```

                                                             OMB APPROVAL
                                                     OMB Number:       3235-0578
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                                                     hours per response.....
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY

  Investment Company Act file number 811-21823

                      Pioneer Series Trust V
               (Exact name of registrant as specified in charter)

                       60 State Street, Boston, MA 02109
              (Address of principal executive offices) (ZIP code)

            Terrence J Cullen, Pioneer Investment Management, Inc.,
                       60 State Street, Boston, MA 02109
                    (Name and address of agent for service)

Registrant's telephone number, including area code:  (617) 742-7825

Date of fiscal year end:  August 31

Date of reporting period:  May 31, 2013

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.

<PAGE>
ITEM 1. Schedule of Investments.
```

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```

|                                                                                                                                                       |                 |             |                   | Pioneer High Income Municipal Fund                                                                                                                                                                                                                                                                                                |   |         |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------|------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|
|                                                                                                                                                       |                 |             |                   | Schedule of Investments 5/31/13 (unaudited)                                                                                                                                                                                                                                                                                       |   |         |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       | Principal Amount ($) | FloatingRate (d) | S&P/Moody'sRatings |                                                                                                                                                                                                                                                                                                                              | Value  |
|                                                                                                                                                       |                 |             |                   | MUNICIPAL BONDS - 99.0%                                                                                                                                                                                                                                                                                                           |   |         |
|                                                                                                                                                       |                 |             |                   | Alabama - 0.6%                                                                                                                                                                                                                                                                                                                    |   |         |
|                                                                                                                                                       | 2,000,000            |             | NR/NR                  | Huntsville-Redstone Village Special Care Facilities Financing Authority, 6.875%, 1/1/43                                                                                                                                                                                                                                           | $      | 2,109,940    |
|                                                                                                                                                       | 2,580,000            |             | NR/NR                  | Huntsville-Redstone Village Special Care Facilities Financing Authority, 7.5%, 1/1/47                                                                                                                                                                                                                                             |   | 2,887,433    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 4,997,373    |
|                                                                                                                                                       |                 |             |                   | Alaska - 1.4%                                                                                                                                                                                                                                                                                                                     |   |         |
|                                                                                                                                                       | 12,600,000           |             | NR/B2                  | Northern Tobacco Securitization Corp., 5.0%, 6/1/46                                                                                                                                                                                                                                                                               | $      | 11,133,864   |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       |                 |             |                   | Arizona - 0.6%                                                                                                                                                                                                                                                                                                                    |   |         |
|                                                                                                                                                       | 750,000              |             | NR/NR                  | Pima County Industrial Development Authority, 8.5%, 7/1/39                                                                                                                                                                                                                                                                        | $      | 855,802      |
|                                                                                                                                                       | 3,925,000            |             | NR/NR                  | San Luis Facility Development Corp., 8.375%, 5/1/27                                                                                                                                                                                                                                                                               |   | 3,725,767    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 4,581,569    |
|                                                                                                                                                       |                 |             |                   | California - 5.0%                                                                                                                                                                                                                                                                                                                 |   |         |
|                                                                                                                                                       | 4,000,000            |             | NR/NR                  | California County Tobacco Securitization Agency, 5.0%, 6/1/47                                                                                                                                                                                                                                                                     | $      | 3,529,920    |
|                                                                                                                                                       | 3,500,000            |             | B-/NR                  | California County Tobacco Securitization Agency, 5.25%, 6/1/45                                                                                                                                                                                                                                                                    |   | 3,223,745    |
|                                                                                                                                                       | 4,000,000            |             | NR/B2                  | California County Tobacco Securitization Agency, 5.25%, 6/1/45                                                                                                                                                                                                                                                                    |   | 3,711,600    |
|                                                                                                                                                       | 3,250,000            |             | NR/B2                  | California County Tobacco Securitization Agency, 5.65%, 6/1/41                                                                                                                                                                                                                                                                    |   | 3,056,885    |
|                                                                                                                                                       | 6,300,000            |             | BB/NR                  | California Municipal Finance Authority, 6.0%, 7/1/42                                                                                                                                                                                                                                                                              |   | 6,568,254    |
|                                                                                                                                                       | 2,000,000            |             | NR/NR                  | California Statewide Communities Development Authority, 7.5%, 6/1/42                                                                                                                                                                                                                                                              |   | 2,323,840    |
|                                                                                                                                                       | 315,559              |             | NR/NR                  | California Statewide Communities Development Authority, 9.0%, 12/1/38 (e)                                                                                                                                                                                                                                                         |   | 2,783        |
|                                                                                                                                                       | 15,000,000           |             | BBB-/Baa3              | Foothill-Eastern Transportation Corridor Agency, 0.0%, 1/15/33                                                                                                                                                                                                                                                                    |   | 4,654,200    |
|                                                                                                                                                       | 10,000,000           |             | BBB-/Baa3              | Foothill-Eastern Transportation Corridor Agency, 0.0%, 1/15/34                                                                                                                                                                                                                                                                    |   | 2,910,200    |
|                                                                                                                                                       | 10,000,000           |             | BBB-/Baa3              | Foothill-Eastern Transportation Corridor Agency, 0.0%, 1/15/36                                                                                                                                                                                                                                                                    |   | 2,575,900    |
|                                                                                                                                                       | 4,000,000            |             | AA-/Aa3                | Pittsburg Unified School District, 0.0%, 9/1/38                                                                                                                                                                                                                                                                                   |   | 768,480      |
|                                                                                                                                                       | 3,925,000            |             | AA-/Aa3                | Pittsburg Unified School District, 0.0%, 9/1/39                                                                                                                                                                                                                                                                                   |   | 696,413      |
|                                                                                                                                                       | 2,500,000            |             | AA-/Aa3                | Pittsburg Unified School District, 0.0%, 9/1/41                                                                                                                                                                                                                                                                                   |   | 514,550      |
|                                                                                                                                                       | 1,925,000            |             | AA-/Aa3                | Pittsburg Unified School District, 0.0%, 9/1/42                                                                                                                                                                                                                                                                                   |   | 372,834      |
|                                                                                                                                                       | 6,395,000            |             | B-/Caa1                | Tobacco Securitization Authority of Northern California, 5.375%, 6/1/38                                                                                                                                                                                                                                                           |   | 5,865,366    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 40,774,970   |
|                                                                                                                                                       |                 |             |                   | Colorado - 2.8%                                                                                                                                                                                                                                                                                                                   |   |         |
|                                                                                                                                                       | 1,020,000            |             | NR/NR                  | Colorado Educational & Cultural Facilities Authority, 5.625%, 12/1/36                                                                                                                                                                                                                                                         | $      | 811,135      |
|                                                                                                                                                       | 3,165,000            |             | NR/NR                  | Colorado Health Facilities Authority, 7.125%, 6/1/47                                                                                                                                                                                                                                                                              |   | 3,407,344    |
|                                                                                                                                                       | 38,000,000           |             | BBB-/Baa2              | E-470 Public Highway Authority, 0.0%, 9/1/40                                                                                                                                                                                                                                                                                      |   | 9,412,600    |
|                                                                                                                                                       | 1,500,000            |             | BBB-/Baa2              | E-470 Public Highway Authority, 0.0%, 9/1/41                                                                                                                                                                                                                                                                                      |   | 352,995      |
|                                                                                                                                                       | 8,000,000            |             | NR/NR                  | Kremmling Memorial Hospital District, 7.125%, 12/1/45                                                                                                                                                                                                                                                                             |   | 8,866,720    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 22,850,794   |
|                                                                                                                                                       |                 |             |                   | Florida - 12.1%                                                                                                                                                                                                                                                                                                                   |   |         |
|                                                                                                                                                       | 5,000,000            |             | NR/NR                  | Alachua County Health Facilities Authority, 8.125%, 11/15/41                                                                                                                                                                                                                                                                      | $      | 5,804,400    |
|                                                                                                                                                       | 5,000,000            |             | NR/NR                  | Alachua County Health Facilities Authority, 8.125%, 11/15/46                                                                                                                                                                                                                                                                      |   | 5,789,050    |
|                                                                                                                                                       | 5,000,000            |             | NR/NR                  | Capital Trust Agency, Inc., 7.375%, 1/1/48                                                                                                                                                                                                                                                                                        |   | 4,910,600    |
|                                                                                                                                                       | 11,000,000           |             | NR/B1                  | Capital Trust Agency, Inc., 7.75%, 1/1/41                                                                                                                                                                                                                                                                                         |   | 12,278,860   |
|                                                                                                                                                       | 5,900,000            |             | NR/NR                  | Collier County Industrial Development Authority, 14.0%, 5/15/15                                                                                                                                                                                                                                                                   |   | 5,955,991    |
|                                                                                                                                                       | 3,740,000            |             | NR/NR                  | County of Lake Florida, 7.125%, 11/1/42                                                                                                                                                                                                                                                                                           |   | 3,735,101    |
|                                                                                                                                                       | 1,820,000            |             | NR/NR                  | County of Liberty Florida, 8.25%, 7/1/28                                                                                                                                                                                                                                                                                          |   | 1,835,197    |
|                                                                                                                                                       | 2,290,000            |             | NR/NR                  | County of Palm Beach Florida, 2.0%, 6/1/16                                                                                                                                                                                                                                                                                        |   | 2,292,221    |
|                                                                                                                                                       | 1,450,000            |             | NR/NR                  | County of Palm Beach Florida, 6/1/16 (144A)                                                                                                                                                                                                                                                                                       |   | 1,450,000    |
|                                                                                                                                                       | 4,000,000            |             | NR/NR                  | Florida Development Finance Corp., 6.125%, 6/15/43                                                                                                                                                                                                                                                                                |   | 3,927,160    |
|                                                                                                                                                       | 10,380,000           |             | NR/NR                  | Florida Development Finance Corp., 7.625%, 6/15/41                                                                                                                                                                                                                                                                                |   | 12,276,530   |
|                                                                                                                                                       | 5,000,000            |             | NR/NR                  | Florida Development Finance Corp., 7.75%, 6/15/42                                                                                                                                                                                                                                                                                 |   | 5,656,350    |
|                                                                                                                                                       | 7,170,000            |             | NR/NR                  | Florida Keys College Campus Foundation, Inc., 7.0%, 11/1/42 (e)                                                                                                                                                                                                                                                                   |   | 6,452,713    |
|                                                                                                                                                       | 2,740,000            |             | NR/NR                  | Hillsborough County Industrial Development Authority, 6.5%, 7/1/29                                                                                                                                                                                                                                                                |   | 2,741,891    |
|                                                                                                                                                       | 1,325,000            |             | NR/NR                  | Hillsborough County Industrial Development Authority, 6.7%, 7/1/21                                                                                                                                                                                                                                                                |   | 1,326,802    |
|                                                                                                                                                       | 2,380,000            |             | NR/NR                  | Hillsborough County Industrial Development Authority, 6.75%, 7/1/29                                                                                                                                                                                                                                                               |   | 2,382,142    |
|                                                                                                                                                       | 6,200,000            |             | BB/NR                  | Lee County Industrial Development Authority Florida, 5.375%, 6/15/37                                                                                                                                                                                                                                                              |   | 6,261,380    |
|                                                                                                                                                       | 3,000,000            |             | BB/NR                  | Lee County Industrial Development Authority Florida, 5.75%, 6/15/42                                                                                                                                                                                                                                                               |   | 3,117,720    |
|                                                                                                                                                       | 4,365,000            |             | NR/NR                  | Sarasota County Health Facilities Authority, 5.625%, 7/1/27                                                                                                                                                                                                                                                                       |   | 4,358,452    |
|                                                                                                                                                       | 2,285,000            |             | NR/NR                  | Sarasota County Health Facilities Authority, 5.75%, 7/1/37                                                                                                                                                                                                                                                                        |   | 2,273,072    |
|                                                                                                                                                       | 3,640,000            |             | NR/NR                  | Sarasota County Health Facilities Authority, 5.75%, 7/1/45                                                                                                                                                                                                                                                                        |   | 3,576,992    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 98,402,624   |
|                                                                                                                                                       |                 |             |                   | Georgia - 3.2%                                                                                                                                                                                                                                                                                                                    |   |         |
|                                                                                                                                                       | 6,000,000            |             | B/NR                   | Clayton County Development Authority, 8.75%, 6/1/29                                                                                                                                                                                                                                                                               | $      | 7,603,380    |
|                                                                                                                                                       | 7,000,000            |             | B/NR                   | Clayton County Development Authority, 9.0%, 6/1/35                                                                                                                                                                                                                                                                                |   | 7,789,180    |
|                                                                                                                                                       | 3,650,000            |             | NR/NR                  | Fulton County Residential Care Facilities for the Elderly Authority, 5.0%, 7/1/27                                                                                                                                                                                                                                                 |   | 3,669,892    |
|                                                                                                                                                       | 7,000,000            |             | NR/NR                  | Fulton County Residential Care Facilities for the Elderly Authority, 5.125%, 7/1/42                                                                                                                                                                                                                                               |   | 6,898,150    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 25,960,602   |
|                                                                                                                                                       |                 |             |                   | Hawaii - 0.2%                                                                                                                                                                                                                                                                                                                     |   |         |
|                                                                                                                                                       | 800,000              |             | NR/NR                  | Hawaii State Department of Budget & Finance, 7.5%, 11/15/15                                                                                                                                                                                                                                                                   | $      | 802,472      |
|                                                                                                                                                       | 1,000,000            |             | NR/NR                  | Hawaii State Department of Budget & Finance, 9.0%, 11/15/44                                                                                                                                                                                                                                                                   |   | 1,193,990    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 1,996,462    |
|                                                                                                                                                       |                 |             |                   | Illinois - 9.9%                                                                                                                                                                                                                                                                                                                   |   |         |
|                                                                                                                                                       | 2,634,795            |             | NR/NR                  | Illinois Finance Authority, 0.0%, 11/15/52                                                                                                                                                                                                                                                                                        | $      | 118,671      |
|                                                                                                                                                       | 526,959              |             | NR/NR                  | Illinois Finance Authority, 11/15/52                                                                                                                                                                                                                                                                                              |   | 122,276      |
|                                                                                                                                                       | 526,959              |             | NR/NR                  | Illinois Finance Authority, 11/15/52                                                                                                                                                                                                                                                                                              |   | 198,421      |
|                                                                                                                                                       | 7,000,000            |             | NR/NR                  | Illinois Finance Authority, 5.625%, 2/15/37                                                                                                                                                                                                                                                                                       |   | 7,076,370    |
|                                                                                                                                                       | 2,165,000            |             | NR/NR                  | Illinois Finance Authority, 6.0%, 5/15/43                                                                                                                                                                                                                                                                                         |   | 2,112,044    |
|                                                                                                                                                       | 4,500,000            |             | BB/NR                  | Illinois Finance Authority, 6.25%, 11/15/35                                                                                                                                                                                                                                                                                       |   | 4,629,465    |
|                                                                                                                                                       | 485,000              |             | NR/NR                  | Illinois Finance Authority, 7.0%, 11/15/17                                                                                                                                                                                                                                                                                        |   | 480,426      |
|                                                                                                                                                       | 970,000              |             | NR/NR                  | Illinois Finance Authority, 7.0%, 11/15/27                                                                                                                                                                                                                                                                                        |   | 968,642      |
|                                                                                                                                                       | 770,000              |             | NR/NR                  | Illinois Finance Authority, 7.0%, 11/15/27                                                                                                                                                                                                                                                                                        |   | 752,891      |
|                                                                                                                                                       | 5,085,000            |             | NR/NR                  | Illinois Finance Authority, 7.625%, 5/15/25                                                                                                                                                                                                                                                                                       |   | 6,077,694    |
|                                                                                                                                                       | 1,750,000            |             | NR/NR                  | Illinois Finance Authority, 8.0%, 5/15/30                                                                                                                                                                                                                                                                                         |   | 1,842,522    |
|                                                                                                                                                       | 3,295,000            |             | NR/NR                  | Illinois Finance Authority, 8.0%, 5/15/40                                                                                                                                                                                                                                                                                         |   | 3,937,986    |
|                                                                                                                                                       | 3,965,000            |             | NR/NR                  | Illinois Finance Authority, 8.0%, 5/15/46                                                                                                                                                                                                                                                                                         |   | 4,725,527    |
|                                                                                                                                                       | 17,000,000           |             | NR/NR                  | Illinois Finance Authority, 8.125%, 2/15/40                                                                                                                                                                                                                                                                                       |   | 17,918,680   |
|                                                                                                                                                       | 2,250,000            |             | BB/NR                  | Illinois Finance Authority, 8.125%, 5/15/40                                                                                                                                                                                                                                                                                       |   | 2,359,080    |
|                                                                                                                                                       | 7,275,000            |             | NR/NR                  | Illinois Finance Authority, 8.25%, 2/15/46                                                                                                                                                                                                                                                                                        |   | 7,696,150    |
|                                                                                                                                                       | 11,135,000           |             | BB/NR                  | Illinois Finance Authority, 8.25%, 5/15/45                                                                                                                                                                                                                                                                                        |   | 11,749,875   |
|                                                                                                                                                       | 4,213,653            | 4.00             | NR/NR                  | Illinois Finance Authority, Floating Rate Note, 11/15/52                                                                                                                                                                                                                                                                          |   | 3,071,542    |
|                                                                                                                                                       | 2,950,000            |             | NR/NR                  | Southwestern Illinois Development Authority, 5.625%, 11/1/26                                                                                                                                                                                                                                                                      |   | 2,484,048    |
|                                                                                                                                                       | 2,500,000            |             | NR/NR                  | Southwestern Illinois Development Authority, 6.625%, 6/1/37                                                                                                                                                                                                                                                                       |   | 2,569,575    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 80,891,885   |
|                                                                                                                                                       |                 |             |                   | Indiana - 4.5%                                                                                                                                                                                                                                                                                                                    |   |         |
|                                                                                                                                                       | 1,000,000            |             | NR/NR                  | City of Carmel Indiana, 6.0%, 11/15/22                                                                                                                                                                                                                                                                                            | $      | 1,081,640    |
|                                                                                                                                                       | 1,550,000            |             | NR/NR                  | City of Carmel Indiana, 7.0%, 11/15/27                                                                                                                                                                                                                                                                                            |   | 1,742,712    |
|                                                                                                                                                       | 1,750,000            |             | NR/NR                  | City of Carmel Indiana, 7.0%, 11/15/32                                                                                                                                                                                                                                                                                            |   | 1,940,120    |
|                                                                                                                                                       | 6,000,000            |             | NR/NR                  | City of Carmel Indiana, 7.125%, 11/15/42                                                                                                                                                                                                                                                                                          |   | 6,618,120    |
|                                                                                                                                                       | 5,950,000            |             | NR/NR                  | City of Carmel Indiana, 7.125%, 11/15/47                                                                                                                                                                                                                                                                                          |   | 6,517,392    |
|                                                                                                                                                       | 3,500,000            |             | NR/NR                  | City of Crown Point Indiana, 8.0%, 11/15/39                                                                                                                                                                                                                                                                                       |   | 4,054,330    |
|                                                                                                                                                       | 4,575,000            |             | NR/NR                  | City of Terre Haute Indiana, 6.0%, 8/1/39                                                                                                                                                                                                                                                                                         |   | 4,642,161    |
|                                                                                                                                                       | 2,435,000            |             | NR/NR                  | County of St. Joseph Indiana, 6.0%, 5/15/38                                                                                                                                                                                                                                                                                       |   | 2,509,146    |
|                                                                                                                                                       | 2,340,000            |             | NR/NR                  | Vigo County Hospital Authority, 5.8%, 9/1/47 (144A)                                                                                                                                                                                                                                                                               |   | 2,430,418    |
|                                                                                                                                                       | 4,000,000            |             | BB/NR                  | Vigo County Hospital Authority, 8.0%, 9/1/41                                                                                                                                                                                                                                                                                      |   | 4,860,040    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 36,396,079   |
|                                                                                                                                                       |                 |             |                   | Iowa - 0.6%                                                                                                                                                                                                                                                                                                                       |   |         |
|                                                                                                                                                       | 1,315,000            |             | NR/NR                  | Iowa Finance Authority, 5.0%, 11/15/21                                                                                                                                                                                                                                                                                            | $      | 924,708      |
|                                                                                                                                                       | 1,445,000            |             | NR/NR                  | Iowa Finance Authority, 5.5%, 11/15/27                                                                                                                                                                                                                                                                                            |   | 999,882      |
|                                                                                                                                                       | 4,365,000            |             | BB/NR                  | Iowa Finance Authority, 5.5%, 11/15/37                                                                                                                                                                                                                                                                                            |   | 2,943,145    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 4,867,735    |
|                                                                                                                                                       |                 |             |                   | Louisiana - 2.2%                                                                                                                                                                                                                                                                                                                  |   |         |
|                                                                                                                                                       | 11,670,000           |             | NR/NR                  | Louisiana Public Facilities Authority, 9.75%, 8/1/14                                                                                                                                                                                                                                                                              | $      | 11,668,600   |
|                                                                                                                                                       | 5,800,000            |             | NR/NR                  | Tensas Parish Law Enforcement District, 8.5%, 10/1/26 (e)                                                                                                                                                                                                                                                                         |   | 5,930,500    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 17,599,100   |
|                                                                                                                                                       |                 |             |                   | Maryland - 0.5%                                                                                                                                                                                                                                                                                                                   |   |         |
|                                                                                                                                                       | 4,115,000            |             | NR/NR                  | County of Howard Maryland, 5.25%, 4/1/27                                                                                                                                                                                                                                                                                          | $      | 4,161,623    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       |                 |             |                   | Massachusetts - 1.2%                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       | 1,116,746            |             | NR/NR                  | Massachusetts Development Finance Agency, 11/15/56                                                                                                                                                                                                                                                                                | $      | 7,862        |
|                                                                                                                                                       | 224,523              |             | NR/NR                  | Massachusetts Development Finance Agency, 5.5%, 11/15/46                                                                                                                                                                                                                                                                          |   | 179,057      |
|                                                                                                                                                       | 1,235,770            |             | NR/NR                  | Massachusetts Development Finance Agency, 6.25%, 11/15/26                                                                                                                                                                                                                                                                         |   | 1,185,857    |
|                                                                                                                                                       | 2,224,798            |             | NR/NR                  | Massachusetts Development Finance Agency, 6.25%, 11/15/39                                                                                                                                                                                                                                                                         |   | 2,027,414    |
|                                                                                                                                                       | 751,584              |             | NR/NR                  | Massachusetts Development Finance Agency, 6.25%, 11/15/46                                                                                                                                                                                                                                                                         |   | 671,165      |
|                                                                                                                                                       | 2,000,000            |             | NR/NR                  | Massachusetts Development Finance Agency, 6.75%, 10/15/37                                                                                                                                                                                                                                                                         |   | 2,122,100    |
|                                                                                                                                                       | 2,500,000            |             | NR/NR                  | Massachusetts Development Finance Agency, 7.25%, 6/1/16                                                                                                                                                                                                                                                                           |   | 1,175,100    |
|                                                                                                                                                       | 500,000              |             | NR/NR                  | Massachusetts Development Finance Agency, 7.5%, 6/1/29                                                                                                                                                                                                                                                                            |   | 235,020      |
|                                                                                                                                                       | 880,000              |             | NR/NR                  | Massachusetts Development Finance Agency, 7.625%, 10/15/37                                                                                                                                                                                                                                                                        |   | 1,009,510    |
|                                                                                                                                                       | 2,000,000            |             | NR/NR                  | Massachusetts Development Finance Agency, 7.875%, 6/1/44                                                                                                                                                                                                                                                                          |   | 940,080      |
|                                                                                                                                                       | 3,500,000            |             | NR/NR                  | Massachusetts Health & Educational Facilities Authority, 6.5%, 1/15/38 (e)                                                                                                                                                                                                                                                    |   | 18,060       |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 9,571,225    |
|                                                                                                                                                       |                 |             |                   | Michigan - 3.9%                                                                                                                                                                                                                                                                                                                   |   |         |
|                                                                                                                                                       | 5,485,000            |             | BBB-/NR                | Flint International Academy, 5.75%, 10/1/37                                                                                                                                                                                                                                                                                       | $      | 5,625,910    |
|                                                                                                                                                       | 4,635,000            |             | NR/NR                  | Michigan Public Educational Facilities Authority, 5.875%, 6/1/37                                                                                                                                                                                                                                                                  |   | 4,657,063    |
|                                                                                                                                                       | 290,000              |             | BB/NR                  | Michigan Public Educational Facilities Authority, 7.25%, 4/1/20                                                                                                                                                                                                                                                                   |   | 315,885      |
|                                                                                                                                                       | 2,020,000            |             | BB/NR                  | Michigan Public Educational Facilities Authority, 8.0%, 4/1/40                                                                                                                                                                                                                                                                    |   | 2,255,492    |
|                                                                                                                                                       | 2,750,000            |             | NR/NR                  | Michigan State Hospital Finance Authority, 5.5%, 11/15/35                                                                                                                                                                                                                                                                         |   | 2,768,068    |
|                                                                                                                                                       | 3,175,000            |             | NR/NR                  | Michigan Strategic Fund, 7.25%, 1/1/39                                                                                                                                                                                                                                                                                            |   | 3,428,238    |
|                                                                                                                                                       | 4,000,000            | 6.62             | NR/NR                  | Michigan Strategic Fund, Floating Rate Note, 11/1/41                                                                                                                                                                                                                                                                              |   | 4,359,600    |
|                                                                                                                                                       | 7,135,000            | 6.75             | A/A2                   | Michigan Strategic Fund, Floating Rate Note, 3/1/40                                                                                                                                                                                                                                                                               |   | 8,048,209    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 31,458,465   |
|                                                                                                                                                       |                 |             |                   | Minnesota - 1.6%                                                                                                                                                                                                                                                                                                                  |   |         |
|                                                                                                                                                       | 10,000,000           |             | NR/NR                  | Bloomington Port Authority, 9.0%, 12/1/35                                                                                                                                                                                                                                                                                         | $      | 11,784,100   |
|                                                                                                                                                       | 1,500,000            |             | NR/NR                  | City of Brooklyn Park Minnesota, 9.25%, 3/1/39                                                                                                                                                                                                                                                                                    |   | 1,720,785    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 13,504,885   |
|                                                                                                                                                       |                 |             |                   | Missouri - 1.7%                                                                                                                                                                                                                                                                                                                   |   |         |
|                                                                                                                                                       | 6,090,000            |             | BB/NR                  | Community Memorial Hospital District, 6.68%, 12/1/34                                                                                                                                                                                                                                                                              | $      | 5,765,342    |
|                                                                                                                                                       | 4,500,000            |             | NR/NR                  | Kirkwood Industrial Development Authority, 8.25%, 5/15/45                                                                                                                                                                                                                                                                         |   | 5,331,285    |
|                                                                                                                                                       | 2,125,000            |             | NR/NR                  | St Louis County Industrial Development Authority, 6.125%, 8/15/42                                                                                                                                                                                                                                                                 |   | 2,170,092    |
|                                                                                                                                                       | 500,000              |             | NR/Ca                  | St. Louis Industrial Development Authority, 7.2%, 12/15/28 (e)                                                                                                                                                                                                                                                                    |   | 187,500      |
|                                                                                                                                                       | 1,365,000            |             | NR/Ca                  | St. Louis Industrial Development Authority, 7.25%, 12/15/35 (e)                                                                                                                                                                                                                                                                   |   | 511,875      |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 13,966,094   |
|                                                                                                                                                       |                 |             |                   | New Jersey - 2.0%                                                                                                                                                                                                                                                                                                                 |   |         |
|                                                                                                                                                       | 10,000,000           |             | NR/NR                  | New Jersey Economic Development Authority, 10.5%, 6/1/32 (144A)                                                                                                                                                                                                                                                                   | $      | 10,446,600   |
|                                                                                                                                                       | 6,000,000            |             | NR/NR                  | New Jersey Economic Development Authority, 6.625%, 1/1/37                                                                                                                                                                                                                                                                         |   | 6,125,460    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 16,572,060   |
|                                                                                                                                                       |                 |             |                   | New Mexico - 0.2%                                                                                                                                                                                                                                                                                                                 |   |         |
|                                                                                                                                                       | 2,000,000            |             | NR/NR                  | County of Otero New Mexico, 8.25%, 12/1/23 (Pre-Refunded)                                                                                                                                                                                                                                                                         | $      | 2,020,000    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       |                 |             |                   | New York - 7.5%                                                                                                                                                                                                                                                                                                                   |   |         |
|                                                                                                                                                       | 3,650,000            |             | B-/Caa2                | New York City Industrial Development Agency, 5.125%, 5/15/30                                                                                                                                                                                                                                                                      | $      | 3,599,082    |
|                                                                                                                                                       | 13,750,000           |             | BB/B2                  | New York City Industrial Development Agency, 5.25%, 12/1/32                                                                                                                                                                                                                                                                       |   | 13,733,362   |
|                                                                                                                                                       | 10,300,000           |             | BB/NR                  | Seneca Nation Indians Capital Improvements Authority, 5.0%, 12/1/23 (144A)                                                                                                                                                                                                                                                        |   | 10,797,490   |
|                                                                                                                                                       | 6,930,000            |             | NR/NR                  | The Erie County Industrial Development Agency, 6.0%, 11/15/36                                                                                                                                                                                                                                                                     |   | 7,065,828    |
|                                                                                                                                                       | 8,000,000            |             | NR/NR                  | The Erie County Industrial Development Agency, 9.25%, 10/1/30                                                                                                                                                                                                                                                                     |   | 9,105,920    |
|                                                                                                                                                       | 10,000,000           |             | NR/NR                  | The Erie County Industrial Development Agency, 9.25%, 10/1/30                                                                                                                                                                                                                                                                     |   | 11,382,400   |
|                                                                                                                                                       | 1,795,000            |             | NR/NR                  | The Erie County Industrial Development Agency, 9.25%, 10/1/30                                                                                                                                                                                                                                                                     |   | 2,050,931    |
|                                                                                                                                                       | 4,000,000            |             | BB+/NR                 | Westchester Tobacco Asset Securitization New York, 5.125%, 6/1/45                                                                                                                                                                                                                                                                 |   | 3,476,720    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 61,211,733   |
|                                                                                                                                                       |                 |             |                   | North Carolina - 0.9%                                                                                                                                                                                                                                                                                                             |   |         |
|                                                                                                                                                       | 1,665,000            |             | NR/NR                  | North Carolina Medical Care Commission, 7.75%, 3/1/31                                                                                                                                                                                                                                                                             | $      | 1,909,355    |
|                                                                                                                                                       | 4,725,000            |             | NR/NR                  | North Carolina Medical Care Commission, 7.75%, 3/1/41                                                                                                                                                                                                                                                                             |   | 5,368,781    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 7,278,136    |
|                                                                                                                                                       |                 |             |                   | Ohio - 0.4%                                                                                                                                                                                                                                                                                                                       |   |         |
|                                                                                                                                                       | 3,000,000            |             | B/B2                   | City of Cleveland Ohio, 5.375%, 9/15/27                                                                                                                                                                                                                                                                                           | $      | 2,993,820    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       |                 |             |                   | OT - 0.1%                                                                                                                                                                                                                                                                                                                         |   |         |
|                                                                                                                                                       | 1,175,000            | 0.00             | NR/NR                  | Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A)                                                                                                                                                                                                                                                          | $      | 688,550      |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       |                 |             |                   | Pennsylvania - 2.7%                                                                                                                                                                                                                                                                                                               |   |         |
|                                                                                                                                                       | 1,400,000            |             | BB+/NR                 | Allegheny County Industrial Development Authority, 6.0%, 7/15/38                                                                                                                                                                                                                                                                  | $      | 1,360,996    |
|                                                                                                                                                       | 4,800,000            |             | B-/Caa2                | Pennsylvania Economic Development Financing Authority, 6.0%, 6/1/31                                                                                                                                                                                                                                                               |   | 4,818,720    |
|                                                                                                                                                       | 2,005,000            |             | CCC+/Caa3              | Pennsylvania Economic Development Financing Authority, 7.5%, 5/1/20                                                                                                                                                                                                                                                               |   | 2,306,331    |
|                                                                                                                                                       | 10,575,000           |             | CCC+/Caa3              | Pennsylvania Economic Development Financing Authority, 8.0%, 5/1/29                                                                                                                                                                                                                                                               |   | 12,505,149   |
|                                                                                                                                                       | 1,000,000            |             | BB+/NR                 | Philadelphia Authority for Industrial Development, 6.625%, 12/15/41                                                                                                                                                                                                                                                               |   | 1,093,680    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 22,084,876   |
|                                                                                                                                                       |                 |             |                   | Rhode Island - 1.5%                                                                                                                                                                                                                                                                                                               |   |         |
|                                                                                                                                                       | 2,100,000            |             | NR/NR                  | Central Falls Detention Facility Corp., 7.25%, 7/15/35                                                                                                                                                                                                                                                                            | $      | 1,794,744    |
|                                                                                                                                                       | 9,100,000            |             | NR/NR                  | Rhode Island Health & Educational Building Corp., 8.375%, 1/1/46                                                                                                                                                                                                                                                              |   | 10,691,499   |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 12,486,243   |
|                                                                                                                                                       |                 |             |                   | Texas - 15.9%                                                                                                                                                                                                                                                                                                                     |   |         |
|                                                                                                                                                       | 10,125,000           | 5.40             | CC/C                   | Brazos River Authority, Floating Rate Note, 10/1/29                                                                                                                                                                                                                                                                               | $      | 1,923,649    |
|                                                                                                                                                       | 1,000,000            |             | B/B2                   | City of Houston Texas Airport System Revenue, 6.125%, 7/15/27                                                                                                                                                                                                                                                                     |   | 1,003,800    |
|                                                                                                                                                       | 234,442              |             | NR/NR                  | Gulf Coast Industrial Development Authority, 7.0%, 12/1/36 (e)                                                                                                                                                                                                                                                                    |   | 2,162        |
|                                                                                                                                                       | 9,685,000            |             | A/Baa1                 | Harris County-Houston Sports Authority, 0.0%, 11/15/31                                                                                                                                                                                                                                                                            |   | 3,406,602    |
|                                                                                                                                                       | 7,635,000            |             | A/Baa1                 | Harris County-Houston Sports Authority, 0.0%, 11/15/32                                                                                                                                                                                                                                                                            |   | 2,548,639    |
|                                                                                                                                                       | 1,120,000            |             | A/Baa1                 | Harris County-Houston Sports Authority, 0.0%, 11/15/33                                                                                                                                                                                                                                                                            |   | 355,488      |
|                                                                                                                                                       | 765,000              |             | A/Baa1                 | Harris County-Houston Sports Authority, 0.0%, 11/15/34                                                                                                                                                                                                                                                                            |   | 224,283      |
|                                                                                                                                                       | 425,000              |             | A/Baa1                 | Harris County-Houston Sports Authority, 0.0%, 11/15/35                                                                                                                                                                                                                                                                            |   | 117,130      |
|                                                                                                                                                       | 1,690,000            |             | A/Baa1                 | Harris County-Houston Sports Authority, 0.0%, 11/15/35                                                                                                                                                                                                                                                                            |   | 464,209      |
|                                                                                                                                                       | 10,000,000           |             | A/Baa1                 | Harris County-Houston Sports Authority, 0.0%, 11/15/38                                                                                                                                                                                                                                                                            |   | 2,261,400    |
|                                                                                                                                                       | 10,000,000           |             | A/Baa1                 | Harris County-Houston Sports Authority, 0.0%, 11/15/39                                                                                                                                                                                                                                                                            |   | 2,128,900    |
|                                                                                                                                                       | 1,290,000            |             | A/Baa1                 | Harris County-Houston Sports Authority, 0.0%, 11/15/41                                                                                                                                                                                                                                                                            |   | 254,414      |
|                                                                                                                                                       | 345,000              |             | NR/NR                  | HFDC of Central Texas, Inc., 6.375%, 11/15/19                                                                                                                                                                                                                                                                                     |   | 314,547      |
|                                                                                                                                                       | 1,600,000            |             | NR/NR                  | HFDC of Central Texas, Inc., 7.75%, 11/15/29                                                                                                                                                                                                                                                                                      |   | 1,190,624    |
|                                                                                                                                                       | 6,825,000            |             | NR/NR                  | HFDC of Central Texas, Inc., 7.75%, 11/15/44                                                                                                                                                                                                                                                                                      |   | 5,070,566    |
|                                                                                                                                                       | 24,000,000           |             | NR/NR                  | Jefferson County Industrial Development Corp. Texas, 8.25%, 7/1/32                                                                                                                                                                                                                                                                |   | 26,174,640   |
|                                                                                                                                                       | 1,520,000            |             | BB/NR                  | Kinney County Public Facilities Corp., 7.0%, 11/1/25                                                                                                                                                                                                                                                                              |   | 1,528,618    |
|                                                                                                                                                       | 3,820,000            |             | NR/NR                  | Red River Health Facilities Development Corp., 12.0%, 12/14/17                                                                                                                                                                                                                                                                    |   | 3,794,177    |
|                                                                                                                                                       | 5,000,000            |             | NR/NR                  | Red River Health Facilities Development Corp., 7.25%, 12/15/47                                                                                                                                                                                                                                                                    |   | 5,238,700    |
|                                                                                                                                                       | 2,000,000            |             | NR/NR                  | Red River Health Facilities Development Corp., 8.0%, 11/15/46                                                                                                                                                                                                                                                                     |   | 2,297,620    |
|                                                                                                                                                       | 26,000,000           |             | NR/NR                  | Sanger Industrial Development Corp., 8.0%, 7/1/38                                                                                                                                                                                                                                                                                 |   | 27,589,116   |
|                                                                                                                                                       | 1,130,000            |             | BB/Ba                  | Tarrant County Cultural Education Facilities Finance Corp., 7.5%, 11/15/16                                                                                                                                                                                                                                                        |   | 1,133,153    |
|                                                                                                                                                       | 1,775,000            |             | BB/NR                  | Tarrant County Cultural Education Facilities Finance Corp., 8.0%, 11/15/28                                                                                                                                                                                                                                                        |   | 2,043,486    |
|                                                                                                                                                       | 2,250,000            |             | NR/NR                  | Tarrant County Cultural Education Facilities Finance Corp., 8.0%, 11/15/29                                                                                                                                                                                                                                                        |   | 2,526,638    |
|                                                                                                                                                       | 120,000              |             | NR/NR                  | Tarrant County Cultural Education Facilities Finance Corp., 8.0%, 11/15/34                                                                                                                                                                                                                                                        |   | 136,804      |
|                                                                                                                                                       | 5,000,000            |             | NR/NR                  | Tarrant County Cultural Education Facilities Finance Corp., 8.125%, 11/15/39                                                                                                                                                                                                                                                      |   | 5,609,800    |
|                                                                                                                                                       | 8,350,000            |             | NR/NR                  | Tarrant County Cultural Education Facilities Finance Corp., 8.125%, 11/15/44                                                                                                                                                                                                                                                      |   | 9,549,310    |
|                                                                                                                                                       | 5,000,000            |             | NR/NR                  | Tarrant County Cultural Education Facilities Finance Corp., 8.25%, 11/15/44                                                                                                                                                                                                                                                       |   | 5,726,850    |
|                                                                                                                                                       | 5,000,000            |             | NR/NR                  | Tarrant County Cultural Education Facilities Finance Corp., 8.25%, 11/15/44                                                                                                                                                                                                                                                       |   | 5,617,350    |
|                                                                                                                                                       | 1,000,000            |             | NR/NR                  | Texas Midwest Public Facility Corp., 9.0%, 10/1/30 (e)                                                                                                                                                                                                                                                                            |   | 538,950      |
|                                                                                                                                                       | 8,000,000            |             | NR/NR                  | Travis County Health Facilities Development Corp., 7.125%, 1/1/46                                                                                                                                                                                                                                                                 |   | 8,512,560    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 129,284,185  |
|                                                                                                                                                       |                 |             |                   | Utah - 1.7%                                                                                                                                                                                                                                                                                                                       |   |         |
|                                                                                                                                                       | 825,000              |             | BB/NR                  | City of Spanish Fork City Utah, 5.55%, 11/15/21 (144A)                                                                                                                                                                                                                                                                            | $      | 849,230      |
|                                                                                                                                                       | 3,150,000            |             | NR/NR                  | City of Spanish Fork City Utah, 5.7%, 11/15/36 (144A)                                                                                                                                                                                                                                                                             |   | 3,182,288    |
|                                                                                                                                                       | 1,510,000            |             | NR/NR                  | Utah State Charter School Finance Authority, 7.25%, 5/15/21                                                                                                                                                                                                                                                                       |   | 1,640,388    |
|                                                                                                                                                       | 1,985,000            |             | NR/NR                  | Utah State Charter School Finance Authority, 8.125%, 5/15/31                                                                                                                                                                                                                                                                      |   | 2,212,144    |
|                                                                                                                                                       | 5,145,000            |             | NR/NR                  | Utah State Charter School Finance Authority, 8.5%, 5/15/41                                                                                                                                                                                                                                                                        |   | 5,844,514    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 13,728,564   |
|                                                                                                                                                       |                 |             |                   | Washington - 3.5%                                                                                                                                                                                                                                                                                                                 |   |         |
|                                                                                                                                                       | 1,435,000            |             | NR/NR                  | Washington State Housing Finance Commission, 5.25%, 1/1/17                                                                                                                                                                                                                                                                        | $      | 1,462,581    |
|                                                                                                                                                       | 8,500,000            |             | NR/NR                  | Washington State Housing Finance Commission, 5.625%, 1/1/27                                                                                                                                                                                                                                                                       |   | 8,562,475    |
|                                                                                                                                                       | 10,860,000           |             | NR/NR                  | Washington State Housing Finance Commission, 5.625%, 1/1/38                                                                                                                                                                                                                                                                       |   | 10,830,678   |
|                                                                                                                                                       | 8,000,000            |             | NR/NR                  | Washington State Housing Finance Commission, 6.75%, 10/1/47                                                                                                                                                                                                                                                                       |   | 8,057,120    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 28,912,854   |
|                                                                                                                                                       |                 |             |                   | West Virginia - 5.0%                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       | 25,000,000           |             | NR/NR                  | City of Philippi West Virginia, 7.75%, 10/1/44                                                                                                                                                                                                                                                                                    | $      | 25,477,250   |
|                                                                                                                                                       | 12,000,000           |             | NR/NR                  | West Virginia Hospital Finance Authority, 9.125%, 10/1/41                                                                                                                                                                                                                                                                         |   | 15,262,920   |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 40,740,170   |
|                                                                                                                                                       |                 |             |                   | Wisconsin - 5.6%                                                                                                                                                                                                                                                                                                                  |   |         |
|                                                                                                                                                       | 14,382,500           |             | NR/NR                  | Public Finance Authority, 7.0%, 10/1/42                                                                                                                                                                                                                                                                                           | $      | 14,221,704   |
|                                                                                                                                                       | 10,325,000           |             | NR/NR                  | Public Finance Authority, 8.25%, 6/1/46                                                                                                                                                                                                                                                                                           |   | 12,327,947   |
|                                                                                                                                                       | 8,750,000            |             | NR/NR                  | Public Finance Authority, 8.375%, 6/1/20                                                                                                                                                                                                                                                                                          |   | 8,824,288    |
|                                                                                                                                                       | 2,480,000            |             | NR/NR                  | Public Finance Authority, 8.375%, 6/1/37                                                                                                                                                                                                                                                                                          |   | 2,692,809    |
|                                                                                                                                                       | 7,250,000            |             | NR/NR                  | Public Finance Authority, 8.625%, 6/1/47                                                                                                                                                                                                                                                                                          |   | 7,955,932    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $      | 46,022,680   |
|                                                                                                                                                       |                 |             |                   | TOTAL MUNICIPAL BONDS                                                                                                                                                                                                                                                                                                             |   |         |
|                                                                                                                                                       |                 |             |                   | (Cost $725,529,817)                                                                                                                                                                                                                                                                                                               | $      | 807,139,220  |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       |                 |             |                   | TOTAL INVESTMENT IN SECURITIES - 99.0%                                                                                                                                                                                                                                                                                            |   |         |
|                                                                                                                                                       |                 |             |                   | (Cost $725,529,817) (a)                                                                                                                                                                                                                                                                                                           | $      | 807,139,220  |
|                                                                                                                                                       |                 |             |                   | OTHER ASSETS & LIABILITIES - 1.0%                                                                                                                                                                                                                                                                                             | $      | 7,838,474    |
|                                                                                                                                                       |                 |             |                   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                         | $      | 814,977,694  |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       | NR                   |             |                   | Not rated by either S&P or Moody's.                                                                                                                                                                                                                                                                                           |   |         |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       | (144A)               |             |                   | Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At May 31, 2013, the value of these securities amounted to $29,844,576 or 3.7% of total net assets. |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       | (a)                  |             |                   | At May 31, 2013, the net unrealized gain on investments based on                                                                                                                                                                                                                                                                  |   |         |
|                                                                                                                                                       |                 |             |                   | cost for federal income tax purposes of $725,465,807 was as follows:                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       |                 |             |                   | Aggregate gross unrealized gain for all investments in which                                                                                                                                                                                                                                                                      |   |         |
|                                                                                                                                                       |                 |             |                   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                         | $      | 98,807,518   |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       |                 |             |                   | Aggregate gross unrealized loss for all investments in which                                                                                                                                                                                                                                                                      |   |         |
|                                                                                                                                                       |                 |             |                   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                         |   | (17,134,105) |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       |                 |             |                   | Net unrealized gain                                                                                                                                                                                                                                                                                                               | $      | 81,673,413   |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       | (b)                  |             |                   | The concentration of investments by type of obligation/market sector is as follows:                                                                                                                                                                                                                                               |   |         |
|                                                                                                                                                       |                 |             |                   |    Revenus Bonds:                                                                                                                                                                                                                                                                                                  |   |         |
|                                                                                                                                                       |                 |             |                   | Health                                                                                                                                                                                                                                                                                                                            |   | 46.7%        |
|                                                                                                                                                       |                 |             |                   | Pollution Control Revenue                                                                                                                                                                                                                                                                                                         |   | 13.0%        |
|                                                                                                                                                       |                 |             |                   | Transportation                                                                                                                                                                                                                                                                                                                    |   | 12.1%        |
|                                                                                                                                                       |                 |             |                   | Education                                                                                                                                                                                                                                                                                                                         |   | 10.9%        |
|                                                                                                                                                       |                 |             |                   | Various Revenues                                                                                                                                                                                                                                                                                                                  |   | 9.1%         |
|                                                                                                                                                       |                 |             |                   | Special Revenues                                                                                                                                                                                                                                                                                                                  |   | 4.5%         |
|                                                                                                                                                       |                 |             |                   | Housing                                                                                                                                                                                                                                                                                                                           |   | 1.9%         |
|                                                                                                                                                       |                 |             |                   | Insured                                                                                                                                                                                                                                                                                                                           |   | 1.7%         |
|                                                                                                                                                       |                 |             |                   | General Obligation                                                                                                                                                                                                                                                                                                                |   | 0.1%         |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   | 100.0%       |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       | (d)                  |             |                   | Debt obligation with a variable interest rate.  Rate shown is rate at period end.                                                                                                                                                                                                                                       |   |         |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
|                                                                                                                                                       | (e)                  |             |                   | Security is in default and is non-income producing.                                                                                                                                                                                                                                                                               |   |         |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below. |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
| Level 1 – quoted prices in active markets for identical securities                                                                                   |                 |             |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)                            |                 |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                         |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.                                                          |                 |             |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |   |         |
| The following is a summary of the inputs used as of May 31, 2013, in valuing the Fund's investments:                                                       |                 |             |

----

|                                                                                     |   | Level 1 |   |   | Level 2 |   |        | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|---------|--------|--------|---------|--------|-------------|---------|--------|--------|--------|--------|
| Municipal Bonds                                                                          |   | $       | -      |   |    |   | 807,139,220 |    |   | $      | -      |   |   | $ | 807,139,220 |   |
| Total                                                                                    |   | $       | -      |   |    | $      | 807,139,220 |    |   | $      | -      |   |   | $ | 807,139,220 |   |
|                                                                                     |   |    |   |   |    |   |        |    |   |   |   |   |   |   |   |   |
| During the period ended May 31, 2013, there were no transfers between Levels 1, 2 and 3. |   |    |   |   |    |   |        |    |   |   |   |   |   |

|                                                                                                                                                       |                 |   |   | Pioneer Disciplined Value Fund                                      |   |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|--------|--------|---------------------------------------------------------------------|--------|------------|
|                                                                                                                                                       |                 |   |   | Schedule of Investments 5/31/13 (unaudited)                         |   |       |
|                                                                                                                                                       |                 |   |   |                                                                |   |       |
|                                                                                                                                                       | Shares               |   |   |                                                                |   | Value      |
|                                                                                                                                                       |                 |   |   | COMMON STOCKS - 98.1%                                               |   |       |
|                                                                                                                                                       |                 |   |   | Energy - 12.2%                                                      |   |       |
|                                                                                                                                                       |                 |   |   | Oil & Gas Equipment & Services - 1.4%                       |   |       |
|                                                                                                                                                       | 16,467               |   |   | Halliburton Co.                                                     | $      | 689,144    |
|                                                                                                                                                       |                 |   |   | Integrated Oil & Gas - 7.6%                                     |   |       |
|                                                                                                                                                       | 18,413               |   |   | Chevron Corp.                                                       | $      | 2,260,196  |
|                                                                                                                                                       | 17,863               |   |   | Occidental Petroleum Corp.                                          |   | 1,644,646  |
|                                                                                                                                                       |                 |   |   |                                                                | $      | 3,904,842  |
|                                                                                                                                                       |                 |   |   | Oil & Gas Exploration & Production - 1.3%                   |   |       |
|                                                                                                                                                       | 19,961               |   |   | Marathon Oil Corp.                                                  | $      | 686,459    |
|                                                                                                                                                       |                 |   |   | Oil & Gas Refining & Marketing - 1.9%                       |   |       |
|                                                                                                                                                       | 6,475                |   |   | Marathon Petroleum Corp. *                                          | $      | 534,188    |
|                                                                                                                                                       | 11,400               |   |   | Valero Energy Corp.                                                 |   | 463,182    |
|                                                                                                                                                       |                 |   |   |                                                                | $      | 997,370    |
|                                                                                                                                                       |                 |   |   | Total Energy                                                        | $      | 6,277,815  |
|                                                                                                                                                       |                 |   |   | Materials - 2.0%                                                    |   |       |
|                                                                                                                                                       |                 |   |   | Fertilizers & Agricultural Chemicals - 2.0%                     |   |       |
|                                                                                                                                                       | 17,311               |   |   | The Mosaic Co.                                                      | $      | 1,052,855  |
|                                                                                                                                                       |                 |   |   | Total Materials                                                     | $      | 1,052,855  |
|                                                                                                                                                       |                 |   |   | Capital Goods - 7.8%                                                |   |       |
|                                                                                                                                                       |                 |   |   | Aerospace & Defense - 3.1%                                      |   |       |
|                                                                                                                                                       | 9,000                |   |   | Raytheon Co.                                                        | $      | 599,760    |
|                                                                                                                                                       | 10,664               |   |   | United Technologies Corp.                                           |   | 1,012,014  |
|                                                                                                                                                       |                 |   |   |                                                                | $      | 1,611,774  |
|                                                                                                                                                       |                 |   |   | Industrial Conglomerates - 2.0%                                     |   |       |
|                                                                                                                                                       | 42,788               |   |   | General Electric Co.                                                | $      | 997,816    |
|                                                                                                                                                       |                 |   |   | Industrial Machinery - 2.7%                                         |   |       |
|                                                                                                                                                       | 24,290               |   |   | Ingersoll-Rand Plc                                                  | $      | 1,397,404  |
|                                                                                                                                                       |                 |   |   | Total Capital Goods                                                 | $      | 4,006,994  |
|                                                                                                                                                       |                 |   |   | Transportation - 3.3%                                               |   |       |
|                                                                                                                                                       |                 |   |   | Airlines - 1.1%                                                     |   |       |
|                                                                                                                                                       | 17,400               |   |   | United Continental Holdings, Inc. *                                 | $      | 564,804    |
|                                                                                                                                                       |                 |   |   | Railroads - 2.2%                                                    |   |       |
|                                                                                                                                                       | 7,208                |   |   | Union Pacific Corp.                                                 | $      | 1,114,501  |
|                                                                                                                                                       |                 |   |   | Total Transportation                                                | $      | 1,679,305  |
|                                                                                                                                                       |                 |   |   | Media - 5.4%                                                        |   |       |
|                                                                                                                                                       |                 |   |   | Cable & Satellite - 1.7%                                        |   |       |
|                                                                                                                                                       | 21,491               |   |   | Comcast Corp.                                                       | $      | 862,864    |
|                                                                                                                                                       |                 |   |   | Movies & Entertainment - 3.7%                                   |   |       |
|                                                                                                                                                       | 10,781               |   |   | The Walt Disney Co.                                                 | $      | 680,065    |
|                                                                                                                                                       | 20,982               |   |   | Time Warner, Inc.                                                   |   | 1,224,719  |
|                                                                                                                                                       |                 |   |   |                                                                | $      | 1,904,784  |
|                                                                                                                                                       |                 |   |   | Total Media                                                         | $      | 2,767,648  |
|                                                                                                                                                       |                 |   |   | Retailing - 4.9%                                                    |   |       |
|                                                                                                                                                       |                 |   |   | Department Stores - 2.3%                                            |   |       |
|                                                                                                                                                       | 24,572               |   |   | Macy's, Inc.                                                        | $      | 1,187,810  |
|                                                                                                                                                       |                 |   |   | Home Improvement Retail - 2.5%                                      |   |       |
|                                                                                                                                                       | 30,000               |   |   | Lowe's Companies, Inc.                                              | $      | 1,263,300  |
|                                                                                                                                                       |                 |   |   | Automotive Retail - 0.1%                                            |   |       |
|                                                                                                                                                       | 1,355                |   |   | CST Brands, Inc. *                                                  | $      | 41,178     |
|                                                                                                                                                       |                 |   |   | Total Retailing                                                     | $      | 2,492,288  |
|                                                                                                                                                       |                 |   |   | Food & Staples Retailing - 2.2%                                 |   |       |
|                                                                                                                                                       |                 |   |   | Drug Retail - 2.2%                                                  |   |       |
|                                                                                                                                                       | 19,626               |   |   | CVS Caremark Corp.                                                  | $      | 1,130,065  |
|                                                                                                                                                       |                 |   |   | Total Food & Staples Retailing                                  | $      | 1,130,065  |
|                                                                                                                                                       |                 |   |   | Food, Beverage & Tobacco - 6.0%                                 |   |       |
|                                                                                                                                                       |                 |   |   | Soft Drinks - 3.7%                                                  |   |       |
|                                                                                                                                                       | 24,600               |   |   | Coca-Cola Enterprises, Inc.                                         | $      | 914,136    |
|                                                                                                                                                       | 12,100               |   |   | PepsiCo, Inc.                                                       |   | 977,317    |
|                                                                                                                                                       |                 |   |   |                                                                | $      | 1,891,453  |
|                                                                                                                                                       |                 |   |   | Tobacco - 2.3%                                                      |   |       |
|                                                                                                                                                       | 32,419               |   |   | Altria Group, Inc.                                                  | $      | 1,170,326  |
|                                                                                                                                                       |                 |   |   | Total Food, Beverage & Tobacco                                  | $      | 3,061,779  |
|                                                                                                                                                       |                 |   |   | Health Care Equipment & Services - 3.3%                         |   |       |
|                                                                                                                                                       |                 |   |   | Health Care Equipment - 1.1%                                        |   |       |
|                                                                                                                                                       | 8,700                |   |   | Covidien Plc                                                        | $      | 553,320    |
|                                                                                                                                                       |                 |   |   | Managed Health Care - 2.2%                                          |   |       |
|                                                                                                                                                       | 18,892               |   |   | Aetna, Inc.                                                         | $      | 1,140,699  |
|                                                                                                                                                       |                 |   |   | Total Health Care Equipment & Services                          | $      | 1,694,019  |
|                                                                                                                                                       |                 |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 10.2%          |   |       |
|                                                                                                                                                       |                 |   |   | Pharmaceuticals - 10.2%                                             |   |       |
|                                                                                                                                                       | 24,392               |   |   | Johnson & Johnson                                               | $      | 2,053,319  |
|                                                                                                                                                       | 22,084               |   |   | Merck & Co., Inc.                                               |   | 1,031,323  |
|                                                                                                                                                       | 80,117               |   |   | Pfizer, Inc.                                                        |   | 2,181,586  |
|                                                                                                                                                       |                 |   |   |                                                                | $      | 5,266,228  |
|                                                                                                                                                       |                 |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences            | $      | 5,266,228  |
|                                                                                                                                                       |                 |   |   | Banks - 6.8%                                                        |   |       |
|                                                                                                                                                       |                 |   |   | Diversified Banks - 1.6%                                            |   |       |
|                                                                                                                                                       | 19,939               |   |   | Wells Fargo & Co.                                               | $      | 808,526    |
|                                                                                                                                                       |                 |   |   | Regional Banks - 5.2%                                               |   |       |
|                                                                                                                                                       | 52,100               |   |   | KeyCorp                                                             | $      | 561,638    |
|                                                                                                                                                       | 98,500               |   |   | Regions Financial Corp.                                             |   | 899,305    |
|                                                                                                                                                       | 16,851               |   |   | The PNC Financial Services Group, Inc.                              |   | 1,207,206  |
|                                                                                                                                                       |                 |   |   |                                                                | $      | 2,668,149  |
|                                                                                                                                                       |                 |   |   | Total Banks                                                         | $      | 3,476,675  |
|                                                                                                                                                       |                 |   |   | Diversified Financials - 14.7%                                      |   |       |
|                                                                                                                                                       |                 |   |   | Other Diversified Financial Services - 7.7%                         |   |       |
|                                                                                                                                                       | 45,058               |   |   | Citigroup, Inc.                                                     | $      | 2,342,564  |
|                                                                                                                                                       | 29,002               |   |   | JPMorgan Chase & Co.                                            |   | 1,583,219  |
|                                                                                                                                                       |                 |   |   |                                                                | $      | 3,925,783  |
|                                                                                                                                                       |                 |   |   | Consumer Finance - 2.1%                                             |   |       |
|                                                                                                                                                       | 23,071               |   |   | Discover Financial Services                                         | $      | 1,093,796  |
|                                                                                                                                                       |                 |   |   | Asset Management & Custody Banks - 1.1%                         |   |       |
|                                                                                                                                                       | 16,783               |   |   | Invesco, Ltd.                                                       | $      | 566,258    |
|                                                                                                                                                       |                 |   |   | Investment Banking & Brokerage - 3.8%                           |   |       |
|                                                                                                                                                       | 20,200               |   |   | Morgan Stanley                                                      | $      | 523,180    |
|                                                                                                                                                       | 8,944                |   |   | The Goldman Sachs Group, Inc.                                       |   | 1,449,644  |
|                                                                                                                                                       |                 |   |   |                                                                | $      | 1,972,824  |
|                                                                                                                                                       |                 |   |   | Total Diversified Financials                                        | $      | 7,558,661  |
|                                                                                                                                                       |                 |   |   | Insurance - 8.0%                                                    |   |       |
|                                                                                                                                                       |                 |   |   | Life & Health Insurance - 1.0%                                  |   |       |
|                                                                                                                                                       | 17,900               |   |   | Unum Group                                                          | $      | 509,792    |
|                                                                                                                                                       |                 |   |   | Multi-line Insurance - 1.8%                                         |   |       |
|                                                                                                                                                       | 29,800               |   |   | Hartford Financial Services Group, Inc.                             | $      | 912,774    |
|                                                                                                                                                       |                 |   |   | Property & Casualty Insurance - 5.2%                            |   |       |
|                                                                                                                                                       | 11,000               |   |   | ACE, Ltd.                                                           | $      | 986,480    |
|                                                                                                                                                       | 20,522               |   |   | The Allstate Corp.                                                  |   | 989,981    |
|                                                                                                                                                       | 8,700                |   |   | The Travelers Companies, Inc.                                       |   | 728,364    |
|                                                                                                                                                       |                 |   |   |                                                                | $      | 2,704,825  |
|                                                                                                                                                       |                 |   |   | Total Insurance                                                     | $      | 4,127,391  |
|                                                                                                                                                       |                 |   |   | Software & Services - 2.7%                                      |   |       |
|                                                                                                                                                       |                 |   |   | Internet Software & Services - 2.7%                             |   |       |
|                                                                                                                                                       | 52,500               |   |   | Yahoo!, Inc. *                                                      | $      | 1,380,750  |
|                                                                                                                                                       |                 |   |   | Total Software & Services                                       | $      | 1,380,750  |
|                                                                                                                                                       |                 |   |   | Technology Hardware & Equipment - 2.9%                          |   |       |
|                                                                                                                                                       |                 |   |   | Communications Equipment - 1.9%                                     |   |       |
|                                                                                                                                                       | 40,800               |   |   | Cisco Systems, Inc.                                                 | $      | 982,464    |
|                                                                                                                                                       |                 |   |   | Computer Hardware - 1.0%                                            |   |       |
|                                                                                                                                                       | 21,500               |   |   | Hewlett-Packard Co.                                                 | $      | 525,030    |
|                                                                                                                                                       |                 |   |   | Total Technology Hardware & Equipment                           | $      | 1,507,494  |
|                                                                                                                                                       |                 |   |   | Semiconductors & Semiconductor Equipment - 1.0%                 |   |       |
|                                                                                                                                                       |                 |   |   | Semiconductors - 1.0%                                               |   |       |
|                                                                                                                                                       | 11,306               |   |   | Analog Devices, Inc.                                                | $      | 519,285    |
|                                                                                                                                                       |                 |   |   | Total Semiconductors & Semiconductor Equipment                  | $      | 519,285    |
|                                                                                                                                                       |                 |   |   | Telecommunication Services - 1.8%                                   |   |       |
|                                                                                                                                                       |                 |   |   | Integrated Telecommunication Services - 1.8%                        |   |       |
|                                                                                                                                                       | 25,835               |   |   | AT&T, Inc.                                                      | $      | 903,967    |
|                                                                                                                                                       |                 |   |   | Total Telecommunication Services                                    | $      | 903,967    |
|                                                                                                                                                       |                 |   |   | Utilities - 2.9%                                                    |   |       |
|                                                                                                                                                       |                 |   |   | Electric Utilities - 2.9%                                           |   |       |
|                                                                                                                                                       | 11,185               |   |   | American Electric Power Co., Inc.                                   | $      | 512,497    |
|                                                                                                                                                       | 12,700               |   |   | NextEra Energy, Inc. *                                              |   | 960,374    |
|                                                                                                                                                       |                 |   |   |                                                                | $      | 1,472,871  |
|                                                                                                                                                       |                 |   |   | Total Utilities                                                     | $      | 1,472,871  |
|                                                                                                                                                       |                 |   |   | TOTAL COMMON STOCKS                                                 |   |       |
|                                                                                                                                                       |                 |   |   | (Cost $40,962,187)                                                  | $      | 50,376,090 |
|                                                                                                                                                       | Principal Amount ($) |   |   |
|                                                                                                                                                       |                 |   |   | TEMPORARY CASH INVESTMENTS - 1.1%                                   |   |       |
|                                                                                                                                                       |                 |   |   | Repurchase Agreements - 1.1%                                        |   |       |
|                                                                                                                                                       | 590,000              |   |   | Deutschebank AG, 0.06%, dated 5/31/13, repurchase price of          |
|                                                                                                                                                       |                 |   |   | $590,000 plus accrued interest on 6/3/13 collateralized by          |   |
|                                                                                                                                                       |                 |   |   | the following:                                                      |   |       |
|                                                                                                                                                       |                 |   |   | $476,562 U.S. Treasury Strip, 0.0%, 8/15/13-8/15/42                 |   |       |
|                                                                                                                                                       |                 |   |   | $35,065 U.S. Treasury Notes, 1.25%, 1/31/19-2/29/20                 |   |       |
|                                                                                                                                                       |                 |   |   | $90,173 U.S. Treasury Bonds, 2.375-7.875%, 2/15/21-1/15/29          | $      | 590,000    |
|                                                                                                                                                       |                 |   |   |                                                                |   |       |
|                                                                                                                                                       |                 |   |   | TOTAL TEMPORARY CASH INVESTMENTS                                    |   |       |
|                                                                                                                                                       |                 |   |   | (Cost $590,000)                                                     | $      | 590,000    |
|                                                                                                                                                       |                 |   |   |                                                                |   |       |
|                                                                                                                                                       |                 |   |   | TOTAL INVESTMENT IN SECURITIES - 99.2%                              |   |       |
|                                                                                                                                                       |                 |   |   | (Cost $41,552,187) (a)                                              | $      | 50,966,090 |
|                                                                                                                                                       |                 |   |   | OTHER ASSETS & LIABILITIES - 0.8%                               | $      | 410,444    |
|                                                                                                                                                       |                 |   |   | TOTAL NET ASSETS - 100.0%                                           | $      | 51,376,534 |
|                                                                                                                                                       |                 |   |   |                                                                |   |       |
|                                                                                                                                                       | *                    |   |   | Non-income producing security.                                      |   |       |
|                                                                                                                                                       |                 |   |   |                                                                |   |       |
|                                                                                                                                                       | (a)                  |   |   | At May 31, 2013, the net unrealized gain on investments based on    |
|                                                                                                                                                       |                 |   |   | cost for federal income tax purposes of $41,598,780 was as follows: |
|                                                                                                                                                       |                 |   |   |                                                                |   |       |
|                                                                                                                                                       |                 |   |   | Aggregate gross unrealized gain for all investments in which        |
|                                                                                                                                                       |                 |   |   | there is an excess of value over tax cost                           | $      | 9,387,195  |
|                                                                                                                                                       |                 |   |   |                                                                |   |       |
|                                                                                                                                                       |                 |   |   | Aggregate gross unrealized loss for all investments in which        |
|                                                                                                                                                       |                 |   |   | there is an excess of tax cost over value                           |   | (19,885)   |
|                                                                                                                                                       |                 |   |   |                                                                |   |       |
|                                                                                                                                                       |                 |   |   | Net unrealized gain                                                 | $      | 9,367,310  |
|                                                                                                                                                       |                 |   |   |                                                                |   |       |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below. |
|                                                                                                                                                       |                 |   |   |                                                                |   |       |
| Level 1 – quoted prices in active markets for identical securities                                                                                   |                 |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)                            |
|                                                                                                                                                       |                 |   |   |                                                                |   |       |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                         |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.                                                          |
|                                                                                                                                                       |                 |   |   |                                                                |   |       |
| The following is a summary of the inputs used as of May 31, 2013, in valuing the Fund's investments:                                                       |

|                                                                                     |   | Level 1 |       |   | Level 2 |   |    | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|---------|------------|--------|---------|--------|---------|---------|--------|--------|--------|--------|
| Common Stocks                                                                            |   | $       | 50,376,090 |   |    |   | -       |    |   | $      | -      |   |   | $ | 50,376,090 |   |
| Repurchase Agreements                                                                    |   |    | -          |   |    |   | 590,000 |    |   |   | -      |   |   |   | 590,000 |   |
| Total                                                                                    |   | $       | 50,376,090 |   |    | $      | 590,000 |    |   | $      | -      |   |   | $ | 50,966,090 |   |
|                                                                                     |   |    |       |   |    |   |    |    |   |   |   |   |   |   |   |   |
| During the period ended May 31, 2013, there were no transfers between Levels 1, 2 and 3. |   |

|                                                                                                                                                       |     |   |                          | Pioneer Disciplined Growth Fund                                     |   |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------|-------------------------------|---------------------------------------------------------------------|--------|------------|
|                                                                                                                                                       |     |   |                          | Schedule of Investments 5/31/13 (unaudited)                         |   |       |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
|                                                                                                                                                       | Shares   |   |                          |                                                                |   | Value      |
|                                                                                                                                                       |     |   |                          | COMMON STOCKS - 92.7%                                               |   |       |
|                                                                                                                                                       |     |   |                          | Energy - 4.0%                                                       |   |       |
|                                                                                                                                                       |     |   |                          | Oil & Gas Equipment & Services - 2.9%                       |   |       |
|                                                                                                                                                       | 5,700    |   |                          | FMC Technologies, Inc. *                                            | $      | 317,262    |
|                                                                                                                                                       | 13,100   |   |                          | Halliburton Co.                                                     |   | 548,235    |
|                                                                                                                                                       | 5,100    |   |                          | Schlumberger, Ltd.                                                  |   | 372,453    |
|                                                                                                                                                       |     |   |                          |                                                                | $      | 1,237,950  |
|                                                                                                                                                       |     |   |                          | Integrated Oil & Gas - 1.1%                                     |   |       |
|                                                                                                                                                       | 4,900    |   |                          | Occidental Petroleum Corp.                                          | $      | 451,143    |
|                                                                                                                                                       |     |   |                          | Total Energy                                                        | $      | 1,689,093  |
|                                                                                                                                                       |     |   |                          | Materials - 2.7%                                                    |   |       |
|                                                                                                                                                       |     |   |                          | Fertilizers & Agricultural Chemicals - 1.3%                     |   |       |
|                                                                                                                                                       | 8,900    |   |                          | The Mosaic Co.                                                      | $      | 541,298    |
|                                                                                                                                                       |     |   |                          | Specialty Chemicals - 1.4%                                          |   |       |
|                                                                                                                                                       | 7,100    |   |                          | Ecolab, Inc.                                                        | $      | 599,737    |
|                                                                                                                                                       |     |   |                          | Total Materials                                                     | $      | 1,141,035  |
|                                                                                                                                                       |     |   |                          | Capital Goods - 11.7%                                               |   |       |
|                                                                                                                                                       |     |   |                          | Aerospace & Defense - 3.2%                                      |   |       |
|                                                                                                                                                       | 14,219   |   |                          | United Technologies Corp.                                           | $      | 1,349,383  |
|                                                                                                                                                       |     |   |                          | Construction & Engineering - 1.0%                               |   |       |
|                                                                                                                                                       | 11,700   |   |                          | KBR, Inc.                                                           | $      | 422,370    |
|                                                                                                                                                       |     |   |                          | Industrial Conglomerates - 2.8%                                     |   |       |
|                                                                                                                                                       | 10,800   |   |                          | 3M Co.                                                              | $      | 1,190,916  |
|                                                                                                                                                       |     |   |                          | Construction & Farm Machinery & Heavy Trucks - 3.3%         |
|                                                                                                                                                       | 8,600    |   |                          | Cummins, Inc.                                                       | $      | 1,028,818  |
|                                                                                                                                                       | 7,100    |   |                          | Joy Global, Inc.                                                    |   | 383,968    |
|                                                                                                                                                       |     |   |                          |                                                                | $      | 1,412,786  |
|                                                                                                                                                       |     |   |                          | Industrial Machinery - 1.4%                                         |   |       |
|                                                                                                                                                       | 10,100   |   |                          | Ingersoll-Rand Plc                                                  | $      | 581,053    |
|                                                                                                                                                       |     |   |                          | Total Capital Goods                                                 | $      | 4,956,508  |
|                                                                                                                                                       |     |   |                          | Transportation - 1.5%                                               |   |       |
|                                                                                                                                                       |     |   |                          | Air Freight & Logistics - 1.5%                                  |   |       |
|                                                                                                                                                       | 7,400    |   |                          | United Parcel Service, Inc. (Class B)                               | $      | 635,660    |
|                                                                                                                                                       |     |   |                          | Total Transportation                                                | $      | 635,660    |
|                                                                                                                                                       |     |   |                          | Consumer Services - 4.1%                                            |   |       |
|                                                                                                                                                       |     |   |                          | Restaurants - 4.1%                                                  |   |       |
|                                                                                                                                                       | 1,800    |   |                          | Chipotle Mexican Grill, Inc. *                                      | $      | 649,800    |
|                                                                                                                                                       | 17,300   |   |                          | Starbucks Corp.                                                     |   | 1,091,111  |
|                                                                                                                                                       |     |   |                          |                                                                | $      | 1,740,911  |
|                                                                                                                                                       |     |   |                          | Total Consumer Services                                             | $      | 1,740,911  |
|                                                                                                                                                       |     |   |                          | Media - 6.8%                                                        |   |       |
|                                                                                                                                                       |     |   |                          | Cable & Satellite - 2.6%                                        |   |       |
|                                                                                                                                                       | 27,300   |   |                          | Comcast Corp.                                                       | $      | 1,096,095  |
|                                                                                                                                                       |     |   |                          | Movies & Entertainment - 4.2%                                   |   |       |
|                                                                                                                                                       | 16,900   |   |                          | The Walt Disney Co.                                                 | $      | 1,066,052  |
|                                                                                                                                                       | 12,800   |   |                          | Time Warner, Inc.                                                   |   | 747,136    |
|                                                                                                                                                       |     |   |                          |                                                                | $      | 1,813,188  |
|                                                                                                                                                       |     |   |                          | Total Media                                                         | $      | 2,909,283  |
|                                                                                                                                                       |     |   |                          | Retailing - 5.0%                                                    |   |       |
|                                                                                                                                                       |     |   |                          | Apparel Retail - 1.1%                                               |   |       |
|                                                                                                                                                       | 7,100    |   |                          | Ross Stores, Inc.                                                   | $      | 456,530    |
|                                                                                                                                                       |     |   |                          | Home Improvement Retail - 3.9%                                      |   |       |
|                                                                                                                                                       | 14,100   |   |                          | Lowe's Companies, Inc.                                              | $      | 593,751    |
|                                                                                                                                                       | 13,700   |   |                          | The Home Depot, Inc.                                                |   | 1,077,642  |
|                                                                                                                                                       |     |   |                          |                                                                | $      | 1,671,393  |
|                                                                                                                                                       |     |   |                          | Total Retailing                                                     | $      | 2,127,923  |
|                                                                                                                                                       |     |   |                          | Food, Beverage & Tobacco - 8.1%                                 |   |       |
|                                                                                                                                                       |     |   |                          | Soft Drinks - 3.2%                                                  |   |       |
|                                                                                                                                                       | 4,000    |   |                          | Fomento Economico Mexicano SAB de CV (A.D.R.)                       | $      | 434,360    |
|                                                                                                                                                       | 11,500   |   |                          | PepsiCo, Inc.                                                       |   | 928,855    |
|                                                                                                                                                       |     |   |                          |                                                                | $      | 1,363,215  |
|                                                                                                                                                       |     |   |                          | Packaged Foods & Meats - 2.6%                                   |   |       |
|                                                                                                                                                       | 16,800   |   |                          | Campbell Soup Co.                                                   | $      | 719,208    |
|                                                                                                                                                       | 5,500    |   |                          | Green Mountain Coffee Roasters, Inc. *                              |   | 402,215    |
|                                                                                                                                                       |     |   |                          |                                                                | $      | 1,121,423  |
|                                                                                                                                                       |     |   |                          | Tobacco - 2.3%                                                      |   |       |
|                                                                                                                                                       | 26,400   |   |                          | Altria Group, Inc.                                                  | $      | 953,040    |
|                                                                                                                                                       |     |   |                          | Total Food, Beverage & Tobacco                                  | $      | 3,437,678  |
|                                                                                                                                                       |     |   |                          | Household & Personal Products - 1.6%                            |   |       |
|                                                                                                                                                       |     |   |                          | Household Products - 1.6%                                           |   |       |
|                                                                                                                                                       | 11,800   |   |                          | Colgate-Palmolive Co.                                               | $      | 682,512    |
|                                                                                                                                                       |     |   |                          | Total Household & Personal Products                             | $      | 682,512    |
|                                                                                                                                                       |     |   |                          | Health Care Equipment & Services - 4.8%                         |   |       |
|                                                                                                                                                       |     |   |                          | Health Care Equipment - 2.0%                                        |   |       |
|                                                                                                                                                       | 13,500   |   |                          | Covidien Plc                                                        | $      | 858,600    |
|                                                                                                                                                       |     |   |                          | Health Care Services - 1.2%                                         |   |       |
|                                                                                                                                                       | 8,200    |   |                          | Express Scripts Holding Co. *                                       | $      | 509,384    |
|                                                                                                                                                       |     |   |                          | Managed Health Care - 1.6%                                          |   |       |
|                                                                                                                                                       | 11,000   |   |                          | Aetna, Inc.                                                         | $      | 664,180    |
|                                                                                                                                                       |     |   |                          | Total Health Care Equipment & Services                          | $      | 2,032,164  |
|                                                                                                                                                       |     |   |                          | Pharmaceuticals, Biotechnology & Life Sciences - 9.5%           |   |
|                                                                                                                                                       |     |   |                          | Biotechnology - 6.4%                                                |   |       |
|                                                                                                                                                       | 10,800   |   |                          | Celgene Corp. *                                                     | $      | 1,335,420  |
|                                                                                                                                                       | 16,900   |   |                          | Gilead Sciences, Inc. *                                             |   | 920,712    |
|                                                                                                                                                       | 5,700    |   |                          | Vertex Pharmaceuticals, Inc. *                                      |   | 457,767    |
|                                                                                                                                                       |     |   |                          |                                                                | $      | 2,713,899  |
|                                                                                                                                                       |     |   |                          | Pharmaceuticals - 3.1%                                              |   |       |
|                                                                                                                                                       | 4,800    |   |                          | Allergan, Inc.                                                      | $      | 477,552    |
|                                                                                                                                                       | 10,200   |   |                          | Johnson & Johnson                                               |   | 858,636    |
|                                                                                                                                                       |     |   |                          |                                                                | $      | 1,336,188  |
|                                                                                                                                                       |     |   |                          | Total Pharmaceuticals, Biotechnology & Life Sciences            | $      | 4,050,087  |
|                                                                                                                                                       |     |   |                          | Diversified Financials - 1.1%                                       |   |       |
|                                                                                                                                                       |     |   |                          | Investment Banking & Brokerage - 1.1%                           |   |       |
|                                                                                                                                                       | 3,000    |   |                          | The Goldman Sachs Group, Inc.                                       | $      | 486,240    |
|                                                                                                                                                       |     |   |                          | Total Diversified Financials                                        | $      | 486,240    |
|                                                                                                                                                       |     |   |                          | Software & Services - 17.8%                                     |   |       |
|                                                                                                                                                       |     |   |                          | Internet Software & Services - 6.1%                             |   |       |
|                                                                                                                                                       | 2,345    |   |                          | Google, Inc. *                                                      | $      | 2,041,111  |
|                                                                                                                                                       | 21,500   |   |                          | Yahoo!, Inc. *                                                      |   | 565,450    |
|                                                                                                                                                       |     |   |                          |                                                                | $      | 2,606,561  |
|                                                                                                                                                       |     |   |                          | Data Processing & Outsourced Services - 1.3%                    |   |       |
|                                                                                                                                                       | 3,000    |   |                          | Visa, Inc.                                                          | $      | 534,420    |
|                                                                                                                                                       |     |   |                          | Application Software - 1.0%                                         |   |       |
|                                                                                                                                                       | 6,625    |   |                          | Citrix Systems, Inc. *                                              | $      | 426,319    |
|                                                                                                                                                       |     |   |                          | Systems Software - 9.4%                                             |   |       |
|                                                                                                                                                       | 73,321   |   |                          | Microsoft Corp.                                                     | $      | 2,557,436  |
|                                                                                                                                                       | 42,754   |   |                          | Oracle Corp.                                                        |   | 1,443,375  |
|                                                                                                                                                       |     |   |                          |                                                                | $      | 4,000,811  |
|                                                                                                                                                       |     |   |                          | Total Software & Services                                       | $      | 7,568,111  |
|                                                                                                                                                       |     |   |                          | Technology Hardware & Equipment - 10.8%                         |   |       |
|                                                                                                                                                       |     |   |                          | Communications Equipment - 1.9%                                     |   |       |
|                                                                                                                                                       | 4,700    |   |                          | F5 Networks, Inc. *                                                 | $      | 391,087    |
|                                                                                                                                                       | 6,600    |   |                          | Qualcomm, Inc.                                                      |   | 418,968    |
|                                                                                                                                                       |     |   |                          |                                                                | $      | 810,055    |
|                                                                                                                                                       |     |   |                          | Computer Hardware - 6.6%                                            |   |       |
|                                                                                                                                                       | 6,261    |   |                          | Apple, Inc.                                                         | $      | 2,815,447  |
|                                                                                                                                                       |     |   |                          | Computer Storage & Peripherals - 2.3%                           |   |       |
|                                                                                                                                                       | 21,400   |   |                          | EMC Corp. *                                                         | $      | 529,864    |
|                                                                                                                                                       | 7,100    |   |                          | SanDisk Corp. *                                                     |   | 419,042    |
|                                                                                                                                                       |     |   |                          |                                                                | $      | 948,906    |
|                                                                                                                                                       |     |   |                          | Total Technology Hardware & Equipment                           | $      | 4,574,408  |
|                                                                                                                                                       |     |   |                          | Semiconductors & Semiconductor Equipment - 3.2%                 |   |       |
|                                                                                                                                                       |     |   |                          | Semiconductors - 3.2%                                               |   |       |
|                                                                                                                                                       | 10,900   |   |                          | Analog Devices, Inc.                                                | $      | 500,637    |
|                                                                                                                                                       | 13,800   |   |                          | Maxim Integrated Products, Inc.                                     |   | 406,962    |
|                                                                                                                                                       | 10,800   |   |                          | Xilinx, Inc.                                                        |   | 439,020    |
|                                                                                                                                                       |     |   |                          |                                                                | $      | 1,346,619  |
|                                                                                                                                                       |     |   |                          | Total Semiconductors & Semiconductor Equipment                  | $      | 1,346,619  |
|                                                                                                                                                       |     |   |                          | TOTAL COMMON STOCKS                                                 |   |       |
|                                                                                                                                                       |     |   |                          | (Cost $28,506,337)                                                  | $      | 39,378,232 |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
|                                                                                                                                                       |     |   |                          | MUTUAL FUNDS - 1.0%                                                 |   |       |
|                                                                                                                                                       |     |   |                          | Real Estate - 1.0%                                                  |   |       |
|                                                                                                                                                       |     |   |                          | Diversified REIT's - 1.0%                                           |   |       |
|                                                                                                                                                       | 6,000    |   |                          | iShares Dow Jones US Real Estate Index Fund                         | $      | 412,320    |
|                                                                                                                                                       |     |   |                          | Total Real Estate                                                   | $      | 412,320    |
|                                                                                                                                                       |     |   |                          | TOTAL MUTUAL FUNDS                                                  |   |       |
|                                                                                                                                                       |     |   |                          | (Cost $331,709)                                                     | $      | 412,320    |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
|                                                                                                                                                       |     |   |                          | TOTAL INVESTMENT IN SECURITIES - 93.7%                              |   |       |
|                                                                                                                                                       |     |   |                          | (Cost $28,838,046) (a)                                              | $      | 39,790,552 |
|                                                                                                                                                       |     |   |                          | OTHER ASSETS & LIABILITIES - 6.3%                               | $      | 2,685,100  |
|                                                                                                                                                       |     |   |                          | TOTAL NET ASSETS - 100.0%                                           | $      | 42,475,652 |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
|                                                                                                                                                       | *        |   |                          | Non-income producing security.                                      |   |       |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
|                                                                                                                                                       | (A.D.R.) |   | American Depositary Receipts. |                                                                |   |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
|                                                                                                                                                       | (a)      |   |                          | At May 31, 2013, the net unrealized gain on investments based on    |
|                                                                                                                                                       |     |   |                          | cost for federal income tax purposes of $28,894,037 was as follows: |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
|                                                                                                                                                       |     |   |                          | Aggregate gross unrealized gain for all investments in which        |
|                                                                                                                                                       |     |   |                          | there is an excess of value over tax cost                           | $      | 11,056,416 |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
|                                                                                                                                                       |     |   |                          | Aggregate gross unrealized loss for all investments in which        |
|                                                                                                                                                       |     |   |                          | there is an excess of tax cost over value                           |   | (159,900)  |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
|                                                                                                                                                       |     |   |                          | Net unrealized gain                                                 | $      | 10,896,515 |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below. |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
| Level 1 – quoted prices in active markets for identical securities                                                                                   |     |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)                            |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                         |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.                                                          |
|                                                                                                                                                       |     |   |                          |                                                                |   |       |
| The following is a summary of the inputs used as of May 31, 2013, in valuing the Fund's investments:                                                       |

|                                                                                     |   | Level 1 |       |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|---------|------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Common Stocks                                                                            |   | $       | 39,378,232 |   |    |   | -      |    |   | $      | -      |   |   | $ | 39,378,232 |   |
| Mutual Funds                                                                             |   |    | 412,320    |   |    |   | -      |    |   |   | -      |   |   | $ | 412,320 |   |
| Total                                                                                    |   | $       | 39,790,552 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 39,790,552 |   |
|                                                                                     |   |    |       |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the period ended May 31, 2013, there were no transfers between Levels 1, 2 and 3. |   |

|                                                                                                                                                       |      |   |   | Pioneer Global Equity Fund                                                               |    |        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------|--------|------------------------------------------------------------------------------------------|---------|-------------|
|                                                                                                                                                       |      |   |   | Schedule of Investments 5/31/13 (unaudited)                                              |    |        |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
|                                                                                                                                                       | Shares    |   |   |                                                                                     |    | Value       |
|                                                                                                                                                       |      |   |   | COMMON STOCKS - 97.7%                                                                    |    |        |
|                                                                                                                                                       |      |   |   | Energy - 5.0%                                                                            |    |        |
|                                                                                                                                                       |      |   |   | Oil & Gas Equipment & Services - 2.0%                                            |    |        |
|                                                                                                                                                       | 67,200    |   |   | Halliburton Co.                                                                          | $       | 2,812,320   |
|                                                                                                                                                       |      |   |   | Integrated Oil & Gas - 2.8%                                                          |    |        |
|                                                                                                                                                       | 191,900   |   |   | BP Plc                                                                                   | $       | 1,372,548   |
|                                                                                                                                                       | 12,200    |   |   | Chevron Corp.                                                                            |    | 1,497,550   |
|                                                                                                                                                       | 112,300   |   |   | PTT PCL                                                                                  |    | 1,203,478   |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 4,073,576   |
|                                                                                                                                                       |      |   |   | Oil & Gas Exploration & Production - 0.2%                                        |    |        |
|                                                                                                                                                       | 4,300     |   |   | Cabot Oil & Gas Corp.                                                                | $       | 302,548     |
|                                                                                                                                                       |      |   |   | Total Energy                                                                             | $       | 7,188,444   |
|                                                                                                                                                       |      |   |   | Materials - 2.4%                                                                         |    |        |
|                                                                                                                                                       |      |   |   | Commodity Chemicals - 1.3%                                                               |    |        |
|                                                                                                                                                       | 26,300    |   |   | Kuraray Co, Ltd.                                                                         | $       | 372,028     |
|                                                                                                                                                       | 18,000    |   |   | LyondellBasell Industries NV                                                             |    | 1,199,700   |
|                                                                                                                                                       | 121,600   |   |   | PTT Global Chemical PCL                                                                  |    | 290,809     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 1,862,537   |
|                                                                                                                                                       |      |   |   | Fertilizers & Agricultural Chemicals - 0.7%                                          |    |        |
|                                                                                                                                                       | 3,500     |   |   | Monsanto Co.                                                                             | $       | 352,240     |
|                                                                                                                                                       | 12,600    |   |   | The Mosaic Co.                                                                           |    | 766,332     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 1,118,572   |
|                                                                                                                                                       |      |   |   | Construction Materials - 0.4%                                                            |    |        |
|                                                                                                                                                       | 226,500   |   |   | Indocement Tunggal Prakarsa Tbk PT                                                       | $       | 547,812     |
|                                                                                                                                                       |      |   |   | Total Materials                                                                          | $       | 3,528,921   |
|                                                                                                                                                       |      |   |   | Capital Goods - 10.6%                                                                    |    |        |
|                                                                                                                                                       |      |   |   | Aerospace & Defense - 2.0%                                                           |    |        |
|                                                                                                                                                       | 27,900    |   |   | Raytheon Co.                                                                             | $       | 1,859,256   |
|                                                                                                                                                       | 11,127    |   |   | United Technologies Corp.                                                                |    | 1,055,952   |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 2,915,208   |
|                                                                                                                                                       |      |   |   | Construction & Engineering - 1.2%                                                    |    |        |
|                                                                                                                                                       | 47,800    |   |   | KBR, Inc.                                                                                | $       | 1,725,580   |
|                                                                                                                                                       |      |   |   | Electrical Components & Equipment - 0.9%                                             |    |        |
|                                                                                                                                                       | 15,800    |   |   | Rockwell Automation, Inc.                                                                | $       | 1,390,716   |
|                                                                                                                                                       |      |   |   | Heavy Electrical Equipment - 0.3%                                                        |    |        |
|                                                                                                                                                       | 22,800    |   |   | ABB, Ltd.                                                                                | $       | 494,988     |
|                                                                                                                                                       |      |   |   | Industrial Conglomerates - 3.2%                                                          |    |        |
|                                                                                                                                                       | 27,300    |   |   | 3M Co.                                                                                   | $       | 3,010,371   |
|                                                                                                                                                       | 2,029,100 |   |   | Alliance Global Group, Inc.                                                              |    | 1,149,517   |
|                                                                                                                                                       | 196,500   |   |   | John Keells Holdings Plc                                                                 |    | 442,172     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 4,602,060   |
|                                                                                                                                                       |      |   |   | Construction & Farm Machinery & Heavy Trucks - 1.4%                              |    |        |
|                                                                                                                                                       | 5,386,000 |   |   | Nam Cheong, Ltd.                                                                         | $       | 1,188,253   |
|                                                                                                                                                       | 41,300    |   |   | The Manitowoc Co., Inc.                                                                  |    | 867,713     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 2,055,966   |
|                                                                                                                                                       |      |   |   | Industrial Machinery - 1.6%                                                              |    |        |
|                                                                                                                                                       | 39,700    |   |   | Ingersoll-Rand Plc                                                                       | $       | 2,283,941   |
|                                                                                                                                                       |      |   |   | Total Capital Goods                                                                      | $       | 15,468,459  |
|                                                                                                                                                       |      |   |   | Transportation - 1.5%                                                                    |    |        |
|                                                                                                                                                       |      |   |   | Railroads - 1.0%                                                                         |    |        |
|                                                                                                                                                       | 18,800    |   |   | Norfolk Southern Corp.                                                                   | $       | 1,439,892   |
|                                                                                                                                                       |      |   |   | Highways & Railtracks - 0.5%                                                         |    |        |
|                                                                                                                                                       | 1,349,200 |   |   | Yuexiu Transport Infrastructure, Ltd.                                                    | $       | 703,984     |
|                                                                                                                                                       |      |   |   | Total Transportation                                                                     | $       | 2,143,876   |
|                                                                                                                                                       |      |   |   | Automobiles & Components - 1.9%                                                      |    |        |
|                                                                                                                                                       |      |   |   | Tires & Rubber - 1.4%                                                                |    |        |
|                                                                                                                                                       | 39,500    |   |   | Bridgestone Corp.                                                                        | $       | 1,269,180   |
|                                                                                                                                                       | 68,100    |   |   | Pirelli & C. S.p.A.                                                                  |    | 778,422     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 2,047,602   |
|                                                                                                                                                       |      |   |   | Automobile Manufacturers - 0.5%                                                          |    |        |
|                                                                                                                                                       | 121,000   |   |   | Mazda Motor Corp.                                                                        | $       | 463,278     |
|                                                                                                                                                       | 1,400     |   |   | Volkswagen AG                                                                            |    | 299,789     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 763,067     |
|                                                                                                                                                       |      |   |   | Total Automobiles & Components                                                       | $       | 2,810,669   |
|                                                                                                                                                       |      |   |   | Consumer Durables & Apparel - 2.0%                                                   |    |        |
|                                                                                                                                                       |      |   |   | Apparel, Accessories & Luxury Goods - 2.0%                                           |    |        |
|                                                                                                                                                       | 4,500     |   |   | Christian Dior SA                                                                        | $       | 814,272     |
|                                                                                                                                                       | 13,200    |   |   | Cie Financiere Richemont SA                                                              |    | 1,156,773   |
|                                                                                                                                                       | 29,200    |   |   | True Religion Apparel, Inc.                                                              |    | 929,728     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 2,900,773   |
|                                                                                                                                                       |      |   |   | Total Consumer Durables & Apparel                                                    | $       | 2,900,773   |
|                                                                                                                                                       |      |   |   | Consumer Services - 1.0%                                                                 |    |        |
|                                                                                                                                                       |      |   |   | Casinos & Gaming - 1.0%                                                              |    |        |
|                                                                                                                                                       | 1,842,200 |   |   | NagaCorp, Ltd.                                                                           | $       | 1,505,859   |
|                                                                                                                                                       |      |   |   | Total Consumer Services                                                                  | $       | 1,505,859   |
|                                                                                                                                                       |      |   |   | Media - 2.4%                                                                             |    |        |
|                                                                                                                                                       |      |   |   | Cable & Satellite - 0.4%                                                             |    |        |
|                                                                                                                                                       | 650,000   |   |   | Asian Pay Television Trust *                                                             | $       | 477,187     |
|                                                                                                                                                       |      |   |   | Movies & Entertainment - 2.0%                                                        |    |        |
|                                                                                                                                                       | 13,300    |   |   | The Walt Disney Co.                                                                      | $       | 838,964     |
|                                                                                                                                                       | 30,400    |   |   | Time Warner, Inc.                                                                        |    | 1,774,448   |
|                                                                                                                                                       | 4,800     |   |   | Viacom, Inc. (Class B)                                                                   |    | 316,272     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 2,929,684   |
|                                                                                                                                                       |      |   |   | Total Media                                                                              | $       | 3,406,871   |
|                                                                                                                                                       |      |   |   | Retailing - 1.8%                                                                         |    |        |
|                                                                                                                                                       |      |   |   | Department Stores - 1.3%                                                                 |    |        |
|                                                                                                                                                       | 38,900    |   |   | Macy's, Inc.                                                                             | $       | 1,880,426   |
|                                                                                                                                                       |      |   |   | Apparel Retail - 0.2%                                                                    |    |        |
|                                                                                                                                                       | 11,948    |   |   | Tom Tailor Holding AG *                                                                  | $       | 271,281     |
|                                                                                                                                                       |      |   |   | Home Improvement Retail - 0.3%                                                           |    |        |
|                                                                                                                                                       | 6,500     |   |   | The Home Depot, Inc.                                                                     | $       | 511,290     |
|                                                                                                                                                       |      |   |   | Total Retailing                                                                          | $       | 2,662,997   |
|                                                                                                                                                       |      |   |   | Food & Staples Retailing - 2.9%                                                      |    |        |
|                                                                                                                                                       |      |   |   | Drug Retail - 2.1%                                                                       |    |        |
|                                                                                                                                                       | 27,900    |   |   | CVS Caremark Corp.                                                                       | $       | 1,606,482   |
|                                                                                                                                                       | 31,100    |   |   | Walgreen Co.                                                                             |    | 1,485,336   |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 3,091,818   |
|                                                                                                                                                       |      |   |   | Food Distributors - 0.4%                                                                 |    |        |
|                                                                                                                                                       | 171,700   |   |   | Metcash, Ltd.                                                                            | $       | 632,573     |
|                                                                                                                                                       |      |   |   | Food Retail - 0.4%                                                                       |    |        |
|                                                                                                                                                       | 9,900     |   |   | Magnit OJSC (G.D.R.)                                                                     | $       | 532,721     |
|                                                                                                                                                       |      |   |   | Total Food & Staples Retailing                                                       | $       | 4,257,112   |
|                                                                                                                                                       |      |   |   | Food, Beverage & Tobacco - 7.4%                                                      |    |        |
|                                                                                                                                                       |      |   |   | Brewers - 0.5%                                                                           |    |        |
|                                                                                                                                                       | 15,500    |   |   | Molson Coors Brewing Co.                                                                 | $       | 765,855     |
|                                                                                                                                                       |      |   |   | Soft Drinks - 2.8%                                                                       |    |        |
|                                                                                                                                                       | 24,300    |   |   | Coca-Cola Enterprises, Inc.                                                              | $       | 902,988     |
|                                                                                                                                                       | 38,700    |   |   | PepsiCo, Inc.                                                                            |    | 3,125,799   |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 4,028,787   |
|                                                                                                                                                       |      |   |   | Packaged Foods & Meats - 2.2%                                                        |    |        |
|                                                                                                                                                       | 32,400    |   |   | Green Mountain Coffee Roasters, Inc. *                                                   | $       | 2,369,412   |
|                                                                                                                                                       | 13,100    |   |   | Nestle SA                                                                                |    | 861,859     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 3,231,271   |
|                                                                                                                                                       |      |   |   | Tobacco - 1.9%                                                                           |    |        |
|                                                                                                                                                       | 40,700    |   |   | Imperial Tobacco Group Plc                                                               | $       | 1,456,424   |
|                                                                                                                                                       | 39,600    |   |   | Japan Tobacco, Inc.                                                                      |    | 1,338,174   |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 2,794,598   |
|                                                                                                                                                       |      |   |   | Total Food, Beverage & Tobacco                                                       | $       | 10,820,511  |
|                                                                                                                                                       |      |   |   | Health Care Equipment & Services - 2.2%                                              |    |        |
|                                                                                                                                                       |      |   |   | Health Care Equipment - 2.2%                                                             |    |        |
|                                                                                                                                                       | 28,300    |   |   | Covidien Plc                                                                             | $       | 1,799,880   |
|                                                                                                                                                       | 21,600    |   |   | Medtronic, Inc.                                                                          |    | 1,101,816   |
|                                                                                                                                                       | 5,700     |   |   | Terumo Corp.                                                                             |    | 281,714     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 3,183,410   |
|                                                                                                                                                       |      |   |   | Total Health Care Equipment & Services                                               | $       | 3,183,410   |
|                                                                                                                                                       |      |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 12.3%                               |    |        |
|                                                                                                                                                       |      |   |   | Biotechnology - 1.3%                                                                     |    |        |
|                                                                                                                                                       | 15,100    |   |   | Celgene Corp. *                                                                          | $       | 1,867,115   |
|                                                                                                                                                       |      |   |   | Pharmaceuticals - 10.2%                                                                  |    |        |
|                                                                                                                                                       | 28,100    |   |   | AstraZeneca Plc                                                                          | $       | 1,432,424   |
|                                                                                                                                                       | 9,600     |   |   | Bayer AG                                                                                 |    | 1,031,475   |
|                                                                                                                                                       | 54,600    |   |   | Novartis AG                                                                              |    | 3,900,772   |
|                                                                                                                                                       | 96,300    |   |   | Pfizer, Inc.                                                                             |    | 2,622,249   |
|                                                                                                                                                       | 5,200     |   |   | Roche Holding AG                                                                         |    | 1,282,866   |
|                                                                                                                                                       | 14,700    |   |   | Salix Pharmaceuticals, Ltd. *                                                            |    | 891,849     |
|                                                                                                                                                       | 15,357    |   |   | Sanofi                                                                                   |    | 1,613,145   |
|                                                                                                                                                       | 11,000    |   |   | Shire Plc                                                                                |    | 361,388     |
|                                                                                                                                                       | 39,600    |   |   | Teva Pharmaceutical Industries, Ltd. (A.D.R.)                                            |    | 1,512,720   |
|                                                                                                                                                       | 3,200     |   |   | Valeant Pharmaceuticals International, Inc. *                                            |    | 291,584     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 14,940,472  |
|                                                                                                                                                       |      |   |   | Life Sciences Tools & Services - 0.8%                                                |    |        |
|                                                                                                                                                       | 12,700    |   |   | Thermo Fisher Scientific, Inc.                                                           | $       | 1,121,410   |
|                                                                                                                                                       |      |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                 | $       | 17,928,997  |
|                                                                                                                                                       |      |   |   | Banks - 9.8%                                                                             |    |        |
|                                                                                                                                                       |      |   |   | Diversified Banks - 8.5%                                                                 |    |        |
|                                                                                                                                                       | 76,000    |   |   | Banco Bilbao Vizcaya Argentaria SA                                                       | $       | 711,705     |
|                                                                                                                                                       | 5,685,300 |   |   | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT                                     | 708,050 |
|                                                                                                                                                       | 331,051   |   |   | Commercial Bank of Ceylon Plc                                                            |    | 321,809     |
|                                                                                                                                                       | 79,800    |   |   | First Gulf Bank PJSC                                                                     |    | 325,130     |
|                                                                                                                                                       | 4,479,200 |   |   | Guaranty Trust Bank Plc                                                                  |    | 806,936     |
|                                                                                                                                                       | 51,400    |   |   | HSBC Holdings Plc (A.D.R.)                                                               |    | 2,819,804   |
|                                                                                                                                                       | 798,200   |   |   | Krung Thai Bank PCL                                                                      |    | 582,513     |
|                                                                                                                                                       | 9,500     |   |   | National Australia Bank, Ltd.                                                            |    | 261,825     |
|                                                                                                                                                       | 261,673   |   |   | National Development Bank Plc                                                            |    | 365,869     |
|                                                                                                                                                       | 61,600    |   |   | Nordea Bank AB                                                                           |    | 750,830     |
|                                                                                                                                                       | 18,200    |   |   | Royal Bank of Canada                                                                     |    | 1,080,046   |
|                                                                                                                                                       | 169,529   |   |   | Sampath Bank Plc                                                                         |    | 298,102     |
|                                                                                                                                                       | 41,800    |   |   | Standard Chartered Plc                                                                   |    | 960,472     |
|                                                                                                                                                       | 36,500    |   |   | Sumitomo Mitsui Financial Group, Inc.                                                    |    | 1,425,454   |
|                                                                                                                                                       | 11,450    |   |   | The Toronto-Dominion Bank                                                                |    | 927,507     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 12,346,052  |
|                                                                                                                                                       |      |   |   | Regional Banks - 1.3%                                                                    |    |        |
|                                                                                                                                                       | 57,500    |   |   | KeyCorp                                                                                  | $       | 619,850     |
|                                                                                                                                                       | 248,800   |   |   | Shinsei Bank, Ltd.                                                                       |    | 577,250     |
|                                                                                                                                                       | 10,800    |   |   | The PNC Financial Services Group, Inc.                                                   |    | 773,712     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 1,970,812   |
|                                                                                                                                                       |      |   |   | Total Banks                                                                              | $       | 14,316,864  |
|                                                                                                                                                       |      |   |   | Diversified Financials - 9.1%                                                            |    |        |
|                                                                                                                                                       |      |   |   | Other Diversified Financial Services - 2.0%                                              |    |        |
|                                                                                                                                                       | 47,900    |   |   | Citigroup, Inc.                                                                          | $       | 2,490,321   |
|                                                                                                                                                       | 11,100    |   |   | Intercorp Financial Services, Inc.                                                       |    | 369,852     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 2,860,173   |
|                                                                                                                                                       |      |   |   | Multi-Sector Holdings - 0.4%                                                             |    |        |
|                                                                                                                                                       | 405,400   |   |   | First Pacific Co., Ltd.                                                                  | $       | 533,165     |
|                                                                                                                                                       |      |   |   | Specialized Finance - 1.0%                                                               |    |        |
|                                                                                                                                                       | 23,100    |   |   | Deutsche Boerse AG                                                                       | $       | 1,493,435   |
|                                                                                                                                                       |      |   |   | Consumer Finance - 1.7%                                                                  |    |        |
|                                                                                                                                                       | 12,800    |   |   | American Express Co.                                                                     | $       | 969,088     |
|                                                                                                                                                       | 32,200    |   |   | Discover Financial Services                                                              |    | 1,526,602   |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 2,495,690   |
|                                                                                                                                                       |      |   |   | Asset Management & Custody Banks - 1.5%                                              |    |        |
|                                                                                                                                                       | 33,300    |   |   | Ares Capital Corp.                                                                       | $       | 571,428     |
|                                                                                                                                                       | 54,500    |   |   | The Carlyle Group LP                                                                     |    | 1,589,220   |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 2,160,648   |
|                                                                                                                                                       |      |   |   | Investment Banking & Brokerage - 2.5%                                                |    |        |
|                                                                                                                                                       | 17,200    |   |   | Morgan Stanley                                                                           | $       | 445,480     |
|                                                                                                                                                       | 19,800    |   |   | The Goldman Sachs Group, Inc.                                                            |    | 3,209,184   |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 3,654,664   |
|                                                                                                                                                       |      |   |   | Total Diversified Financials                                                             | $       | 13,197,775  |
|                                                                                                                                                       |      |   |   | Insurance - 2.4%                                                                         |    |        |
|                                                                                                                                                       |      |   |   | Life & Health Insurance - 0.4%                                                       |    |        |
|                                                                                                                                                       | 400       |   |   | The Dai-ichi Life Insurance Co, Ltd.                                                     | $       | 548,582     |
|                                                                                                                                                       |      |   |   | Multi-line Insurance - 1.5%                                                              |    |        |
|                                                                                                                                                       | 7,754     |   |   | Allianz SE *                                                                             | $       | 1,196,959   |
|                                                                                                                                                       | 3,800     |   |   | Zurich Insurance Group AG                                                                |    | 1,001,713   |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 2,198,672   |
|                                                                                                                                                       |      |   |   | Reinsurance - 0.5%                                                                       |    |        |
|                                                                                                                                                       | 3,600     |   |   | Muenchener Rueckversicherungs AG                                                         | $       | 673,130     |
|                                                                                                                                                       |      |   |   | Total Insurance                                                                          | $       | 3,420,384   |
|                                                                                                                                                       |      |   |   | Real Estate - 3.4%                                                                       |    |        |
|                                                                                                                                                       |      |   |   | Industrial REIT's - 2.3%                                                                 |    |        |
|                                                                                                                                                       | 415,000   |   |   | AIMS AMP Capital Industrial Real Estate Investment Trust                                 | $       | 537,865     |
|                                                                                                                                                       | 444,500   |   |   | Cache Logistics Trust                                                                    |    | 447,472     |
|                                                                                                                                                       | 1,090,800 |   |   | Cambridge Industrial Trust                                                               |    | 647,726     |
|                                                                                                                                                       | 488,000   |   |   | Mapletree Industrial Trust                                                               |    | 536,495     |
|                                                                                                                                                       | 564,700   |   |   | Mapletree Logistics Trust                                                                |    | 538,433     |
|                                                                                                                                                       | 681,500   |   |   | Sabana Shari'ah Compliant Industrial Real Estate Investment Trust                        | 655,850 |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 3,363,841   |
|                                                                                                                                                       |      |   |   | Real Estate Development - 1.1%                                                           |    |        |
|                                                                                                                                                       | 512,000   |   |   | Mah Sing Group Bhd                                                                       | $       | 521,143     |
|                                                                                                                                                       | 7,495,700 |   |   | Quality Houses PCL                                                                       |    | 1,010,269   |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 1,531,412   |
|                                                                                                                                                       |      |   |   | Total Real Estate                                                                        | $       | 4,895,253   |
|                                                                                                                                                       |      |   |   | Software & Services - 8.2%                                                           |    |        |
|                                                                                                                                                       |      |   |   | Internet Software & Services - 1.6%                                                  |    |        |
|                                                                                                                                                       | 90,900    |   |   | Yahoo!, Inc. *                                                                           | $       | 2,390,670   |
|                                                                                                                                                       |      |   |   | IT Consulting & Other Services - 2.3%                                                |    |        |
|                                                                                                                                                       | 14,100    |   |   | International Business Machines Corp.                                                    | $       | 2,933,082   |
|                                                                                                                                                       | 23,900    |   |   | SAIC, Inc.                                                                               |    | 346,550     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 3,279,632   |
|                                                                                                                                                       |      |   |   | Systems Software - 4.3%                                                                  |    |        |
|                                                                                                                                                       | 105,619   |   |   | Microsoft Corp.                                                                          | $       | 3,683,991   |
|                                                                                                                                                       | 75,300    |   |   | Oracle Corp.                                                                             |    | 2,542,128   |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 6,226,119   |
|                                                                                                                                                       |      |   |   | Total Software & Services                                                            | $       | 11,896,421  |
|                                                                                                                                                       |      |   |   | Technology Hardware & Equipment - 6.5%                                               |    |        |
|                                                                                                                                                       |      |   |   | Communications Equipment - 1.5%                                                          |    |        |
|                                                                                                                                                       | 68,400    |   |   | Cisco Systems, Inc.                                                                      | $       | 1,647,072   |
|                                                                                                                                                       | 9,200     |   |   | Qualcomm, Inc.                                                                           |    | 584,016     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 2,231,088   |
|                                                                                                                                                       |      |   |   | Computer Hardware - 2.6%                                                                 |    |        |
|                                                                                                                                                       | 8,485     |   |   | Apple, Inc.                                                                              | $       | 3,815,535   |
|                                                                                                                                                       |      |   |   | Computer Storage & Peripherals - 1.1%                                                |    |        |
|                                                                                                                                                       | 62,400    |   |   | EMC Corp. *                                                                              | $       | 1,545,024   |
|                                                                                                                                                       |      |   |   | Electronic Components - 1.0%                                                             |    |        |
|                                                                                                                                                       | 71,200    |   |   | Hoya Corp.                                                                               | $       | 1,425,636   |
|                                                                                                                                                       |      |   |   | Office Electronics - 0.3%                                                                |    |        |
|                                                                                                                                                       | 13,900    |   |   | Canon, Inc.                                                                              | $       | 477,335     |
|                                                                                                                                                       |      |   |   | Total Technology Hardware & Equipment                                                | $       | 9,494,618   |
|                                                                                                                                                       |      |   |   | Semiconductors & Semiconductor Equipment - 2.7%                                      |    |        |
|                                                                                                                                                       |      |   |   | Semiconductors - 2.7%                                                                    |    |        |
|                                                                                                                                                       | 13,300    |   |   | Maxim Integrated Products, Inc.                                                          | $       | 392,217     |
|                                                                                                                                                       | 3,300     |   |   | Samsung Electronics Co., Ltd. (G.D.R.)                                                   |    | 2,204,499   |
|                                                                                                                                                       | 21,300    |   |   | SK Hynix, Inc.                                                                           |    | 597,369     |
|                                                                                                                                                       | 18,700    |   |   | Xilinx, Inc.                                                                             |    | 760,155     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 3,954,240   |
|                                                                                                                                                       |      |   |   | Total Semiconductors & Semiconductor Equipment                                       | $       | 3,954,240   |
|                                                                                                                                                       |      |   |   | Telecommunication Services - 2.2%                                                        |    |        |
|                                                                                                                                                       |      |   |   | Integrated Telecommunication Services - 0.7%                                             |    |        |
|                                                                                                                                                       | 800,000   |   |   | PCCW, Ltd.                                                                               | $       | 378,192     |
|                                                                                                                                                       | 350,000   |   |   | Telecom Corp of New Zealand, Ltd.                                                        |    | 637,376     |
|                                                                                                                                                       |      |   |   |                                                                                     | $       | 1,015,568   |
|                                                                                                                                                       |      |   |   | Wireless Telecommunication Services - 1.5%                                               |    |        |
|                                                                                                                                                       | 736,700   |   |   | Vodafone Group Plc                                                                       | $       | 2,133,311   |
|                                                                                                                                                       |      |   |   | Total Telecommunication Services                                                         | $       | 3,148,879   |
|                                                                                                                                                       |      |   |   | TOTAL COMMON STOCKS                                                                      |    |        |
|                                                                                                                                                       |      |   |   | (Cost $126,007,180)                                                                      | $       | 142,131,333 |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
|                                                                                                                                                       |      |   |   | TOTAL INVESTMENT IN SECURITIES - 97.7%                                                   |    |        |
|                                                                                                                                                       |      |   |   | (Cost $126,007,180) (a)(b)                                                               | $       | 142,131,333 |
|                                                                                                                                                       |      |   |   | OTHER ASSETS & LIABILITIES - 2.3%                                                    | $       | 3,380,714   |
|                                                                                                                                                       |      |   |   | TOTAL NET ASSETS - 100.0%                                                                | $       | 145,512,047 |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
|                                                                                                                                                       | *         |   |   | Non-income producing security.                                                           |    |        |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
|                                                                                                                                                       | (A.D.R.)  |   |   | American Depositary Receipts.                                                            |    |        |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
|                                                                                                                                                       | (G.D.R.)  |   |   | Global Depositary Receipts.                                                              |    |        |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
|                                                                                                                                                       | (a)       |   |   | At May 31, 2013, the net unrealized gain on investments based on                         |
|                                                                                                                                                       |      |   |   | cost for federal income tax purposes of $127,423,946 was as follows:                     |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
|                                                                                                                                                       |      |   |   | Aggregate gross unrealized gain for all investments in which                             |    |        |
|                                                                                                                                                       |      |   |   | there is an excess of value over tax cost                                                | $       | 17,471,239  |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
|                                                                                                                                                       |      |   |   | Aggregate gross unrealized loss for all investments in which                             |    |        |
|                                                                                                                                                       |      |   |   | there is an excess of tax cost over value                                                |    | (2,763,852) |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
|                                                                                                                                                       |      |   |   | Net unrealized gain                                                                      | $       | 14,707,387  |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
|                                                                                                                                                       | (b)       |   |   | Distributions of investments by country of issue, as a percentage of total investment in |
|                                                                                                                                                       |      |   |   | securities (excluding temporary cash investments), is as follows:                        |
|                                                                                                                                                       |      |   |   | United States                                                                            |    | 52.0%       |
|                                                                                                                                                       |      |   |   | United Kingdom                                                                           |    | 7.10        |
|                                                                                                                                                       |      |   |   | Switzerland                                                                              |    | 6.10        |
|                                                                                                                                                       |      |   |   | Japan                                                                                    |    | 5.70        |
|                                                                                                                                                       |      |   |   | Germany                                                                                  |    | 3.40        |
|                                                                                                                                                       |      |   |   | Ireland                                                                                  |    | 3.10        |
|                                                                                                                                                       |      |   |   | Singapore                                                                                |    | 2.70        |
|                                                                                                                                                       |      |   |   | Thailand                                                                                 |    | 2.10        |
|                                                                                                                                                       |      |   |   | Korea, Republic Of                                                                       |    | 1.90        |
|                                                                                                                                                       |      |   |   | France                                                                                   |    | 1.70        |
|                                                                                                                                                       |      |   |   | Canada                                                                                   |    | 1.60        |
|                                                                                                                                                       |      |   |   | Malaysia                                                                                 |    | 1.20        |
|                                                                                                                                                       |      |   |   | Hong Kong                                                                                |    | 1.10        |
|                                                                                                                                                       |      |   |   | Other (individually less than 1%)                                                        |    | 10.30       |
|                                                                                                                                                       |      |   |   |                                                                                     |    | 100.0%      |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below. |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
| Level 1 – quoted prices in active markets for identical securities                                                                                   |      |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)                            |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                         |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.                                                          |
|                                                                                                                                                       |      |   |   |                                                                                     |    |        |
| The following is a summary of the inputs used as of May 31, 2013, in valuing the Fund's investments:                                                       |

|                                                                                     |   | Level 1 |       |   | Level 2 |   |       | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|---------|------------|--------|---------|--------|------------|---------|--------|--------|--------|--------|
| Common Stocks (U.S.)                                                                     |   | $       | 82,001,012 |   |    |   | -          |    |   | $      | -      |   |   | $ | 82,001,012 |   |
| Common Stocks (Foreign)                                                                  |   |    | -          |   |    |   | 60,130,321 |    |   |   | -      |   |   |   | 60,130,321 |   |
| Total                                                                                    |   | $       | 82,001,012 |   |    | $      | 60,130,321 |    |   | $      | -      |   |   | $ | 142,131,333 |   |
|                                                                                     |   |    |       |   |    |   |       |    |   |   |   |   |   |   |   |   |
| During the period ended May 31, 2013, there were no transfers between Levels 1, 2 and 3. |   |    |       |   |    |