MANAGEMENT			INTERNATIONAL OPPORTUNITIES BOND

$	505,329,471		$	177,585,610		$	49,290,939
$	1,517,063		$	154,473			N/A
$	80,263,864			N/A		$	89,838,716
$	36,666,427		$	1,019		$	18,835,573


	208,158,890			177,585,610			5,730,554
	623,880			154,473			N/A
	33,084,205			N/A			10,331,944
	15,028,711			1,019			2,143,609

$	2.43		$	1.00	^#	$	8.60

$	2.53	⁺		N/A		$	8.96	⁺

$	2.43		$	1.00			N/A

$	2.43			N/A		$	8.70

$	2.44		$	1.00		$	8.79

179

Statements of Assets and Liabilities

FIRST INVESTORS INCOME FUNDS

March 31, 2019

	INVESTMENT GRADE
Assets
Investments in securities:
Cost - Unaffiliated issuers	$	587,789,952
Cost - Affiliated issuers (Note 2)		—
Total cost of investments	$	587,789,952
Value - Unaffiliated issuers (Note 1A)	$	597,546,411
Value - Affiliated issuers (Note 2)		—
Total value of investments		597,546,411
Cash		5,480,900
Receivables:
Investment securities sold		611,548
Dividends and interest		6,656,981
Shares sold		366,450
Other assets		36,786
Total Assets		610,699,076

Liabilities
Payables:
Investment securities purchased		1,699,493
Shares redeemed		1,750,790
Dividends payable		127,203
Accrued advisory fees		301,272
Accrued shareholder servicing costs		88,301
Accrued expenses		50,013
Total Liabilities		4,017,072
Net Assets	$	606,682,004

Net Assets Consist of:
Capital paid in	$	621,517,073
Distributable earnings		(14,835,069	)
Total	$	606,682,004

See notes to financial statements

180

LIMITED DURATION BOND			STRATEGIC INCOME


$	320,694,925		$	13,387,351
	—			140,238,758
$	320,694,925		$	153,626,109
$	322,503,053		$	13,458,195
	—			133,781,874
	322,503,053			147,240,069
	4,337,373			651,211

	550,449			725,285
	2,104,558			436,759
	319,455			315,550
	20,437			9,251
	329,835,325			149,378,125



	630,355			769,017
	574,271			205,722
	125,517			16,995
	59,539			6,291
	48,915			19,459
	82,180			29,334
	1,520,777			1,046,818
$	328,314,548		$	148,331,307


$	364,403,859		$	159,018,853
	(36,089,311	)		(10,687,546	)
$	328,314,548		$	148,331,307

181

Statements of Assets and Liabilities

FIRST INVESTORS INCOME FUNDS

March 31, 2019

	INVESTMENT GRADE
Net Assets:
Class A	$	387,909,177
Class B	$	1,444,111
Advisor Class	$	197,001,583
Institutional Class	$	20,327,133

Shares outstanding(Note 7):
Class A		41,153,496
Class B		153,942
Advisor Class		20,773,405
Institutional Class		2,150,201

Net asset value and redemption price per share - Class A	$	9.43

Maximum offering price per share - Class A^*	$	9.82	⁺

Net asset value and offering price per share - Class B^**	$	9.38

Net asset value, offering price and redemptionprice per share - Advisor Class	$	9.48

Net asset value, offering price and redemptionprice per share - Institutional Class	$	9.45

^*	On purchases of $100,000 or more, the sales charge is reduced (Note 7).
+	Net asset value/.96
++	Net asset value/.975
^**	Redemption price is equal to net asset value less contingent deferred sales charges, if applicable (Note 7).

See notes to financial statements

182

LIMITED DURATION BOND			STRATEGIC INCOME

$	241,719,729		$	147,501,023
	N/A			N/A
$	49,032,171		$	830,284
$	37,562,648			N/A


	26,168,419			16,047,047
	N/A			N/A
	5,293,759			90,455
	4,048,640			N/A

$	9.24		$	9.19

$	9.48	⁺⁺	$	9.57	⁺

	N/A			N/A

$	9.26		$	9.18

$	9.28			N/A

183

Statements of Assets and Liabilities

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

	COVERED CALL STRATEGY
Assets
Investments in securities
At identified cost	$	284,529,893
At value (Note 1A)	$	325,414,079
Cash		3,320,252
Receivables:
Investment securities sold		—
Deposits at broker for futures contracts		—
Dividends and interest		377,973
Shares sold		232,693
Due from broker - variation margin futures		—
Unrealized appreciation on foreign exchange contracts (Note 5)		—
Other assets		21,633
Total Assets		329,366,630

Liabilities
Options written, at value (Note 5)		11,533,087	^(a)
Payables:
Investment securities purchased		—
Shares redeemed		432,366
Unrealized depreciation on foreign exchange and futures contracts (Note 5)		—
Accrued advisory fees		214,150
Accrued shareholder servicing costs		158,698
Accrued expenses		43,540
Total Liabilities		12,381,841
Net Assets	$	316,984,789

Net Assets Consist of:
Capital paid in	$	300,799,452
Distributable earnings		16,185,337
Total	$	316,984,789

^(a)	Premiums received from written options $7,567,379
^(b)	Premiums received from written options $71,997
^(c)	Premiums received from written options $127,039
^(d)	Premiums received from written options $771,615

See notes to financial statements

184

EQUITY INCOME			GLOBAL		GROWTH & INCOME			HEDGED U.S. EQUITY OPPORTUNITIES


$	438,286,146		$	525,035,544	$	1,187,155,827		$	151,787,359
$	579,680,112		$	579,419,692	$	1,642,340,608		$	169,799,608
	2,673,818			11,715,733		33,936,819			11,105,012

	608,695			—		3,472,366			207,630
	—			—		—			337,072
	852,946			1,447,045		1,591,211			220,251
	622,775			307,159		480,481			340,481
	—			—		—			1,700,192
	—			—		—			1,802
	38,644			38,651		112,475			9,850
	584,476,990			592,928,280		1,681,933,960			183,721,898


	92,450	^(b)		—		179,650	^(c)		614,550	^(d)

	1,365,642			2,410,937		10,010,837			89,216
	936,554			733,445		2,561,560			260,118
	—			—		—			480,679
	361,241			470,726		966,412			204,330
	88,263			88,859		262,040			30,820
	62,120			87,800		134,725			66,601
	2,906,270			3,791,767		14,115,224			1,746,314
$	581,570,720		$	589,136,513	$	1,667,818,736		$	181,975,584


$	432,916,251		$	559,701,141	$	1,149,435,374		$	165,826,497
	148,654,469			29,435,372		518,383,362			16,149,087
$	581,570,720		$	589,136,513	$	1,667,818,736		$	181,975,584

185

Statements of Assets and Liabilities

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

	COVERED CALL STRATEGY
Net Assets:
Class A	$	228,790,961
Class B		N/A
Advisor Class	$	85,884,702
Institutional Class	$	2,309,126

Shares outstanding (Note 7):
Class A		20,287,296
Class B		N/A
Advisor Class		7,639,042
Institutional Class		206,690

Net asset value and redemption price per share - Class A	$	11.28

Maximum offering price per share - Class A (Net asset value/.9425)^*	$	11.97

Net asset value and offering price per share - Class B^**		N/A

Net asset value, offering price and redemptionprice per share - Advisor Class	$	11.24

Net asset value, offering price and redemptionprice per share - Institutional Class	$	11.17

^*	On purchases of $50,000 or more, the sales charge is reduced (Note 7).
^**	Redemption price is equal to net asset value less contingent deferred sales charges, if applicable (Note 7).

See notes to financial statements

186

EQUITY INCOME		GLOBAL		GROWTH & INCOME		HEDGED U.S. EQUITY OPPORTUNITIES

$	498,833,996	$	356,080,363	$	1,505,650,398	$	76,399,415
$	2,199,526	$	1,938,405	$	9,994,625		N/A
$	78,538,799	$	227,833,091	$	143,755,117	$	105,027,243
$	1,998,399	$	3,284,654	$	8,418,596	$	548,926


	53,828,772		49,752,928		80,241,475		6,550,370
	243,283		369,426		585,971		N/A
	8,411,812		30,869,277		7,595,435		8,927,562
	215,906		441,929		446,564		46,523

$	9.27	$	7.16	$	18.76	$	11.66

$	9.84	$	7.60	$	19.90	$	12.37

$	9.04	$	5.25	$	17.06		N/A

$	9.34	$	7.38	$	18.93	$	11.76

$	9.26	$	7.43	$	18.85	$	11.80

187

Statements of Assets and Liabilities

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

	INTERNATIONAL
Assets
Investments in securities:
At identified cost	$	313,277,062
At value (Note 1A)	$	394,407,955
Cash		7,790,079
Receivables:
Investment securities sold		—
Options contracts written		—
Dividends and interest		1,524,926
Shares sold		473,365
Other assets		24,720
Total Assets		404,221,045

Liabilities
Options written, at value (Note 5)		—
Payables:
Investment securities purchased		—
Shares redeemed		680,689
Accrued advisory fees		328,214
Accrued shareholder servicing costs		86,894
Accrued expenses		58,651
Total Liabilities		1,154,448
Net Assets	$	403,066,597

Net Assets Consist of:
Capital paid in	$	335,374,711
Distributable earnings		67,691,886
Total	$	403,066,597

^(e)	Premiums received from written options $25,173,212

See notes to financial statements

188

OPPORTUNITY		PREMIUM INCOME			SELECT GROWTH		SPECIAL SITUATIONS		TOTAL RETURN


$	847,865,092	$	146,028,564		$	618,772,776	$	583,745,028	$	721,175,949
$	1,085,177,934	$	147,808,809		$	763,162,931	$	642,290,248	$	843,667,481
	26,399,457		3,490,874			6,580,326		6,055,165		13,174,760

	—		—			—		9,847,179		14,553,566
	—		282,361			—		—		—
	815,649		201,779			359,285		569,838		3,529,866
	734,537		616,397			1,175,378		712,637		339,744
	71,994		5,912			47,109		44,759		58,576
	1,113,199,571		152,406,132			771,325,029		659,519,826		875,323,993


	—		26,905,763	^(e)		—		—		—

	5,465,552		1,559,657			—		5,375,614		4,979,578
	1,818,943		79,109			1,384,993		1,236,129		1,192,087
	654,787		64,583			465,946		439,611		511,102
	400,148		27,007			108,489		130,947		139,353
	149,130		38,898			48,825		44,682		180,659
	8,488,560		28,675,017			2,008,253		7,226,983		7,002,779
$	1,104,711,011	$	123,731,115		$	769,316,776	$	652,292,843	$	868,321,214


$	836,718,706	$	123,442,072		$	586,381,149	$	577,025,814	$	722,196,109
	267,992,305		289,043			182,935,627		75,267,029		146,125,105
$	1,104,711,011	$	123,731,115		$	769,316,776	$	652,292,843	$	868,321,214

189

Statements of Assets and Liabilities

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

	INTERNATIONAL
Net Assets:
Class A	$	254,908,513
Class B	$	1,091,626
Advisor Class	$	144,283,356
Institutional Class	$	2,783,102

Shares outstanding(Note 7):
Class A		17,200,088
Class B		80,162
Advisor Class		9,539,977
Institutional Class		183,340

Net asset value and redemption price per share - Class A	$	14.82

Maximum offering price per share - Class A (Net asset value/.9425)^*	$	15.72

Net asset value and offering price per share - Class B^**	$	13.62

Net asset value, offering price and redemptionprice per share - Advisor Class	$	15.12

Net asset value, offering price and redemptionprice per share - Institutional Class	$	15.18

^*	On purchases of $50,000 or more, the sales charge is reduced (Note 7).
^**	Redemption price is equal to net asset value less contingent deferred sales charges, if applicable (Note 7).

See notes to financial statements

190

OPPORTUNITY		PREMIUM INCOME		SELECT GROWTH		SPECIAL SITUATIONS		TOTAL RETURN

$	943,677,938	$	60,448,829	$	557,067,882	$	512,210,506	$	828,821,963
$	5,275,980		N/A	$	2,543,887	$	2,107,820	$	5,405,912
$	151,156,650	$	63,243,380	$	203,091,694	$	130,646,785	$	1,010,910
$	4,600,443	$	38,906	$	6,613,313	$	7,327,732	$	33,082,429


	26,216,450		5,945,826		45,022,170		20,524,292		45,827,643
	199,566		N/A		253,153		121,016		303,974
	4,101,535		6,214,656		16,054,196		5,157,185		55,593
	124,991		7,028		519,603		286,906		1,812,983

$	36.00	$	10.17	$	12.37	$	24.96	$	18.09

$	38.20	$	10.79	$	13.12	$	26.48	$	19.19

$	26.44		N/A	$	10.05	$	17.42	$	17.78

$	36.85	$	10.18	$	12.65	$	25.33	$	18.18

$	36.81	$	5.54	$	12.73	$	25.54	$	18.25

191

Statements of Operations

FIRST INVESTORS INCOME FUNDS

Six Months Ended March 31, 2019

	FLOATING RATE
Investment Income
Interest	$	6,256,744
Dividends		—
Total income		6,256,744
Expenses (Notes 1 and 3):
Advisory fees		741,440
Distribution plan expenses-Class A		103,425
Distribution plan expenses-Class B		N/A
Shareholder servicing costs-Class A		52,112
Shareholder servicing costs-Class B		N/A
Shareholder servicing costs-Advisor Class		99,608
Shareholder servicing costs-Institutional Class		4,227
Professional fees		25,501
Custodian fees		41,441
Registration fees		45,123
Reports to shareholders		20,175
Trustees' fees		7,590
Other expenses		41,816
Total expenses		1,182,458
Less: Expenses waived and/or assumed (Note 3)		(21,067	)
Expenses paid indirectly (Note 1G)		(661	)
Net expenses		1,160,730
Net investment income		5,096,014

Realized and Unrealized Gain (Loss) on Investments and Foreign Exchange Contracts (Notes 2 and 5):
Net realized loss on:
Investments		(114,212	)
Foreign exchange contracts		—
Net realized loss on investments and foreign exchange contracts		(114,212	)
Net unrealized appreciation (depreciation) on:
Investments		(4,083,600	)
Foreign exchange contracts		—
Net unrealized appreciation (depreciation) on investments and foreign exchange contracts		(4,083,600	)
Net loss on investments and foreign exchange contracts		(4,197,812	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	898,202

^(a)	Net of $19,947 foreign taxes withheld

See notes to financial statements

192

FUND FOR INCOME			GOVERNMENT CASH MANAGEMENT			INTERNATIONAL OPPORTUNITIES BOND

$	18,827,174		$	1,924,485		$	3,445,312	^(a)
	—			—			—
	18,827,174			1,924,485			3,445,312

	2,238,775			411,659			570,290
	753,245			N/A			76,130
	7,886			545			N/A
	381,423			239,588			52,475
	2,351			266			N/A
	101,941			N/A			90,326
	5,437			2			2,044
	50,800			28,481			16,200
	17,209			3,052			40,545
	38,499			34,660			28,999
	25,645			11,726			21,635
	19,028			5,065			4,677
	51,396			13,701			26,277
	3,693,635			748,745			929,598
	(54,695	)		(252,334	)		—
	—			(2,078	)		(782	)
	3,638,940			494,333			928,816
	15,188,234			1,430,152			2,516,496



	(2,484,919	)		—			(38,161	)
	—			—			(900,253	)
	(2,484,919	)		—			(938,414	)

	161,339			—			(835,551	)
	—			—			(868,055	)
	161,339			—			(1,703,606	)
	(2,323,580	)		—			(2,642,020	)
$	12,864,654		$	1,430,152		$	(125,524	)

193

Statements of Operations

FIRST INVESTORS INCOME FUNDS

Six Months Ended March 31, 2019

	INVESTMENT GRADE
Investment Income
Interest	$	12,048,660
Dividends from affiliate (Note 2)		—
Total income		12,048,660
Expenses (Notes 1 and 3):
Advisory fees		1,937,610
Distribution plan expenses-Class A		575,396
Distribution plan expenses-Class B		7,083
Shareholder servicing costs-Class A		295,540
Shareholder servicing costs-Class B		2,196
Shareholder servicing costs-Advisor Class		102,620
Shareholder servicing costs-Institutional Class		3,033
Professional fees		54,348
Custodian fees		13,609
Registration fees		53,434
Reports to shareholders		27,122
Trustees' fees		18,165
Other expenses		36,914
Total expenses		3,127,070
Less: Expenses waived and/or assumed (Note 3)		(276,627	)
Expenses paid indirectly (Note 1G)		(7,269	)
Net expenses		2,843,174
Net investment income		9,205,486

Realized and Unrealized Gain (Loss) on Investments and Affiliate(Notes 2 and 5):
Net realized loss on:
Investments		(383,084	)
Affiliate		—
Net realized loss on investments and affiliate		(383,084	)
Net unrealized appreciation on:
Investments		18,337,977
Affiliate		—
Net unrealized appreciation on investments and affiliate		18,337,977
Net gain (loss) on investments and affiliate		17,954,893
Net Increase in Net Assets Resulting from Operations	$	27,160,379

See notes to financial statements

194

LIMITED DURATION BOND			STRATEGIC INCOME

$	4,884,823		$	170,564
	—			2,804,558
	4,884,823			2,975,122

	647,498			36,970
	361,536			220,637
	N/A			N/A
	209,938			98,334
	N/A			N/A
	55,591			381
	4,730			N/A
	92,387			35,461
	24,148			6,349
	64,450			27,750
	22,879			5,486
	9,750			4,563
	35,190			9,607
	1,528,097			445,538
	(405,794	)		—
	(3,893	)		(1,843	)
	1,118,410			443,695
	3,766,413			2,531,427



	(869,237	)		(92,864	)
	—			(871,802	)
	(869,237	)		(964,666	)

	4,077,109			155,962
	—			654,613
	4,077,109			810,575
	3,207,872			(154,091	)
$	6,974,285		$	2,377,336

195

Statements of Operations

FIRST INVESTORS EQUITY FUNDS

Six Months Ended March 31, 2019

	COVERED CALL STRATEGY
Investment Income
Dividends	$	4,221,151
Interest		—
Total income		4,221,151
Expenses (Notes 1 and 3):
Advisory fees		1,268,358
Distribution plan expenses-Class A		276,442
Distribution plan expenses-Class B		N/A
Shareholder servicing costs-Class A		198,160
Shareholder servicing costs-Class B		N/A
Shareholder servicing costs-Advisor Class		103,284
Shareholder servicing costs-Institutional Class		388
Professional fees		18,865
Custodian fees		4,851
Registration fees		54,946
Reports to shareholders		17,972
Trustees' fees		9,873
Other expenses		18,652
Total expenses		1,971,791
Less: Expenses (waived and/or assumed) repaid to advisor (Note 3)		76,010
Expenses paid indirectly (Note 1G)		(4,002	)
Net expenses		2,043,799
Net investment income		2,177,352

Realized and Unrealized Gain (Loss) on Investments, Options and Futures Contracts, and Foreign Exchange Contracts(Note 2 and 5):
Net realized gain (loss) on:
Investments		(8,445,898	)
Options contracts		(83,741	)
Futures contracts		—
Foreign exchange contracts		—
Net realized gain (loss) on investments, options and futures contracts, and foreign exchange contracts		(8,529,639	)
Net unrealized appreciation (depreciation) on:
Investments		(5,191,229	)
Options contracts		(3,966,842	)
Futures contracts		—
Foreign exchange contracts		—
Net unrealized depreciation on investments, options and futures contracts, and foreign exchange contracts		(9,158,071	)
Net gain (loss) on investments, options and futures contracts, and foreign exchange contracts		(17,687,710	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(15,510,358	)

^(a)	Net of $31,719 foreign taxes withheld
^(b)	Net of $95,427 foreign taxes withheld
^(c)	Net of $42,039 foreign taxes withheld
^(d)	Net of $12,226 foreign taxes withheld

See notes to financial statements

196

EQUITY INCOME			GLOBAL			GROWTH & INCOME			HEDGED U.S. EQUITY OPPORTUNITIES

$	8,204,241	^(a)	$	4,770,250	^(b)	$	20,197,689	^(c)	$	1,463,421	^(d)
	229,276			104,690			695,484			—
	8,433,517			4,874,940			20,893,173			1,463,421

	2,118,048			2,691,451			5,654,886			925,945
	747,191			522,553			2,248,460			85,890
	11,401			9,843			51,865			N/A
	337,963			290,247			1,019,963			58,120
	3,155			2,570			11,713			N/A
	25,131			98,019			81,318			79,724
	341			506			1,328			80
	31,664			44,677			78,399			15,402
	7,788			33,626			21,963			21,073
	40,500			42,149			55,000			37,500
	19,336			27,363			46,703			12,020
	17,962			17,470			51,297			5,032
	32,086			40,263			61,547			21,911
	3,392,566			3,820,737			9,384,442			1,262,697
	—			(94,873	)		—			12,756
	(9,219	)		(6,572	)		(26,537	)		(1,815	)
	3,383,347			3,719,292			9,357,905			1,273,638
	5,050,170			1,155,648			11,535,268			189,783



	9,816,737			(23,479,818	)		110,315,540			188,231
	83,687			—			67,727			(662,665	)
	—			—			—			1,940,561
	—			(294,625	)		—			5,084
	9,900,424			(23,774,443	)		110,383,267			1,471,211

	(37,176,106	)		(14,508,857	)		(201,010,895	)		(639,554	)
	(20,453	)		—			(52,612	)		237,329
	—			—			—			(321,967	)
	—			(10,266	)		—			(3,381	)
	(37,196,559	)		(14,519,123	)		(201,063,507	)		(727,573	)
	(27,296,135	)		(38,293,566	)		(90,680,240	)		743,638
$	(22,245,965	)	$	(37,137,918	)	$	(79,144,972	)	$	933,421

197

Statements of Operations

FIRST INVESTORS EQUITY FUNDS

Six Months Ended March 31, 2019

	INTERNATIONAL
Investment Income
Dividends	$	2,328,857	^(e)
Interest		82,489
Total income		2,411,346
Expenses (Notes 1 and 3):
Advisory fees		1,844,896
Distribution plan expenses-Class A		363,526
Distribution plan expenses-Class B		5,405
Shareholder servicing costs-Class A		267,395
Shareholder servicing costs-Class B		1,853
Shareholder servicing costs-Advisor Class		104,155
Shareholder servicing costs-Institutional Class		432
Professional fees		22,949
Custodian fees		42,116
Registration fees		39,001
Reports to shareholders		22,482
Trustees' fees		11,679
Other expenses		24,978
Total expenses		2,750,867
Less: Expenses waived and/or assumed (Note 3)		—
Expenses paid indirectly (Note 1G)		(788	)
Net expenses		2,750,079
Net investment income (loss)		(338,733	)

Realized and Unrealized Gain (Loss) on Investments, Options Contracts and Foreign Exchange Contracts (Note 2):
Net realized gain (loss) on:
Investments		(4,113,794	)
Options contracts		—
Foreign exchange contracts		(31,861	)
Net realized gain (loss) on investments, options contracts and foreign exchange contracts		(4,145,655	)
Net unrealized appreciation (depreciation) of:
Investments		4,679,156
Options contracts		—
Foreign exchange contracts		(5,938	)
Net unrealized appreciation (depreciation) of investments, options contracts and foreign exchange contracts		4,673,218
Net gain (loss) on investments		527,563
Net Increase (Decrease) in Net Assets Resulting from Operations	$	188,830

^(e)	Net of $225,837 foreign taxes withheld
^(f)	Net of $5,220 foreign taxes withheld
^(g)	Net of $2,895 foreign taxes withheld
^(h)	Net of $16,107 foreign taxes withheld

See notes to financial statements

198

OPPORTUNITY			PREMIUM INCOME			SELECT GROWTH			SPECIAL SITUATIONS			TOTAL RETURN

$	7,833,454	^(f)	$	1,589,140		$	5,327,314		$	5,705,838	^(g)	$	5,297,265	^(h)
	257,834			—			130,079			132,430			6,430,959
	8,091,288			1,589,140			5,457,393			5,838,268			11,728,224

	3,739,127			418,841			2,614,171			2,564,125			2,999,547
	1,367,052			64,993			794,363			769,673			1,233,910
	26,666			N/A			12,715			10,968			27,331
	956,249			39,092			401,822			454,921			574,800
	6,213			N/A			2,730			2,891			5,201
	106,665			32,677			114,711			112,394			1,073
	690			448			954			1,373			4,846
	48,735			20,299			33,744			30,539			136,451
	13,429			3,076			9,929			8,500			11,294
	55,500			62,501			38,501			42,500			—
	45,827			15,337			25,320			31,803			30,075
	33,023			3,190			22,409			20,245			26,651
	45,119			9,359			26,636			29,535			70,269
	6,444,295			669,813			4,098,005			4,079,467			5,121,448
	—			(59,444	)		—			—			—
	(17,018	)		(1,508	)		(8,987	)		(10,492	)		(13,674	)
	6,427,277			608,861			4,089,018			4,068,975			5,107,774
	1,664,011			980,279			1,368,375			1,769,293			6,620,450



	51,403,182			(1,934,882	)		37,500,198			21,038,359			39,184,700
	—			3,632,730			—			—			—
	—			—			—			—			—
	51,403,182			1,697,848			37,500,198			21,038,359			39,184,700

	(100,053,375	)		(683,533	)		(66,827,904	)		(96,910,387	)		(60,950,410	)
	—			(407,356	)		—			—			—
	—			—			—			—			—
	(100,053,375	)		(1,090,889	)		(66,827,904	)		(96,910,387	)		(60,950,410	)
	(48,650,193	)		606,959			(29,327,706	)		(75,872,028	)		(21,765,710	)
$	(46,986,182	)	$	1,587,238		$	(27,959,331	)	$	(74,102,735	)	$	(15,145,260	)

199

Statements of Changes in Net Assets

FIRST INVESTORS INCOME FUNDS

	FLOATING RATE
	10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018
Increase (Decrease) in Net Assets From Operations
Net investment income	$	5,096,014		$	7,145,470
Net realized gain (loss) on investments and foreign exchange contracts		(114,212	)		691,427
Net unrealized appreciation (depreciation) of investments and foreign exchange contracts		(4,083,600	)		366,130
Net increase (decrease) in net assets resulting from operations		898,202			8,203,027

Distribution to Shareholders¹
Class A		(1,394,064	)		(2,208,169	)
Class B		N/A			N/A
Advisor Class		(3,179,443	)		(4,156,168	)
Institutional Class		(635,533	)		(967,368	)
Total distributions		(5,209,040	)		(7,331,705	)

Share Transactions
Class A:
Proceeds from shares sold		11,639,768			17,357,693
Reinvestment of distributions		1,323,000			2,103,112
Cost of shares redeemed		(9,849,479	)		(17,921,450	)
		3,113,289			1,539,355
Class B:
Proceeds from shares sold		N/A			N/A
Reinvestment of distributions		N/A			N/A
Cost of shares redeemed		N/A			N/A
		N/A			N/A
Advisor Class:
Proceeds from shares sold		27,499,915			61,262,253
Reinvestment of distributions		3,161,849			4,032,114
Cost of shares redeemed		(13,747,707	)		(19,959,407	)
		16,914,057			45,334,960
Institutional Class
Proceeds from shares sold		3,117,695			12,262,644
Reinvestment of distributions		15,700			30,703
Cost of shares redeemed		(8,152,187	)		(1,657,595	)
		(5,018,792	)		10,635,752
Net increase (decrease) from share transactions		15,008,554			57,510,067
Net increase (decrease) in net assets		10,697,716			58,381,389

Net Assets
Beginning of period		245,385,003			187,003,614
End of period²	$	256,082,719		$	245,385,003

¹	The SEC eliminated the requirement to disclose components of distributions paid to shareholders in September 2018. The distributions for the year ended September 30, 2018 were all from net investment income.
²	The SEC eliminated the requirement to disclose undistributed net investment income in September 2018. For the year ended September 30, 2018, net assets included undistributed net investment income (deficit) of $(39,540), $(2,879,872), $0 and $(880,816), respectively on the Floating Rate, Fund For Income, Government Cash Management and International Opportunities Bond Funds.

See notes to financial statements

200

FUND FOR INCOME						GOVERNMENT CASH MANAGEMENT						INTERNATIONAL OPPORTUNITIES BOND
10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018

$	15,188,234		$	31,116,677		$	1,430,152		$	1,351,094		$	2,516,496		$	3,960,014
	(2,484,919	)		2,892,551			—			—			(938,414	)		(2,315,047	)
	161,339			(22,306,970	)		—			—			(1,703,606	)		(8,484,204	)
	12,864,654			11,702,258			1,430,152			1,351,094			(125,524	)		(6,839,237	)


	(13,335,097	)		(27,698,833	)		(1,429,414	)		(1,328,144	)		(928,347	)		(1,886,224	)
	(35,335	)		(85,725	)		(729	)		(163	)		N/A			N/A
	(2,099,794	)		(4,671,312	)		N/A			N/A			(1,600,584	)		(2,402,791	)
	(1,036,845	)		(2,952,485	)		(9	)		(22,787	)		(219,516	)		(271,216	)
	(16,507,071	)		(35,408,355	)		(1,430,152	)		(1,351,094	)		(2,748,447	)		(4,560,231	)



	15,152,669			35,731,994			150,550,090			270,861,015			2,014,539			11,126,773
	11,607,378			23,989,477			1,387,227			1,284,209			888,921			1,808,009
	(42,286,008	)		(89,758,885	)		(128,046,693	)		(245,529,644	)		(6,572,345	)		(14,137,804	)
	(15,525,961	)		(30,037,414	)		23,890,624			26,615,580			(3,668,885	)		(1,203,022	)

	84,182			126,756			110,338			85,114			N/A			N/A
	29,068			67,913			712			163			N/A			N/A
	(368,650	)		(695,133	)		(57,996	)		(144,650	)		N/A			N/A
	(255,400	)		(500,464	)		53,054			(59,373	)		N/A			N/A

	9,213,410			39,762,430			N/A			N/A			9,706,288			37,576,303
	2,078,398			4,509,257			N/A			N/A			1,596,425			1,992,072
	(10,545,177	)		(34,950,872	)		N/A			N/A			(7,303,270	)		(14,261,300	)
	746,631			9,320,815			N/A			N/A			3,999,443			25,307,075

	9,387,098			11,973,731			—			1,640,026			9,889,674			5,921,591
	77,641			324,515			9			20,317			8,115			20,279
	(6,152,887	)		(55,406,840	)		—			(4,053,823	)		(808,228	)		(3,839,839	)
	3,311,852			(43,108,594	)		9			(2,393,480	)		9,089,561			2,102,031
	(11,722,878	)		(64,325,657	)		23,943,687			24,162,727			9,420,119			26,206,084
	(15,365,295	)		(88,031,754	)		23,943,687			24,162,727			6,546,148			14,806,616


	639,142,120			727,173,874			153,797,415			129,634,688			151,419,080			136,612,464
$	623,776,825		$	639,142,120		$	177,741,102		$	153,797,415		$	157,965,228		$	151,419,080

201

Statements of Changes in Net Assets

FIRST INVESTORS INCOME FUNDS

	FLOATING RATE
	10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018
Shares Issued and Redeemed
Class A:
Sold		1,216,153			1,791,647
Issued for distributions reinvested		138,793			217,095
Redeemed		(1,027,820	)		(1,850,470	)
Net increase (decrease) in Class A shares outstanding		327,126			158,272

Class B:
Sold		N/A			N/A
Issued for distributions reinvested		N/A			N/A
Redeemed		N/A			N/A
Net increase (decrease) in Class B shares outstanding		N/A			N/A

Advisor Class:
Sold		2,869,736			6,320,958
Issued for distributions reinvested		331,531			415,961
Redeemed		(1,439,868	)		(2,058,862	)
Net increase in Advisor Class shares outstanding		1,761,399			4,678,057

Institutional Class:
Sold		325,836			1,264,275
Issued for distributions reinvested		1,647			3,169
Redeemed		(849,574	)		(171,044	)
Net increase (decrease) in Institutional Class shares outstanding		(522,091	)		1,096,400

See notes to financial statements

202

FUND FOR INCOME						GOVERNMENT CASH MANAGEMENT						INTERNATIONAL OPPORTUNITIES BOND
10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018


	6,336,174			14,449,467			150,550,090			270,861,015			234,533			1,202,275
	4,864,921			9,735,758			1,387,227			1,284,209			105,950			194,863
	(17,705,314	)		(36,347,934	)		(128,046,693	)		(245,529,644	)		(763,821	)		(1,541,669	)
	(6,504,219	)		(12,162,709	)		23,890,624			26,615,580			(423,338	)		(144,531	)


	36,251			51,091			110,338			85,114			N/A			N/A
	12,177			27,480			712			163			N/A			N/A
	(154,982	)		(279,926	)		(57,996	)		(144,650	)		N/A			N/A
	(106,554	)		(201,355	)		53,054			(59,373	)		N/A			N/A


	3,862,486			16,125,451			N/A			N/A			1,118,993			4,081,994
	871,981			1,833,501			N/A			N/A			188,480			212,335
	(4,399,413	)		(14,292,625	)		N/A			N/A			(841,840	)		(1,560,329	)
	335,054			3,666,327			N/A			N/A			465,633			2,734,000


	3,891,252			4,841,690			—			1,640,026			1,127,981			629,288
	32,404			130,520			9			20,317			948			2,165
	(2,573,239	)		(22,365,155	)		—			(4,053,823	)		(92,158	)		(428,971	)
	1,350,417			(17,392,945	)		9			(2,393,480	)		1,036,771			202,482

203

Statements of Changes in Net Assets

FIRST INVESTORS INCOME FUNDS

	INVESTMENT GRADE
	10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018
Increase (Decrease) in Net Assets From Operations
Net investment income	$	9,205,486		$	17,925,632
Net realized loss on investments		(383,084	)		(1,645,013	)
Net unrealized appreciation (depreciation) of investments		18,337,977			(26,239,627	)
Net unrealized appreciation (depreciation) of affiliate (Note 2)		—			—
Net increase (decrease) in net assets resulting from operations		27,160,379			(9,959,008	)

Distribution to Shareholders¹
Class A		(6,874,122	)		(15,179,813	)
Class B		(19,284	)		(45,111	)
Advisor Class		(3,625,679	)		(5,965,579	)
Institutional Class		(402,924	)		(970,661	)
Total distributions		(10,922,009	)		(22,161,164	)

Share Transactions
Class A:
Proceeds from shares sold		15,995,899			42,681,411
Reinvestment of distributions		6,489,559			14,260,185
Cost of shares redeemed		(45,570,116	)		(96,469,770	)
Shares issued from merger		—			—
		(23,084,658	)		(39,528,174	)
Class B:
Proceeds from shares sold		70,099			188,297
Reinvestment of distributions		19,174			44,209
Cost of shares redeemed		(159,308	)		(847,464	)
Shares issued from merger		—			—
		(70,035	)		(614,958	)
Advisor Class:
Proceeds from shares sold		22,502,857			67,872,202
Reinvestment of distributions		3,605,944			5,728,814
Cost of shares redeemed		(14,759,497	)		(21,719,878	)
Shares issued from merger		—			—
		11,349,304			51,881,138
Institutional Class
Proceeds from shares sold		257,882			4,522,217
Reinvestment of distributions		28,013			69,351
Cost of shares redeemed		(4,445,215	)		(5,422,878	)
Shares issued from merger		—			—
		(4,159,320	)		(831,310	)
Net increase (decrease) from share transactions		(15,964,709	)		10,906,696
Net increase (decrease) in net assets		273,661			(21,213,476	)
Net Assets
Beginning of period		606,408,343			627,621,819
End of period²	$	606,682,004		$	606,408,343

¹	The SEC eliminated the requirement to disclose components of distributions paid to shareholders in September 2018. The distributions for the year ended September 30, 2018 were all from net investment income.
²	The SEC eliminated the requirement to disclose undistributed net investment income in September 2018. For the year ended September 30, 2018, net assets included undistributed net investment income (deficit) of $(11,310,857), $(2,914,002) and $69,208, respectively on the Investment Grade, Limited Duration Bond and Strategic Income Funds.

See notes to financial statements

204

LIMITED DURATION BOND						STRATEGIC INCOME
10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018

$	3,766,413		$	275,664		$	2,531,427		$	5,380,029
	(869,237	)		(397,136	)		(964,666	)		(1,108,887	)
	4,077,109			(185,198	)		155,962			(85,116	)
	—			—			654,613			(4,391,296	)
	6,974,285			(306,670	)		2,377,336			(205,270	)


	(3,449,479	)		(1,772,750	)		(2,585,469	)		(5,462,343	)
	N/A			N/A			N/A			N/A
	(659,369	)		(1,003,221	)		(15,328	)		(29,421	)
	(536,090	)		(1,078,886	)		N/A			N/A
	(4,644,938	)		(3,854,857	)		(2,600,797	)		(5,491,764	)



	21,042,519			20,386,749			8,882,518			25,716,213
	3,310,901			1,726,388			2,473,468			5,225,611
	(32,257,603	)		(21,855,129	)		(15,811,160	)		(35,879,785	)
	—			186,810,690			—			—
	(7,904,183	)		187,068,698			(4,455,174	)		(4,937,961	)

	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A

	22,681,961			10,192,449			205,797			276,262
	654,976			971,339			15,115			28,321
	(10,225,512	)		(6,712,312	)		(150,272	)		(482,278	)
	—			485,702			—			—
	13,111,425			4,937,178			70,640			(177,695	)

	14,982,221			18,363,649			N/A			N/A
	10,996			6,137			N/A			N/A
	(16,437,236	)		(19,537,354	)		N/A			N/A
	—			1,024			N/A			N/A
	(1,444,019	)		(1,166,544	)		N/A			N/A
	3,763,223			190,839,332			(4,384,534	)		(5,115,656	)
	6,092,570			186,677,805			(4,607,995	)		(10,812,690	)

	322,221,978			135,544,173			152,939,302			163,751,992
$	328,314,548		$	322,221,978		$	148,331,307		$	152,939,302

205

Statements of Changes in Net Assets

FIRST INVESTORS INCOME FUNDS

	INVESTMENT GRADE
	10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018
Shares Issued and Redeemed
Class A:
Sold		1,744,099			4,532,773
Issued for distributions reinvested		707,832			1,521,041
Redeemed		(4,986,529	)		(10,297,688	)
Shares issued from merger		—			—
Net increase (decrease) in Class A shares outstanding		(2,534,598	)		(4,243,874	)

Class B:
Sold		7,696			19,966
Issued for distributions reinvested		2,102			4,735
Redeemed		(17,501	)		(90,020	)
Shares issued from merger		—			—
Net decrease in Class B shares outstanding		(7,703	)		(65,319	)

Advisor Class:
Sold		2,447,084			7,214,671
Issued for distributions reinvested		390,878			609,298
Redeemed		(1,603,771	)		(2,317,779	)
Shares issued from merger		—			—
Net increase (decrease) in Advisor Class shares outstanding		1,234,191			5,506,190

Institutional Class:
Sold		27,806			469,939
Issued for distributions reinvested		3,047			7,379
Redeemed		(486,942	)		(568,845	)
Shares issued from merger		—			—
Net decrease in Institutional Class shares outstanding		(456,089	)		(91,527	)

See notes to financial statements

206

LIMITED DURATION BOND						STRATEGIC INCOME
10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018


	2,295,984			2,201,214			974,000			2,751,301
	361,004			186,493			271,784			559,375
	(3,520,622	)		(2,359,440	)		(1,735,064	)		(3,850,452	)
	—			20,370,413			—			—
	(863,634	)		20,398,680			(489,280	)		(539,776	)


	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A


	2,470,109			1,094,702			22,685			29,671
	71,183			104,635			1,663			3,038
	(1,107,831	)		(722,594	)		(16,485	)		(51,305	)
	—			52,807			—			—
	1,433,461			529,550			7,863			(18,596	)


	1,625,500			1,982,606			N/A			N/A
	1,193			660			N/A			N/A
	(1,792,456	)		(2,084,636	)		N/A			N/A
	—			111			N/A			N/A
	(165,763	)		(101,259	)		N/A			N/A

207

Statements of Changes in Net Assets

FIRST INVESTORS EQUITY FUNDS

	COVERED CALL STRATEGY
	10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018
Increase (Decrease) in Net Assets From Operations
Net investment income (loss)	$	2,177,352		$	3,655,040
Net realized gain (loss) on investments, options contracts and foreign exchange contracts		(8,529,639	)		(11,113,260	)
Net unrealized appreciation (depreciation) of investments, options contracts, and foreign exchange contracts		(9,158,071	)		28,590,946
Net increase (decrease) in net assets resulting from operations		(15,510,358	)		21,132,726

Distributions to Shareholders¹
Class A		(1,449,154	)
Class B		N/A
Advisor Class		(698,803	)
Institutional Class		(19,955	)
Total distributions		(2,167,912	)

Net investment income-Class A					(1,952,791	)
Net investment income-Class B					N/A
Net investment income-Advisor Class					(1,622,620	)
Net investment income-Institutional Class					(70,317	)
Net realized gains-Class A					—
Net realized gains-Class B					N/A
Net realized gains-Advisor Class					—
Net realized gains-Institutional Class					—
Total distributions					(3,645,728	)

Share Transactions
Class A:
Proceeds from shares sold		26,178,817			94,094,747
Reinvestment of distributions		1,423,939			1,920,181
Cost of shares redeemed		(25,098,929	)		(37,816,465	)
		2,503,827			58,198,463
Class B:
Proceeds from shares sold		N/A			N/A		��
Reinvestment of distributions		N/A			N/A
Cost of shares redeemed		N/A			N/A
		N/A			N/A
Advisor Class
Proceeds from shares sold		13,233,399			78,790,539
Reinvestment of distributions		646,427			1,471,618
Cost of shares redeemed		(35,539,482	)		(80,989,357	)
		(21,659,656	)		(727,200	)
Institutional Class
Proceeds from shares sold		209,520			4,814,072
Reinvestment of distributions		19,955			53,560
Cost of shares redeemed		(701,657	)		(9,324,730	)
		(472,182	)		(4,457,098	)
Net increase (decrease) from share transactions		(19,628,011	)		53,014,165
Net increase (decrease) in net assets		(37,306,281	)		70,501,163

¹	The SEC eliminated the requirement to disclose components of distributions paid to shareholders in September 2018.

See notes to financial statements

208

EQUITY INCOME						GLOBAL						GROWTH & INCOME
10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018

$	5,050,170		$	15,912,426		$	1,155,648		$	(95,148	)	$	11,535,268		$	20,857,373
	9,900,424			66,166,488			(23,774,443	)		76,449,694			110,383,267			251,442,108
	(37,196,559	)		(28,255,152	)		(14,519,123	)		(14,156,614	)		(201,063,507	)		(88,486,835	)
	(22,245,965	)		53,823,762			(37,137,918	)		62,197,932			(79,144,972	)		183,812,646


	(63,317,824	)					(43,940,031	)					(274,996,276	)
	(286,459	)					(324,786	)					(2,023,413	)
	(9,709,769	)					(25,969,559	)					(24,895,218	)
	(267,270	)					(407,474	)					(1,612,965	)
	(73,581,322	)					(70,641,850	)					(303,527,872	)

				(8,670,001	)					(1,904,849	)					(22,103,552	)
				(25,598	)					(11,555	)					(49,489	)
				(1,505,409	)					(1,156,269	)					(2,741,388	)
				(45,395	)					(22,952	)					(192,263	)
				(18,700,796	)					(27,517,933	)					(66,425,749	)
				(94,816	)					(225,878	)					(577,823	)
				(2,533,033	)					(14,205,335	)					(6,908,711	)
				(76,275	)					(273,391	)					(435,766	)
				(31,651,323	)					(45,318,162	)					(99,434,741	)



	19,796,139			44,822,381			13,619,872			34,440,747			46,069,231			105,256,985
	62,318,866			27,012,430			43,193,288			29,037,446			272,345,251			87,791,227
	(46,311,359	)		(110,386,174	)		(26,346,584	)		(59,239,612	)		(118,778,681	)		(292,506,030	)
	35,803,646			(38,551,363	)		30,466,576			4,238,581			199,635,801			(99,457,818	)

	48,597			201,399			60,755			219,425			291,879			1,021,175
	286,459			120,221			324,786			237,434			2,019,655			624,919
	(309,626	)		(855,935	)		(280,981	)		(785,500	)		(1,746,295	)		(4,493,704	)
	25,430			(534,315	)		104,560			(328,641	)		565,239			(2,847,610	)

	8,048,457			28,883,060			27,085,495			71,565,214			18,336,101			52,008,514
	9,641,282			3,361,847			25,895,633			14,647,751			24,719,202			9,135,941
	(7,215,583	)		(26,068,634	)		(14,812,741	)		(56,286,039	)		(11,026,507	)		(91,647,543	)
	10,474,156			6,176,273			38,168,387			29,926,926			32,028,796			(30,503,088	)

	1,683,394			1,347,183			237,330			572,083			405,821			887,827
	267,270			121,670			407,474			296,343			1,612,965			628,029
	(2,113,194	)		(1,209,375	)		(1,126,714	)		(383,485	)		(2,630,508	)		(1,802,340	)
	(162,530	)		259,478			(481,910	)		484,941			(611,722	)		(286,484	)
	46,140,702			(32,649,927	)		68,257,613			34,321,807			231,618,114			(133,095,000	)
	(49,686,585	)		(10,477,488	)		(39,522,155	)		51,201,577			(151,054,730	)		(48,717,095	)

209

Statements of Changes in Net Assets

FIRST INVESTORS EQUITY FUNDS

	COVERED CALL STRATEGY
	10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018
Net Assets
Beginning of period	$	354,291,070		$	283,789,907
End of period²	$	316,984,789		$	354,291,070

Shares Issued and Redeemed
Class A:
Sold		2,392,920			8,228,315
Issued for distributions reinvested		134,641			168,270
Redeemed		(2,276,013	)		(3,301,288	)
Net increase (decrease) in Class A shares outstanding		251,548			5,095,297

Class B:
Sold		N/A			N/A
Issued for distributions reinvested		N/A			N/A
Redeemed		N/A			N/A
Net increase (decrease) in Class B shares outstanding		N/A			N/A

Advisor Class
Sold		1,197,867			6,898,774
Issued for distributions reinvested		61,863			129,933
Redeemed		(3,303,773	)		(7,147,405	)
Net increase (decrease) in Advisor Class shares outstanding		(2,044,043	)		(118,698	)

Institutional Class:
Sold		19,510			414,848
Issued for distributions reinvested		1,903			4,796
Redeemed		(63,175	)		(827,929	)
Net increase (decrease) in Institutional Class shares outstanding		(41,762	)		(408,285	)

				$	41,035

For the year ended September 30, 2018 net assets includes undistributed net investment income (deficit) of

See notes to financial statements

210

EQUITY INCOME						GLOBAL						GROWTH & INCOME
10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018

$	631,257,305		$	641,734,793		$	628,658,668		$	577,457,091		$	1,818,873,466		$	1,867,590,561
$	581,570,720		$	631,257,305		$	589,136,513		$	628,658,668		$	1,667,818,736		$	1,818,873,466



	2,042,633			4,119,724			1,836,869			3,964,795			2,266,445			4,423,019
	7,341,000			2,490,655			6,812,821			3,469,229			16,069,200			3,692,262
	(4,770,095	)		(10,148,853	)		(3,584,433	)		(6,828,948	)		(5,827,662	)		(12,290,013	)
	4,613,538			(3,538,474	)		5,065,257			605,076			12,507,983			(4,174,732	)


	4,958			18,977			10,581			32,543			15,303			46,327
	34,734			11,300			69,696			36,528			131,251			28,301
	(32,897	)		(80,753	)		(50,269	)		(116,586	)		(92,192	)		(204,976	)
	6,795			(50,476	)		30,008			(47,515	)		54,362			(130,348	)


	823,230			2,642,494			3,577,930			8,059,994			901,144			2,169,824
	1,127,144			308,539			3,965,641			1,711,186			1,445,855			381,959
	(742,713	)		(2,396,645	)		(1,942,629	)		(6,358,513	)		(537,113	)		(3,879,094	)
	1,207,661			554,388			5,600,942			3,412,667			1,809,886			(1,327,311	)


	160,024			123,985			31,018			64,095			20,305			37,066
	31,512			11,208			61,926			34,458			94,674			26,328
	(200,419	)		(114,962	)		(137,476	)		(42,873	)		(119,864	)		(75,271	)
	(8,883	)		20,231			(44,532	)		55,680			(4,885	)		(11,877	)

5,666,088

(426,580

)

147,252

211

Statements of Changes in Net Assets

FIRST INVESTORS EQUITY FUNDS

	HEDGED U.S. EQUITY OPPORTUNITIES
	10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018
Increase (Decrease) in Net Assets From Operations
Net investment income (loss)	$	189,783		$	(23,541	)
Net realized gain (loss) on investments, options and futures contracts, and foreign exchange contracts		1,471,211			1,451,960
Net unrealized appreciation (depreciation) of investments, options and futures contracts, and foreign exchange contracts		(727,573	)		11,112,390
Net increase (decrease) in net assets resulting from operations		933,421			12,540,809

Distributions to Shareholders¹
Class A		(1,268,295	)
Class B		N/A
Advisor Class		(1,748,223	)
Institutional Class		(9,534	)
		(3,026,052	)

Net investment income-Class A					—
Net investment income-Class B					N/A
Net investment income-Advisor Class					—
Net investment income-Institutional Class					—
Net realized gains-Class A					—
Net realized gains-Class B					N/A
Net realized gains-Advisor Class					—
Net realized gains-Institutional Class					—
Total distributions					—

Share Transactions
Class A:
Proceeds from shares sold		14,974,580			29,210,518
Reinvestment of distributions		1,255,236			—
Cost of shares redeemed		(5,696,021	)		(12,110,889	)
		10,533,795			17,099,629
Class B:
Proceeds from shares sold		N/A			N/A
Reinvestment of distributions		N/A			N/A
Cost of shares redeemed		N/A			N/A
		N/A			N/A
Advisor Class:
Proceeds from shares sold		19,017,690			76,712,079
Reinvestment of distributions		1,740,439			—
Cost of shares redeemed		(9,482,568	)		(22,597,701	)
		11,275,561			54,114,378
Institutional Class
Proceeds from shares sold		118,895			276,139
Reinvestment of distributions		9,534			—
Cost of shares redeemed		(144,105	)		(226,176	)
		(15,676	)		49,963
Net increase from share transactions		21,793,680			71,263,970
Net increase (decrease) in net assets		19,701,049			83,804,779

¹	The SEC eliminated the requirement to disclose components of distributions paid to shareholders in September 2018.

See notes to financial statements

212

INTERNATIONAL						OPPORTUNITY						PREMIUM INCOME
10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018

$	(338,733	)	$	846,265		$	1,664,011		$	11,171,649		$	980,279		$	366,478
	(4,145,655	)		28,737,160			51,403,182			75,396,234			1,697,848			(375,632	)
	4,673,218			(23,085,239	)		(100,053,375	)		(14,746,162	)		(1,090,889	)		1,138,583
	188,830			6,498,186			(46,986,182	)		71,821,721			1,587,238			1,129,429


	(16,053,838	)					(89,968,893	)					(990,646	)
	(72,818	)					(687,500	)					N/A
	(8,663,047	)					(13,689,378	)					(1,069,473	)
	(183,424	)					(437,317	)					(20,315	)
	(24,973,127	)					(104,783,088	)					(2,080,434	)

				(275,588	)					(2,804,178	)					(148,277	)
				—						(14,370	)					N/A
				(239,073	)					(288,632	)					(114,909	)
				(7,737	)					(22,342	)					(84,004	)
				—						(56,621,327	)					—
				—						(518,174	)					N/A
				—						(4,684,317	)					—
				—						(323,573	)					—
				(522,398	)					(65,276,913	)					(347,190	)



	16,361,263			58,126,902			42,997,023			103,692,905			23,970,518			44,677,901
	15,918,971			273,396			89,198,488			59,060,707			965,695			143,012
	(20,567,131	)		(41,313,524	)		(67,669,256	)		(160,025,421	)		(6,014,621	)		(3,460,167	)
	11,713,103			17,086,774			64,526,255			2,728,191			18,921,592			41,360,746

	34,642			126,139			188,588			551,389			N/A			N/A
	72,635			—			684,857			530,291			N/A			N/A
	(168,050	)		(369,272	)		(829,091	)		(2,298,990	)		N/A			N/A
	(60,773	)		(243,133	)		44,354			(1,217,310	)		N/A			N/A

	17,231,547			52,322,028			20,014,174			80,413,897			44,123,382			35,759,296
	8,630,971			222,902			13,608,679			4,553,410			1,017,805			108,996
	(10,203,285	)		(29,315,834	)		(12,960,113	)		(18,910,762	)		(16,008,819	)		(1,946,404	)
	15,659,233			23,229,096			20,662,740			66,056,545			29,132,368			33,921,888

	228,243			896,876			429,999			1,044,609			27,464			16,026,765
	183,424			7,737			437,317			345,915			15,074			20,648
	(931,064	)		(737,330	)		(1,409,499	)		(1,339,746	)		(3,607,206	)		(12,377,267	)
	(519,397	)		167,283			(542,183	)		50,778			(3,564,668	)		3,670,146
	26,792,166			40,240,020			84,691,166			67,618,204			44,489,292			78,952,780
	2,007,869			46,215,808			(67,078,104	)		74,163,012			43,996,096			79,735,019

213

Statements of Changes in Net Assets

FIRST INVESTORS EQUITY FUNDS

	HEDGED U.S. EQUITY OPPORTUNITIES
	10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018
Net Assets
Beginning of period	$	162,274,535		$	78,469,756
End of period²	$	181,975,584		$	162,274,535

Shares Issued and Redeemed
Class A:
Sold		1,328,743			2,558,901
Issued for distributions reinvested		119,206			—
Redeemed		(504,625	)		(1,057,699	)
Net increase in Class A shares outstanding		943,324			1,501,202

Class B:
Sold		N/A			N/A
Issued for distributions reinvested		N/A			N/A
Redeemed		N/A			N/A
Net increase (decrease) in Class B shares outstanding		N/A			N/A

Advisor Class:
Sold		1,676,530			6,763,670
Issued for distributions reinvested		164,038			—
Redeemed		(835,167	)		(1,965,792	)
Net increase in Advisor Class shares outstanding		1,005,401			4,797,878

Institutional Class:
Sold		10,331			24,135
Issued for distributions reinvested		896			—
Redeemed		(12,487	)		(19,944	)
Net increase (decrease) in Institutional Class shares outstanding		(1,260	)		4,191

²For the year ended September 30, 2018 net assets includes undistributed net investment income (deficit) of				$	(4,522	)

See notes to financial statements

214

INTERNATIONAL						OPPORTUNITY						PREMIUM INCOME
10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018

$	401,058,728		$	354,842,920		$	1,171,789,115		$	1,097,626,103		$	79,735,019		$	—
$	403,066,597		$	401,058,728		$	1,104,711,011		$	1,171,789,115		$	123,731,115		$	79,735,019



	1,127,378			3,590,666			1,185,069			2,472,473			2,382,224			4,385,757
	1,218,910			16,773			2,871,812			1,413,612			97,115			14,023
	(1,426,051	)		(2,553,601	)		(1,862,615	)		(3,815,117	)		(595,054	)		(338,239	)
	920,237			1,053,838			2,194,266			70,968			1,884,285			4,061,541


	2,681			8,386			6,885			17,104			N/A			N/A
	6,043			—			29,959			16,499			N/A			N/A
	(12,385	)		(24,704	)		(30,111	)		(71,493	)		N/A			N/A
	(3,661	)		(16,318	)		6,733			(37,890	)		N/A			N/A


	1,169,800			3,187,640			540,599			1,895,352			4,386,476			3,508,615
	648,458			13,468			428,350			107,063			102,299			10,710
	(690,648	)		(1,782,051	)		(351,122	)		(439,869	)		(1,603,200	)		(190,244	)
	1,127,610			1,419,057			617,827			1,562,546			2,885,575			3,329,081


	15,574			54,037			11,641			24,450			2,832			1,581,172
	13,730			466			13,787			8,149			2,851			2,046
	(61,304	)		(44,299	)		(35,565	)		(31,085	)		(380,178	)		(1,201,695	)
	(32,000	)		10,204			(10,137	)		1,514			(374,495	)		381,523

619,607

10,465,942

19,288

215

Statements of Changes in Net Assets

FIRST INVESTORS EQUITY FUNDS

	SELECT GROWTH
	10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018
Increase (Decrease) in Net Assets From Operations
Net investment income	$	1,368,375		$	150,706
Net realized gain on investments		37,500,198			36,073,320
Net unrealized appreciation (depreciation) of investments		(66,827,904	)		98,924,921
Net increase (decrease) in net assets resulting from operations		(27,959,331	)		135,148,947

Distributions to Shareholders¹
Class A		(26,782,811	)
Class B		(154,240	)
Advisor Class		(9,136,425	)
Institutional Class		(308,565	)
		(36,382,041	)

Net investment income-Class A					(239,159	)
Net investment income-Class B					—
Net investment income-Advisor Class					(130,189	)
Net investment income-Institutional Class					(8,316	)
Net realized gains-Class A					(39,548,693	)
Net realized gains-Class B					(318,093	)
Net realized gains-Advisor Class					(7,349,893	)
Net realized gains-Institutional Class					(445,150	)
Total distributions					(48,039,493	)

Share Transactions
Class A:
Proceeds from shares sold		54,064,071			104,868,480
Reinvestment of distributions		26,527,802			39,481,516
Cost of shares redeemed		(45,546,020	)		(83,751,760	)
Shares issued from merger		—			—
		35,045,853			60,598,236
Class B:
Proceeds from shares sold		131,861			272,956
Reinvestment of distributions		150,066			310,573
Cost of shares redeemed		(448,937	)		(1,051,710	)
Shares issued from merger		—			—
		(167,010	)		(468,181	)
Advisor Class:
Proceeds from shares sold		30,611,786			129,714,140
Reinvestment of distributions		9,075,112			7,092,254
Cost of shares redeemed		(15,973,905	)		(44,628,910	)
Shares issued from merger		—			—
		23,712,993			92,177,484
Institutional Class
Proceeds from shares sold		857,265			2,115,173
Reinvestment of distributions		308,565			453,466
Cost of shares redeemed		(1,795,723	)		(538,910	)
Shares issued from merger		—			—
		(629,893	)		2,029,729
Net increase (decrease) from share transactions		57,961,943			154,337,268
Net increase (decrease) in net assets		(6,379,429	)		241,446,722

¹	The SEC eliminated the requirement to disclose components of distributions paid to shareholders in September 2018.

See notes to financial statements

216

SPECIAL SITUATIONS						TOTAL RETURN
10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018

$	1,769,293		$	1,131,375		$	6,620,450		$	14,170,068
	21,038,359			82,755,122			39,184,700			63,414,992
	(96,910,387	)		(31,396,357	)		(60,950,410	)		(30,583,626	)
	(74,102,735	)		52,490,140			(15,145,260	)		47,001,434


	(69,289,188	)					(72,696,681	)
	(397,669	)					(471,925	)
	(16,747,438	)					(90,956	)
	(988,798	)					(2,853,110	)
	(87,423,093	)					(76,112,672	)

				(223,805	)					(15,396,814	)
				—						(57,491	)
				(152,568	)					(21,110	)
				(12,819	)					(769,762	)
				(15,226,717	)					(15,297,108	)
				(105,510	)					(119,932	)
				(3,496,476	)					(17,418	)
				(235,100	)					(575,977	)
				(19,452,995	)					(32,255,612	)



	30,472,702			80,670,471			31,942,910			73,816,412
	68,590,690			15,336,562			71,774,969			30,309,443
	(39,494,500	)		(90,637,765	)		(77,141,002	)		(156,488,239	)
	—			—			—			50,464,265
	59,568,892			5,369,268			26,576,877			(1,898,119	)

	91,915			219,160			274,223			480,372
	395,996			105,121			471,902			177,049
	(337,118	)		(864,654	)		(801,425	)		(1,645,557	)
	—			—			—			—
	150,793			(540,373	)		(55,300	)		(988,136	)

	20,334,196			61,323,950			219,591			262,074
	16,649,603			3,459,240			80,292			33,393
	(16,118,402	)		(51,953,688	)		(184,831	)		(357,281	)
	—			—			—			51,815
	20,865,397			12,829,502			115,052			(9,999	)
									��
	418,260			1,382,471			228,936			534,750
	987,844			247,919			2,853,110			1,345,739
	(1,778,536	)		(1,205,420	)		(1,233,922	)		(1,426,515	)
	—			—			—			—
	(372,432	)		424,970			1,848,124			453,974
	80,212,650			18,083,367			28,484,753			(2,442,280	)
	(81,313,178	)		51,120,512			(62,773,179	)		12,303,542

217

Statements of Changes in Net Assets

FIRST INVESTORS EQUITY FUNDS

	SELECT GROWTH
	10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018
Net Assets
Beginning of period	$	775,696,205		$	534,249,483
End of period²	$	769,316,776		$	775,696,205

Shares Issued and Redeemed
Class A:
Sold		4,435,048			4,294,908
Reinvestment of distributions		2,467,702			5,154,994
Redeemed		(3,786,480	)		(5,689,031	)
Issued from merger		—			—
Net increase (decrease) in Class A shares outstanding		3,116,270			3,760,871

Class B:
Sold		13,791			29,073
Reinvestment of distributions		17,170			57,376
Redeemed		(44,546	)		(121,992	)
Issued from merger		—			—
Net increase (decrease) in Class B shares outstanding		(13,585	)		(35,543	)

Advisor Class:
Sold		2,504,515			2,306,144
Reinvestment of distributions		826,513			957,774
Redeemed		(1,288,368	)		(2,480,897	)
Issued from merger		—			—
Net increase (decrease) in Advisor Class shares outstanding		2,042,660			783,021

Institutional Class:
Sold		68,365			81,566
Reinvestment of distributions		27,950			52,639
Redeemed		(137,859	)		(74,392	)
Issued from merger		—			—
Net increase (decrease) in Institutional Class shares outstanding		(41,544	)		59,813

² For the year ended September 30, 2018 net assets includes undistributed net investment income (deficit) of				$	—

See notes to financial statements

218

SPECIAL SITUATIONS						TOTAL RETURN
10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018			10/1/2018 to 3/31/2019			10/1/2017 to 9/30/2018

$	733,606,021		$	682,485,509		$	931,094,393		$	918,790,851
$	652,292,843		$	733,606,021		$	868,321,214		$	931,094,393



	1,138,575			2,502,430			1,733,506			3,674,984
	3,073,060			478,221			4,284,286			1,507,141
	(1,488,035	)		(2,812,100	)		(4,181,184	)		(7,795,384	)
	—			—			—			2,466,173
	2,723,600			168,551			1,836,608			(147,086	)


	4,800			9,120			15,504			24,453
	25,368			4,378			28,672			8,913
	(17,314	)		(35,942	)		(44,556	)		(83,813	)
	—			—			—			—
	12,854			(22,444	)		(380	)		(50,447	)


	753,284			1,882,451			11,685			13,080
	735,406			106,833			4,766			1,653
	(590,638	)		(1,571,891	)		(10,375	)		(17,571	)
	—			—			—			2,516
	898,052			417,393			6,076			(322	)


	15,671			42,180			12,341			26,378
	43,307			7,610			168,675			66,432
	(60,542	)		(36,480	)		(63,681	)		(70,281	)
	—			—			—			—
	(1,564	)		13,310			117,335			22,529

812,257

(4,254,853

)

219

Notes to Financial Statements

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

1. Significant Accounting Policies—First Investors Income Funds (“Income Funds”) and First Investors Equity Funds (“Equity Funds”), each a Delaware statutory trust (each a “Trust”, collectively, “the Trusts”), are registered under the Investment Company Act of 1940 (the “1940 Act”) as open-end management investment companies and operate as series funds. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standard Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standard Update ASU 2013-08.The Income Funds issues shares of beneficial interest in the Floating Rate Fund, Fund For Income, Government Cash Management Fund, International Opportunities Bond Fund, Investment Grade Fund, Limited Duration Bond Fund and Strategic Income Fund. All Funds in the Income Funds are diversified funds except for International Opportunities Bond Fund which is a non-diversified fund. The Equity Funds issues shares of beneficial interest in the Covered Call Strategy Fund, Equity Income Fund, Global Fund, Growth & Income Fund, Hedged U.S. Equity Opportunities Fund, International Fund, Opportunity Fund, Premium Income Fund, Select Growth Fund, Special Situations Fund and Total Return Fund. All Funds in the Equity Funds are diversified funds. Each Fund in the Income Funds and Equity Funds is referred to as a “Fund” and collectively, “the Funds”. The Trusts account separately for the assets, liabilities and operations of each Fund. The objective of each Fund as of March 31, 2019, is as follows:

Floating Rate Fund seeks a high level of current income.

Fund For Income seeks high current income.

Government Cash Management Fund seeks to earn a high rate of current income consistent with the preservation of capital and maintenance of liquidity.

International Opportunities Bond Fund seeks total return consisting of income and capital appreciation.

Investment Grade Fund seeks to generate a maximum level of income consistent with investment primarily in investment grade debt securities.

Limited Duration Bond Fund seeks current income consistent with low volatility of principal.

Strategic Income Fund seeks a high level of current income.

Covered Call Strategy Fund seeks long-term capital appreciation.

Equity Income Fund seeks total return.

Global Fund seeks long-term capital growth.

Growth & Income Fund seeks long-term growth of capital and current income.

220

Hedged U.S. Equity Opportunities Fund seeks total return and, secondarily, capital preservation.

International Fund primarily seeks long-term capital growth.

Opportunity Fund seeks long-term capital growth.

Premium Income Fund seeks to generate income.

Select Growth Fund seeks long-term growth of capital.

Special Situations Fund seeks long-term growth of capital.

Total Return Fund seeks high, long-term total investment return consistent with moderate investment risk.

A. 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) and call and put options are valued at the mean between the last bid and asked prices based on quotes furnished by a market maker for such securities or an authorized pricing service. Fixed income securities, other than short-term debt securities held by the Government Cash Management Fund, are priced based upon evaluated prices that are provided by a pricing service approved by the Trusts’ 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 net asset value of the Strategic Income Fund is derived from the net asset values of the underlying Funds in which it invests.

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 certain foreign equity securities in the event that fluctuation in U.S. securities markets exceed a predetermined level or if a foreign market is closed. For valuation purposes, where

221

Notes to Financial Statements(continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

applicable, quotations of foreign securities in foreign currencies are translated to U.S. dollar equivalents using the foreign exchange quotation in effect.

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

In accordance with Accounting Standards Codification 820 “Fair Value Measurements and Disclosures” (“ASC 820”), investments held by the Funds are carried at “fair value”. As defined by ASC 820, fair value is the price that a fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs are used in determining the value of the fund’s 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 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. The underlying Funds in which Strategic Income Fund invests are also categorized in Level 1. Foreign equity 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 and loan participations are categorized in Level 2 to the extent that the inputs are observable and timely, otherwise they would be categorized in Level 3. Short-term notes that are valued at amortized cost by the Government Cash Management Fund are categorized in

222

Level 2. Call and put options contracts are categorized in Level 2 to the extent that the inputs are observable and timely. Foreign exchange contracts that are considered derivative instruments and are valued at the net unrealized appreciation or depreciation on the instruments are categorized in Level 2. Securities that are fair valued by the Valuation Committee may be categorized in either Level 2 or Level 3 of the fair value hierarchy depending on the relative significance of the unobservable valuation inputs.

The aggregate value by input level, as of March 31, 2019, for each Fund’s investments is included following each Fund’s portfolio of investments.

B. Federal Income Taxes—No provision has been made for federal income taxes on net income or capital gains since it is the policy of each Fund to continue to comply with the special provisions of the Internal Revenue Code applicable to investment companies, and to make sufficient distributions of income and capital gains (in excess of any available capital loss carryovers) to relieve it from all, or substantially all, such taxes. At September 30, 2018, capital loss carryovers were as follows:

			Capital Loss Carryovers Not Subject to Expiration
Fund	Total		Long-Term		Short-Term		Utilized		Expired
Floating Rate	$	3,538,184	$	2,992,449	$	545,735	$	380,941	$	—
Fund For Income		38,335,803		34,401,802		3,934,001		650,564		110,622,886
International Opportunities Bond.		3,796,728		3,796,728		—		604,318		—
Investment Grade		3,898,294		3,898,294		—		346,460		—
Limited Duration Bond		2,312,808		1,348,052		964,756		—		—
Strategic Income		2,239,990		2,239,990		—		—		—
Covered Call Strategy		7,958,614		—		7,958,614		—		—
Hedged U.S. Equity Opportunities		316,853		316,853		—		1,558,008		—
International		—		—		—		13,051,390		—
Premium Income		206,166		—		206,166		—		—

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2016 – 2018, or expected to be taken in the Funds’ 2019 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, New York State, New York City and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

223

Notes to Financial Statements(continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

C. Distributions to Shareholders—Dividends from net investment income of Floating Rate Fund, Fund For Income, Investment Grade Fund, Limited Duration Bond Fund, and Strategic Income Fund are generally declared daily and paid monthly. The Government Cash Management Fund declares distributions, if any, daily and pays distributions monthly, from the total of net investment income plus or minus all realized short-term gains and losses on investments. Dividends from net investment income, if any, of International Opportunities Bond Fund, Covered Call Strategy Fund, Equity Income Fund, Growth & Income Fund, Premium Income Fund and Total Return Fund are declared and paid quarterly. Dividends from net investment income, if any, of Global Fund, Hedged U.S. Equity Opportunities Fund, International Fund, Opportunity Fund, Select Growth Fund and Special Situations Fund are declared and paid annually. Premium Income Fund may distribute net short term capital gains, if any, on a quarterly basis. Distributions from net realized capital gains, if any, of each of the Funds are normally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for capital loss carryforwards, deferral of wash sales losses, post-October capital losses, late loss deferrals, net operating losses and foreign currency transactions.

D. Expense Allocation—Expenses directly charged or attributable to a Fund are paid from the assets of that Fund. General expenses of the Trusts are allocated among and charged to the assets of each Fund on a fair and equitable basis, which may be based on the relative assets of each Fund or the nature of the services performed and relative applicability to each Fund.

E. Use of Estimates—The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates.

F. Foreign Currency Translations—The accounting records of all of the Funds are maintained in U.S. dollars, including those Funds that invest in foreign securities. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated to U.S. dollars at the date of valuation. Purchases and sales of foreign investment securities, dividend income and certain expenses are translated to U.S. dollars at the rates of exchange prevailing on the respective dates of such transactions.

International Opportunities Bond Fund, Global Fund, Hedged U.S. Equity Opportunities Fund and International Fund do not isolate that portion of gains and losses on foreign investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. These changes are included with the net realized and unrealized gains and losses from investments.

224

Net realized and unrealized gains and losses on foreign currency transactions include gains and losses from the sales of foreign currency and gains and losses on accrued foreign dividends and related withholding taxes.

G. Other—Security transactions are generally accounted for on the first business day following the date the securities are purchased or sold, except for financial reporting purposes, which is trade date. 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 segregate assets for these transactions. Cost of securities is determined and gains and losses are based on the identified cost basis for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date or for certain foreign dividends, as soon as the Fund becomes aware of the dividends. Interest income and estimated expenses are accrued daily. Bond discounts and premiums are accreted or amortized using the interest method. Withholding taxes on foreign dividends have been provided in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The Bank of New York Mellon serves as custodian for the Funds and may provide credits against custodian charges based on uninvested cash balance of the Funds. For the six months ended March 31, 2019, the Income Funds and Equity Funds received credits in the amount of $16,526 and $80,949, respectively. Certain of the Equity Funds reduced expenses through brokerage service arrangements. For the six months ended March 31, 2019, expenses were reduced by a total of $19,663 for certain of the Equity Funds under these arrangements.

225

Notes to Financial Statements(continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

2. Security Transactions—For the six months ended March 31, 2019, purchases and sales of securities and long-term U.S. Government obligations (excluding U.S. Treasury bills, short-term securities and foreign currencies) were as follows:

	Securities				Long-Term U.S. Government Obligations
Fund	Cost of Purchases		Proceeds of Sales		Cost of Purchases		Proceeds of Sales
Floating Rate	$	80,238,535	$	69,817,766	$	—	$	—
Fund For Income		198,996,634		211,308,254		—		—
International Opportunities Bond		22,551,878		8,899,629		9,886,503		15,726,447
Investment Grade		160,501,057		207,142,368		31,900,220		—
Limited Duration Bond		88,597,690		95,463,622		21,536,117		15,001,430
Strategic Income		55,238,780		56,447,975		4,307,235		6,243,760
Covered Call Strategy		50,357,842		61,659,869		—		—
Equity Income		143,845,708		187,453,429		—		—
Global		456,865,244		467,292,920		—		—
Growth & Income		653,622,613		734,917,489		—		—
Hedged U.S. Equity Opportunities		48,238,770		31,197,292		—		—
International		148,925,454		152,795,932		—		—
Opportunity		416,018,229		437,611,173		—		—
Premium Income		95,941,897		38,506,488		—		—
Select Growth		157,660,289		142,996,851		—		—
Special Situations		233,749,861		250,110,967		—		—
Total Return		305,910,403		398,295,142		51,629,049		29,191,650

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At March 31, 2019, aggregate cost and net unrealized appreciation (depreciation) of securities for federal income tax purposes were as follows:

Fund	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Floating Rate	$	249,735,109	$	944,984	$	3,688,147	$	(2,743,163	)
Fund For Income		610,510,205		8,917,399		11,150,804		(2,233,405	)
International Opportunities Bond		167,496,176		399,016		17,133,570		(16,734,554	)
Investment Grade		596,537,281		11,274,806		10,265,676		1,009,130
Limited Duration Bond		322,492,773		1,989,181		1,978,901		10,280
Strategic Income		153,775,093		72,518		6,607,542		(6,535,024	)
Covered Call Strategy		277,489,827		51,211,749		14,820,584		36,391,165
Equity Income		438,225,597		152,184,487		10,822,422		141,362,065
Global		525,618,110		64,401,507		10,599,925		53,801,582
Growth & Income		1,190,723,231		466,046,827		14,609,100		451,437,727
Hedged U.S. Equity Opportunities		151,384,769		22,908,768		5,108,479		17,800,289
International		313,582,622		87,985,111		7,159,778		80,825,333
Opportunity		847,900,409		270,185,369		32,907,844		237,277,525
Premium Income		120,938,791		11,071,923		11,107,668		(35,745	)
Select Growth		618,772,776		164,069,992		19,679,837		144,390,155
Special Situations		583,857,004		95,994,693		37,561,449		58,433,244
Total Return		726,416,963		132,542,483		15,291,965		117,250,518

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FIRST INVESTORS EQUITY FUNDS

March 31, 2019

The Strategic Income Fund may invest in Institutional Class shares of the Floating Rate Fund, Fund For Income, Government Cash Management Fund, International Opportunities Bond Fund, Investment Grade Fund, Limited Duration Bond Fund, Covered Call Strategy Fund, Equity Income Fund, Premium Income Fund, Tax Exempt Income Fund and Tax Exempt Opportunities Fund. During the six months ended March 31, 2019, purchases and sales of shares, dividends, capital gain distributions received and realized gains (losses) recognized by Strategic Income Fund from investments in these Funds were as follows:

Fund	Balance of Shares Held 9/30/2018		Purchases/ Additions		Sales/ Reductions			Balance of Shares Held 3/31/2019		Value 3/31/2019		Dividend Income		Capital Gain Distributions		Realized Gain (Loss) on Security Transactions
Floating Rate		3,205,012		300,083		(803,872	)		2,701,223	$	25,769,672	$	616,648	$	—	$	(23,495	)
Fund For Income		12,394,911		3,845,835		(2,306,373	)		13,934,373		33,999,871		953,755		—		(26,321	)
International Opportunities Bond		1,032,932		1,119,084		(58,232	)		2,093,784		18,404,364		211,401		—		1,557
Investment Grade		2,422,818		—		(437,044	)		1,985,774		18,765,562		372,956		—		(265,313	)
Limited Duration Bond		4,139,759		1,607,125		(1,776,797	)		3,970,087		36,842,405		523,347		—		(290,695	)
Equity Income		—		142,156		(142,156	)		—		—		—		—		14,244
Premium Income		377,554		—		(377,554	)		—		—		—		—		(237,475	)
Tax Exempt Income		424,153		382,193		(806,346	)		—		—		47,806		—		(127,788	)
Tax Exempt Opportunities		237,635		241,599		(479,234	)		—		—		78,645		—		83,484
		24,234,774		7,638,075		(7,187,608	)		24,685,241	$	133,781,874	$	2,804,558	$	—	$	(871,802	)

The Strategic Income Fund operates as a fund of funds - also referred to as a multi-manager investment - an investment strategy in which a fund invests in other types of funds. This strategy invests in a portfolio that contains different underlying assets instead of investing directly in bonds, stocks and other types of securities.

The financial statements of each of the Funds in which Strategic Income Fund had investments during the six months ended March 31, 2019, are included in this report except Tax Exempt Income Fund and Tax Exempt Opportunities Fund, whose most recent financial statements as of December 31, 2018, are available and can be viewed by visiting our websitewww.foresters.com, by calling 1-800-423-4026 or by writing to us at the following address: Foresters Financial Services, Inc., 40 Wall Street, New York, NY 10005.

3.Advisory Fee and Other Transactions With Affiliates—Certain officers of the Trusts are officers of the Trusts’ investment adviser,Foresters Investment Management Company, Inc. (“FIMCO”), their underwriter, Foresters Financial Services, Inc. (“FFS”) and their transfer agent, Foresters Investor Services, Inc. (“FIS”).Trustees of the Trusts who are not officers or directors of FIMCO or its affiliates are remunerated by the Funds.For the six months ended March 31,

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2019, total trustees fees accrued by the Income Funds and Equity Funds amounted to $68,838 and $218,831, respectively.

The Investment Advisory Agreements provide as compensation to FIMCO for each Fund, an annual fee, payable monthly, at the following rates:

Floating Rate Fund—.60% on the first $250 million of the Fund’s average daily net assets, .55% on the next $250 million, .50% on the next $500 million, .45% on the next $1 billion and .40% on average daily net assets over $2 billion.During the period October 1, 2018 to January 31, 2019 (expiration of expense limitation agreement), FIMCO has assumed, pursuant to an expense limitation agreement, $8,398 in other expenses to limit the Fund’s overall expense ratio (exclusive of certain expenses) to 1.10% on Class A shares, .90% on Advisor Class shares and .70% on Institutional Class shares.For the period February 1, 2019 to March 31, 2019, FIMCO has assumed, pursuant to an expense limitation agreement, $12,669 in other expenses to limit the Fund’s overall expense ratio (exclusive of certain expenses) to 1.10% on Class A shares.

Fund For Income and International Opportunities Bond Fund—.75% on the first $250 million of each Fund’s average daily net assets, .72% on the next $250 million, .69% on the next $250 million, .66% on the next $500 million, declining by .02% on each $500 million thereafter, down to .60% on average daily net assets over $2.25 billion. During the period October 1, 2018 through January 31, 2019 (expiration of advisory fee waiver), FIMCO has waived $54,695 in advisory fees on Fund For Income to limit the advisory fee to .70% of its average daily net assets.

Government Cash Management Fund—.50% of the Fund’s average daily net assets.For the six months ended March 31, 2019, FIMCO has waived $228,368 in advisory fees and assumed $49 in other expenses to limit the Fund’s overall expense ratio (exclusive of certain expenses) to .60% on Class A shares, 1.35% on Class B shares and .60% on Institutional Class shares.

Investment Grade Fund—.66%on the first $500 million of the Fund’s average daily net assets, declining by .02% on each $500 million thereafter, down to .60% on average daily net assets over $1.5 billion.During the period October 1, 2018 to January 31, 2019, FIMCO has waived $212,088 in advisory fees on Investment Grade Fund to limit the advisory fee to .55% of its average daily net assets. During the period February 1, 2019 to March 31, 2019, FIMCO has waived $64,539 in advisory fees on Investment Grade Fund to limit the advisory fee to .59% of its average daily net assets.

Limited Duration Bond Fund—.41% on the first $500 million of the Fund’s average daily net assets, .39% on the next $500 million, .37% on the next $500 million and .35% on average daily net assets over $1.5 billion. For the six months ended March 31, 2019, FIMCO has waived $366,985 in advisory fees and assumed $38,809 in other expenses to limit the Fund’s overall expense ratio (exclusive of certain expenses) to .79%on Class a shares, .51% on Advisor Class shares and .36% on Institutional Class shares.

Strategic Income Fund—.05% of the Fund’s average daily net assets.

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March 31, 2019

Covered Call Strategy and Premium Income Funds—.80% on the first $300 million of each Fund’s average daily net assets, .75% on the next $200 million, .70% on the next $500 million, declining by .05% on each $1 billion thereafter, down to .55% on average daily net assets over $3 billion. During the period October 1, 2018 through January 31, 2019, FIMCO has waived, pursuant to an expense limitation agreement $17,774 in advisory fees and assumed $5,607 in other expenses to limit the Premium Income Fund’s overall expense ratio (exclusive of certain expenses)to 1.30% on Class A shares, 1.02% on Advisor Class shares and .89% on Institutional Class shares. During the period February 1, 2019 through March 31, 2019, FIMCO has assumed, pursuant to an expense limitation agreement that became effective on February 1, 2019, $36,063 in other expenses to limit the Premium Income Fund’s overall expense ratio (exclusive of certain expenses) to 1.30% on Class A shares, 1.06% on Advisor Class shares and .99% on Institutional Class shares.

Equity Income, Growth & Income, Opportunity, and Select Growth Funds—.75% on the first $300 million of each Fund’s average daily net assets, .72% on the next $200 million, .69% on the next $250 million, .66% on the next $500 million, declining by .02% on each $500 million thereafter, down to .60% on average daily net assets over $2.25 billion.

Global Fund—.95% on the first $600 million, .92% on the next $400 million, .90% on the next $500 million and .88% on average daily net assets over $1.5 billion.During the period October 1, 2018 through January 31, 2019 (expiration of advisory fee waiver), FIMCO has waived $94,873 in advisory fees to limit the advisory fee to .90% of the Fund’s average daily net assets.

Hedged U.S. Equity Opportunities Fund—1.15% on the first $100 million of each Fund’s average daily net assets, 1.10% on the next $400 million, 1.05% on the next $500 million, declining by .05% on each $1 billion thereafter, down to .90% on average daily net assets over $3 billion.

International Fund—.98% on the first $300 million of the Fund’s average daily net assets, .95% on the next $300 million, .92% on the next $400 million, .90% on the next $500 million and .88% on average daily net assets over $1.5 billion.

Special Situations Fund—.90% on the first $200 million of the Fund’s average daily net assets, .75% on the next $300 million, .72% on the next $250 million, .69% on the next $250 million, .66% on the next $500 million and .64% on average daily net assets over $1.5 billion.

Total Return Fund—.75% on the first $300 million of the Fund’s average daily net assets, .70% on the next $200 million, .65% on the next $500 million, .60% on the next $1 billion, .55% on the next $1 billion, down to .50% on average daily net assets over $3 billion.

For the six months ended March 31, 2019, total advisory fees accrued to FIMCO by the Income Funds and Equity Funds were $6,584,242 and $26,839,395, respectively, of which $1,010,517 and $154,317, respectively, was waived by FIMCO as noted above.

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FIMCO has entered into an expense limitation agreement with the Floating Rate (“FRF”) on January 31, 2019, to limit FRF’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to 1.10% of the average daily net assets on Class A shares. The agreement expires on January 31, 2020. During the period January 31, 2019 to March 31, 2019, FIMCO assumed $12,669 under the terms of the agreement of which $12,669 expires on September 30, 2022. FIMCO and FRF have agreed that any expenses of FRF assumed by FIMCO pursuant to this agreement be repaid to FIMCO by FRF within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of FRF’s Class A shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. The expense limitation agreement may be terminated or amended prior to January 31, 2020, with the approval of the Board. FIMCO had entered into an expense limitation agreement with the Floating Rate Fund (“FRF”) to limit FRF’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to 1.10% of the average daily net assets on Class A shares, .90% of the average daily net assets on Advisor Class shares and .70% of the average daily net assets on Institutional Class shares. The agreement expired on January 31, 2019. During the period October 1, 2018 to January 31, 2019 (expiration of the expense limitation agreement), FIMCO assumed $8,398, under the terms of the agreement. FIMCO and FRF have agreed that any expenses of FRF assumed by FIMCO pursuant to this agreement be repaid to FIMCO by FRF within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of FRF’s Class A shares, Advisor Class shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period October 21, 2013 (commencement of operations) through January 31, 2019 (expiration of the expense limitation agreement), FIMCO assumed $766,764 under the terms of the agreement of which $223,534 expired on September 30, 2017, $198,431 expired on September 30, 2018, $161,613 expires on September 30, 2019, $131,427 expires on September 30, 2020, $43,361 expires on September 30, 2021 and $8,398 expires on September 30, 2022.

Effective June 1, 2018, FIMCO has entered into an expense limitation agreement with the Government Cash Management Fund (“GCM”) to limit GCM’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to .80% of the average daily net assets on Class A shares, 1.55% of the average daily net assets on Class B shares and .80% of the average daily net assets on Institutional Class shares. The agreement expires on January 31, 2020. For the period ended March 31, 2019, FIMCO assumed $228,417 under the terms of the agreement. FIMCO and GCM have agreed that any expenses of GCM assumed by FIMCO and/or FIS pursuant to this agreement be repaid to FIMCO by GCM within three years after the date the fee limitation and/or expense

231

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FIRST INVESTORS EQUITY FUNDS

March 31, 2019

reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of GCM’s Class A shares, Class B shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period June 1, 2018 (commencement of expense limitation agreement) through March 31, 2019, FIMCO assumed $319,596 under the terms of the agreement of which expires $91,179 September 30, 2021 and $228,417 expires on September 30, 2022. The expense limitation agreement may be terminated or amended prior to January 31, 2020, with the approval of the Board.

FIMCO had entered into an expense limitation agreement with the International Opportunities Bond Fund (“IOBF”) to limit IOBF’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to 1.30% of the average daily net assets on Class A shares. The agreement expired on January 31, 2016. FIMCO and IOBF have agreed that any expenses of IOBF assumed by FIMCO pursuant to this agreement be repaid to FIMCO by IOBF within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of IOBF’s Class A shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period August 20, 2012 (commencement of operations) to January 31, 2016 (expiration of the expense limitation agreement), FIMCO assumed $684,479 under the terms of the agreement of which $278,248 expired on September 30, 2015, $228,243 expired on September 30, 2016, $94,746 expired on September 30, 2017, $62,359 expired on September 30, 2018, and $20,883 expires on September 30, 2019.

FIMCO has entered into an expense limitation agreement with the Limited Duration Bond Fund (“LDB”) on March 14, 2018, to limit LDB’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to .79% of the average daily net assets on Class A shares, .51% of the average daily net assets on Advisor Class shares and .36% of the average daily net assets on Institutional Class shares. The agreement expires on January 31, 2020. For the period ended March 31, 2019, FIMCO assumed $405,794 under the terms of the agreement. FIMCO and LDB have agreed that any expenses of LDB assumed by FIMCO pursuant to this agreement be repaid to FIMCO by LDB within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of LDB’s Class A shares, Advisor Class shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period March 14, 2018 to March 31, 2019, FIMCO assumed $622,481 under the terms of the agreement of which $216,687 expires on September 30, 2021 and $405,794 expires on September 30, 2022. The expense limitation agreement may be terminated or amended prior to January 31, 2020, with the approval of the Board. FIMCO had previously entered into an expense limitation agreement with LDB to limit LDB’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions,

232

acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to 1.05% of the average daily net assets on Class A shares, .75% of the average daily net assets on Advisor Class shares and .60% of the average daily net assets on Institutional Class shares. The agreement expired on January 31, 2018. FIMCO and LDB have agreed that any expenses of LDB assumed by FIMCO pursuant to this agreement be repaid to FIMCO by LDB within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of LDB’s Class A shares, Advisor Class shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period May 19, 2014 (commencement of operations) to January 31, 2018 (expiration of the expense limitation agreement), FIMCO assumed $894,488 under the terms of the agreement of which $143,148 expired on September 30, 2017, $179,140 expired on September 30, 2019, $224,276 expires on September 30, 2019, $274,706 expires on September 30, 2020, and $73,218 expires on September 30, 2021.

FIMCO had entered into an expense limitation agreement with the Covered Call Strategy Fund (“CCS”) to limit CCS’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to 1.30% of the average daily net assets on Class A shares, .97% of the average daily net assets on Advisor Class shares and .84% of the average daily net assets on Institutional Class shares. The agreement expired on January 31, 2019. FIMCO and CCS have agreed that any expenses of CCS assumed by FIMCO pursuant to this agreement be repaid to FIMCO by CCS within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of CCS’s Class A shares, Advisor Class shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period ended March 31, 2019, CCS repaid FIMCO $76,010 under the terms of the agreement. For the period April 1, 2016 (commencement of operations) through January 31, 2019, (expiration of the expense limitation agreement), FIMCO assumed $304,868, of which CCS repaid $76,010, and under the terms of the agreement of which $54,491 expires on September 30, 2019, $137,941 expires on September 30, 2020 and $36,426 expires on September 30, 2021.

FIMCO had entered into an expense limitation agreement with the Hedged U.S. Equity Opportunities Fund (“HUSEO”) to limit HUSEO’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to 1.75% of the average daily net assets on Class A shares, 1.42% of the average daily net assets on Advisor Class shares and 1.31% of the average daily net assets on Institutional Class shares. The agreement expired on January 31, 2019. FIMCO and HUSEO have agreed that any expenses of HUSEO assumed by FIMCO pursuant to this agreement be repaid to FIMCO by HUSEO within three years after the date the fee limitation and/or expense reimbursement

233

Notes to Financial Statements(continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

has been made by FIMCO, provided that such repayment does not cause the expenses of HUSEO’s Class A shares, Advisor Class shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period ended March 31, 2019, HUSEO repaid $12,756 under terms of the agreement. For the period August 1, 2016 (commencement of operations) to January 31, 2019 (expiration of the expense limitation agreement), FIMCO assumed $274,086, of which HUSEO repaid $14,688 under the terms of the agreement and of which $44,567 expires on September 30, 2019 and $214,831 expires on September 30, 2020.

FIMCO has entered into an expense limitation agreement with the Premium Income Fund (“PIF”) on January 31, 2019, to limit PIF’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to 1.30% of the average daily net assets on Class A shares, 1.06% of the average daily net assets on Advisor Class shares and .99% of the average daily net assets on Institutional Class shares. The agreement expires on January 31, 2020. During the period January 31, 2019 to March 31, 2019, FIMCO assumed $36,063 under the terms of the agreement of which expires on September 30, 2022. FIMCO and PIF have agreed that any expenses of PIF assumed by FIMCO pursuant to this agreement be repaid to FIMCO by PIF within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of PIF’s Class A shares, Advisor Class shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. FIMCO had previously entered into an expense limitation agreement with PIF to limit PIF’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to 1.30% of the average daily net assets on Class A shares, 1.02% of the average daily net assets on Advisor Class shares and .89% of the average daily net assets on Institutional Class shares. The agreement expired on January 31, 2019. FIMCO and PIF have agreed that any expenses of PIF assumed by FIMCO pursuant to this agreement be repaid to FIMCO by PIF within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of PIF’s Class A shares, Advisor Class shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period October 1, 2018 to January 31, 2019, FIMCO assumed $23,381 under the terms of the agreement. For the period April 2, 2018 (commencement of operations) to January 31, 2019 (expiration of the expense limitation agreement), FIMCO assumed $179,141 under the terms of the agreement of which $155,760 expires on September 30, 2021 and $23,381 expires on September 30, 2022.

For the six months ended March 31, 2019, FFS, as underwriter, received from the Income Funds and Equity Funds $789,753 and $7,591,280, respectively, in commissions in connection with the sale of shares of the Funds, after allowing $19,175 and $195,909, respectively, to other dealers.

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For the six months ended March 31, 2019, shareholder servicing costs for the Income Funds and Equity Funds included $1,587,878 and $4,632,407, respectively, in transfer agent fees accrued to FIS, of which FIS voluntarily waived $23,917 on the Government Cash Management Fund.

Pursuant to Distribution Plans adopted under Rule 12b-1 of the 1940 Act, each Fund, other than the Government Cash Management Fund, is authorized to pay FFS a fee up to .30% (and for certain Funds, up to .25%) of the average daily net assets of the Class A shares and 1% of the average daily net assets of the Class B shares on an annualized basis each fiscal year, payable monthly. The Government Cash Management Fund is authorized to pay FFS a fee up to 1% of the average daily net assets of the Class B shares. The fee consists of a distribution fee and a service fee. The service fee is paid for the ongoing servicing of clients who are shareholders of that Fund. For the six months ended March 31, 2019, total distribution plan fees accrued to FFS by the Income Funds and Equity Funds amounted to $2,105,883 and $8,630,247, respectively.

Brandywine Global Investment Management, LLC, serves as investment subadviser to International Opportunities Bond Fund. Muzinich & Co., Inc. serves as investment subadviser to Floating Rate Fund and Fund For Income. Effective January 31, 2018, Muzinich & Co., Inc. serves as investment subadviser to Investment Grade Fund, Limited Duration Bond Fund and Total Return Fund. Ziegler Capital Management, LLC serves as investment subadviser to Covered Call Strategy Fund and Premium Income Fund. Wellington Management Company, LLP serves as investment subadviser to Hedged U.S. Equity Opportunities Fund. Vontobel Asset Management, Inc. serves as investment subadviser to International Fund. Smith Asset Management Group, L.P. serves as investment subadviser to Select Growth Fund. The subadvisers are paid by FIMCO and not by the Funds.

4. Restricted Securities—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. Unless otherwise noted, these 144A securities are deemed to be liquid. At March 31, 2019, Floating Rate Fund held ten 144A securities with an aggregate value of $8,596,884 representing 3.4% of the Fund’s net assets, Fund For Income held one hundred eighty 144A securities with an aggregate value of $326,896,752 representing 52.4% of the Fund’s net assets, International Opportunities Bond Fund held nine 144A securities with an aggregate value of $16,665,907 representing 10.6% of the Fund’s net assets, Investment Grade Fund held one hundred forty-five 144A securities with an aggregate value of $83,746,754 representing 13.8% of the Fund’s net assets, Limited Duration Bond Fund held one hundred nine 144A securities with an aggregate value of $75,543,005 representing 23.0% of the Fund’s net assets and Total Return Fund held one hundred twenty-seven 144A securities with an aggregate value of $41,291,636 representing 4.8% of the Fund’s net assets. These securities are valued as set forth in Note 1A. Certain restricted securities are exempt from the registration requirements under Regulation S of the Securities Act of 1933 and may only be sold to qualified investors. Unless otherwise noted, these Regulation S securities are deemed to be liquid. At March 31, 2019, International Opportunities Bond Fund held two Regulation S securities with an aggregate value of $5,816,608 representing 3.7% of the Fund’s net assets. These securities are valued as set forth in Note 1A.

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Notes to Financial Statements(continued)

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FIRST INVESTORS EQUITY FUNDS

March 31, 2019

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

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

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

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

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

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

Like most other investments, derivative instruments are subject to the risk that the market value of the instrument will change in a way detrimental to the Funds’ interest. The Funds bear the risk that FIMCO will incorrectly forecast future market trends or the values of assets, reference rates, indices, or other financial or economic factors in establishing derivative positions for the Funds. If FIMCO attempts to use a derivative as a hedge against, or as a substitute for, a portfolio investment, the Funds will be exposed to the risk that the derivative will have or will develop an imperfect or no correlation with the portfolio investment. This could cause substantial losses

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for the Funds. While hedging strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other investments. Many derivatives, in particular OTC derivatives, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to a Fund.

The following provides more information on specific types of derivatives and activity in the Funds.

Options Contracts—Some of the Funds may write covered call and put options on securities, derivative instruments, or currencies the Fund owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s 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 a Fund 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.

237

Notes to Financial Statements(continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

The premium amount and the number of option contracts written or purchased by the Funds during the six months ended March 31, 2019, were as follows:

	Covered Call Strategy						Equity Income						Growth & Income
	Call Options						Call Options						Call Options
	Number of Contracts			Premium Amount			Number of Contracts			Premium Amount			Number of Contracts			Premium Amount
Options outstanding at September 30, 2018		(37,287	)	$	(4,894,698	)		—		$	—			—		$	—
Call options written		(119,341	)		(21,746,234	)		(1,050	)		(170,030	)		(1,380	)		(267,866	)
Call options exercised		—			—			200			14,346			430			73,101
Call options purchased to cover		88,593			14,401,560			—			—			—			—
Call options expirations		35,021			4,671,993			450			83,687			350			67,726
Options outstanding at March 31, 2019		(33,014	)	$	(7,567,379	)		(400	)	$	(71,997	)		(600	)	$	(127,039	)

	Hedged U.S. Equity Opportunities												Premium Income
	Put Options												Call Options
	Number of Contracts			Premium Amount			Number of Contracts			Premium Amount			Number of Contracts			Premium Amount
Options outstanding at September 30, 2018		177		$	1,516,217			(132	)		(608,359	)		(13,818	)	$	(15,158,255	)
Put options written		—			—			(184	)		(951,735	)		—			—
Put options purchased to cover		—			—			127			724,529			—			—
Put options written expirations		—			—			23			63,950			—			—
Put options purchased		184			1,700,439			—			—			—			—
Put options sold		(61	)		(705,485	)		—			—			—			—
Put options purchased expired		(90	)		(761,533	)		—			—			—			—
Call options written		—			—			—			—			(24,961	)		(32,851,406	)
Call options exercised		—			—			—			—			2,359			2,683,965
Call options purchased to cover		—			—			—			—			16,409			19,776,269
Call options expirations		—			—			—			—			262			376,215
Options outstanding at March 31, 2019		210		$	1,749,638			(166	)	$	(771,615	)		(19,749	)	$	(25,173,212	)

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Derivative Investment Holdings Categorized by Risk Exposure—The following table sets forth the fair value and the location in the Statement of Assets and Liabilities of the Funds’ derivative contracts by primary risk exposure as of March 31, 2019:

Asset derivatives

Liability derivatives

Risk exposure category

Statement of Assets
and Liabilities
location

Value

Statement of Assets
and Liabilities
location

Value

Options Contracts:

Covered Call Strategy

N/A

Written options, at value

11,533,087

Purchased Options, at value

N/A

Equity Income

N/A

Written options, at value

92,450

Purchased Options, at value

N/A

Growth & Income

N/A

Written options, at value

179,650

Purchased Options, at value

N/A

Hedged U.S. Equity Opportunities

Purchased Options, at value

1,232,430

Written options, at value

614,550

Purchased Options, at value

N/A

Premium Income

N/A

Written options, at value

26,905,763

Purchased Options, at value

N/A

The following table sets forth the Funds’ realized gain (loss), as reflected in the Statement of Operations, by primary risk exposure and by type of derivative contract for the six months ended March 31, 2019:

Risk exposure category	Written options			Purchased options
Options Contracts:
Covered Call Strategy	$	(83,741	)		N/A
Equity Income	$	83,687			N/A
Growth & Income	$	67,727			N/A
Hedged U.S. Equity Opportunities	$	528,958		$	(1,191,623	)
Premium Income	$	3,632,730			N/A

The following table sets forth the Funds’ change in unrealized appreciation (depreciation) by primary risk exposure and by type of derivative contract for the six months ended March 31, 2019:

Risk exposure category	Written options			Purchased options
Options Contracts:
Covered Call Strategy	$	(3,966,842	)		N/A
Equity Income	$	(20,453	)		N/A
Growth & Income	$	(52,612	)		N/A
Hedged U.S. Equity Opportunities	$	(136,350	)	$	373,679
Premium Income	$	(407,356	)		N/A

239

Notes to Financial Statements(continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

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

240

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.

The following table summarizes the value of the Funds’ futures contracts held as of March 31, 2019 and the related location in the Statement of Assets and Liabilities:

	Statement of Assets and Liabilities
Futures Contracts	Unrealized depreciation on futures contracts
Hedged U.S. Equity Opportunities	$	(480,679	)

The amount of unrealized appreciation (depreciation) on futures contracts recognized by the Funds in the accompanying Statement of Operations for the six months ended March 31, 2019 are summarized in the following table:

	Statement of Operations Location
Futures Contracts	Unrealized depreciation on futures contracts
Hedged U.S. Equity Opportunities	$	(321,967	)

241

Notes to Financial Statements(continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

The following table summarizes the value of the Funds’ futures contracts held as of March 31, 2019, and the related location in the accompanying Statement of Operations.

	Statement of Operations
Futures Contracts	Realized gain on futures contracts
Hedged U.S. Equity Opportunities	$	1,940,561

Foreign Exchange Contracts—The International Opportunities Bond Fund, 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 a Fund may invest in them in order to hedge its currency exposure in bond positions or to gain currency exposure held by the Fund. A Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. Foreign exchange contracts are “marked-to-market” daily at the applicable translation rate and the resulting unrealized gains and losses are reflected in the Funds’ assets. During the period, the Funds used currency forwards to hedge currency exposure from certain bonds as well as to gain currency exposure in certain countries.

Disclosures about Offsetting Assets and Liabilities—Disclosures about Offsetting Assets and Liabilities requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented.

A Fund may mitigate credit risk with respect to OTC derivative counterparties through credit support annexes included with an International Swaps and Derivatives Association, Inc. Master Agreements or other Master Netting Agreements which are the standard contracts governing most derivative transactions between the Fund and each of its counterparties. These agreements may allow the Fund and each counterparty to offset certain derivative financial instruments’ payables and/or receivables against each other and/or with collateral, which is generally held by the Fund’s custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. To the extent amounts due to the Fund from its counterparties are not fully collateralized contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

The Funds’ Statement of Assets and Liabilities (“SOAL”) presents financial instruments on a gross basis, therefore there are no net amounts and no offset amounts within the SOAL to present

242

below. Gross amounts of the financial instruments, amounts related to financial instruments/cash collateral not offset in the SOAL and net amounts are presented below:

International Opportunities Bond

Description/Financial Instrument/Statement of Assets and Liabilities Category	Counterparty	Gross Amounts Presented in Statement of Assets and Liabilities			Financial Instruments^*			Net Amount
Unrealized appreciation on foreign exchange contracts	CITI	$	24,058		$	(24,058	)	$	—
	HSBC		159,073			(159,073	)		—
	MS		20,846			(11,558	)		9,288
	Total	$	203,977		$	(194,689	)	$	9,288
Unrealized depreciation on foreign exchange contracts	BCI	$	(41,846	)	$	—		$	(41,846	)
	CITI		(228,446	)		24,058			(204,388	)
	GS		(132,913	)		—			(132,913	)
	HSBC		(801,598	)		159,073			(642,525	)
	JPM		(81,437	)		—			(81,437	)
	MS		(11,558	)		11,558			—
	Total	$	(1,297,798	)	$	194,689		$	(1,103,109	)

Hedged U.S. Equity Opportunities

Description/Financial Instrument/Statement of Assets and Liabilities Category	Counterparty	Gross Amounts Presented in Statement of Assets and Liabilities		Financial Instruments^*		Net Amount
Unrealized appreciation on foreign exchange contracts	MS	$	285	$	—	$	285
	GS		1,517		—		1,517
	Total	$	1,802	$	—	$	1,802

^*	Amounts related to master netting arrangements (for example, ISDA) which have been determined by the Fund to be legally enforceable in the event of default and where certain other criteria are met in accordance with applicable offsetting accounting guidance.

A summary of abbreviations for counterparties appear at the end of the Portfolio of Investments for the respective Funds.

243

Notes to Financial Statements(continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

During the six months ended March 31, 2019, the volume of derivative activity for the Funds based on average monthly market values for forward foreign currency contracts (to buy) and for forward foreign currency contracts (to sell) were as follows:

	Forward Foreign Currency Contracts
	to Buy		to Sell
International Opportunities Bond	$	62,702,238	$	7,103,868
Hedged U.S. Equity Opportunities		—		247,731

Fair Value of Derivative Instruments—The fair value of derivative instruments held by the Funds as of March 31, 2019, was as follows:

	Assets Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments under ASC 815	Statements of Assets and Liabilities Location			Statements of Assets and Liabilities Location
Foreign exchange and futures contracts:	Unrealized appreciation on foreign exchange contracts	Value		Unrealized depreciation on foreign exchange contracts	Value
International Opportunities Bond		$	203,977		$	(1,297,798	)
Hedged U.S. Equity Opportunities		$	1,802		$	—

The effect of the Funds’ derivative instruments on the Statement of Operations are as follows:

Amount of Realized Gain or Loss Recognized on Derivatives
Derivatives not accounted for as hedging instruments under ASC 815	Net Realized Gain (Loss) on Foreign Exchange Transactions
Foreign exchange transactions:
International Opportunities Bond	$	(900,253	)
Global	$	(294,625	)
Hedged U.S. Equity Opportunities	$	5,084
International	$	(31,861	)

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Amount of Change in Unrealized Appreciation or Depreciation Recognized on Derivatives
Derivatives not accounted for as hedging instruments under ASC 815	Net Unrealized Depreciation on Foreign Exchange Transactions
Foreign exchange transactions:
International Opportunities Bond	$	(868,055	)
Global	$	(10,266	)
Hedged U.S. Equity Opportunities	$	(3,381	)
International	$	(5,938	)

6. High Yield Credit Risk—The investments in high yield securities of Floating Rate Fund, Fund For Income, Investment Grade Fund, Limited Duration Bond Fund and Total Return Fund, whether rated or unrated, may be considered speculative and subject to greater market fluctuations and risks of loss of income and principal than lower-yielding, higher-rated, fixed-income securities. The risk of loss due to default by the issuer may be significantly greater for holders of high-yielding securities, because such securities are generally unsecured and are often subordinated to other creditors of the issuer.

7. Capital—The Trusts are authorized to issue an unlimited number of shares of beneficial interest without par value. The Trusts consist of the Funds listed on the cover page, each of which is a separate and distinct series of the Trusts. Each Fund has designated four classes of shares, Class A, Class B, Advisor Class and Institutional Class shares (each, a “Class”) except for Government Cash Management Fund which has designated only Class A, Class B and Institutional Class shares, Strategic Income Fund which has designated only Class A and Advisor Class shares and Floating Rate Fund, International Opportunities Bond Fund, Limited Duration Bond Fund, Covered Call Strategy Fund, Hedged U.S. Equity Opportunities Fund and Premium Income Fund, which have designated only Class A, Advisor Class and Institutional Class shares. Advisor Class and Institutional Class shares became available for sale to the public, for those Funds in existence at the time, in May 2013 and October 2013, respectively. Not all classes of shares of each Fund may be available in all jurisdictions. Effective February 1, 2019, class B shares are no longer offered for sale to the public. Each share of each Class has an equal beneficial interest in the assets, has identical voting, dividend, liquidation and other rights and is subject to the same terms and conditions except that expenses allocated to a Class may be borne solely by that Class as determined by the Board and a Class may have exclusive voting rights with respect to matters affecting only that Class. Government Cash Management Fund’s Class A, Class B and Institutional Class shares are sold without an initial sales charge; however, its Class B shares may only be acquired through an exchange of Class B shares from another First Investors eligible Fund or through the reinvestment of dividends on Class B shares and are generally subject to a contingent deferred sales charge at the rate of 4% in the first year and declining to 0% over a six-year period, which is payable to FFS as underwriter of the Trusts. The shares sold by the other Funds have a public offering price that reflects different sales charges and expense levels. Class A shares are sold with an initial sales charge of up to 4% for the First

245

Notes to Financial Statements(continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

Investors Income Funds, except for Floating Rate Fund and Limited Duration Bond Fund which have an initial sales charge of up to 2.5% (effective June 12, 2017, the maximum sales charge on Class A shares was changed from 5.75% to 4% on the Income Funds, except for Floating Rate Fund and Limited Duration Bond Fund which was changed to 2.5%) and 5.75% for the First Investors Equity Funds and together with the Class B shares are subject to distribution plan fees as described in Note 3. Class B shares are sold without an initial sales charge, but are generally subject to a contingent deferred sales charge which declines in steps from 4% to 0% over a six-year period. Class B shares automatically convert into Class A shares after eight years. There are no sales charges associated with the purchase of Advisor Class and Institutional Class shares. Realized and unrealized gains or losses, investment income and expenses (other than distribution plan fees and shareholder servicing costs) are allocated daily to each class of shares based upon the relative proportion of net assets to each class.

Effective on or about June 14, 2019, the issued and outstanding Class B shares of each Fund will convert to Class A shares without the imposition of any front-end or deferred sales load, fees or other charges. If you are a shareholder of Class B shares on that date, your Class B shares will automatically convert to Class A shares on the basis of their relative net asset value per share. This conversion is not expected to be a taxable event for shareholders and the aggregate tax basis of your Class A shares will be the same as the aggregate tax basis of the Class B shares being converted. You should consult your tax adviser for any tax-related questions you may have. Any applicable Contingent Deferred Sales Charges (CDSC) will not be applied on Class B share redemptions effective as of May 31, 2019. Following the conversion of the Funds’ Class B shares, Class B shares will be terminated. Accordingly, on or about June 14, 2019, all references to Class B shares in the Prospectuses, Summary Prospectuses and Statement of Additional Information are hereby deleted.

8. Litigation—The Blue Chip and Equity Income Funds have been named, and have received notice that they may be putative members of the proposed defendant class of shareholders, in a lawsuit filed in the United States Bankruptcy Court for the District of Delaware on November 1, 2010, by the Official Committee of Unsecured Creditors of Tribune Company (the “Committee”). The Committee is seeking to recover all payments made to beneficial owners of common stock in connection with a leveraged buyout of the Tribune Company (“LBO”), including payments made in connection with a 2007 tender offer into which the Blue Chip and Equity Income Funds tendered their shares of common stock of the Tribune Company. On December 9, 2011, the Blue Chip Fund was reorganized into the Growth & Income Fund pursuant to a Plan of Reorganization and Termination, whereby all of the assets of the Blue Chip Fund were transferred to the Growth & Income Fund, the Growth & Income Fund assumed all of the liabilities of the Blue Chip Fund, including any contingent liabilities with respect to pending or threatened litigation or actions, and shareholders of Blue Chip Fund became shareholders of Growth & Income Fund. The adversary proceeding brought by the Committee has been transferred to the Southern District of New York and administratively consolidated with other similar suits as discussed below. In addition, on June 2, 2011, the Blue Chip and Equity Income Funds were named as defendants in a lawsuit brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture

246

trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Bondholder Plaintiffs”) in the Supreme Court of the State of New York. The Blue Chip and Equity Income Funds have also been named in a similar suit filed on behalf of participants in Tribune defined-compensation plans (the “Retiree Plaintiffs”). As with the Bondholder Plaintiffs and the Committee, the Retiree Plaintiffs seek to recover payments of the proceeds of the LBO. (All of these suits have been removed to the United States District Court for the Southern District of New York and administratively consolidated with other substantially similar suits against other former Tribune shareholders (the “MDL Proceeding”)). On September 23, 2013, the Judge in the MDL Proceeding dismissed various state law constructive fraudulent transfer suits, resulting in the Funds being dismissed from the Bondholder and Retiree Plaintiffs’ actions. On September 30, 2013, counsel for the plaintiffs in those suits appealed the MDL Judge’s dismissal ruling to the Second Circuit. On March 24, 2016, the Second Circuit Court of Appeals affirmed the MDL Judge’s dismissal of the various state law constructive fraudulent transfer suits. In September 2016, the Bondholder and Retiree Plaintiffs petitioned the U.S. Supreme Court to review the Second Circuit’s decision. The Supreme Court has not yet ruled on that request. On January 9, 2017, the Tribune MDL judge granted the defendants’ motion to dismiss the Committee lawsuit alleging a single claim for intentional fraudulent transfer. An appeal of that decision to the Second Circuit is expected, but has not yet been made. The extent of the Funds’ potential liability in any such actions has not been determined. The Funds have been advised by counsel that the Funds could be held liable to return all or part of the proceeds received in any of these actions, as well as interest and court costs, even though the Funds had no knowledge of, or participation in, any misconduct. The Equity Income Fund received proceeds of $1,526,566 in connection with the LBO, representing 0.26% of its net assets as of March 31, 2019. The Blue Chip Fund received proceeds of $790,772 in connection with the LBO, representing 0.05% of the net assets of Growth & Income Fund as of March 31, 2019. The Equity Income and Growth & Income Funds cannot predict the outcomes of these proceedings, and thus have not accrued any of the amounts sought in the various actions in the accompanying financial statements.

9. Matters to be Submitted to a Vote by Shareholders—On April 9, 2019, The Independent Order of Foresters, the ultimate parent company of Foresters Investment Management Company, Inc. (“FIMCO”), which is the investment adviser to the separate series of the First Investors Income Funds, First Investors Equity Funds, First Investors Tax Exempt Funds and First Investors Life Series Funds (the “Funds”), Foresters Financial Services, Inc. (“FFS”), which is the Funds’ distributor, and Foresters Investor Services, Inc. (“FIS”), which is the Funds’ transfer agent, announced that it has entered into the two definitive purchase agreements described below that, once completed, will result in the sale of its U.S. North American Asset Management businesses.

First, FIMCO has entered into an Asset Purchase Agreement with Macquarie Management Holdings, Inc. (“Macquarie”) whereby Macquarie, a global investment management firm headquartered in Philadelphia, Pennsylvania, will purchase FIMCO’s assets related to the mutual fund management business, including the Funds (the “Transaction”). The Transaction is not

247

Notes to Financial Statements(continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

March 31, 2019

expected to result in any material changes to the Funds’ investment objectives and principal investment strategies. However, upon the completion of the Transaction, Macquarie expects that each Fund will be reorganized into a substantially similar fund that is managed by Delaware Management Company, a subsidiary of Macquarie (the “Reorganizations”). The Transaction is expected to be completed during the fourth calendar quarter of 2019, pending the satisfaction of certain closing conditions and approvals, including approvals of the Reorganizations by the Funds’ Board of Trustees and Fund shareholders at a special shareholder meeting.

Second, FFS and Foresters Advisory Services, LLC (“FAS”) has entered into an Asset Purchase Agreement with Cetera Financial Group, Inc. (“Cetera”), a U.S.-based wealth management firm headquartered in Denver, Colorado, whereby Cetera will purchase FFS’ retail brokerage business and FAS’ retail advisory business. This transaction is expected to be completed in the second calendar quarter of 2019.

Shareholders will receive a forthcoming proxy statement.

10. Subsequent Events—Subsequent events occurring after March 31, 2019 have been evaluated for potential impact to this report through the date the financial statements were issued. There were no subsequent events to report that would have a material impact on the Funds’ financial statements.

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249

Financial Highlights

FIRST INVESTORS INCOME FUNDS

The following table sets forth the per share operating performance data for a share outstanding, total return, ratios to average net assets and other supplemental data for each fiscal year ended September 30 unless otherwise indicated.

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income^{^(c)}		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period/ Year
FLOATING RATE FUND
Class A
2014^(h)	$	10.00	$	.21	$	(.10	)	$	.11		$	.23		—	$	.23	$	9.88
2015		9.88		.26		(.27	)		(.01	)		.29		—		.29		9.58
2016		9.58		.27		.09			.36			.28		—		.28		9.66
2017		9.66		.27		.05			.32			.31		—		.31		9.67
2018		9.67		.32		.04			.36			.32		—		.32		9.71
2019⁽ⁱ⁾		9.71		.18		(.16	)		.02			.19		—		.19		9.54
Advisor Class
2014^(h)		10.00		.25		(.11	)		.14			.26		—		.26		9.88
2015		9.88		.28		(.26	)		.02			.32		—		.32		9.58
2016		9.58		.29		.08			.37			.30		—		.30		9.65
2017		9.65		.26		.09			.35			.32		—		.32		9.68
2018		9.68		.34		.04			.38			.34		—		.34		9.72
2019⁽ⁱ⁾		9.72		.19		(.16	)		.03			.20		—		.20		9.55
Institutional Class
2014^(h)		10.00		.27		(.13	)		.14			.28		—		.28		9.86
2015		9.86		.30		(.25	)		.05			.34		—		.34		9.57
2016		9.57		.31		.08			.39			.32		—		.32		9.64
2017		9.64		.26		.11			.37			.34		—		.34		9.67
2018		9.67		.36		.04			.40			.36		—		.36		9.71
2019⁽ⁱ⁾		9.71		.20		(.16	)		.04			.21		—		.21		9.54

250

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***			Net Investment Income			Portfolio Turnover Rate


	1.12	%^††	$	50,361		1.10	%^†		1.10	%^†		2.21	%^†		1.58	%^†		1.73	%^†		26	%^††
	(.08	)		57,101		1.10			1.10			2.72			1.33			2.49			49
	3.69			61,243		1.10			1.10			2.86			1.27			2.69			38
	3.47			66,769		1.10			1.10			2.90			1.24			2.76			89
	3.83			68,567		1.10			1.10			3.25			1.21			3.14			60
	.25	^††		70,502		1.10	^†		1.10	^†		3.96	^†		1.20	^†		3.86	^†		29	^††

	1.43	^††		34,942		.90	^†		.90	^†		2.63	^†		.95	^†		2.58	^†		26	^††
	.18			50,122		.90			.90			2.92			1.03			2.79			49
	3.92			61,844		.90			.90			3.06			.98			2.98			38
	3.70			98,958		.90			.90			3.07			.92			3.05			89
	4.03			144,799		.90			.90			3.46			.86			3.50			60
	.35	^††		159,109		.90	^†		.90	^†		4.16	^†		.88	^†		4.18	^†		29	^††

	1.36	^††		5,329		.70	^†		.70	^†		2.76	^†		1.06	^†		2.40	^†		26	^††
	.47			10,458		.70			.70			3.17			.90			2.97			49
	4.14			11,456		.70			.70			3.27			.83			3.14			38
	3.87			21,277		.70			.70			3.23			.80			3.13			89
	4.20			32,019		.70			.70			3.68			.75			3.63			60
	.47	^††		26,472		.74	^†		.74	^†		4.32	^†		.77	^†		4.29	^†		29	^††

251

Financial Highlights(continued)

FIRST INVESTORS INCOME FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income^{^(c)}		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period/ Year
FUND FOR INCOME
Class A
2014	$	2.59	$	.12	$	.02		$	.14		$	.14		—	$	.14	$	2.59
2015		2.59		.11		(.18	)		(.07	)		.13		—		.13		2.39
2016		2.39		.11		.10			.21			.12		—		.12		2.48
2017		2.48		.11		.05			.16			.12		—		.12		2.52
2018		2.52		.11		(.06	)		.05			.13		—		.13		2.44
2019⁽ⁱ⁾		2.44		.05		—			.05			.06		—		.06		2.43
Class B
2014		2.59		.10		.02			.12			.12		—		.12		2.59
2015		2.59		.09		(.18	)		(.09	)		.11		—		.11		2.39
2016		2.39		.09		.10			.19			.10		—		.10		2.48
2017		2.48		.10		.05			.15			.10		—		.10		2.53
2018		2.53		.09		(.06	)		.03			.11		—		.11		2.45
2019⁽ⁱ⁾		2.45		.04		(.01	)		.03			.05		—		.05		2.43
Advisor Class
2014		2.59		.12		.02			.14			.14		—		.14		2.59
2015		2.59		.12		(.18	)		(.06	)		.14		—		.14		2.39
2016		2.39		.12		.10			.22			.13		—		.13		2.48
2017		2.48		.12		.05			.17			.13		—		.13		2.52
2018		2.52		.12		(.07	)		.05			.13		—		.13		2.44
2019⁽ⁱ⁾		2.44		.06		—			.06			.07		—		.07		2.43
Institutional Class
2014		2.60		.13		.02			.15			.15		—		.15		2.60
2015		2.60		.12		(.17	)		(.05	)		.15		—		.15		2.40
2016		2.40		.12		.10			.22			.13		—		.13		2.49
2017		2.49		.13		.05			.18			.13		—		.13		2.54
2018		2.54		.12		(.07	)		.05			.14		—		.14		2.45
2019⁽ⁱ⁾		2.45		.06		—			.06			.07		—		.07		2.44

252

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***			Net Investment Income			Portfolio Turnover Rate


	5.38	%	$	621,618		1.21	%		1.21	%		4.67	%		1.23	%		4.65	%		47	%
	(2.85	)		567,249		1.21			1.21			4.39			1.23			4.37			47
	9.07			571,028		1.22			1.22			4.76			1.24			4.74			55
	6.79			572,631		1.21			1.21			4.57			1.23			4.55			65
	1.88			523,932		1.22			1.22			4.46			1.24			4.44			67
	2.26	^††		505,329		1.23	^†		1.23	^†		4.89	^†		1.25	^†		4.87	^†		33	^††

	4.67			4,690		2.02			2.02			3.86			2.04			3.84			47
	(3.65	)		3,376		2.01			2.01			3.60			2.03			3.58			47
	7.99			2,923		2.04			2.04			3.94			2.07			3.92			55
	6.15			2,356		1.98			1.98			3.79			2.00			3.77			65
	1.06			1,786		2.02			2.02			3.66			2.04			3.64			67
	1.42	^††		1,517		2.07	^†		2.07	^†		4.04	^†		2.09	^†		4.02	^†		33	^††

	5.42			31,132		.91			.91			4.83			.93			4.81			47
	(2.47	)		41,699		.93			.93			4.65			.95			4.63			47
	9.34			68,198		.93			.94			5.02			.96			5.00			55
	7.05			73,403		.94			.94			4.84			.96			4.82			65
	2.17			79,880		.93			.93			4.76			.95			4.74			67
	2.36	^††		80,264		1.04	^†		1.04	^†		5.07	^†		1.06	^†		5.05	^†		33	^††

	5.59			42,941		.78			.78			5.07			.80			5.05			47
	(2.28	)		51,704		.78			.78			4.81			.80			4.79			47
	9.58			62,340		.79			.79			5.19			.81			5.17			55
	7.59			78,784		.78			.78			4.99			.80			4.97			65
	1.91			33,545		.79			.79			4.88			.81			4.86			67
	2.47	^††		36,666		.80	^†		.80	^†		5.30	^†		.82	^†		5.28	^†		33	^††

253

Financial Highlights(continued)

FIRST INVESTORS INCOME FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income^{^(c)}			Net Realized and Unrealized Gain on Investments		Total From Investment Operations			Net Investment Income			Net Realized Gain		Total Distributions			Net Asset Value, End of Period/ Year
GOVERNMENT CASH MANAGEMENT FUND^(f)
Class A
2014	$	1.00	$	—			—	$	—		$	—			—	$	—		$	1.00
2015		1.00		—			—		—			—			—		—			1.00
2016		1.00		—			—		—			—			—		—			1.00
2017		1.00		.00	^(d)		—		.00	^(d)		.00	^(d)		—		.00	^(d)		1.00
2018		1.00		.01			—		.01			.01			—		.01			1.00
2019⁽ⁱ⁾		1.00		.01			—		.01			.01			—		.01			1.00
Class B
2014		1.00		—			—		—			—			—		—			1.00
2015		1.00		—			—		—			—			—		—			1.00
2016		1.00		—			—		—			—			—		—			1.00
2017		1.00		—			—		—			—			—		—			1.00
2018		1.00		.00	^(d)		—		.00	^(d)		.00	^(d)		—		.00	^(d)		1.00
2019⁽ⁱ⁾		1.00		.01			—		.01			.01			—		.01			1.00
Institutional Class
2014		1.00		—			—		—			—			—		—			1.00
2015		1.00		—			—		—			—			—		—			1.00
2016		1.00		—			—		—			—			—		—			1.00
2017		1.00		.00	^(d)		—		.00	^(d)		.00	^(d)		—		.00	^(d)		1.00
2018		1.00		.01			—		.01			.01			—		.01			1.00
2019⁽ⁱ⁾		1.00		.01			—		.01			.01			—		.01			1.00

254

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***			Net Investment Income (Loss)			Portfolio Turnover Rate


	.00	%	$	108,088		.08	%		.08	%		.00	%		1.02	%		(.94	)%		N/A
	.00			109,566		.10			.10			.00			1.08			(.98	)		N/A
	.00			122,037		.33			.33			.00			1.05			(.72	)		N/A
	.08			127,079		.60			.60			.08			1.02			(.34	)		N/A
	.96			153,695		.60			.60			.98			1.01			.57			N/A
	.87	^††		177,586		.60	^†		.60	^†		1.74	^†		.91	^†		1.43	^†		N/A

	.00			404		.08			.08			.00			1.64			(1.56	)		N/A
	.00			287		.10			.10			.00			1.72			(1.62	)		N/A
	.00			248		.33			.33			.00			1.77			(1.44	)		N/A
	.00			161		.64			.64			.00			1.76			(1.12	)		N/A
	.17			101		1.35			1.35			.14			1.92			(.43	)		N/A
	.49	^††		154		1.35	^†		1.35	^†		1.00	^†		1.73	^†		.62	^†		N/A

	.00			2,595		.08			.08			.00			.66			(.58	)		N/A
	.00			2,267		.10			.10			.00			.67			(.57	)		N/A
	.00			2,844		.33			.33			.00			.68			(.35	)		N/A
	.07			2,394		.60			.60			.06			.68			(.02	)		N/A
	.97			1		.60			.60			.96			.68			.88			N/A
	.87	^††		1		.60	^†		.60	^†		1.78	^†		.80	^†		1.58	^†		N/A

255

Financial Highlights(continued)

FIRST INVESTORS INCOME FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income^{^(c)}		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period/ Year
INTERNATIONAL OPPORTUNITIES BOND FUND
Class A
2014	$	9.84	$	.21	$	.07		$	.28		$	.27		—	$	.27	$	9.85
2015		9.85		.12		(1.06	)		(.94	)		.28		—		.28		8.63
2016		8.63		.20		.51			.71			.13		—		.13		9.21
2017		9.21		.22		.21			.43			.15		—		.15		9.49
2018		9.49		.23		(.64	)		(.41	)		.30		—		.30		8.78
2019⁽ⁱ⁾		8.78		.13		(.15	)		(.02	)		.16		—		.16		8.60
Advisor Class
2014		9.85		.24		.04			.28			.28		—		.28		9.85
2015		9.85		.14		(1.06	)		(.92	)		.29		—		.29		8.64
2016		8.64		.23		.51			.74			.13		—		.13		9.25
2017		9.25		.24		.23			.47			.16		—		.16		9.56
2018		9.56		.27		(.66	)		(.39	)		.30		—		.30		8.87
2019⁽ⁱ⁾		8.87		.14		(.15	)		(.01	)		.16		—		.16		8.70
Institutional Class
2014		9.85		.25		.06			.31			.28		—		.28		9.88
2015		9.88		.17		(1.08	)		(.91	)		.30		—		.30		8.67
2016		8.67		.24		.52			.76			.14		—		.14		9.29
2017		9.29		.22		.27			.49			.19		—		.19		9.59
2018		9.59		.28		(.65	)		(.37	)		.30		—		.30		8.92
2019⁽ⁱ⁾		8.92		.15		(.16	)		(.01	)		.12		—		.12		8.79

256

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***			Net Investment Income			Portfolio Turnover Rate
										��

	2.84	%	$	80,197		1.30	%		1.30	%		2.06	%		1.41	%		1.95	%		76	%
	(9.72	)		69,394		1.30			1.30			1.29			1.38			1.21			61
	8.30			65,456		1.38			1.38			2.29			1.41			2.26			72
	4.70			59,782		1.41			1.41			2.35			N/A			N/A			76
	(4.50	)		54,060		1.40			1.40			2.49			N/A			N/A			41
	(.21	)^††		49,291		1.44	^†		1.44	^†		3.10	^†		N/A			N/A			17	^††

	2.81			33,851		1.10			1.10			2.21			N/A			N/A			76
	(9.51	)		50,912		1.04			1.04			1.56			N/A			N/A			61
	8.70			50,749		1.08			1.08			2.60			N/A			N/A			72
	5.07			68,162		1.11			1.11			2.66			N/A			N/A			76
	(4.17	)		87,491		1.08			1.08			2.82			N/A			N/A			41
	(.07	)^††		89,839		1.14	^†		1.14	^†		3.40	^†		N/A			N/A			17	^††

	3.19			16,014		.93			.93			2.43			N/A			N/A			76
	(9.36	)		19,097		.90			.90			1.69			N/A			N/A			61
	8.85			8,289		.93			.93			2.75			N/A			N/A			72
	5.27			8,669		.94			.95			2.80			N/A			N/A			76
	(4.03	)		9,868		.93			.93			2.98			N/A			N/A			41
	(.02	)^††		18,836		.97	^†		.97	^†		3.57	^†		N/A			N/A			17	^††

257

Financial Highlights(continued)

FIRST INVESTORS INCOME FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income^{^(c)}		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period/ Year
INVESTMENT GRADE FUND
Class A
2014	$	9.78	$	.31	$	.22		$	.53		$	.39		—	$	.39	$	9.92
2015		9.92		.28		(.17	)		.11			.39		—		.39		9.64
2016		9.64		.27		.35			.62			.36		—		.36		9.90
2017		9.90		.26		(.17	)		.09			.33		—		.33		9.66
2018		9.66		.26		(.42	)		(.16	)		.33		—		.33		9.17
2019⁽ⁱ⁾		9.17		.13		.29			.42			.16		—		.16		9.43
Class B
2014		9.76		.22		.22			.44			.33		—		.33		9.87
2015		9.87		.20		(.17	)		.03			.33		—		.33		9.57
2016		9.57		.19		.34			.53			.27		—		.27		9.83
2017		9.83		.19		(.18	)		.01			.23		—		.23		9.61
2018		9.61		.18		(.42	)		(.24	)		.24		—		.24		9.13
2019⁽ⁱ⁾		9.13		.09		.28			.37			.12		—		.12		9.38
Advisor Class
2014		9.78		.34		.20			.54			.40		—		.40		9.92
2015		9.92		.31		(.16	)		.15			.40		—		.40		9.67
2016		9.67		.30		.34			.64			.37		—		.37		9.94
2017		9.94		.26		(.14	)		.12			.35		—		.35		9.71
2018		9.71		.30		(.42	)		(.12	)		.36		—		.36		9.23
2019⁽ⁱ⁾		9.23		.15		.28			.43			.18		—		.18		9.48
Institutional Class
2014		9.79		.35		.23			.58			.43		—		.43		9.94
2015		9.94		.32		(.17	)		.15			.43		—		.43		9.66
2016		9.66		.31		.35			.66			.40		—		.40		9.92
2017		9.92		.31		(.18	)		.13			.37		—		.37		9.68
2018		9.68		.31		(.42	)		(.11	)		.37		—		.37		9.20
2019⁽ⁱ⁾		9.20		.15		.28			.43			.18		—		.18		9.45

258

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived, Assumed or Reimbursed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***			Net Investment Income			Portfolio Turnover Rate


	5.50	%	$	475,090		1.05	%		1.05	%		3.11	%		1.16	%		3.00	%		49	%
	1.12			458,704		1.04			1.04			2.85			1.15			2.74			36
	6.55			477,010		1.04			1.05			2.78			1.15			2.68			37
	.97			462,999		1.04			1.04			2.68			1.15			2.57			52
	(1.69	)		400,673		1.06			1.06			2.80			1.17			2.69			58
	4.68	^††		387,909		1.08	^†		1.08	^†		3.00	^†		1.18	^†		2.90	^†		33	^††

	4.53			4,727		1.92			1.92			2.24			2.03			2.13			49
	.27			3,623		1.92			1.92			1.98			2.03			1.87			36
	5.61			2,907		1.92			1.92			1.91			2.03			1.80			37
	.12			2,181		1.90			1.90			1.84			2.01			1.73			52
	(2.50	)		1,475		1.93			1.93			1.93			2.04			1.82			58
	4.15	^††		1,444		1.94	^†		1.94	^†		2.14	^†		2.04	^†		2.04	^†		33	^††

	5.61			44,351		.69			.69			3.38			.80			3.27			49
	1.53			63,614		.73			.73			3.17			.84			3.06			36
	6.78			83,659		.74			.74			3.08			.85			2.97			37
	1.32			136,316		.72			.72			2.99			.82			2.89			52
	(1.25	)		180,286		.72			.72			3.15			.83			3.04			58
	4.73	^††		197,002		.74	^†		.74	^†		3.34	^†		.84	^†		3.24	^†		33	^††

	5.98			22,269		.63			.63			3.51			.74			3.40			49
	1.48			15,025		.63			.63			3.26			.74			3.15			36
	6.97			31,395		.63			.63			3.17			.74			3.06			37
	1.41			26,127		.63			.63			3.10			.74			2.99			52
	(1.18	)		23,974		.64			.64			3.23			.75			3.12			58
	4.78	^††		20,327		.66	^†		.66	^†		3.42	^†		.76	^†		3.32	^†		33	^††

259

Financial Highlights(continued)

FIRST INVESTORS INCOME FUNDS

	P E R S H A R E D A T A
			Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income (Loss)^{^(c)}			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period/ Year
LIMITED DURATION BOND FUND^(e)
Class A
2014^(g)	$	10.00	$	—		$	(.05	)	$	(.05	)	$	.06		—	$	.06	$	9.89
2015		9.89		.03			.04			.07			.20		—		.20		9.76
2016		9.76		(.03	)		.15			.12			.22		—		.22		9.66
2017		9.66		.08			(.06	)		.02			.21		—		.21		9.47
2018		9.47		—			(.05	)		(.05	)		.25		—		.25		9.17
2019⁽ⁱ⁾		9.17		.11			.09			.20			.13		—		.13		9.24
Advisor Class
2014^(g)		10.00		.02			(.05	)		(.03	)		.06		—		.06		9.91
2015		9.91		.06			.05			.11			.22		—		.22		9.80
2016		9.80		—			.14			.14			.25		—		.25		9.69
2017		9.69		.13			(.08	)		.05			.24		—		.24		9.50
2018		9.50		.03			(.05	)		(.02	)		.28		—		.28		9.20
2019⁽ⁱ⁾		9.20		.12			.08			.20			.14		—		.14		9.26
Institutional Class
2014^(g)		10.00		.02			(.03	)		(.01	)		.07		—		.07		9.92
2015		9.92		.08			.04			.12			.23		—		.23		9.81
2016		9.81		.02			.14			.16			.27		—		.27		9.70
2017		9.70		.11			(.04	)		.07			.25		—		.25		9.52
2018		9.52		.04			(.06	)		(.02	)		.29		—		.29		9.21
2019⁽ⁱ⁾		9.21		.13			.09			.22			.15		—		.15		9.28

260

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived, Assumed or Reimbursed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income (Loss)			Expenses^***			Net Investment Income (Loss)			Portfolio Turnover Rate


	(.50	)%^††	$	8,911		1.05	%^†		1.05	%^†		.15	%^†		3.37	%^†		(2.17	)%^†		19	%^††
	.67			26,852		1.05			1.05			.37			1.32			.10			57
	1.21			48,342		1.05			1.05			(.25	)		1.23			(.43	)		54
	.22			62,841		1.05			1.05			.85			1.22			.68			60
	(.52	)		247,902		.89			.89			.02			1.11			(.20	)		102
	2.21	^††		241,720		.79	^†		.79	^†		2.30	^†		1.04	^†		2.05	^†		35	^††

	(.28	)^††		25,649		.75	^†		.75	^†		.46	^†		1.02	^†		.19	^†		19	^††
	1.08			40,502		.75			.75			.66			1.09			.32			57
	1.47			50,645		.75			.75			.04			1.01			(.22	)		54
	.54			31,638		.75			.75			1.14			1.02			.87			60
	(.25	)		35,498		.62			.62			.33			.84			.11			102
	2.24	^††		49,032		.51	^†		.51	^†		2.58	^†		.84	^†		2.25	^†		35	^††

	(.14	)^††		5,125		.60	^†		.60	^†		.53	^†		3.32	^†		(2.19	)^†		19	^††
	1.21			6,747		.60			.60			.81			.92			.49			57
	1.64			22,296		.60			.60			.20			.82			(.02	)		54
	.77			41,065		.60			.60			1.30			.82			1.08			60
	(.19	)		38,822		.47			.47			.46			.68			.25			102
	2.43	^††		37,563		.36	^†		.36	^†		2.71	^†		.59	^†		2.48	^†		35	^††

261

Financial Highlights(continued)

FIRST INVESTORS INCOME FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income^(a)(c)		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain			Total Distributions		Net Asset Value, End of Period/ Year
STRATEGIC INCOME FUND
Class A
2014	$	9.78	$	.32	$	.12		$	.44		$	.28	$	.00	^(d)	$	.28	$	9.94
2015		9.94		.34		(.57	)		(.23	)		.34		.07			.41		9.30
2016		9.30		.30		.22			.52			.32		.02			.34		9.48
2017		9.48		.30		.05			.35			.30		—			.30		9.53
2018		9.53		.31		(.32	)		(.01	)		.32		—			.32		9.20
2019⁽ⁱ⁾		9.20		.16		(.01	)		.15			.16		—			.16		9.19
Advisor Class
2014		9.77		.36		.11			.47			.32	$	.00	^(d)		.32		9.92
2015		9.92		.38		(.56	)		(.18	)		.38		.07			.45		9.29
2016		9.29		.33		.23			.56			.36		.02			.38		9.47
2017		9.47		.29		.09			.38			.33		—			.33		9.52
2018		9.52		.34		(.32	)		.02			.35		—			.35		9.19
2019⁽ⁱ⁾		9.19		.17		—			.17			.18		—			.18		9.18

^*	Calculated without sales charges.
^**	Net of expenses waived or assumed (Note 3).
^***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note1G).
^†	Annualized
^††	Not annualized
^(a)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.
^(b)	Does not include expenses of the investment companies in which the Fund invests.
^(c)	Based on average shares during the period.
^(d)	Due to rounding, amount is less than .005 per share.
^(e)	Prior to January 31, 2018, known as Limited Duration High Quality Bond Fund.
^(f)	Prior to October 3, 2016, known as Cash Management Fund.
^(g)	For the period May 19, 2014 (commencement of operations) to September 30, 2014.
^(h)	For the period October 21, 2013 (commencement of operations) to September 30, 2014.
⁽ⁱ⁾	For the period October 1, 2018 to March 31, 2019.

262

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived, Assumed or Reimbursed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits^{^(b)}			Net Expenses Before FeeCredits^{***^(b)}			Net Investment Income^{^(a)}			Expenses^***			Net Investment Income			Portfolio Turnover Rate


	4.55	%	$	101,540		.80	%		.80	%		3.18	%		.68	%^(b)		3.30	%^(a)		20	%
	(2.37	)		131,734		.59			.59			3.55			N/A			N/A			40
	5.64			149,190		.58			.58			3.19			N/A			N/A			49
	3.73			162,789		.57			.57			3.24			N/A			N/A			37
	(.10	)		152,180		.56			.56			3.36			N/A			N/A			58
	1.66	^††		147,501		.60	^†		.60	^†		3.42	^†		N/A			N/A			43	^††

	4.82			323		.36			.36			3.62			.29	^(b)		3.69	^(a)		20
	(1.93	)		306		.19			.19			3.95			N/A			N/A			40
	6.14			415		.17			.17			3.59			N/A			N/A			49
	4.14			963		.18			.18			3.66			N/A			N/A			37
	.22			759		.21			.21			3.70			N/A			N/A			58
	1.85	^††		830		.27	^†		.27	^†		3.77	^†		N/A			N/A			43	^††

263

Financial Highlights

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income^{^(a)}		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period/ Year
COVERED CALL STRATEGY FUND
Class A
2016^(d)	$	10.00	$	.06	$	.33		$	.39		$	.03	$	—	$	.03	$	10.36
2017		10.36		.10		.85			.95			.11		.02		.13		11.18
2018		11.18		.11		.64			.75			.10		—		.10		11.83
2019^(f)		11.83		.07		(.55	)		(.48	)		.07		—		.07		11.28
Advisor Class
2016^(d)		10.00		.08		.32			.40			.06		—		.06		10.34
2017		10.34		.13		.86			.99			.15		.02		.17		11.16
2018		11.16		.14		.64			.78			.14		—		.14		11.80
2019^(f)		11.80		.08		(.56	)		(.48	)		.08		—		.08		11.24
Institutional Class
2016^(d)		10.00		.09		.33			.42			.07		—		.07		10.35
2017		10.35		.16		.85			1.01			.17		.02		.19		11.17
2018		11.17		.16		.63			.79			.24		—		.24		11.72
2019^(f)		11.72		.10		(.55	)		(.45	)		.10		—		.10		11.17

264

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***			Net Investment Income			Portfolio Turnover Rate


	3.94	%^††	$	48,514		1.30	%^†		1.30	%^†		1.19	%^†		1.73	%^†		.76	%^†		83	%^††
	9.17			167,906		1.30			1.30			1.18			1.36			1.12			121
	6.79			237,103		1.30			1.30			.95			1.28			.97			107
	(4.00	)^††		228,791		1.34	^†		1.34	^†		1.32	^†		1.31			1.35			16	^††

	4.05	^††		39,129		.97	^†		.97	^†		1.64	^†		1.50	^†		1.11	^†		83	^††
	9.62			109,360		.97			.97			1.53			1.06			1.44			121
	7.09			114,275		.97			.97			1.25			1.03			1.19			107
	(3.99	)^††		85,855		1.17	^†		1.17	^†		1.47	^†		1.09			1.55			16	^††

	4.18	^††		4,214		.84	^†		.84	^†		1.76	^†		1.25	^†		1.35	^†		83	^††
	9.77			7,334		.84			.84			1.65			.96			1.53			121
	7.19			2,913		.84			.84			1.38			.89			1.33			107
	(3.81	)^††		2,309		.88	^†		.88	^†		1.78	^†		.91			1.75			16	^††

265

Financial Highlights(continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income^{^(a)}		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period/ Year
EQUITY INCOME FUND
Class A
2014	$	8.99	$	.13	$	1.16		$	1.29		$	.14	$	.15	$	.29	$	9.99
2015		9.99		.15		(.54	)		(.39	)		.15		.46		.61		8.99
2016		8.99		.16		1.08			1.24			.16		.35		.51		9.72
2017		9.72		.16		1.22			1.38			.21		.18		.39		10.71
2018		10.71		.26		.65			.91			.17		.36		.53		11.09
2019^(f)		11.09		.08		(.59	)		(.51	)		.17		1.14		1.31		9.27
Class B
2014		8.84		.05		1.13			1.18			.05		.15		.20		9.82
2015		9.82		.06		(.53	)		(.47	)		.07		.46		.53		8.82
2016		8.82		.08		1.06			1.14			.09		.35		.44		9.52
2017		9.52		.08		1.19			1.27			.12		.18		.30		10.49
2018		10.49		.16		.65			.81			.10		.36		.46		10.84
2019^(f)		10.84		.04		(.59	)		(.55	)		.11		1.14		1.25		9.04
Advisor Class
2014		8.99		.17		1.13			1.30			.15		.15		.30		9.99
2015		9.99		.19		(.55	)		(.36	)		.17		.46		.63		9.00
2016		9.00		.20		1.08			1.28			.19		.35		.54		9.74
2017		9.74		.19		1.23			1.42			.21		.18		.39		10.77
2018		10.77		.31		.65			.96			.21		.36		.57		11.16
2019^(f)		11.16		.10		(.60	)		(.50	)		.18		1.14		1.32		9.34
Institutional Class
2014		9.02		.17		1.16			1.33			.17		.15		.32		10.03
2015		10.03		.19		(.55	)		(.36	)		.17		.46		.63		9.04
2016		9.04		.20		1.09			1.29			.20		.35		.55		9.78
2017		9.78		.37		1.06			1.43			.31		.18		.49		10.72
2018		10.72		.31		.66			.97			.21		.36		.57		11.12
2019^(f)		11.12		.10		(.60	)		(.50	)		.22		1.14		1.36		9.26

266

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***		Net Investment Income		Portfolio Turnover Rate


	14.48	%	$	510,981		1.21	%		1.22	%		1.33	%		N/A		N/A		27	%
	(4.31	)		485,342		1.21			1.21			1.52			N/A		N/A		23
	14.16			529,327		1.22			1.22			1.72			N/A		N/A		22
	14.46			564,918		1.20			1.20			1.58			N/A		N/A		15
	8.68			545,810		1.20			1.20			2.42			N/A		N/A		35
	(3.41	)^††		498,834		1.22	^†		1.22	^†		1.70	^†		N/A		N/A		26	^††

	13.49			5,721		2.06			2.06			.49			N/A		N/A		27
	(5.16	)		3,847		2.06			2.06			.67			N/A		N/A		23
	13.20			3,446		2.07			2.07			.87			N/A		N/A		22
	13.48			3,012		2.03			2.03			.76			N/A		N/A		15
	7.89			2,562		2.04			2.04			1.54			N/A		N/A		35
	(3.90	)^††		2,200		2.06	^†		2.06	^†		.86	^†		N/A		N/A		26	^††

	14.57			32,160		.81			.81			1.71			N/A		N/A		27
	(3.96	)		38,482		.84			.84			1.90			N/A		N/A		23
	14.63			54,576		.85			.85			2.08			N/A		N/A		22
	14.87			71,611		.84			.84			1.94			N/A		N/A		15
	9.09			80,387		.85			.85			2.79			N/A		N/A		35
	(3.25	)^††		78,539		.85	^†		.85	^†		2.07	^†		N/A		N/A		26	^††

	14.88			7,399		.80			.80			1.76			N/A		N/A		27
	(3.97	)		9,773		.81			.81			1.93			N/A		N/A		23
	14.67			2,448		.78			.78			2.08			N/A		N/A		22
	14.84			2,193		.80			.80			2.02			N/A		N/A		15
	9.21			2,499		.80			.80			2.81			N/A		N/A		35
	(3.24	)^††		1,998		.81	^†		.81	^†		2.05	^†		N/A		N/A		26	^††

267

Financial Highlights(continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income (Loss)^{^(a)}			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain		Total Distributions			Net Asset Value, End of Period/ Year
GLOBAL FUND
Class A
2014	$	8.01	$	—		$	.80		$	.80		$	.04		$	.11	$	.15		$	8.66
2015		8.66		—			.11			.11			—			1.51		1.51			7.26
2016		7.26		.01			.43			.44			.00	^(b)		.40		.40			7.30
2017		7.30		.02			1.29			1.31			.01			—		.01			8.60
2018		8.60		(.01	)		.89			.88			.04			.63		.67			8.81
2019^(f)		8.81		.01			(.66	)		(.65	)		—			1.00		1.00			7.16
Class B
2014		6.86		(.06	)		.69			.63			—			.11		.11			7.38
2015		7.38		(.05	)		.10			.05			—			1.51		1.51			5.92
2016		5.92		(.04	)		.36			.32			—			.40		.40			5.84
2017		5.84		(.03	)		1.02			.99			.00	^(b)		—		.00	^(b)		6.83
2018		6.83		(.07	)		.70			.63			.03			.63		.66			6.80
2019^(f)		6.80		(.01	)		(.54	)		(.55	)		—			1.00		1.00			5.25
Advisor Class
2014		8.01		—			.82			.82			—			.11		.11			8.72
2015		8.72		.03			.12			.15			—			1.51		1.51			7.36
2016		7.36		.04			.44			.48			.01			.40		.41			7.43
2017		7.43		.06			1.31			1.37			.02			—		.02			8.78
2018		8.78		.02			.91			.93			.05			.63		.68			9.03
2019^(f)		9.03		.02			(.67	)		(.65	)		—			1.00		1.00			7.38
Institutional Class
2014		8.02		—			.84			.84			—			.11		.11			8.75
2015		8.75		.04			.11			.15			—			1.51		1.51			7.39
2016		7.39		.04			.45			.49			.01			.40		.41			7.47
2017		7.47		.06			1.31			1.37			.02			—		.02			8.82
2018		8.82		.03			.91			.94			.05			.63		.68			9.08
2019^(f)		9.08		.03			(.68	)		(.65	)		—			1.00		1.00			7.43

268

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income (Loss)			Expenses^***			Net Investment Income (Loss)			Portfolio Turnover Rate


	10.00	%	$	332,416		1.49	%		1.49	%		.03	%		1.54	%		(.02	)%		154	%
	.87			331,382		1.47			1.47			(.01	)		1.52			(.06	)		97
	6.03			339,956		1.47			1.47			.09			1.52			.04			94
	17.99			379,176		1.44			1.44			.30			1.49			.25			117
	10.69			393,697		1.43			1.43			(.16	)		1.48			(.21	)		132
	(5.95	)^††		356,080		1.46	^†		1.46	^†		.26	^†		1.49			.23			81	^††

	9.18			4,023		2.31			2.31			(.79	)		2.36			(.84	)		154
	.09			3,405		2.28			2.28			(.82	)		2.33			(.87	)		97
	5.29			2,937		2.27			2.27			(.72	)		2.32			(.77	)		94
	16.98			2,642		2.24			2.24			(.52	)		2.29			(.57	)		117
	9.70			2,309		2.23			2.23			(.97	)		2.28			(1.02	)		132
	(6.28	)^††		1,938		2.25	^†		2.25	^†		.54	^†		2.29			(.58	)		81	^††

	10.24			66,590		1.06			1.06			.53			1.11			.48			154
	1.37			114,556		1.06			1.06			.43			1.11			.38			97
	6.48			169,088		1.05			1.05			.53			1.10			.48			94
	18.46			191,839		1.04			1.04			.70			1.09			.65			117
	11.03			228,234		1.05			1.05			.25			1.10			.20			132
	(5.79	)^††		227,833		1.08	^†		1.08	^†		.65	^†		1.12			.61			81	^††

	10.48			3,001		1.03			1.03			.48			1.08			.43			154
	1.37			2,955		1.02			1.02			.45			1.07			.40			97
	6.61			3,288		1.01			1.01			.55			1.06			.50			94
	18.38			3,800		1.00			1.00			.74			1.05			.69			117
	11.12			4,419		1.00			1.00			.29			1.05			.24			132
	(5.77	)^††		3,285		1.02	^†		1.02	^†		.69	^†		1.05			.66			81	^††

269

Financial Highlights(continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income^{^(a)}		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period/ Year
GROWTH & INCOME FUND
Class A
2014	$	20.54	$	.18	$	2.92		$	3.10		$	.20	$	.68	$	.88	$	22.76
2015		22.76		.20		(1.37	)		(1.17	)		.19		1.05		1.24		20.35
2016		20.35		.26		2.07			2.33			.24		.93		1.17		21.51
2017		21.51		.25		2.66			2.91			.37		.75		1.12		23.30
2018		23.30		.26		2.11			2.37			.32		.94		1.26		24.41
2019^(f)		24.41		.14		(1.64	)		(1.50	)		.13		4.02		4.15		18.76
Class B
2014		19.26		—		2.73			2.73			—		.68		.68		21.31
2015		21.31		.02		(1.27	)		(1.25	)		.04		1.05		1.09		18.97
2016		18.97		.10		1.91			2.01			.08		.93		1.01		19.97
2017		19.97		.08		2.45			2.53			.13		.75		.88		21.62
2018		21.62		.06		1.96			2.02			.08		.94		1.02		22.62
2019^(f)		22.62		.05		(1.54	)		(1.49	)		.05		4.02		4.07		17.06
Advisor Class
2014		20.54		.27		2.91			3.18			.20		.68		.88		22.84
2015		22.84		.29		(1.38	)		(1.09	)		.24		1.05		1.29		20.46
2016		20.46		.35		2.08			2.43			.29		.93		1.22		21.67
2017		21.67		.33		2.69			3.02			.48		.75		1.23		23.46
2018		23.46		.35		2.11			2.46			.40		.94		1.34		24.58
2019^(f)		24.58		.17		(1.64	)		(1.47	)		.16		4.02		4.18		18.93
Institutional Class
2014		20.55		.27		2.92			3.19			.28		.68		.96		22.78
2015		22.78		.29		(1.39	)		(1.10	)		.24		1.05		1.29		20.39
2016		20.39		.35		2.07			2.42			.30		.93		1.23		21.58
2017		21.58		.34		2.67			3.01			.45		.75		1.20		23.39
2018		23.39		.36		2.12			2.48			.41		.94		1.35		24.52
2019^(f)		24.52		.18		(1.65	)		(1.47	)		.18		4.02		4.20		18.85

270

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***		Net Investment Income		Portfolio Turnover Rate


	15.26	%	$	1,632,920		1.15	%		1.15	%		.80	%		N/A		N/A		22	%
	(5.62	)		1,496,803		1.15			1.15			.89			N/A		N/A		23
	11.72			1,588,423		1.16			1.16			1.28			N/A		N/A		23
	13.99			1,675,590		1.15			1.15			1.13			N/A		N/A		16
	10.35			1,653,563		1.14			1.14			1.08			N/A		N/A		34
	(4.27	)^††		1,505,650		1.16	^†		1.16	^†		1.37	^†		N/A		N/A		41	^††

	14.32			25,497		1.93			1.93			.02			N/A		N/A		22
	(6.33	)		19,316		1.93			1.93			.11			N/A		N/A		23
	10.82			17,047		1.94			1.94			.50			N/A		N/A		23
	13.14			14,310		1.93			1.93			.35			N/A		N/A		16
	9.49			12,023		1.93			1.93			.29			N/A		N/A		34
	(4.63	)^††		9,995		1.95	^†		1.95	^†		.58	^†		N/A		N/A		41	^††

	15.67			123,039		.74			.74			1.17			N/A		N/A		22
	(5.24	)		141,229		.75			.75			1.29			N/A		N/A		23
	12.18			132,486		.77			.77			1.68			N/A		N/A		23
	14.42			166,851		.78			.78			1.50			N/A		N/A		16
	10.73			142,220		.79			.79			1.44			N/A		N/A		34
	(4.09	)^††		143,755		.84	^†		.84	^†		1.69	^†		N/A		N/A		41	^††

	15.75			9,746		.74			.74			1.21			N/A		N/A		22
	(5.27	)		9,380		.75			.75			1.29			N/A		N/A		23
	12.18			10,596		.74			.74			1.70			N/A		N/A		23
	14.47			10,839		.74			.74			1.54			N/A		N/A		16
	10.85			11,067		.74			.74			1.49			N/A		N/A		34
	(4.10	)^††		8,419		.75	^†		.75	^†		1.78	^†		N/A		N/A		41	^††

271

Financial Highlights(continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income (Loss)^{^(a)}			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain		Total Distributions			Net Asset Value, End of Period/ Year
HEDGED U.S. EQUITY OPPORTUNITIES FUND
Class A
2016^(c)	$	10.00	$	—		$	(.09	)	$	(.09	)	$	—		$	—	$	—		$	9.91
2017		9.91		(.02	)		.88			.86			—			—		—			10.77
2018		10.77		(.03	)		1.16			1.13			—			—		—			11.90
2019^(f)		11.90		—			(.03	)		(.03	)		—			.21		.21			11.66
Advisor Class
2016^(c)		10.00		—			(.09	)		(.09	)		—			—		—			9.91
2017		9.91		.01			.89			.90			.00	^(b)		—		.00	^(b)		10.81
2018		10.81		.02			1.16			1.18			—			—		—			11.99
2019^(f)		11.99		.02			(.04	)		(.02	)		—			.21		.21			11.76
Institutional Class
2016^(c)		10.00		.01			(.10	)		(.09	)		—			—		—			9.91
2017		9.91		.02			.89			.91			.00	^(b)		—		.00	^(b)		10.82
2018		10.82		.02			1.17			1.19			—			—		—			12.01
2019^(f)		12.01		.03			(.03	)		—			—			.21		.21			11.80

272

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income (Loss)			Expenses^***			Net Investment Income (Loss)			Portfolio Turnover Rate


	(.90	)%^††	$	9,265		1.75	%^†		1.75	%^†		(.02	)%^†		4.24	%^†		(2.51	)%^†		7	%^††
	8.68			44,228		1.75			1.75			(.21	)		2.09			(.55	)		75
	10.49			66,746		1.75			1.75			(.22	)		1.76			(.23	)		56
	(0.08	)^††		76,399		1.75	^†		1.75	^†		.04	^†		1.69	^†		.10	^†		20	^††

	(.90	)^††		24,539		1.42	^†		1.42	^†		.26	^†		3.37	^†		(1.69	)^†		7	^††
	9.11			33,770		1.42			1.42			.10			1.76			(.24	)		75
	10.92			94,955		1.42			1.42			.16			1.40			.18			56
	0.01	^††		105,027		1.42	^†		1.42	^†		.37	^†		1.44	^†		.35	^†		20	^††

	(.90	)^††		99		1.31	^†		1.31	^†		.30	^†		3.24	^†		(1.63	)^†		7	^††
	9.21			472		1.31			1.31			.23			1.74			(.20	)		75
	11.00			574		1.31			1.31			.21			1.39			.13			56
	0.19	^††		549		1.31	^†		1.31	^†		.47	^†		1.30	^†		.48	^†		20	^††

273

Financial Highlights(continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income (Loss)^{^(a)}			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period/ Year
INTERNATIONAL FUND
Class A
2014	$	12.53	$	.05		$	.50		$	.55		$	.02	$	—	$	.02	$	13.06
2015		13.06		.05			(.41	)		(.36	)		.05		—		.05		12.65
2016		12.65		.06			1.05			1.11			.05		—		.05		13.71
2017		13.71		.02			2.02			2.04			.07		—		.07		15.68
2018		15.68		.01			.28			.29			.02		—		.02		15.95
2019^(f)		15.95		(.02	)		(.12	)		(.14	)		.03		.96		.99		14.82
Class B
2014		11.98		(.05	)		.47			.42			—		—		—		12.40
2015		12.40		(.06	)		(.38	)		(.44	)		—		—		—		11.96
2016		11.96		(.06	)		1.00			.94			.03		—		.03		12.87
2017		12.87		(.09	)		1.90			1.81			.05		—		.05		14.63
2018		14.63		(.11	)		.26			.15			—		—		—		14.78
2019^(f)		14.78		(.08	)		(.12	)		(.20	)		—		.96		.96		13.62
Advisor Class
2014		12.55		.14			.44			.58			—		—		—		13.13
2015		13.13		.11			(.43	)		(.32	)		.05		—		.05		12.76
2016		12.76		.11			1.06			1.17			.06		—		.06		13.87
2017		13.87		.08			2.05			2.13			.08		—		.08		15.92
2018		15.92		.08			.27			.35			.03		—		.03		16.24
2019^(f)		16.24		—			(.12	)		(.12	)		.04		.96		1.00		15.12
Institutional Class
2014		12.56		.12			.51			.63			—		—		—		13.19
2015		13.19		.12			(.43	)		(.31	)		.10		—		.10		12.78
2016		12.78		.13			1.07			1.20			.07		—		.07		13.91
2017		13.91		.09			2.05			2.14			.09		—		.09		15.96
2018		15.96		.09			.29			.38			.04		—		.04		16.30
2019^(f)		16.30		.01			(.12	)		(.11	)		.05		.96		1.01		15.18

274

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income (Loss)			Expenses^***		Net Investment Income		Portfolio Turnover Rate


	4.43	%	$	193,174		1.66	%		1.66	%		.39	%		N/A		N/A		34	%
	(2.78	)		194,991		1.64			1.64			.40			N/A		N/A		27
	8.80			209,205		1.61			1.61			.45			N/A		N/A		28
	15.00			238,770		1.58			1.58			.17			N/A		N/A		38
	1.83			259,683		1.56			1.56			.09			N/A		N/A		36
	(.07	)^††		254,909		1.58	^†		1.58	^†		(.31	)^†		N/A		N/A		40	^††

	3.51			2,893		2.49			2.49			(.42	)		N/A		N/A		34
	(3.55	)		2,094		2.47			2.47			(.49	)		N/A		N/A		27
	7.83			1,607		2.45			2.45			(.45	)		N/A		N/A		28
	14.12			1,465		2.40			2.40			(.68	)		N/A		N/A		38
	1.03			1,239		2.38			2.38			(.76	)		N/A		N/A		36
	(.50	)^††		1,092		2.41	^†		2.41	^†		(1.15	)^†		N/A		N/A		40	^††

	4.62			35,249		1.27			1.27			.98			N/A		N/A		34
	(2.45	)		57,623		1.24			1.24			.83			N/A		N/A		27
	9.22			81,525		1.23			1.24			.85			N/A		N/A		28
	15.50			111,334		1.18			1.18			.59			N/A		N/A		38
	2.21			136,628		1.18			1.18			.48			N/A		N/A		36
	.09	^††		144,283		1.22	^†		1.22	^†		.06	^†		N/A		N/A		40	^††
																				��
	5.02			2,357		1.17			1.17			.93			N/A		N/A		34
	(2.33	)		2,347		1.14			1.14			.89			N/A		N/A		27
	9.39			2,695		1.12			1.12			.95			N/A		N/A		28
	15.54			3,274		1.09			1.09			.65			N/A		N/A		38
	2.36			3,509		1.09			1.09			.56			N/A		N/A		36
	.14	^††		2,783		1.09	^†		1.09	^†		.17	^†		N/A		N/A		40	^††

275

Financial Highlights(continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income (Loss)^{^(a)}			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period/ Year
OPPORTUNITY FUND
Class A
2014	$	38.13	$	.07		$	5.29		$	5.36		$	.16	$	2.43	$	2.59	$	40.90
2015		40.90		.04			(.39	)		(.35	)		.06		2.70		2.76		37.79
2016		37.79		.20			2.52			2.72			.04		3.18		3.22		37.29
2017		37.29		.11			6.03			6.14			.22		1.35		1.57		41.86
2018		41.86		.39			2.31			2.70			.12		2.38		2.50		42.06
2019^(f)		42.06		.05			(2.32	)		(2.27	)		.38		3.41		3.79		36.00
Class B
2014		32.27		(.21	)		4.47			4.26			—		2.43		2.43		34.10
2015		34.10		(.23	)		(.29	)		(.52	)		—		2.70		2.70		30.88
2016		30.88		(.07	)		2.05			1.98			—		3.18		3.18		29.68
2017		29.68		(.16	)		4.77			4.61			.18		1.35		1.53		32.76
2018		32.76		.04			1.81			1.85			.07		2.38		2.45		32.16
2019^(f)		32.16		(.07	)		(1.90	)		(1.97	)		.34		3.41		3.75		26.44
Advisor Class
2014		38.18		.23			5.22			5.45			—		2.43		2.43		41.20
2015		41.20		.16			(.40	)		(.24	)		.08		2.70		2.78		38.18
2016		38.18		.30			2.56			2.86			.07		3.18		3.25		37.79
2017		37.79		.24			6.12			6.36			.24		1.35		1.59		42.56
2018		42.56		.61			2.27			2.88			.15		2.38		2.53		42.91
2019^(f)		42.91		.12			(2.37	)		(2.25	)		.40		3.41		3.81		36.85
Institutional Class
2014		38.21		.24			5.30			5.54			.17		2.43		2.60		41.15
2015		41.15		.22			(.40	)		(.18	)		.20		2.70		2.90		38.07
2016		38.07		.36			2.54			2.90			.08		3.18		3.26		37.71
2017		37.71		.27			6.12			6.39			.26		1.35		1.61		42.49
2018		42.49		.59			2.33			2.92			.16		2.38		2.54		42.87
2019^(f)		42.87		.14			(2.36	)		(2.22	)		.43		3.41		3.84		36.81

276

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income (Loss)			Expenses^***		Net Investment Income		Portfolio Turnover Rate


	14.20	%	$	805,113		1.20	%		1.20	%		.16	%		N/A		N/A		34	%
	(1.16	)		818,955		1.20			1.20			.11			N/A		N/A		37
	7.39			880,274		1.22			1.22			.54			N/A		N/A		36
	16.99			1,002,618		1.20			1.20			.27			N/A		N/A		32
	6.49			1,010,312		1.20			1.20			.93			N/A		N/A		35
	(3.97	)^††		943,678		1.26	^†		1.26	^†		.27	^†		N/A		N/A		40	^††

	13.32			12,145		1.99			1.99			(.63	)		N/A		N/A		34
	(1.94	)		9,691		1.97			1.97			(.67	)		N/A		N/A		37
	6.58			8,606		1.99			1.99			(.22	)		N/A		N/A		36
	16.12			7,557		1.96			1.96			(.49	)		N/A		N/A		32
	5.65			6,202		1.96			1.96			.12			N/A		N/A		35
	(4.30	)^††		5,276		1.98	^†		1.98	^†		(.46	)^†		N/A		N/A		40	^††

	14.43			35,733		.90			.90			.51			N/A		N/A		34
	(.87	)		48,322		.91			.91			.40			N/A		N/A		37
	7.69			73,477		.93			.93			.83			N/A		N/A		36
	17.37			81,773		.88			.88			.59			N/A		N/A		32
	6.82			149,481		.89			.89			1.42			N/A		N/A		35
	(3.82	)^††		151,157		.90	^†		.90	^†		.63	^†		N/A		N/A		40	^††

	14.66			3,838		.79			.79			.58			N/A		N/A		34
	(.74	)		4,228		.78			.78			.52			N/A		N/A		37
	7.84			4,975		.79			.79			.98			N/A		N/A		36
	17.49			5,678		.78			.78			.70			N/A		N/A		32
	6.95			5,793		.77			.77			1.38			N/A		N/A		35
	(3.74	)^††		4,600		.78	^†		.78	^†		.74	^†		N/A		N/A		40	^††

277

Financial Highlights(continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income (Loss)^{^(a)}			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain		Total Distributions			Net Asset Value, End of Period/ Year
PREMIUM INCOME FUND
Class A
2018^(e)	$	10.00	$	.08		$	.23		$	.31		$	.05		$	—	$	.05		$	10.26
2019^(f)		10.26		.09			—			.09			.08			.10		.18			10.17
Advisor Class
2018^(e)		10.00		.10			.22			.32			.06			—		.06			10.26
2019^(f)		10.26		.10			—			.10			.08			.10		.18			10.18
Institutional Class
2018^(e)		10.00		.10			.23			.33			.17			—		.17			10.16
2019^(f)		10.16		.10			(.26	)		(.16	)		4.36			.10		4.46			5.54

SELECT GROWTH FUND
Class A
2014	$	9.24	$	—		$	1.73		$	1.73		$	.00	^(b)	$	—	$	.00	^(b)	$	10.97
2015		10.97		.02			.65			.67			.00	^(b)		—		.00	^(b)		11.64
2016		11.64		.02			.73			.75			.02			1.13		1.15			11.24
2017		11.24		—			2.38			2.38			.03			1.55		1.58			12.04
2018		12.04		(.01	)		2.66			2.65			.01			1.07		1.08			13.61
2019^(f)		13.61		.02			(.64	)		(.62	)		—			.62		.62			12.37
Class B
2014		8.34		(.07	)		1.55			1.48			—			—		—			9.82
2015		9.82		(.07	)		.59			.52			—			—		—			10.34
2016		10.34		(.06	)		.65			.59			.00	^(b)		1.13		1.13			9.80
2017		9.80		(.07	)		2.02			1.95			.02			1.55		1.57			10.18
2018		10.18		(.09	)		2.21			2.12			—			1.07		1.07			11.23
2019^(f)		11.23		(.02	)		(.54	)		(.56	)		—			.62		.62			10.05
Advisor Class
2014		9.26		.06			1.69			1.75			—			—		—			11.01
2015		11.01		.07			.66			.73			.01			—		.01			11.73
2016		11.73		.07			.73			.80			.03			1.13		1.16			11.37
2017		11.37		.05			2.40			2.45			.04			1.55		1.59			12.23
2018		12.23		.04			2.71			2.75			.02			1.07		1.09			13.89
2019^(f)		13.89		.04			(.65	)		(.61	)		.01			.62		.63			12.65
Institutional Class
2014		9.27		.05			1.74			1.79			—			—		—			11.06
2015		11.06		.07			.66			.73			.02			—		.02			11.77
2016		11.77		.07			.74			.81			.03			1.13		1.16			11.42
2017		11.42		.05			2.41			2.46			.04			1.55		1.59			12.29
2018		12.29		.05			2.72			2.77			.02			1.07		1.09			13.97
2019^(f)		13.97		.04			(.65	)		(.61	)		.01			.62		.63			12.73

278

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income (Loss)			Expenses^***			Net Investment Income			Portfolio Turnover Rate


	3.06	%^††	$	41,688		1.30	%^†		1.30	%^†		1.57	%^†		2.07	%^†		.80	%^†		77	%^††
	.90	^††		60,449		1.30	^†		1.30	^†		1.73	^†		1.42	^†		1.61	^†		32	^††

	3.18	^††		34,170		1.02	^†		1.02	^†		1.86	^†		1.52	^†		1.36	^†		77	^††
	1.03	^††		63,243		1.04	^†		1.04	^†		2.01	^†		1.14	^†		1.91	^†		32	^††

	3.27	^††		3,877		.89	^†		.89	^†		1.88	^†		1.88	^†		.89	^†		77	^††
	1.19	^††		39		.90	^†		.90	^†		2.06	^†		1.05	^†		1.91	^†		32	^††



	18.77	%	$	330,595		1.27	%		1.27	%		.03	%		N/A			N/A			33	%
	6.12			352,651		1.25			1.25			.16			N/A			N/A			48
	6.50			373,279		1.27			1.27			.22			N/A			N/A			59
	24.16			444,933		1.25			1.25			.00			N/A			N/A			58
	23.22			570,309		1.22			1.22			(.06	)		N/A			N/A			37
	(3.83	)^††		557,068		1.22	^†		1.22	^†		.29	^†		N/A			N/A			20	^††

	17.75			4,868		2.06			2.06			(.76	)		N/A			N/A			33
	5.30			4,101		2.03			2.03			(.63	)		N/A			N/A			48
	5.71			3,393		2.03			2.03			(.56	)		N/A			N/A			59
	23.13			3,163		2.01			2.01			(.75	)		N/A			N/A			58
	22.21			2,997		1.98			1.98			(.82	)		N/A			N/A			37
	(4.12	)^††		2,544		1.98	^†		1.98	^†		(.47	)^†		N/A			N/A			20	^††

	18.90			31,902		.83			.83			.51			N/A			N/A			33
	6.61			46,793		.84			.84			.57			N/A			N/A			48
	6.93			66,588		.85			.86			.62			N/A			N/A			59
	24.61			81,203		.84			.84			.40			N/A			N/A			58
	23.74			194,554		.83			.83			.34			N/A			N/A			37
	(3.68	)^††		203,092		.89	^†		.89	^†		.62	^†		N/A			N/A			20	^††

	19.31			3,057		.83			.83			.48			N/A			N/A			33
	6.56			3,608		.82			.82			.59			N/A			N/A			48
	7.00			3,915		.83			.83			.66			N/A			N/A			59
	24.61			4,950		.82			.82			.43			N/A			N/A			58
	23.81			7,836		.80			.80			.35			N/A			N/A			37
	(3.62	)^††		6,613		.79	^†		.79	^†		.71	^†		N/A			N/A			20	^††

279

Financial Highlights(continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income (Loss)^{^(a)}			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period/ Year
SPECIAL SITUATIONS FUND
Class A
2014	$	28.07	$	.02		$	3.16		$	3.18		$	—	$	4.60	$	4.60	$	26.65
2015		26.65		.02			.07			.09			.04		1.43		1.47		25.27
2016		25.27		.17			2.36			2.53			.02		1.44		1.46		26.34
2017		26.34		—			5.24			5.24			.16		.24		.40		31.18
2018		31.18		.03			2.29			2.32			.01		.87		.88		32.62
2019^(f)		32.62		.06			(3.81	)		(3.75	)		.08		3.83		3.91		24.96
Class B
2014		23.45		(.17	)		2.62			2.45			—		4.60		4.60		21.30
2015		21.30		(.16	)		.08			(.08	)		—		1.43		1.43		19.79
2016		19.79		(.02	)		1.81			1.79			—		1.44		1.44		20.14
2017		20.14		(.19	)		4.01			3.82			.13		.24		.37		23.59
2018		23.59		(.17	)		1.73			1.56			—		.87		.87		24.28
2019^(f)		24.28		(.03	)		(2.95	)		(2.98	)		.05		3.83		3.88		17.42
Advisor Class
2014		28.09		.12			3.10			3.22			—		4.60		4.60		26.71
2015		26.71		.10			.08			.18			.08		1.43		1.51		25.38
2016		25.38		.23			2.39			2.62			.04		1.44		1.48		26.52
2017		26.52		.08			5.29			5.37			.18		.24		.42		31.47
2018		31.47		.14			2.32			2.46			.04		.87		.91		33.02
2019^(f)		33.02		.11			(3.87	)		(3.76	)		.10		3.83		3.93		25.33
Institutional Class
2014		28.14		.14			3.16			3.30			—		4.60		4.60		26.84
2015		26.84		.14			.08			.22			.16		1.43		1.59		25.47
2016		25.47		.28			2.39			2.67			.05		1.44		1.49		26.65
2017		26.65		.12			5.31			5.43			.18		.24		.42		31.66
2018		31.66		.17			2.34			2.51			.05		.87		.92		33.25
2019^(f)		33.25		.13			(3.89	)		(3.76	)		.12		3.83		3.95		25.54

280

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income (Loss)			Expenses^***			Net Investment Income (Loss)			Portfolio Turnover Rate


	11.65	%	$	425,957		1.33	%		1.33	%		.06	%		1.38	%		.01	%		55	%
	.12			432,235		1.32			1.32			.07			1.33			.06			43
	10.35			472,720		1.33			1.34			.68			1.34			.68			39
	20.06			549,780		1.31			1.31			(.01	)		N/A			N/A			27
	7.50			580,730		1.29			1.29			.08			N/A			N/A			48
	(10.08	)^††		512,211		1.32	^†		1.32	^†		.48	^†		N/A			N/A			37	^††

	10.71			4,441		2.16			2.16			(.77	)		2.21			(.82	)		55
	(.67	)		3,618		2.13			2.13			(.74	)		2.14			(.75	)		43
	9.43			3,301		2.14			2.14			(.12	)		2.15			(.13	)		39
	19.13			3,081		2.10			2.10			(.80	)		N/A			N/A			27
	6.65			2,626		2.07			2.07			(.71	)		N/A			N/A			48
	(10.44	)^††		2,108		2.10	^†		2.10	^†		(.31	)^†		N/A			N/A			37	^††

	11.82			26,458		1.01			1.01			.39			1.06			.34			55
	.46			38,790		1.02			1.03			.37			1.04			.36			43
	10.67			59,159		1.03			1.03			.94			1.04			.93			39
	20.45			120,912		.97			.97			.34			N/A			N/A			27
	7.86			140,657		.95			.95			.43			N/A			N/A			48
	(9.97	)^††		130,647		1.02	^†		1.02	^†		.79	^†		N/A			N/A			37	^††

	12.10			5,750		.89			.89			.51			.94			.46			55
	.60			5,905		.88			.88			.51			.89			.50			43
	10.84			6,914		.88			.89			1.11			.90			1.10			39
	20.56			8,712		.87			.87			.42			N/A			N/A			27
	7.98			9,592		.86			.86			.52			N/A			N/A			48
	(9.90	)^††		7,328		.87	^†		.87	^†		.92	^†		N/A			N/A			37	^††

281

Financial Highlights(continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period/ Year		Net Investment Income^{^(a)}		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period/ Year
TOTAL RETURN FUND
Class A
2014	$	18.49	$	.22	$	1.65		$	1.87		$	.31	$	.42	$	.73	$	19.63
2015		19.63		.21		(.68	)		(.47	)		.28		.67		.95		18.21
2016		18.21		.23		1.26			1.49			.27		.43		.70		19.00
2017		19.00		.23		1.27			1.50			.32		.30		.62		19.88
2018		19.88		.31		.74			1.05			.36		.35		.71		20.22
2019^(f)		20.22		.14		(.57	)		(.43	)		.18		1.52		1.70		18.09
Class B
2014		18.17		.07		1.61			1.68			.16		.42		.58		19.27
2015		19.27		.06		(.68	)		(.62	)		.06		.67		.73		17.92
2016		17.92		.09		1.25			1.34			.13		.43		.56		18.70
2017		18.70		.09		1.24			1.33			.17		.30		.47		19.56
2018		19.56		.16		.72			.88			.18		.35		.53		19.91
2019^(f)		19.91		.07		(.57	)		(.50	)		.11		1.52		1.63		17.78
Advisor Class
2014		18.49		.29		1.60			1.89			.32		.42		.74		19.64
2015		19.64		.29		(.69	)		(.40	)		.31		.67		.98		18.26
2016		18.26		.26		1.27			1.53			.32		.43		.75		19.04
2017		19.04		.32		1.30			1.62			.38		.30		.68		19.98
2018		19.98		.37		.75			1.12			.43		.35		.78		20.32
2019^(f)		20.32		.16		(.59	)		(.43	)		.19		1.52		1.71		18.18
Institutional Class
2014		18.50		.30		1.63			1.93			.36		.42		.78		19.65
2015		19.65		.29		(.70	)		(.41	)		.28		.67		.95		18.29
2016		18.29		.31		1.28			1.59			.32		.43		.75		19.13
2017		19.13		.32		1.27			1.59			.37		.30		.67		20.05
2018		20.05		.40		.74			1.14			.46		.35		.81		20.38
2019^(f)		20.38		.17		(.57	)		(.40	)		.21		1.52		1.73		18.25

^*	Calculated without sales charges.
^**	Net of expenses waived or assumed (Note 3).
^***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
^†	Annualized
^††	Not annualized
^(a)	Based on average shares during the period.

282

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
					Ratio to Average Net Assets^**									Ratio to Average Net Assets Before Expenses Waived or Assumed
	Total Return^*		Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***		Net Investment Income		Portfolio Turnover Rate


	10.18	%	$	767,354		1.19	%		1.19	%		1.14	%		N/A		N/A		44	%
	(2.65	)		784,281		1.18			1.18			1.05			N/A		N/A		40
	8.36			845,726		1.19			1.19			1.27			N/A		N/A		63
	8.09			877,311		1.19			1.19			1.22			N/A		N/A		39
	5.32			889,473		1.18			1.18			1.55			N/A		N/A		53
	(1.45	)^††		828,822		1.20	^†		1.20	^†		1.52	^†		N/A		N/A		42	^††

	9.29			10,016		1.97			1.97			.36			N/A		N/A		44
	(3.44	)		8,270		1.96			1.96			.27			N/A		N/A		40
	7.61			7,774		1.96			1.96			.50			N/A		N/A		63
	7.23			6,939		1.93			1.93			.48			N/A		N/A		39
	4.52			6,061		1.94			1.94			.79			N/A		N/A		53
	(1.84	)^††		5,406		1.95	^†		1.95	^†		.77	^†		N/A		N/A		42	^††

	10.34			2,106		.78			.78			1.46			N/A		N/A		44
	(2.24	)		976		.78			.78			1.44			N/A		N/A		40
	8.55			1,213		.82			.82			1.63			N/A		N/A		63
	8.69			996		.80			.80			1.61			N/A		N/A		39
	5.69			1,006		.84			.84			1.83			N/A		N/A		53
	(1.40	)^††		1,011		.98	^†		.98	^†		1.74	^†		N/A		N/A		42	^††

	10.55			2,885		.78			.78			1.55			N/A		N/A		44
	(2.28	)		30,644		.77			.77			1.47			N/A		N/A		40
	8.88			32,525		.77			.77			1.68			N/A		N/A		63
	8.50			33,545		.77			.77			1.65			N/A		N/A		39
	5.77			34,555		.77			.77			1.96			N/A		N/A		53
	(1.26	)^††		33,082		.79	^†		.79	^†		1.93	^†		N/A		N/A		42	^††

^(b)	Due to rounding, amount is less than .005 per share.
^(c)	For the period August 1, 2016 (commencement of operations) to September 30, 2016.
^(d)	For the period April 1, 2016 (commencement of operations) to September 30, 2016.
^(e)	For the period April 2, 2018 (commencement of operations) to September 30, 2018.
^(f)	For the period October 1, 2018 to March 31, 2019.

283

Report of Independent Registered Public
Accounting Firm

To the Shareholders and Board of Trustees of
First Investors Income Funds
First Investors Equity Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the Floating Rate Fund, Fund For Income, Government Cash Management Fund, International Opportunities Bond Fund, Investment Grade Fund, Limited Duration Bond Fund and Strategic Income Fund, (the “Income Funds”), each a series of the First Investors Income Funds and the Covered Call Strategy Fund, Equity Income Fund, Global Fund, Growth & Income Fund, Hedged U.S. Equity Opportunities Fund, International Fund, Opportunity Fund, Premium Income Fund, Select Growth Fund, Special Situations Fund and Total Return Fund (the “Equity Funds”), each a series of First Investors Equity Funds, including the portfolio of investments, as of March 31, 2019, the related statement of operations, the statements of changes in net assets for each of the periods indicated, and financial highlights for each of the periods indicated thereon, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Income Funds and Equity Funds as of March 31, 2019, the results of their operations, the changes in their net assets, and their financial highlights for each of the periods indicated thereon, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Income Funds’ and Equity Funds’ management. Our responsibility is to express an opinion on the Income Funds’ and Equity Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Income Funds and Equity Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the First Investors Family of Funds since 1978.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Income Funds and Equity Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Income Funds’ and Equity Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall

284

presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
May 30, 2019

285

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

Trustees

Susan E. Artmann

Mary J. Barneby

Charles R. Barton, III

Arthur M. Scutro, Jr.

Mark R. Ward

Officers

E. Blake Moore Jr.
President

Marc S. Milgram
Chief Compliance Officer

Joseph I. Benedek
Treasurer

Mark S. Spencer
Assistant Treasurer

Scott K. Richardson
Secretary

Carol Lerner Brown
Assistant Secretary

286

Shareholder Information

Investment Adviser
Foresters Investment Management Company, Inc.
40 Wall Street
New York, NY 10005

Subadviser
(Floating Rate Fund, Fund For Income, Investment Grade Fund, Limited Duration Bond Fund and Total Return Fund)
Muzinich & Co., Inc.
450 Park Avenue
New York, NY 10022

Subadviser
(International Opportunities Bond Fund)
Brandywine Global Investment Management, LLC
2929 Arch Street
Philadelphia, PA 19104

Subadviser
(Covered Call Strategy Fund andPremium Income Fund)
Ziegler Capital Management, LLC
70 W. Madison Street
Chicago, IL 60602

Subadviser
(Hedged U.S. Equity Opportunities Fund)
Wellington Management Company LLP
280 Congress Street
Boston, MA 02210

Subadviser
(International Fund)
Vontobel Asset Management, Inc.
1540 Broadway
New York, NY 10036

Subadviser
(Select Growth Fund)
Smith Asset Management Group, L.P.
100 Crescent Court
Dallas, TX 75201

Underwriter
Foresters Financial Services, Inc.
40 Wall Street
New York, NY 10005

Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Transfer Agent
Foresters Investor Services, Inc.
Raritan Plaza I – 8th Floor
Edison, NJ 08837-3620

Independent Registered Public
Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street
Philadelphia, PA 19102

Legal Counsel
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006

287

A description of the policies and procedures that the Funds use to vote proxies relating to a portfolio’s securities is available, without charge, upon request by calling toll free 1-800-423-4026 or can be viewed online or downloaded from the EDGAR database on the U.S. Securities and Exchange Commission’s (“SEC”) internet website athttp://www.sec.gov. In addition, information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available, without charge, upon request in writing or by calling 1-800-423-4026 and on the SEC’s internet website athttp://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC on Form N-Q for the first and third quarters of each fiscal year. The Funds’ Form N-Q is available on the SEC’s website athttp://www.sec.gov; and may also be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The schedule of portfolio holdings is available, without charge, upon request in writing or by calling 1-800-423-4026.

288

NOTES

289

Foresters Financial
40 Wall Street
New York, NY 10005

IESAR319

Item 2. Code of Ethics

Not applicable for semi-annual report

Item 3. Audit Committee Financial Expert

Not applicable for semi-annual report

Item 4. Principal Accountant Fees and Services

Not applicable for semi-annual report

Item 5. Audit Committee of Listed Registrants

Not applicable

Item 6. Schedule of Investments

^(a)

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

^(b)

Not applicable

Item 7. Disclosure of Proxy Voting Policies & Procedures for Closed-End Management Investment Companies

Not applicable to open-end investment companies

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable to open-end investment companies

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable to open-end investment companies

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedure by which shareholders may recommend nominees to the Registrant's Board of Trustees.

Item 11. Controls and Procedures

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 as amended) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable open-end investment companies

Item 13. Exhibits

(a)(1)

Code of Ethics - Not applicable for semi-annual report

(a)(2)

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Filed herewith

(a)(3)

Not applicable

(a)(4)

Not applicable

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

First Investors Income Funds

By	/s/ E. Blake Moore Jr.
	E. Blake Moore Jr.
	President and Principal Executive Officer

Date:	May 30, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By	/s/ E. Blake Moore Jr.
	E. Blake Moore Jr.
	President and Principal Executive Officer

By	/s/ Joseph I. Benedek
	Joseph I. Benedek
	Treasurer and Principal Financial Officer

Date:	May 30, 2019

First Investors Income Funds Inactive N-CSRSCertified semi-annual shareholder report (management investment company)