First Investors Life Series Funds NPORT-P First Investors Life Series Fund for Income (Sep 2019 report)

Portfolio of Investments(unaudited)
FUND FOR INCOME
September 30, 2019

	Principal
	Amount		Security					Value
			CORPORATE BONDS—92.9%
			Aerospace/Defense—1.8%
			Bombardier, Inc.:
$	425	M	6%, 10/15/2022			(a)		$          426,594
	275	M	7.5%, 12/1/2024			(a)		275,687
			TransDigm, Inc.:
	375	M	6%, 7/15/2022					381,563
	250	M	6.5%, 7/15/2024					258,750
	250	M	6.25%, 3/15/2026			(a)		269,063
	325	M	Triumph Group, Inc., 5.25%, 6/1/2022					324,870
								1,936,527
			Automotive—2.4%
	225	M	Adient Global Holdings, Ltd., 4.875%, 8/15/2026			(a)		183,937
	475	M	American Axle & Manufacturing, Inc., 6.25%, 4/1/2025					463,125
	125	M	Asbury Automotive Group, Inc., 6%, 12/15/2024					130,000
	250	M	Cooper Standard Automotive, Inc., 5.625%, 11/15/2026			(a)		229,062
	250	M	Dana Holding Corp., 5.5%, 12/15/2024					255,625
	250	M	Hertz Corp., 7.625%, 6/1/2022			(a)		260,625
	300	M	J.B. Poindexter & Co., 7.125%, 4/15/2026			(a)		312,000
	250	M	LKQ Corp., 4.75%, 5/15/2023					254,375
	400	M	Panther BF Aggregator 2, LP, 8.5%, 5/15/2027			(a)		406,000
	25	M	Tenneco, Inc., 5%, 7/15/2026					20,563
								2,515,312
			Building Materials—1.6%
	100	M	Beacon Roofing Supply, Inc., 4.5%, 11/15/2026			(a)	(b)	101,125
			Building Materials Corp.:
	400	M	5.375%, 11/15/2024			(a)		413,500
	200	M	6%, 10/15/2025			(a)		210,692
	400	M	Griffon Corp., 5.25%, 3/1/2022					405,000
	350	M	New Enterprise Stone & Lime Co., 6.25%, 3/15/2026			(a)		358,750
	250	M	Standard Industries, Inc., 5%, 2/15/2027			(a)		259,450
								1,748,517
			Chemicals—2.6%
	250	M	Avantor, Inc., 9%, 10/1/2025			(a)		280,625
	100	M	Blue Cube Spinco, Inc., 10%, 10/15/2025					112,434
	425	M	CF Industries, Inc., 4.95%, 6/1/2043					418,094
	275	M	Chemours Co., 5.375%, 5/15/2027					238,571
	150	M	CVR Partners, LP, 9.25%, 6/15/2023			(a)		156,937
	275	M	Koppers, Inc., 6%, 2/15/2025			(a)		276,548
	250	M	Kraton Polymers, LLC, 7%, 4/15/2025			(a)		261,875
	175	M	Neon Holdings, Inc., 10.125%, 4/1/2026			(a)		176,750
	350	M	Rain CII Carbon, LLC, 7.25%, 4/1/2025			(a)		336,000
	150	M	Tronox, Inc., 6.5%, 4/15/2026			(a)		143,625
	375	M	Univar USA, Inc., 6.75%, 7/15/2023			(a)		382,969
								2,784,428
			Consumer Non-Durables—1.0%
			Energizer Holdings, Inc.:
	250	M	5.5%, 6/15/2025			(a)		259,457
	125	M	6.375%, 7/15/2026			(a)		134,205
	175	M	KGA Escrow, LLC, 7.5%, 8/15/2023			(a)		183,969
	509	M	Reynolds Group Holdings, Inc., 5.75%, 10/15/2020					510,486
								1,088,117
			Energy—12.5%
			Antero Resources Corp.:
	125	M	5.375%, 11/1/2021					121,094
	275	M	5.625%, 6/1/2023					239,250
	250	M	Apergy Corp., 6.375%, 5/1/2026					249,375
	50	M	Baytex Energy Corp., 5.125%, 6/1/2021			(a)		49,125
			Berry Petroleum Co.:
	250	M	5.5%, 5/15/2022					254,375
	225	M	7%, 2/15/2026			(a)		216,562
			Blue Racer Midstream, LLC:
	200	M	6.125%, 11/15/2022			(a)		202,060
	125	M	6.625%, 7/15/2026			(a)		124,062
			Buckeye Partners, LP:
	325	M	3.95%, 12/1/2026					286,411
	200	M	5.6%, 10/15/2044					161,460
	325	M	Callon Petroleum Co., 6.375%, 7/1/2026					318,776
	75	M	Carrizo Oil & Gas, Inc., 8.25%, 7/15/2025					73,845
			Chesapeake Energy Corp.:
	150	M	4.875%, 4/15/2022					121,875
	400	M	7%, 10/1/2024					288,500
	225	M	8%, 6/15/2027			��		154,170
	500	M	CITGO Petroleum Corp., 6.25%, 8/15/2022			(a)		507,500
	375	M	Consolidated Energy Finance SA, 5.8685%, 6/15/2022			(a)	†	374,262
	250	M	Covey Park Energy, LLC, 7.5%, 5/15/2025			(a)		201,250
			Crestwood Midstream Partners, LP:
	250	M	6.25%, 4/1/2023					257,812
	450	M	5.75%, 4/1/2025					464,625
	350	M	CrownRock, LP, 5.625%, 10/15/2025			(a)		353,493
			DCP Midstream Operating, LP:
	250	M	3.875%, 3/15/2023					253,437
	175	M	5.125%, 5/15/2029					178,500
	275	M	Delek Logistics Partners, LP, 6.75%, 5/15/2025					273,625
	50	M	Diamondback Energy, Inc., 4.75%, 11/1/2024					51,312
			EnLink Midstream Partners, LP:
	375	M	4.85%, 7/15/2026					357,656
	200	M	5.45%, 6/1/2047					164,000
	400	M	Exterran Partners, LP, 6%, 10/1/2022					405,500
			Genesis Energy, LP:
	100	M	5.625%, 6/15/2024					96,250
	250	M	6.5%, 10/1/2025					244,687
			Gulfport Energy Corp.:
	200	M	6.625%, 5/1/2023					157,000
	175	M	6.375%, 5/15/2025					125,125
	300	M	6.375%, 1/15/2026					211,500
	325	M	Ithaca Energy (North Sea), PLC, 9.375%, 7/15/2024			(a)		339,544
			Laredo Petroleum, Inc.:
	200	M	5.625%, 1/15/2022					189,000
	300	M	6.25%, 3/15/2023					264,750
	125	M	Matador Resources Co., 5.875%, 9/15/2026					125,863
	225	M	MEG Energy Corp., 6.375%, 1/30/2023			(a)		217,969
	250	M	Murphy Oil Corp., 5.875%, 12/1/2042					221,250
	175	M	Murphy Oil USA, Inc., 4.75%, 9/15/2029					179,375
	275	M	Nabors Industries, Inc., 5.75%, 2/1/2025					204,875
	151	M	Northern Oil and Gas, Inc., 8.5%, 5/15/2023					156,026
			Oasis Petroleum, Inc.:
	250	M	6.875%, 1/15/2023					230,000
	175	M	6.25%, 5/1/2026			(a)		142,625
			Parkland Fuel Corp.:
	250	M	6%, 4/1/2026			(a)		265,000
	225	M	5.875%, 7/15/2027			(a)		236,657
	125	M	Parsley Energy, LLC, 5.25%, 8/15/2025			(a)		127,464
			Precision Drilling Corp.:
	72	M	6.5%, 12/15/2021					70,696
	150	M	7.125%, 1/15/2026			(a)		139,125
			Range Resources Corp.:
	275	M	5%, 8/15/2022					259,188
	175	M	4.875%, 5/15/2025					145,250
			SM Energy Co.:
	300	M	5%, 1/15/2024					270,750
	50	M	6.625%, 1/15/2027					43,375
			Southwestern Energy Co.:
	300	M	6.7%, 1/23/2025					265,494
	100	M	7.5%, 4/1/2026					87,750
			Suburban Propane Partners, LP:
	150	M	5.5%, 6/1/2024					153,750
	375	M	5.875%, 3/1/2027					385,133
	300	M	Sunoco, LP, 4.875%, 1/15/2023					308,625
	134	M	Transocean Pontus, Ltd., 6.125%, 8/1/2025			(a)		136,170
	250	M	Tullow Oil, PLC, 6.25%, 4/15/2022			(a)		253,500
	200	M	USA Compression Partners, LP, 6.875%, 9/1/2027			(a)		207,500
	400	M	Whiting Petroleum Corp., 6.625%, 1/15/2026					272,000
								13,437,178
			Financial Services—.3%
	325	M	GTCR (AP) Finance, Inc., 8%, 5/15/2027			(a)		334,750
			Financials—5.0%
	175	M	Acrisure, LLC, 8.125%, 2/15/2024			(a)		188,891
	225	M	Ally Financial, Inc., 8%, 11/1/2031					312,187
	225	M	Credit Suisse Group AG, 7.5%, 12/11/2023			(a)		249,200
	150	M	CSTN Merger Sub, Inc., 6.75%, 8/15/2024			(a)		139,269
			DAE Funding, LLC:
	175	M	5.75%, 11/15/2023			(a)		184,336
	625	M	5%, 8/1/2024			(a)		653,125
	200	M	Dresdner Funding Trust I, 8.151%, 6/30/2031			(a)		270,575
			Icahn Enterprises, LP:
	200	M	6.25%, 2/1/2022					205,700
	275	M	6.75%, 2/1/2024					287,031
	400	M	6.25%, 5/15/2026			(a)		420,500
	200	M	Intesa Sanpaolo SpA, 5.017%, 6/26/2024			(a)		205,955
			Ladder Capital Finance Holdings, LLLP:
	200	M	5.25%, 3/15/2022			(a)		208,670
	400	M	5.25%, 10/1/2025			(a)		410,000
	575	M	Navient Corp., 5.875%, 3/25/2021					597,641
			Springleaf Finance Corp.:
	250	M	5.625%, 3/15/2023					266,875
	100	M	6.125%, 3/15/2024					107,875
	250	M	6.875%, 3/15/2025					276,094
	150	M	7.125%, 3/15/2026					166,680
	225	M	Wand Merger Corp., 8.125%, 7/15/2023			(a)		235,125
								5,385,729
			Food/Beverage/Tobacco—3.3%
	250	M	HLF Financing Sarl, LLC, 7.25%, 8/15/2026			(a)		252,812
			JBS USA LUX SA:
	300	M	6.75%, 2/15/2028			(a)		333,375
	625	M	5.5%, 1/15/2030			(a)		664,050
	100	M	JBS USA, LLC, 5.875%, 7/15/2024			(a)		103,192
	150	M	Performance Food Group, Inc., 5.5%, 10/15/2027			(a)		158,625
	275	M	Pilgrim's Pride Corp., 5.875%, 9/30/2027			(a)		296,381
			Post Holdings, Inc.:
	250	M	5.5%, 3/1/2025			(a)		262,813
	400	M	5.75%, 3/1/2027			(a)		426,080
	250	M	5.5%, 12/15/2029			(a)		261,563
	550	M	Sigma Holdco BV, 7.875%, 5/15/2026			(a)		551,375
	225	M	Simmons Foods, Inc., 5.75%, 11/1/2024			(a)		220,500
								3,530,766
			Food/Drug—.5%
			Albertson's Cos., LLC:
	200	M	5.75%, 3/15/2025					206,670
	100	M	7.5%, 3/15/2026			(a)		111,750
	100	M	5.875%, 2/15/2028			(a)		106,094
	125	M	B & G Foods, Inc., 5.25%, 9/15/2027					127,981
								552,495
			Forest Products/Containers—2.0%
	200	M	Ardagh Holdings USA, Inc., 4.625%, 5/15/2023			(a)		205,250
			Berry Global Escrow Corp.:
	250	M	4.875%, 7/15/2026			(a)		259,037
	300	M	5.625%, 7/15/2027			(a)		311,250
	250	M	BWAY Holding Co., 5.5%, 4/15/2024			(a)		257,800
	200	M	Crown Americas, LLC, 4.5%, 1/15/2023					210,500
	200	M	Graphic Packaging International, LLC, 4.75%, 7/15/2027			(a)		210,500
	200	M	Greif, Inc., 6.5%, 3/1/2027			(a)		212,600
			Mercer International, Inc.:
	50	M	7.75%, 12/1/2022					51,962
	75	M	7.375%, 1/15/2025					78,308
	75	M	Owens-Brockway Glass Container, 5.875%, 8/15/2023			(a)		79,875
	250	M	Schweitzer-Mauduit International, Inc., 6.875%, 10/1/2026			(a)		265,000
								2,142,082
			Gaming/Leisure—6.8%
	200	M	AMC Entertainment, Inc., 5.75%, 6/15/2025					191,380
			AMC Networks, Inc.:
	375	M	5%, 4/1/2024					387,199
	100	M	4.75%, 8/1/2025					103,500
	375	M	Boyd Gaming Corp., 6.875%, 5/15/2023					390,469
	200	M	Cedar Fair, LP, 5.375%, 6/1/2024					206,250
	1,075	M	CRC Escrow Issuer, LLC, 5.25%, 10/15/2025			(a)		1,101,767
			Diamond Sports Group, LLC:
	275	M	5.375%, 8/15/2026			(a)		286,000
	475	M	6.625%, 8/15/2027			(a)		494,000
	225	M	Golden Nugget, Inc., 8.75%, 10/1/2025			(a)		235,125
	775	M	IRB Holding Corp., 6.75%, 2/15/2026			(a)		780,812
	575	M	Jack Ohio Finance, LLC, 6.75%, 11/15/2021			(a)		588,656
	150	M	Lions Gate Entertainment Corp., 5.875%, 11/1/2024			(a)		154,875
	100	M	Marriott Ownership Resorts, Inc, 4.75%, 1/15/2028			(a)	(b)	101,250
	200	M	MGM Resorts International, 6%, 3/15/2023					220,840
	250	M	National CineMedia, LLC, 6%, 4/15/2022					253,438
			Scientific Games International, Inc.:
	525	M	5%, 10/15/2025			(a)		543,008
	250	M	8.25%, 3/15/2026			(a)		265,838
	150	M	Stars Group Holdings BV, 7%, 7/15/2026			(a)		160,125
			Viking Cruises, Ltd.:
	600	M	6.25%, 5/15/2025			(a)		630,000
	175	M	5.875%, 9/15/2027			(a)		185,867
								7,280,399
			Health Care—6.6%
	125	M	AMN Healthcare, Inc, 5.125%, 10/1/2024			(a)		130,000
			Bausch Health Cos., Inc.:
	50	M	6.5%, 3/15/2022			(a)		51,750
	500	M	7%, 3/15/2024			(a)		526,730
	425	M	6.125%, 4/15/2025			(a)		441,469
	525	M	9%, 12/15/2025			(a)		591,281
	225	M	8.5%, 1/31/2027			(a)		253,080
	300	M	Centene Corp., 6.125%, 2/15/2024					312,435
	925	M	DaVita, Inc., 5.125%, 7/15/2024					942,344
	225	M	Endo Finance, LLC, 6%, 7/15/2023			(a)		139,129
			HCA, Inc.:
	475	M	5.875%, 5/1/2023					523,687
	325	M	5.375%, 2/1/2025					355,875
	125	M	5.875%, 2/15/2026					140,037
			HealthSouth Corp.:
	175	M	5.125%, 3/15/2023					178,938
	184	M	5.75%, 11/1/2024					186,613
			Mallinckrodt Finance SB:
	275	M	5.75%, 8/1/2022			(a)		104,500
	225	M	5.5%, 4/15/2025			(a)		67,567
	200	M	MEDNAX, Inc., 6.25%, 1/15/2027			(a)		198,986
			Molina Healthcare, Inc.:
	400	M	5.375%, 11/15/2022					425,516
	250	M	4.875%, 6/15/2025			(a)		252,188
	125	M	MPH Operating Partnership, LP, 7.125%, 6/1/2024			(a)		115,781
	175	M	Par Pharmaceutical, Inc., 7.5%, 4/1/2027			(a)		160,781
	250	M	Polaris Intermediate Corp., 8.5%, 12/1/2022			(a)		213,750
	675	M	Syneos Health, Inc., 7.5%, 10/1/2024			(a)		699,469
	100	M	Tenet Healthcare Corp., 5.125%, 5/1/2025					101,630
								7,113,536
			Home-Building—1.5%
	300	M	Brookfield Residential Properties, Inc., 6.25%, 9/15/2027			(a)		302,250
	350	M	Century Communities, Inc., 6.75%, 6/1/2027			(a)		376,775
	175	M	Taylor Morrison Communities, Inc., 5.75%, 1/15/2028			(a)		190,313
	200	M	Toll Brothers Finance Corp., 3.8%, 11/1/2029					197,376
			William Lyon Homes, Inc.:
	250	M	6%, 9/1/2023					261,250
	275	M	6.625%, 7/15/2027			(a)		286,688
								1,614,652
			Information Technology—3.6%
	275	M	Anixter, Inc., 6%, 12/1/2025					304,562
	250	M	CDW, LLC, 5%, 9/1/2025					260,469
	125	M	CommScope Finance, LLC, 6%, 3/1/2026			(a)		129,975
			Diamond 1 Finance Corp.:
	375	M	5.875%, 6/15/2021			(a)		381,469
	225	M	7.125%, 6/15/2024			(a)		237,431
	375	M	J2 Cloud Services, LLC, 6%, 7/15/2025			(a)		397,350
	375	M	Nielsen Finance, LLC, 5%, 4/15/2022			(a)		377,925
			Nuance Communications, Inc.:
	350	M	6%, 7/1/2024					365,750
	150	M	5.625%, 12/15/2026					159,000
	250	M	Rackspace Hosting, Inc., 8.625%, 11/15/2024			(a)		231,225
	400	M	Solera, LLC, 10.5%, 3/1/2024			(a)		424,848
	325	M	Symantec Corp., 5%, 4/15/2025			(a)		328,813
	275	M	Verscend Holding Corp., 9.75%, 8/15/2026			(a)		293,871
								3,892,688
			Manufacturing—3.0%
	325	M	Amsted Industries, Inc., 5.625%, 7/1/2027			(a)		343,687
	375	M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023			(a)		388,125
	725	M	Brand Energy & Infrastructure Services, Inc., 8.5%, 7/15/2025			(a)		688,750
	125	M	Cloud Crane, LLC, 10.125%, 8/1/2024			(a)		134,062
	275	M	Grinding Media, Inc., 7.375%, 12/15/2023			(a)		264,000
	300	M	H&E Equipment Services, Inc., 5.625%, 9/1/2025					309,945
	200	M	HAT Holdings I, LLC, 5.25%, 7/15/2024			(a)		210,750
	375	M	Manitowoc Co., Inc., 9%, 4/1/2026			(a)		368,438
	75	M	MTS Systems Corp., 5.75%, 8/15/2027			(a)		78,188
	200	M	Park-Ohio Industries, Inc., 6.625%, 4/15/2027					192,000
	250	M	Patrick Industries, Inc., 7.5%, 10/15/2027			(a)		258,150
								3,236,095
			Media-Broadcasting—3.2%
			Belo Corp.:
	200	M	7.75%, 6/1/2027					231,500
	225	M	7.25%, 9/15/2027					256,500
	450	M	LIN Television Corp., 5.875%, 11/15/2022					461,250
			Nexstar Broadcasting, Inc.:
	225	M	6.125%, 2/15/2022			(a)		228,375
	200	M	5.625%, 8/1/2024			(a)		208,670
	150	M	Nexstar Escrow, Inc., 5.625%, 7/15/2027			(a)		157,500
			Sinclair Television Group, Inc.:
	300	M	5.625%, 8/1/2024			(a)		309,375
	100	M	5.875%, 3/15/2026			(a)		105,000
	225	M	5.125%, 2/15/2027			(a)		227,250
	450	M	Sirius XM Radio, Inc., 4.625%, 7/15/2024			(a)		467,699
	725	M	TEGNA, Inc., 5%, 9/15/2029			(a)		735,962
								3,389,081
			Media-Cable TV—9.6%
			Altice Financing SA:
	525	M	6.625%, 2/15/2023			(a)		540,094
	200	M	7.5%, 5/15/2026			(a)		212,998
			Altice France SA:
	200	M	6.25%, 5/15/2024			(a)		207,150
	525	M	7.375%, 5/1/2026			(a)		564,223
	200	M	8.125%, 2/1/2027			(a)		221,250
	500	M	Altice Luxembourg SA, 10.5%, 5/15/2027			(a)		564,750
			CCO Holdings, LLC:
	200	M	5.25%, 9/30/2022					202,670
	275	M	5.125%, 2/15/2023					280,156
	150	M	5.75%, 9/1/2023					153,375
	500	M	5.875%, 4/1/2024			(a)		522,980
	275	M	5.875%, 5/1/2027			(a)		291,500
	150	M	5%, 2/1/2028			(a)		155,437
	125	M	5.375%, 6/1/2029			(a)		133,437
	225	M	4.75%, 3/1/2030			(a)	(b)	228,985
			Clear Channel Worldwide Holdings, Inc.:
	256	M	9.25%, 2/15/2024			(a)		281,897
	650	M	5.125%, 8/15/2027			(a)		678,827
			CSC Holdings, LLC:
	750	M	5.375%, 7/15/2023			(a)		771,562
	200	M	6.625%, 10/15/2025			(a)		214,560
	225	M	7.5%, 4/1/2028			(a)		254,509
	450	M	5.75%, 1/15/2030			(a)	(b)	470,866
			DISH DBS Corp.:
	225	M	5%, 3/15/2023					228,161
	250	M	5.875%, 11/15/2024					248,750
			Gray Television, Inc.:
	50	M	5.125%, 10/15/2024			(a)		51,937
	275	M	5.875%, 7/15/2026			(a)		286,687
	450	M	Midcontinent Communications & Finance Corp., 5.375%, 8/15/2027			(a)		474,750
			Netflix, Inc.:
	100	M	4.375%, 11/15/2026					101,555
	300	M	4.875%, 4/15/2028					305,985
	1,525	M	UPC Holding BV, 5.5%, 1/15/2028			(a)		1,586,000
								10,235,051
			Media-Diversified—1.0%
	375	M	Gannett Co., Inc., 6.375%, 10/15/2023					387,187
	425	M	iHeart Communications, 8.375%, 5/1/2027					461,253
	225	M	Outdoor Americas Capital, LLC, 5.875%, 3/15/2025					232,875
								1,081,315
			Metals/Mining—4.2%
	475	M	Allegheny Technologies, Inc., 7.875%, 8/15/2023					517,047
	250	M	Cleveland-Cliffs, Inc., 5.875%, 6/1/2027			(a)		237,400
	525	M	Commercial Metals Co., 4.875%, 5/15/2023					547,312
	500	M	Constellium NV, 5.75%, 5/15/2024			(a)		515,000
			HudBay Minerals, Inc.:
	175	M	7.25%, 1/15/2023			(a)		181,344
	125	M	7.625%, 1/15/2025			(a)		127,344
	450	M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022			(a)		475,875
	250	M	Northwest Acquisitions, ULC, 7.125%, 11/1/2022			(a)		148,125
			Novelis, Inc.:
	275	M	6.25%, 8/15/2024			(a)		288,063
	225	M	5.875%, 9/30/2026			(a)		236,520
	825	M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025			(a)		737,344
	525	M	TMS International Corp., 7.25%, 8/15/2025			(a)		451,500
								4,462,874
			Real Estate—3.2%
			Geo Group, Inc.:
	100	M	5.125%, 4/1/2023					88,750
	225	M	6%, 4/15/2026					182,700
	325	M	Greystar Real Estate Partners, 5.75%, 12/1/2025			(a)		335,156
	200	M	Hilton Domestic Operating Co., LLC, 4.875%, 1/15/2030			(a)		211,670
			Iron Mountain, Inc.:
	225	M	5.75%, 8/15/2024					227,813
	250	M	5.25%, 3/15/2028			(a)		259,680
	825	M	iStar, Inc., 4.75%, 10/1/2024					841,566
	175	M	Lennar Corp., 4.875%, 12/15/2023					186,594
	250	M	MGM Growth Properties Operating Partnership, LP, 5.75%, 2/1/2027			(a)		281,013
			MPT Operating Partnership, LP:
	80	M	6.375%, 3/1/2024					83,963
	200	M	4.625%, 8/1/2029					206,375
	325	M	Realogy Group, LLC, 9.375%, 4/1/2027			(a)	(b)	303,557
	225	M	Sabra Health Care, LP, 5.125%, 8/15/2026					240,708
								3,449,545
			Retail-General Merchandise—2.3%
			1011778 B.C., ULC:
	500	M	4.625%, 1/15/2022			(a)		500,100
	250	M	5%, 10/15/2025			(a)		259,137
	275	M	3.875%, 1/15/2028			(a)		277,437
			AmeriGas Partners, LP:
	50	M	5.625%, 5/20/2024					53,781
	225	M	5.5%, 5/20/2025					242,719
	225	M	J.C. Penney Co., Inc., 8.625%, 3/15/2025					141,768
	150	M	KFC Holding Co., LLC, 5%, 6/1/2024			(a)		156,000
	425	M	L Brands, Inc., 6.75%, 7/1/2036					362,674
	375	M	SRS Distribution, Inc., 8.25%, 7/1/2026			(a)		383,438
	100	M	Yum! Brands, Inc., 4.75%, 1/15/2030			(a)		103,516
								2,480,570
			Services—2.2%
	525	M	ADT Corp., 3.5%, 7/15/2022					528,937
	225	M	AECOM, 5.125%, 3/15/2027					237,037
	450	M	GCI, Inc., 6.875%, 4/15/2025					475,875
	525	M	GW Honos Security Corp., 8.75%, 5/15/2025			(a)		541,852
	50	M	KAR Auction Services, Inc., 5.125%, 6/1/2025			(a)		52,000
			United Rentals, Inc.:
	150	M	4.625%, 10/15/2025					153,636
	325	M	5.5%, 5/15/2027					345,719
								2,335,056
			Telecommunication Services—2.8%
			Frontier Communications Corp.:
	175	M	8.5%, 4/1/2026			(a)		175,420
	75	M	8%, 4/1/2027			(a)		79,387
	375	M	GCI, LLC, 6.625%, 6/15/2024			(a)		405,469
	225	M	Qwest Corp., 7.25%, 9/15/2025					254,509
	125	M	Telecom Italia Capital SA, 7.2%, 7/18/2036					146,251
	200	M	Telecom Italia SpA, 5.303%, 5/30/2024					216,440
	500	M	Telesat Canada, 8.875%, 11/15/2024			(a)		537,000
			Zayo Group, LLC:
	350	M	6%, 4/1/2023					360,938
	250	M	6.375%, 5/15/2025					258,388
	525	M	5.75%, 1/15/2027			(a)		538,020
								2,971,822
			Transportation—1.8%
	375	M	BCD Acquisition, Inc., 9.625%, 9/15/2023			(a)		384,375
			Fly Leasing, Ltd.:
	275	M	6.375%, 10/15/2021					280,328
	250	M	5.25%, 10/15/2024					258,750
	125	M	Mobile Mini, Inc., 5.875%, 7/1/2024					129,063
	300	M	VistaJet Malta Finance, PLC, 10.5%, 6/1/2024			(a)		291,750
	525	M	XPO Logistics, Inc., 6.125%, 9/1/2023			(a)		543,375
								1,887,641
			Utilities—3.7%
	150	M	AES Corp., 6%, 5/15/2026					159,750
	275	M	Calpine Corp., 5.25%, 6/1/2026			(a)		285,656
	275	M	Cheniere Energy Partners, LP, 4.5%, 10/1/2029			(a)		282,219
	75	M	Clearway Energy Operating, LLC, 5.75%, 10/15/2025			(a)		79,219
	300	M	Drax Finco, PLC, 6.625%, 11/1/2025			(a)		313,500
			Global Partners, LP:
	250	M	7%, 6/15/2023					258,437
	275	M	7%, 8/1/2027			(a)		283,937
	21	M	Indiantown Cogeneration Utilities, LP, 9.77%, 12/15/2020					22,242
	400	M	Nextera Energy Operating Partners, 4.25%, 7/15/2024			(a)		413,000
	125	M	NRG Yield Operating, LLC, 5%, 9/15/2026					128,438
	289	M	NSG Holdings, LLC, 7.75%, 12/15/2025			(a)		311,310
			Talen Energy Supply, LLC:
	100	M	7.25%, 5/15/2027			(a)		102,130
	175	M	6.625%, 1/15/2028			(a)		172,813
	850	M	Targa Resources Partners, LP, 4.25%, 11/15/2023					859,563
	250	M	Terraform Power Operating, LLC, 5%, 1/31/2028			(a)		261,250
								3,933,464
			Waste Management—.5%
	100	M	Clean Harbors, Inc., 4.875%, 7/15/2027			(a)		104,625
			GFL Environmental, Inc.:
	175	M	5.625%, 5/1/2022			(a)		179,812
	250	M	8.5%, 5/1/2027			(a)		277,812
								562,249
			Wireless Communications—3.9%
	275	M	Consolidated Communications, Inc., 6.5%, 10/1/2022					255,750
	175	M	Hughes Satellite Systems Corp., 6.625%, 8/1/2026					190,393
	150	M	Inmarsat Finance, PLC, 4.875%, 5/15/2022			(a)		152,579
	275	M	Intelsat Jackson Holdings SA, 8.5%, 10/15/2024			(a)		277,665
			Level 3 Financing, Inc.:
	94	M	6.125%, 1/15/2021					94,423
	75	M	5.375%, 8/15/2022					75,469
	250	M	5.125%, 5/1/2023					253,525
	300	M	5.375%, 1/15/2024					306,705
	175	M	Sprint Capital Corp., 8.75%, 3/15/2032					216,291
			Sprint Corp.:
	1,150	M	7.875%, 9/15/2023					1,266,104
	125	M	7.125%, 6/15/2024					135,038
	150	M	7.625%, 2/15/2025					165,375
	450	M	7.625%, 3/1/2026					497,813
			T-Mobile USA, Inc.:
	50	M	6.5%, 1/15/2024					51,990
	200	M	5.125%, 4/15/2025					207,750
								4,146,870
Total Value of Corporate Bonds(cost $98,510,628)								99,528,809
			LOAN PARTICIPATIONS†—4.6%
			Chemicals—.4%
			Flint Group:
	70	M	5.2828% 9/6/2021					62,336
	421	M	5.2828%, 9/7/2021					356,204
								418,540
			Financials—.6%
	597	M	TransUnion, LLC, 4.0434%, 6/19/2025					599,962
			Food/Beverage/Tobacco—.2%
	237	M	Chobani, LLC, 5.5434%, 10/9/2023					234,914
			Gaming/Leisure—.5%
	125	M	Diamond Sports Group, LLC, 5.3%, 8/24/2026					125,781
	400	M	Dorna Sports SL, 5.19975%, 4/12/2024					398,250
								524,031
			Health Care—.3%
	347	M	Inovalon Holdings, Inc., 5.5625%, 4/2/2025					348,953
			Media-Cable TV—.1%
	150	M	Nexstar Broadcasting, Inc. , 4.807%, 6/19/2026					150,844
			Media-Diversified—.6%
	124	M	DiscoverOrg., LLC, 6.612%, 2/2/2026					124,142
	550	M	iHeart Communications, 4%, 5/1/2026				(b)	554,125
								678,267
			Metals/Mining—.5%
	500	M	Zekelman Industries, Inc., 4.3036%, 6/14/2021					500,003
			Telecommunication Services—. 3%
	374	M	GCI Holdings, Inc., 4.612%, 2/2/2022					368,425
			Utilities—.3%
	279	M	Edgewater Generation, 5.7934%, 12/12/2025					275,995
			Wireless Communications—. 8%
	800	M	Intelsat Jackson Holdings SA, 6.5536%, 1/2/2024					812,252
Total Value of Loan Participations(cost $4,937,036)								4,912,186
Total Value of Investments(cost $103,447,664)				97.5	%			104,440,995
Other Assets, Less Liabilities				2.5				2,708,642
Net Assets				100.0	%			$          107,149,637

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. Certain
	restricted securities are exempt from the registration requirements under Rule 144A of
	the Securities Act of 1933 and may only be sold to qualified institutional investors. At
	September 30, 2019, the Fund held two hundred 144A securities with an aggregate
	value of $60,280,122 representing 56.3% of the Fund's net assets.
(b)	A portion or all of the security purchased on a when-issued or delayed delivery basis.
†	Interest rates are determined and reset periodically. The interest rates above are the
	rates in effect at September 30, 2019.
	Summary of Abbreviations:
	LLLP	Limited Liability Limited Partnership
	ULC	Unlimited Liability Corporation
	At September 30, 2019, the cost of investments for federal income tax purposes was
	$103,518,515. Accumulated net unrealized appreciation on investments was $922,440,
	consisting of $3,145,085 gross unrealized appreciation and $2,222,645 gross unrealized
	depreciation.

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

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

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

These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates,

prepayment speeds, credit risk, yield curves, default rates and similar data.

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

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

available.

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

securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not

always be quoted prices in an active market.

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

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	99,528,809	$	-	$	99,528,809
Loan Participations		-		4,912,186		-		4,912,186
Total Investments in Securities*	$	-	$	104,440,995	$	-	$	104,440,995

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

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended September 30, 2019. Transfers, if any,

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

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

The Funds monitor for significant events occurring prior to the close of trading on the New York Stock Exchange that could have a material impact on the value of any securities that are held by the Funds. Examples of such events include trading halts, natural disasters, political events and issuer-specific developments. If the Valuation Committee of Foresters Investment Management Company, Inc. (“FIMCO”) decides that such events warrant using fair value estimates, it will take such events into consideration in determining the fair values of such securities. If market quotations or prices are not readily available or are deemed to be unreliable or do not appear to reflect significant events that have occurred prior to the time as of which the net asset value is calculated, the securities may be valued at fair value as determined in good faith pursuant to procedures adopted by the Board. The Funds also use evaluated prices from a pricing service to fair value 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 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 (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”), investments held by the Funds are carried at “fair value”. As defined by ASC 820, fair value is the price that a fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs are used in determining the value of the Funds’ investments.

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

Level 1 –	Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.
Level 2 –	Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
	either directly or indirectly. These inputs may include quoted prices for the identical instrument on an
	inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves,
	default rates and similar data.
Level 3 –	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available,
	representing the Fund's own assumption about the assumptions a market participant would use in valuing the
	asset or liability, and would be based on the best information available.

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

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

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

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

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

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

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

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

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

derivatives, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to a Fund.

The following provides more information on specific types of derivatives and activity in the Funds. The use of derivative instruments by the Funds for the period ended September 30, 2019 was related to the use of written and purchased options and futures contracts, as described further below.

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

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

At September 30, 2019, the Covered Call Strategy Fund had investments in options contracts, which are listed in their Portfolios of Investments.

Futures Contracts –The Funds may enter into futures contracts including interest rate futures contracts and index futures, including futures on equity market indices and debt market indices. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds may use futures contracts to manage exposure to the stock market. Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily

variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations. Any open futures contracts at period end are presented in the Schedule of Investments under the caption “Futures Contracts”. The notional amount at value reflects each contract’s exposure to the underlying instrument or index at period end.

The Funds may enter into interest rate futures contracts on U.S. Treasury obligations and options thereon that are traded on a U.S. exchange. A futures contract provides for the future sale by one party and the purchase by another party of a specified amount of a particular financial instrument (debt security) at a specified price, date, time and place. Such investments may be used for, among other purposes, the purpose of hedging against changes in the value of a Fund’s portfolio securities due to anticipated changes in interest rates and market conditions. A public market exists for interest rate futures contracts covering a number of debt securities, including long-term U.S. Treasury Bonds, 10-year U.S. Treasury Notes and three-month U.S. Treasury Bills. No price is paid upon entering into futures contracts. Instead, upon entering into a futures contract, a Fund is required to deposit with its custodian in a segregated account in the name of the futures broker through which the transaction is affected an amount of cash or U.S. Government securities generally equal to 3%-5% or less of the contract value. This amount is known as “initial margin.”

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

To the extent that a Fund participates in the futures or options markets, it will incur investment risks and transaction costs to which it would not be subject absent the use of these strategies. The use of these strategies involves certain special risks, including: (1) dependence on the ability of the Funds’ investment adviser, FIMCO, or a Fund’s subadviser, as applicable, to predict correctly movements in the direction of interest rates and securities prices; (2) imperfect correlation between the price of futures contracts and options thereon and movements in the prices of the securities or currencies being hedged; (3) the fact that skills needed to use these strategies are different from those needed to select portfolio securities; (4) the leverage (if any) that is created by investing in the option or futures

contract; and (5) the possible absence of a liquid secondary market for any particular instrument at any time. IfFIMCO’s, or a Fund’s subadviser’s, if applicable, prediction of movements in the direction of the securities and interest rate markets is inaccurate, the adverse consequences to that Fund may leave it in a worse position than if such strategies were not used. Derivatives may be difficult to sell, unwind or value.

At September 30, 2019, the Funds had no investments in futures contracts.